NOT THE GLORY OF CilSAR HUT THE WELFARE OP K 09IE. VY II. K. STACY. F KID AY, MA IS. Of I 20, 1840. VOL, XIII No SPEECH OF Mil. DAVIS, (II' MAIdACIIlNUTT!), ON TIIK SUH-TltKASUHV MM- l.v Sknatk, .'an. 23, IS 10. Tht; viib-Treaury lull beuu; under consideration, Ami the Senate li.iviiiL' evinced it determination not to uiljotirn without takini; the question upon the final ian?i; of thu1 hill Mr. Davis said: I ric, Air. I 'reie'ent, Willi -Treat relnoliineo at thi lute hour to addros tho Senate, fain-nod as it f willi an unusually loutf session, nnil exhausted by the debate; lull, painful us it is, I ni'tl entreat their indulgence wli'lo I make a brief reply to tin.' new dticiriuo winch have lira now, for t lie first time, imMMiul hero, ami come to in through channel that leave no doubt ofthoir leinirtho doctrine of thu Administration. They involve and hint-1 drawn into thi-dobalu great nnil momentous coii-idcrulion aficct inv; thu most cher ished interests of t ho people 1 represent, as well as nf nearly the whole country. Willi ihe exeeption of it few ineidciitid remarks inudo I v me a day or tvvoniru, no one from the North and Fast 'has nil'lrcs-ed yon durinir mis di.eu.ssiiin ; and assume part of tlio'dehate lias l.i en pointed in itscdiaraeler, nnd directed to mo personally, as if the position n-sumed were meapalile of tefututiou, 1 feel tirire I hy an uro.MiMo sen-e of duly nay, I cannot reconcile my-elf to fori ear from making some rcplv. The Senator from Mississippi, (Mr Walker,) with hi.s usual ncknnwledi.red nbilily.and the distinguish ed Senator from I'ennsylvaiiia, (Mr Hiiehaiian,) following in his tr.tek, have advanced ihe proposi tions that the end anassincnts ami distre-s wilh which llie country ha I eon irriu on.y nllholed for several years pa-'t, and which now paralyze all its energies, are iinpulul le to ihe pernicious intlnence of Lank paper; that this lull contain the inn.es sary corrective, as it will check iinporlatioits of Jbrenrn goods, .suppress what they call the credit system, and, hy restoring a .specie enrioncy, retime the wanes ol the lahurer, at oiilo to the'vali.e of properly. Tliis is the character jiiven to the measure hy its friends; and, alarming as the doctrines are, l am u'rntnied that they are frankly avowed. I have been unlicipaled, ton considerable extent, by the Senator from -Mississippi (Mr. Henderson.') In what 1 h.ivo to say, I shall, however, confine my self clneily to I he speech of the Senalor fro'm Pennsylvania, who ha- none inure in detail into the subject, for we all acknowlcdue his ability on this thior, and In- capacity to do ample justice to the subjects which lie disfii-.es. I do not propoe to follow him through a very largo portion of his elabora e imminent to prove that hxoentive power has of lute been .shunned in-tcad of being soiiu'ht alicr, or thai the pro-cut ami the old Hank ofthe United Slates are identical, and both nalional banks. Knoiish has been said on these point-. lie has, however, as-eried that we have abandoned all the argument, which we have befuie n-cil again-t the Sub-Treasury, bo-eau-e the lu-otrre-s of events has proved them unsound. Not o ; far from it. Willi other-, 1 en tered into that debate, which is before the Public, nnd thu arguments imicfiiled stand a- firm as ever; but it would be a profitless task to reiterate them here, and tin's j- the reason why they are pa-.-ed over in the di-cu ion. Hut, Mr, 1 will not dwell upon any of the-e mat ter.', lut iro in llnil'in hand. Tht! Senator .-ay.s we labor under tli-trcssiug embarrassments, and so we do; no one will have the hardihood to deny it, for nil the country in sorrow bears testimony to it. We have, it is true, seen an occasional -fleam of llg'it, but it has I ecu ,-oon obscure 1, undWo have lcun slimiidcl in a gloomy uncertainty. He says further, thai thecau-e i-excessive ii'ies of bank paper, speculation, mid a bloated (I u-e hi-word?) credit system. He lodges the guilt on the shoulders of the banks alone. It is neither jii.-I nor fair to hold them alone responsible, and I will make it manifest, by showing that they were seduced into their errors by thu Administration. Before the late Pie. Went Jackson seized the public money anil took it into his own custody, in 1833, there was no complaint about the currency ; all the People l;iiowtlii-,forall,cicn Ihe President himelf in one of hinie..aae., united in declnrmu:, in substance, it was -tmnd, and equal lo that of any nation on earlh. There was no complaint, no in convenience, no em! nira-Miieut, from this source, in tlointr lwiiiejj but eonlcntineni and satisfac tion everywhere About this theiu could 1 e no mistake, nor will any onu here attempt to refute the well-known fuel-. Hut from that act ol the Pre-idont, which was thu first movement to icfurni ihe ivirreucv, to this day, there has cun what ihe Senator is p'lca-ed to call "expansion, contraction, and o.-plo-iun" in rapid and fearful sue c-sion ; crisis upon ciisis, pre.s-ure upon pres-uie, panic upon pain-, have succeeded, till we have reached a stale of suspicion nnd nlaim that has deranged ami itlinost suspend ed business'. The siorH of ils f irv has swept over the country, once ami imam uprooting the stateli est anil firmest trees and leaving its track adicary, leolatu waste. Its marks are too dceplv engra ven, loo distinct, too well defined to leave any thing uncertain anything equivocal. It fell upon us with such withering energy as loleave no doubt when, where, and how it I cgau. lienlleincii may lax lhcir ingenuity, thev may tank lhcir inventions, to discover other caii-cs of distrc iheyinay 1 elabor and hold up to scorn nnd execration Ihe banks a- long as they please hey cannot change the facts, for they cannot ob literate history. Things were well, ami every body kuow.s it, nil 1833. Then I egan the bank reform by ihe leinoval of tlepo-ites and then 1 egnn this rapid scries of "expansion, contraction, anil explosion" then followed crisis after crisi then camuihuderangeuicnl of exchanges, and then the embarrassments which hae overwhelmed the country then came, loo, the sixr, itUNimnn lanks of which the S'nator speak-, though he has probably swelled the numler Icyoud historical truth. The Senator admits, what cannot bo domed, that the Administration propo.ed and carried into e ll;u the State bank tlepo-ite -ysieiu. It was in thi place and by them that State banks were taken into favor, petit! I, and boa-tingly held out to the I'ounlry as ailbrdiug a letter anil safer currency. Into them wa- the revenue put in euoiiuoiis sum-, mid they were direcicd to loan freely upon it by the President for I he tieciwiiiiodaliun'of the 1'coplr, and it wa- his pride and pleasure to make known to us that the public money was thus employed instead of being locked up ; n striking commenta ry upon the present plan ol vaults and safe.-, Mr. President. The Senator admits that this was the policy of the Admini-truliou, and that ihe iliatroiiseo'iiL'. ipicnces predicted by the opposition havu 1 ecu verified. Hit might nave gone further; for it is truth equally iindciiiilblc, that this policy sowed the seed of nearly or qiiilu one-hiilf of the whole numler of banks between eight and nine hundred and of more than one-half of the capital ; that it was the parent of the paper "expaii-iou, contrac tion, and explosion," of which he has -pokeu in terms ofjust severity; that it i- alike the parent of thu bloated credit system which he ailiniw has made us all gambler-; nnd that the mad specula tion which raged owrlho country, and hii furnish ed the ilicini! for declamation and denunciation in these halU for three years past, was begotten by it. Such art! the facts, nnd on the prouviors of this policy let the responsibility re-l. We had had nn "expansions, contraction-, Or cxplo.ious" for u long period that did not fairly belong to the vibra tions of trade; none that excited uhirni or seriously ilisturLctl publiu confidence, till wo canio to this re- lorllllllg policy i 1)111 smcu tin ii mi' u' mmii nas scarcely I ecu iranquilizeil. In 1831 eainetho first fell swoop, which oerturnod mid bankrupted thou ainl ; and it ongiunted here. In '.tf-0 came thu great era of l.inl.-iimkllig mid liaduig upon the publu Jnonev, then iicciiuiuluiod to sixty or seventy millions, as 'nearly as I rciucrnlcr, whi.di threw thu country mio a levcrish exciiemeiit, and even firm, well-bahinrcil minds out of their adjustment, 'here wat rage for fortune-waking and fortune- hunting such as had never been witnes-ed, and which nothing but this policy was capable of gen erating. The Senator might and ought to have limited the bloated credit system that made us all, us lieitlllrnis, gambler., to thi period, and left the olf-priugto stand I osjdo it parent nsii proof of (lie disasters of this policy, and of llm fulfilment of tliu prediction ol the Opposition ; for go together they must, and live ttmother they will in history; nnil no sophistry, no ingenuity can ever separate them. While the Senator admit this policy to belong exclusively to the Administration, nnd to have been stienuoiisly opposed by lis, and its mel ancholy consequences predicted, lie now repudiates it as erronous, and wo must allow to him and ni friends whatever credit belong loan aVnndouinent of it after it had literally explo'ud,'atid the mischief wasuccnmplished. Hut, sir, he and they must be reminded that I could, ifl would, read from the message, of the Picsideut, nnd from the successive reports ofthe Secrelnriy rf the Treasury, lagnage of exultation, triumphing in the entire 'success of the policy, boasting that the currency was on a better foo'ting than ever, that the exchange were greatly improved, and tiiat, loo, at the very mo ment when then the bloated credit wn. mo-t ex panded, and speculation wa the most rife nud rank. Such wa the delusion that the madness which had seized multitude were trumpeted forth a evidence of miccc-s and general prosperity. The Senator clearly reasons from f.tl-e premises when he makes tht- banks the origin of our em barrassments, for they were only initniincnt.s in the hands of those who projected the measure that have made them what they are. Hut the Senator goes further, and traces the evils of banks and bank paper into England, and alleg es, without qualification, that from thiseau-e busi ness there is as badly paralyzed as it i- hcie; and I inn not about to make tin' issue upon that point for I must hurry on to other matters. He make an inlerence, however, which I mii-t notice. He -ays that to this circumstance alone we owe o;ir abiblyto manufacture goods. If England wa a hard-money country, our mills and hammers would all I o silent ; but the paper system so raite the price of wage., and consequently the prite of production, that she cannot send forth her goods so cheap a she otherwise could, or so cheap as they sue made in hard-money comilrie-, where wages are lower. A ml do we owe our success to this folly. Do we stand on such a slippciy 1 asi-, having no foothold but upon an error of' policy, stupidly persisted in. I desire to I e infwrmud how the hard-money countries,!!, they are called Italy, Spain, Holland, IVance, and U'crmany for they have all been put into that class, though not Willi strict hi-torical accuracy stunt) the competition ofEnglantl, with her bloated credit-. Vo-, how, Mr, do they figure in the competition. Who ha supplied our markets and the markets ofthe world. If metallic currency makes product ion cheaper if it give vantage ground to a country in the general round of trade, how i it that these nations have not long since run England out of our market with their cheaper goods. How is it that we draw an nually from England two-fold more of imports than from ill! the residue of Europe. Why i it that tht y, especially France, shut their port against most kind of Engli-h good.-, to protect their own man ufactures. Why is the same policy pursued else where. In these countries the hard-money scheme has had a long, full, and faithful trial, anil wo know the result. England, without any advanta ges over them in our port-, ha overwhelmed them with her competition ; and so it is wherever trade is open to heron a fooling ol equality with them. Is it not, Mr. Presidents surprising fact that the Senators who have spoken upon this subject have selected the two most frce,mo-t commercial nation nations which, by their extraordinary enterprise and their iiniirpas.-ed knowledge of business, liavu carried their trade to the remote-t part of the earlh, and excelled all others in the accumulation of wealth, and the eiioynients it brings with it nations highly civilized, and standing among the mo-t enlightened on the globe a-the examples of unwise, imprudent and vicious government s ) de-titiito ofthe first principles of political economy as to wa-le the product-of their labor through the iiu-ecn and incomprehensible influence of Lank paner. There is no denying that they have outrun all other in prosperity while in the use of this paper, anil yet, according'to the theory of the Senate-, they have all thu time labored under a ino-t oppres sive policy, bloating wages and propel ty, while it has been the happy lot of other countries to live miller thu auspicious influence of hard money. Spain, Italy, Prance, Hclland, Germany, on the other hanJ, have I ecome pattern nation-, distin guished for their wi-dom, and al-o for the happy condition of their laborer.-, who, doubtle-s, failing to realize their condition, escape, whenever they can, to tin country or some oilier part of this continent. Hul, sir, I must leave this topio and go to another. The Senator assure us that this paper brings with it this alarming attribute as it ex pands or contract, so properly and wage rise audfall; thus making it the vital principle of the body politic, giving to it pulsation. In speaking of paper, I once and tor all, wi-h always to Le understood a meaning the paper of sound specie paying bank, redeemable at sight, unless 1 other wise speeily. I thi a sound axiom of the .Sena tor 1 Is bank paper the sole or chief regulator of the valuo of wagiie- and property 1 If ,-o, whene ver there i a common curicney there should Lea uniform price. Let us sec how thu position i sustained in tliel'iu'ted State--, where, in all parts of the country, we have bank. The Senator from .Mississippi (Mr. Henderson,) stated that ihe service of an ordinary laborer, which would cost fifteen dollars in hi part of the country, hu bad astcrlaiuetl could be had at Pittsbiug for a iiuarter or le-s, of that sum, ami in New England, a I understood him, for about half. Every body knows the vast thllerence in Ihe expeu-e of living letween Hoslon and New VorU find any itmote country town. Hut how i- it with hard money countries 1 Expenses of all sorts are iinqiieitiou ably fourfold greater in Havana than in Florence; and I might gu on iniihiplying example, for it is much moie dillioult to find two places thirl corres pond than two that are at variance. l)ou it not follow that currency, while it undoubtedly ha an influence, is not oven the principal cause of this diver-ity 1 Hut, sir, I cannot dwell on thi. The Senator contended, by an ingenious argument, that a re duction of wagiie would be bcnelicial to thu la Imrcr, becau-c properly would neccs-anly fall in the siunu ratio, and, in' the fervor of debate, ad dressing New England through me, he appeals in lo her to embrace this alterualivo as a resource to rescue her manufacturers: from the ruin which lays in pro-peel. Embrace what, Mr. President ? How will a corre-pont'iug fall ol wages and property aid the laborer ? How is hi condition to be im proved by it The mo-t that can I o said i, that in relative condition i unchanged. Hut can hu embrace the degraded condition of by far the larycr class ot laboier in England and Ireland, where the nliu-lioiso are filled wilh pauper, and those who support themselves struggle for lile? Can he descend u grade lower, lo hard money Italy, where, its the authority lead by tin! Senator from Maryland (Mr. Merrick) will prove, but 1 will not top io read it, wages nru thris-'-pcnce a day 1 Is it an inviiniion lo abandon the physical, moral, nud intellectual comfort nnil enjoyments: which mii round lhoiiidiisinous man hen', 'and descend to the deplorable condition of tho-e who fly from their country lolhis u a place of refuge lor thu poor, thu nuked, and the hungry 1 Hul, sir, as I have more tosiiy of tin in a more appropriate coniiexlion, I shall pas it for the pre sent, with a single remark if such urn thu ad vantages of other countries why do ihe poor emigrate hither, nud why do onr citizens noi emigrate llu'tlier 1 I will now noiico tin- e.I'cels upon tho public policy which nro imputed in ibis lull. We have nlwiiyK been told that it wa a simple proposition to divorce ihe (tovciniiieul from the banks, so as to enable it to hold a own money, and, Ihcrefoie harmless in it charncliT, as it would n 'vet nothing the. Hut, sir, the Senator from Pennsylvania, while he ilcelaresthat hu i not for an exclusive hard money currency, or, in other wonl-j is not hostile to well-regnlalcd Slate Hank, il they can be well-rcgiilaleil, as ,he expru.-e him-clf, argues that thi will diminish importations nrppress credit, and slop s-peeulntioii, by modifying the currency so far us to work out these extraordinary end. I am by no incatw Kiitislied that it is capable of producing nil thee cnnscuiidnces but, as uch a power i imputed to it by II warmest friend--, and tho-o who are in the council and confidence of the Administration, who bring it forward, tun! no doubt bring it forward with this view nud expecta tion. 1 shall, in this reply, confine myself lo tho position usiimed. That it will do the country no good I have never doubted : but I have never al lowed myself to 1 clicvo that it can exert that in fluencu upon it nlliiir which i aseril ed In it. If it will diminish importation in the right way, so fa.- it has my mo-t hearty concurrence, for they have run into an injudicious exee.s. This again is the result of a lalsu policy, not imputable to paper, a tlw Senator suppose-, even as a prin cipal caii-e. It come of encouraging foreign la bor instead of our own ; of stimulating thi tradu under the persuasion that it is more I enelicial Id the country than to strengthen ami foter our own industry, until it has reached a point of injurious exi-e-s suspending our laborer from employment nnd taking from them lhcir bread. We buy" more than u-u sell, leaving a balance of many million now duo to Europe, which i to be paid out of thu resources ofthe People; and it is time to re trace our steps The President, who ha been a pioinotcr of this policy, complain in his message of this excess as a serious evil, and 1 rejoice at it; but he fails to indicale the remedy. He talks vaguely of economy, but is silent upon our great interest of the North and East. Wo mint, sir, stand by our own laborers, and not Miller them to I e overwhelmed by thi procc---, and then ap peal to them to lower their wage.. Our duty is plain, an I we 11111-1 pursue it wilh manly firmness The workshops of Europe must not le allowed to supersede ours. Tin is the remedy. Hut the bill will stijipru-s cncniT Mippicss bloated ciedil! V hat, sir is credit 1 One would think it some new invention to defraud the Public, by the manner in which it is spoken of ; but it is co-existent with bii-ine-, and wherever there is or has I ecu bu.-i-ne-, there credit ha- always existed, and has 1 ecu and will Le abu-ed to a greater or lew extent. I cannot comprehend how commerce or trade can be carried 011 siicce-luhv without it ! Abolish debt, nnd for what V Hceaiise the fal-e policy of Ihe Administration in 1S3. 30 stimulated it to excess! Hecau-e, like the free loin of speech and of the picss-, it may Le abu-cd ! I know of 110 other period against which any general nnd ju-t charge can Le brought. What would be the condition of the country if men wciu denied credit Nothing more deplorable. The young man born lo 110 in heritance now goes into the world with his cha racter lor honesty and integrity ; this 1 hi- great tin only re-ource, and by the faith placed in this he command the funds necessary to go forward in business. And, Mr. President, it i one of the glorious characteristics of our institutions that this path is open to his enlerpri-e, and tho way to wealth, as well a- to honor and fame, is clear of obstructions f n- the most ob-ciirc and humble in dividual. Shall we deny 10 such ihe only chance they have of success Shall we trample on them, and grind them to dust wilh the iron heel of pow er' No, sir, 1 will Cspoii-o no such nnti-repiibli-can doctrine-. I will vote for no law that declares to the poor that they shall remain in hopeless poverty, and to ihe rich that they alonoshall have the enjoyment of property. Uut Bpceulation is to I e put down. If ilia Sena tor means by -peculation, miwi-c und hazardous trallic, it has always exi-te !, and always will ex ist, where enterprise exists, unle- he can uproit the desire in the human mind fur thu sudden ac quisilion of wealth. He might a- well undertake to stop the emotions- and pa-sion of the human heart. The only way to make men prudent ami sagacious in bu-'ine-.- and it is very de-irab!eihey should bo so i to make them see tin- enough in o the future to avoid ruinous hazards; but the rash, who often have a pas-ion for wealth, will indulge illusive hopes and make ruinous I iirgaiu-, mile- the Senator can enlarge, their understandings and increase their sagacity. Theio i but one proces by which credit and stieciilation can le suppre--e!, and that i, by deuy.ng thu mean and facilities of bii-ine---, not to speculators alone, but to all ; and that is ex actly what the argument of the Senator tends to. He propo-Ds to diminish the circulation, dedarmg that there i an inflation, when we aiu crippled down by thu scarcity of money. He would dimin ish ion' va-t extent tin: resources and ability of lender, when the public i- in de.-pair fir want of circulation. Hu a-siiuies that dimmi-hing the currency will diminish wages and the value of property, and so it may le; but the first great und abiding re-ult will bu a diminution ofbii-i-np-s. His theory aboli-hcs credit, and leaves noth ing but a reduced currency to do business with, nud 110 one can deny that a reduction of bn-iiie-s mu.-t follow. Is the counlry prepartl for this ? Do we grow too ta-t I I- our en'lerpri-e too great Do we labor too much 1 Havu we too much lo cat, t'rink. Are our comforts and enjoyments so multi plied ihat a sound policy requires they should le curtailed I What response will the People give to the.-e inquiries. Ix;l him who t- willing to I e pared down first stand forth and proclaim il. Wages are lo be diminished by curtailing thu demand for them ; for that is the c.lcet of reducing biisine-s-. The Senator, in hi- nrgiiineut, seemed to forget that ihcevils of a contracting ami contracted cur rency Lear as opprc-sivcly upon the public, nud inortiso, than those of expansion- Thu diilerenee is this ; in expansion, the weight of lo-- falK on Ihe creditor portion in contradiction, upon the debtor portion ; but in eilher ca-e it i- a grievous calaniiiy. He cannot reduce the currency below what is ncccssniy, without even more siiilcnng than nri-tN from 'too much. Thu Senator from Missi-sini'p.r. Walker) goc for ihu abolition of paper. The quantity of specie in thu country i not siippo.ed to exceed about 80,000,000 ;' the President put it at ijS.".,000,000. Tin's hu argue- would in-iiroa gieat reduction ()f wage.-and ofthe value of properly, which he in sbu will Le Iciiciicial. The Senator Iroin Mi-ouri (Mr. Hentoii) 1, no for metal alone; nud tbe.-o gentlemen have I estowed the highe I encomium upon the policy of the hard money countries. The latter is enchanted wilh that fact that lliello landers have grown rich nud become great lenders of mo J'V'J'i while, we are borrower-; and I will solve for him this enigma upon hi own principles. He impute it to gold, and infer that we should 1c lenders if we had a inelallie currency only. Who, Mr. President, are the lender of Holland. Tho-o individuals who have ninas-od millions ; who lit one time owned most of this city, und who can buy up empires with lhcir boundless wealth, having profited liy a stale of ihings which made the, pri vileged few rich whii,, the many are left poor while the laborer, as I can prove, gets but hi 3 1 anil Id a tlay. Thi is the hist policy wo desire ; tho last lhat would be in harinonyivvith Ihe genius of our people or in unison with their true interests. It is tblLisive wealth that wude-ireja general prosperity among . property scattered every where, atlainable by nil that decrveit ; and ihus invigorating a successful business, in which all may participate, instead of amassing it m the pockets of a few. Wo are borrowers; be it so. It is better, infinitely better, to borrow, and thus dilhise eapilnl 10 excite industry nnd enterprise, than toamass it jn heaps ami beeonio lemlcrs to foreign nations, With a nation of paupers at home. Hut, sir, I fear I have dwell too long 011 the.e mailer., and will hnsicn to notice thnt for which I chiefly rose. Much has U'cii said of labor, and what is it, I may say, without o.leneo, it is a commodity lought and sold like inarehnndi.-e in
the market, A man has his skill and service to sell lo whomoever will buy them, and lusnnxious desiro i to obi'ini the most lik-rnl remiineriilion. The Senator ny$ the value of it li p-g'ilatcJ by i run it fit lfiTirwn-1 iiiii Mil wi i MB bank paper. Not so, Mr. President, not so ; but chiefly by the amount in market, and tho demand which exists for it : currency may, however, at times have it influence. If the supply i great and the demand small, then wages are neces-arily low ; bill if they supply le small nnd thuduinni.il great, they ate high. 'When business Is flourish iug, the demand is urgent, and wages rie; when it is depressed, the demand diminih', and wages fill. Hence, loo, in countries dencly populated, the supply is necessarily greater, in proportion lo tlio buincs than in countries thinly populated. Thus wo see why wage in a great country, new und full of resource., liku ours, lire in quick de mand, while in China, whuru there is a va-t sur plus population, thu market i overstocked, and they are low. Ileuce, loo, it is, that in such con ditions of society uc always) find the greatest pov verty, siillering, and degradation. Hank paper is obviously not the solu or chief eau-u which fixes the price of wages. Hut, sir, let us pur-uu this subject a little further a it i capable of further illustration. There lire three great classes of laborer : tho'o who pntliieu from the earlh are agriculturist ; tho'O who convert the products of thu earth into useful.;- rins are manufacturers ; and llio-o who are engaged in transporting und exchanging thu producis ot thu other clashes aie commercial. Thee great division of mankind am founded on no law but that of civilized, social existence. In our country, at least, each and every person may pitrsiio'aiiy orall kinds of biisines-. Hul experience tenches ns thu necessity of tho-o divisions, lor wool, cotton and fins are of little value till turned into cloth, but the fanner would find it dillienlt to run a null to make cloth, or to build and ail u ship to take hi produce lo market. Fromthe-o divisions, too, come our markets. Weimist have food and clothing, and we mu-t obtain them by nn exchange of the products of lalor, but we cau- not exchange a hor-e or a watch far a joint of meat or for a pair of shoe ; such properly inut I e broken into part, and lln is the peculiar ollit e and almo t thu only u-u of money. It measures thu value of properly, and brings ll'iuto a form suited to our convenience. ThL is thu relation winch it I ear to business, and no other; nud, while 1 admit it great importance, I deny that it lies at tho foundation, and i-the great regulator of the allium of men, n- seem- here to I u supposed. Thu friends of this bill, I know, a-suine that we have nn inflation, and that inuncy ru'e-, guides, and regulates busine-s ; when, in truth, the inquiries ought to be, lir.-t, how much is nece--arya-aeir-e la'ing medium, that wu may know wheiher there is an excess ; and second, docs paper neie-sarily create an expansion, or uiineces-aiy enlargement of the currency, that we may judge whether it ought to 1 e' abandoned. These mailer--, are precisely what ought lo be proved. The Se nators a-suuie as evident truth, what i not appa rent. TheyutLrtn that paper becomes redundant, excessive, 'inflated. Hut they do not attempt to establish the fact by any proof. Since thu first of January, IS33, our circulation ha not much ex ceeded one hi.ndrid millions ; it may, at somo pe riods, have reached one hundred nnil twenty, m chisivu of metal and paper. Is this exces;ivc. Has it reached a point above thu urgent necessities nf business for two years pa-t. If it lias, how much is enough. S.nnutlay- ago 1 put this inquiry di-tincly to thu Senate, aiitl il remains, and will remain, unanswered. If it can le proved that we have loo much, it is not dillioult to ascertain, with siiillcieiit exactness, what amount is neeos.nry. I dc-iru Senator to make l.nwii tho pioce-s by which they arrive sit thc r conclusions in o v .'tally and impoi'taiit matte.-. Thev seem to take it for grained that there I no evil but expaus on to fear, while nnlliiiis is rnnc icrliiin than ibul tt-o small a circulating me lium works-1 ut as gieat if not greater injury than one too large. We have heard much declamation about bloated credit, gambling and speculation, but if the ex istence of all the-e were established at this moment by illique-tionable proof, it would have little ten dency to establish the laci of exce-ive circulation for they have nw ue-x's-ary conexion, but each may exist independent ofthe other. Will the Senator maintain tho proposition that paper cannot and has not circulated without infla tion or excoivo credits in trade generally. I go further, and a-k him if ex -e-s is any thing more than an oeca-ional occurrence, growing out of markets qeiukeuud into activity hy event iiilhcr casual than permanent. Is llieie' any e.xcos of paper in the usual cour-e of business- troni sound banks who redeem anil aiu able to redeem their paper at sight, dollar for dollar, in metal. It i-' not easy to see how exce-s ever exists under such circumstance, l ean go today into any Hank in l!otou or New York', and draw out a dollar with Ihu same amount of paper, and that dollar i-a-gootl, and will buy as much, in France ur Ger many a any dollar there. 'Ihe paper, then, is clearly world as much as the silver, for it If the paper'of banks is maintained at this value, autlso icdeeined at all time-, it is not easy to comprehend how it is inflated, or that more i in circulation than i needed for u.-c. Tho idea of inflation pre s ippo-cs -onio uii-oundiic". All money, ineialie as well as paper, doe- and wi'l fluctuite'in value, and, ifiln's le inflation, then gold and silver is no moie exempt from it than paper. It is by no means easy to determine which fluctuates oYieii tiiuc mo'ney or property. Cotton is Ibrty dullais a I ale today,' tomorrow 'it i tlurly-live ;' it doe not follow thai thu cotton alone has fluctuated, or that ii has fluctuated at all; for gold and silver may I e so abundant us to depress the of property, or mi -caret; a to i.iise it. It i- every day's oc curicni o to find gold and silver fluctuating in value, commanding nt ouu time a premium, and then none ; nay, under some circumstance, falling below good paper. No matter what we have for currency, there will I e fluctuations in its value greatly allecting Irade, as a circulating medium of uniform amount cannot l.c maintained any more than you can limit business to an exact amount. This all proves what scents not to I e well under stood, or Senators would icain tlillcrently that there i- but one way to determine how much cir culation is nece-sa'ry. It is impossible to ascer tain how much money may I u liece. ury fur each mcinler of the Senate for tlie current year, and il is equally impossible to anticipate the wauls if the great Public. The question i left, therefore, to le settled by the laws of trade, as all other matters of business. We learn how much flour und corn are required annually, by the demand fur them. .lust so wo learn how much money is required to carry forward business, by the ability of men to buy it. So much is nvx'siiry, I e 'he amount great or small ; and, in a growing country it would be just as wise to limit thu amount of produce ns the amount of monetary capital. Sure ly nothing can be more absurd, than to attempt to determine ihe amount, without reference to the exigencies of the country lo say that eighty mil lions, or nny other arbitrary amount i enough. There iuo advantage to Le gained by lowering lliu value of property, unless the same amount of labor, or tho same amount of properly, enable us to obtain more of the necessaries o'f life. This fact should, therefore, lo first clearly established, for the process j- necessarily intended with great sacrifices. The Senator from Pennsylvania seems to understand lhat reducing the circulation will reduce property und wage in ihu sama ratio. If it ikies in what is our condition hollered, even if wo could lecoueile debtors to il, who would lo ruined 1 He seems to I elievo that our relation in fi renin trade will In Improve!, but I shall show him his error, mid that lie ought to arrive al ex actly thu oppo-iiiicoiii lu.sion, for his theory, ifcar ried into exeeuiion, would inflict upon the lal orcr as well as tin, owner of properly the most in jiiriius and oppressive concqnence. 'lie soleiuiy nllirms und I give lum all credit for Minority, that l.n le lieves a reduction in wages and properly would 1 e I nieficial. het its see. Suppose that wages and properly will bo reduced one-half by the lull that is, ii'vvngo- nrenowa dollar., day, they will le half a dollar; and if I oof and million are now eight eeiilsu pound, Inev will be four; nnd so of nil the productions of the I'ntted Slates and of all properly ''rented here. ' Tp' I'm slate of facl, u thing arc, thu laborer would have, at the expiration of twenty days labor, twenty dollars-, to provide supplies ior himself and family. As they will be, he will have ten dollars-. Now, sir, Le'it remembered that wo liny nnd sell in for eign markets by their standard ol currency, and that lowering wages and properly here is to have no efl'ect there, act ording to the. reasoning of (ho (senator, as their currency must icgiilalu the price of their wages and products ; but cotton is to sell und goods aru to le bought a if no change had taken place, (ioodt, therefore, will come into this country no cheaper. If, then, thu laborer goes inlo the market! with his money, as his wages, ho will have twenty dollar lo expend in ten, collee, sugnr, nnd thu ihouaiid nccusarics which come from foieign countries ; but if hu goc into it as they will be ten dollars, under thu oprration of the new theory it is plain, thercftre, that with the mine amount of labor he can purchase but half a. much foreign merchandise; in other words, it will in ellect Lo doubled m price, while it is nppa rsiitly the -nine. Hut the Senator did not stop here, for ho alleged that whilu the laborer would be in a better con t ition. the exportt r of produce that i?,cotlon,iVc would derive a groaterprofit, the measure of which would I otlu) amount of reduction of waves ami of properly, as he would thu lo al le lo produce so much cheaper. To makomyscll understood, 1 will proceed with thu same supposition, that wages and property are to be reduced one-half. Then hi theory i, that the cotton-planter, for cximple, woi 1 1 produce hi crop at half the pre-ent co-l, by thesav ng in labor, ami the support ofit,and con-e-tpicnlly derive donl le profit. That he would pro duce eliapcr i undeniably true ; and if hu should sell for ihe same price lie now dees, and bring home specie, he would realize double profits, pro vided his laborers nrJ Mtppi r cri wholly on the product. of the United St.ve . Tin, however, i not ihe course of irade or of biisines.. Hut from whence would the profits 0011101 Not from for eign countries, for no change i to occur there, but from ihe pockets of every con-ninmer of foieign goods in ibis country, for'tbu change is wholly in tl e wage and pro liiue of our own country. The itlea is that if wage.- and property sink together one-half, the rekit vu o-ition of the lal oier and thu owner of property are the same, fi r the lal orcr can purchase!. much with one-half the money, and the same amount of properly will piircha-e ;is much labor as I cfoie. Hul the laborer wil', at the cud of any given period, havu but half 11s much money, and thu -nine amount of property will I e worth but half as much; eon-e piciitly, all the .sur plus gain ofthe farmer, mechanic, inaniifaeturer and laborer, will bo but half what they now are, in nominal amount. If properly in foreign coun tries should de-cend in the -nine ratio, the most that could Le -aid of our condition i tiiat it is no wor.-o, for it is obviously no 1 eltcr. Hut if we de scend while they remain stationary, anil a profit is thence sained t'o the exporter, noilmig is plainer than ll a', such profit is drawn from thu consumer of foreign liierehandi-e, as it will lake twice as much of our labor or product lo buy it a now re quired. If the theory eslal b'shu the fact that the expnit r i. to reap i'o ible profits tor cotton, it e tal lishcs beyond controversy thu (act also that that profit will I e a tax upon every man that eon-mne-a foreign article, and that it will be wholly drawn from their pokeis. The Senator has led' himself into an error by supposing thn' foreign prodiution are t come toils cheaper, wh lo onr ex' o.-t aie to ku.'p up where they aie. Hu think thu importer sells in a market inflated by paper, and realize- an ex.raordinary pn tit. Hut be must crcciveihat the low and depi'es.ed state of the working classes in Europe is proof enough lhat no excessive profit is obtained lien' iij on goad nolo thnt can 1 cat u-scntml roduu.it 11 ; and that while raw cotton maintains- its price, foreign good- must al-n maintii n lhcir. In the great competition of trade this idea of excessive profit to the importer is falla cious ; and as the noiion of a reduction 1 founded on it, that i also fallacious. To follow out t' e ca-u I have supposed : Tl e income of cvciv man, except the expor'er, is to 1 e reduced 0110 half in the value of wages and pro perty, while all foreign merchandise will eo-t the same, which will oLviously, in ellect, double the price, as it will take twice' the amount of labor, or twice the amount of ihe products of labor, to purclia c it, 1 do not a-cril e this power to the 1 ill, but it is 1 nnugli for nit; that its friends do. Wh it response will thu farmer--, mechanics-, inaiiufacli rcr--, and lab. rcr make to such a flagitious proposition. Can they Le reconciled to such a iiieastuo of op. pre-sion. one that extorts from ihem the fruits of their industry to profe-.-edly enrich ll.u planter who now enjoy-a prosperity unequalled in the ru-t of the country. No, sir, s'uch plan of sectional ag grandizement, audsnchadi-regai-il of the interests ofthe greatest and mo-t powerful class of people in our country, can only excite lhcir di-gu-t nnd indignation. TI111-, sir,'l have traced the 1 eueft of this bill, if it have any, a- iutcrpre'cd ly its friends to the rich and powerfcl. I have, if I mistake not, ilonon-lrated that thuy are to le ma 'e ri -her by a tax upon lhcir le-s fortunate, but m re industrious and more necessitous fellow citi zen a tax that they never can and never will submit to, so long as their power can I e fell through the ballot box. Rut, sir, tills i not all. While no are iIiuh 10 have inmlcrable buitliii.s landed upun iu, o ink! m the weight iiftiur eiiih.iri'iF'ini'ntis mid 10 incic.i.c nur siifi'eringo ; and while 1 lie di-bior poriinn nf lie Public arc lo be ciii-hi'd and grinind 10 tln't !)( luefii the upper and neilier mil'muiie uf this piorpiii I lie man nf iiiiniev ii not onlv 10 t'sc.iptf mili.miird, bin 111 have Ii in property dmih'cd. He u ho hold-ra-li or Ha cqiiivaloni in nnles, biiiitl,ii slnrk, w I be Me in bnv double ihe riiuiniiil tl piopenv uiih il, and will llirrefoie ilavo Us value ilutihlcd oil hi hnnd" ; for bile wiij-ts and prnprriy me 10 gu diiw i, muney is In go up in ihe -.nnt- rati 1. If llm fi ientls nf ihii bill lime given In il a Imp coii-litir.iiou, it is a bill ufpiivilpgca to the rich, but II iiciiiirge in all oiliei c. What i 1 lie debtor pnriinn of the Public? Is il sn i 11-ign ific.iii 1 iib 10 he ti f-icg ;i 1 tl-tl ! t'lr, I will vpiiiiiiu to iiMeri ill. 11 die ainuiinl ol existing i title In cline's in mi) coinineioiiil rmiulry is ii'.'.ulv, if mil tpulo, itpi.il in llm vnlnc of propei ly 111 1l1.il niiin. 11 v, wheiher il be 1 it'll ur pour, pinspi'rotii" or tin. pru.peiuus, ami von cuiunl ilring", In (lie oxieui gen 1 Icnien have stippo-ed.ihc rel.uiun tiftlebinr mid cietbliir, in- llm diminish the icstnnres nf 1 he th biiiiH without a cia-h, a uiime, and desolation siii h as has nevei been experienced. Siiiioe n 111.111 lias piirth.Ked $10,000 unrih nf prnpeily ni pii'scnl pi ires, nnil given In bund fur ii ; vm ie iluce ilft value one half, ami it ia worth $5 000 How in ii 1 hiss il) lo 1I1. 11, wiih if. -unices I litis ie tlut etl, iiiosl deb ors cm ever pay 1 I111I, air, jnu rauniit maintain a stale ol ihingj Fiirh U4 ban been suppii-ed. Yiui univ eiiili.ur.iM and diiUtC'S in, as von have done, bin ilii bill vvi I, in I lie end, tnk n'til no mi'li ntlv.iiil.i'ji's as mean, nripaled for 1 lie plantern. The theory cuiilaiiis hi iinelf piinriple lb il will defeat llm mil in view. Goon, dir. if you plea-o, and i"i legiflile lo bring id the rolinii plainer" die psliiioulin.iry pin. fiix iinl'Cip.iicil. nt ihe expenm) nf ihe oilier brunch, esof indiimry ; how long "'H "l '"" befoie ih.n pur suit will tin nvei loaded wiili compel itc-m, liil the in.ukfi vvilllm iiiiuubilcd, wilh rnilon.anil il price bill jusi in iho raiiii yn'i hoe "biuikiltil in pin. iluclions And what will be siiiiit'il by llm whole, pieces 1 Nullum. ; abntilulel) noiliin? rxrepi 1I1.11 il will lake more, of our labor nnd moie uf our pin. il'iciioim In buy forrii.11 uieicli'iiidie ; our gain will luru lileially inlo n ltif. Thi i op.ible, 1 think of ilenitiii-ir.ilinn, if il ikw nol uheady Miflicienlly appear ; lull I have nn nine In onlaiRP, inieiemiug and all iiuporlant no ihu riihjea ii. WI1.1I inulivo ran wn hive, sir. In reduce wann and llm mint) ofpiopeiiy WIipii did ihe -an pv. er shine upon a I.1I101 lnf: prople io bleinpd as llmre nfe-ur rowiiv ban brrn .' vVbrie hive ihev ever boon able hi iiuhnUv in fenl, eltnhn, ami rilnc.i llipiimelicMn well 1 Tliehninn )l lha world roiei nuilung moie cenainlj--n"tliliig tlh c'ejur-'e! . 665 i'ioiitrntlon,inin llial whpre vviigfinrn IomhI thefn i 1 lie RiPnicsi p'lveny nnd sufferini- ; iheioibe con tluion nfihc Inlioier K moil forlorn und wiclcliod; ihem is the least moral and inielleclunl culture 5 mid ihcro our rare in sunk into ihe ilepilit ol pa lilirnl degiiidaiioii, iiiiMpnhlt; of raisinj llsell lhat lofiy elevation allaineil by 11 fieu, enliglucniwl People, capable nf governing 'beir own affair. It tends in ihu opposite of every lliini; draroit li tis, for the derenl will eairy wilh U not only wn ge, but all 1 In. high qualities which 111 II lo ha wh.li we are free and indepentleni. Thii la luf lineal a inner lo all that can be (aid upon tin) tub jcrt. Such ilbfi rpmedv fir iho dijeaso whirh nfilicm our couniry ; and, while ils advocates -bndovv forili il evilj far liejond anv ctinrepiiou of mine, if lha bill be ciirripil inlo elTen,ii has been pinposed here) 1 nml Cfiiifps-s that I see in it nothing In onth or relieve I lie Public nullum m rtsioie confident, which is ihe grpnl und desirable end nolhini tu averi fiiline panics noihimj 10 slop ihii nrrBinbtii lifter ihe gold and silver going on between in ami oilier ciuuilries nothing 1h.11 has healing power enough lt revive anil maintain pro-periir. Hul, sir, iiiiieli a- remain in be Mid, I inut drnw 10 a dure, an my object wtunipiely m nolo ionii le.ulim- rcni.it ks of Seualurs whirl) liavo d-velopeit the new and 1 xlraotdinary doctrine of 'hit Ad-iniui.-lraiiiui. I wa 1111x10113 In vindicnli iln rights of ihe gi e it uiiisiofihe People, who acquire their nippori by labor, und whose inteiP-U. in lay ing at the lia-ls nf .ill pio-peiily, I have al all lime 11111! on all fiitins; occasions cspnti-etl and inainlain ed wilh vvliaiever of nincere satisfaction, believing 11 lo bu the great end nf nur fire Onvernmenl nnil the only sine means of finlaiultig it. In lha naina mid iiiiielinlfnfili.itgie.il, x v er Inl, nnd rnhghl. enetl class of my fellow riii.ens uf Ma-9iichii.-0ll, whom I have ihe honor 10 rppie-cnl, I enter mf solemn protest against ihe dncirines here advanced; and if my voire teach llirin in lhcir tlvvelling,iheir shops, anil oil ihe dirkj ol'llieir vessels I vvuii'ti exhort ihem noi lobe deluded by false iheorie leading them tin 10 nun, but to rouse up iheir ener gies, nnd, alibR.ballut.hnx, nuinifesl their iiidiiC 11.1t ion at all hi tempi to nppie litem by diminish, iug llieir bu.-ines and taxing iheir labor to enricl t tlierf. I vvc.ii'il eiitie.it I hem mil lo git sti I and lis ninile such as ihv s' 1 lie tlistie?td nnd impover ished labor ei st tif Cun e nud Asia. NUTKfS. The jtalisi'rs refened In in I he remniki of Mr. O.ivis aie cnni.iinn! in Poller's Pmgres of lln Naliom, and vVade's Hi-loiy of the .Midtllo nnil Winking Clas.cs ivvo leeenl ami resipniab!e hu ihorilies reiving fur I he rniiertnr. ol tho fact contained in'tliH following cxlrncls chiefly upon ihe slalisiics rnllecied by the UritMi Omernnienl. These development siimv die farmer and all oili er ivoikiii; cl.i-se m Humpe, nud upon whil limited mean 1 hey subsist. Il is ih'n chin of men wilh whom ihey hi p In inn lha nice uf cheap pro ilnniion, and con-etpieiitly offiMise and vvreiehel existence ; for 1 tie same ciiii-e- which reduce ihem to liopt lps penury will produce bko tf-sulu hero. If a few pence a day will nut snpporl men there, il will fail lo dn it heie. The intelligeni woikinif man of ihe United tilaies will pause befuro h precipilnic himself ui'o sui h it retrievable wretch ptloess 10 cheapen ihe piodticis of labor. Ho will inquiie whether il lend in elem'B or dppiesi Ilia tate vvlieihpr die pi inli'ges and hope ofa free man aie ullerlv deliisiie, and end in retracing hi siepi 10 ihe tlegiaded cnndiiion from which we nil belivetl we hail escapetl. In his tlest enl ftom hi prrseiu i-omin nidin pnsitirin.he n ny well carry bl tl i 111 ihe n llecii.Mi-, sil down in lie-pair, nnd splint nil the tbiiuliiig ihemies ofsolf government illu sory, if they leave him It) snb-i'-i on the humble di et, anil iu giapple wilh die siilTeiings of iho niot desnlaip puition of mankind, ll'agea in Fi anre. Calais common laborer 7 1-2.1. per day wilh board anil without dwtillin- : Hotilogne, 5d. per day do. do ; Names. 81. per tlay vvi' hunt boaid and vvilhnul tlvv ell tng ; Marspillss. 41. 10 7d. per d ly w till bo ml and without dwelling I'lie footl in stuiie tlisii ieis "con-ins in rve lire-d, soup inatle of millei, cakes made of Indian corn, now and then s ime sab provision and tegeuble, r.nelv, if ever, Imtchei's meal." In oihers, "wliealen Ine.id, soup uradn wilh vegetables, and a liitlp giease or laid twice a tlav, poi.vtoes or 01J1 er vegeialile, bin seldom hiitrliei' meal." Sweden. "The daily wages of a skilled ngri cuhurisi m e 7d or Sd : while the unskilled obtain 110 moie 1I1.111 '.'A. or 4d. and board themselves. Agriculturists in the .Southern pun hires livo upon sail fish and puinioes , in 1 lie Nuiihein piovince purridgp and iye bie.nl foim iheu food:"' Bavaria. "Labmer ate paid ai 1 lie rate of 8J per tlav 111 ihe roiintiv" withmit boaid. Kelgium ''A -kd'ed artisan 1n.1v cam in lha -tumiici Is. 2d in Is od ; 10 winter fiom 101. lt Is, 2d ; nnkillrd half a- uiih h unhoot boaid, liia upon ive bieiul, pol.uni:, .mil uiilk." Agricullif ral laboiers have It'-. Germany. D.imzig l.tboieis 4 3 4d to 7d. pr tlav w iilioni bm r I ; Ihillilnirj-, 7tl, per day do.: lltilsieid, 7tl I" r day without boaid. Netherlands. .Soiidi llnlland laborers 31 10 4 I per day wuh buat d ; Nonh Holland, 20d per ilaT. vvilhoui boaid , Ameip, 3d er tlav do.; West .-'Lindens 96 in 101. pel jear widi boanl. Ilaly. I'nesie laborri 12.1 p-r day withont Imaid; do. fid per tl ty wilh liuanl ; h'ria, Sd In 10d per div widiout li'ianl : 1I0 4d lo OJ per day with boanl ; I.ombaitlv, 5d. lo SI. per tl.iv (loj (Piina.Oil, iu S I. per tlav tin. and without lodgings: Tu-rniiv, 7d" per dav without enher. Saxony "In 1S37 11 man employed in hit lonirt wnik iig verv dlbgeuilv fiom .Monday in"iniiig lm Sainiilay night, frt'iiiyii t o'ci ck in the moHiini ilillil dusk, and even .11 limes u 1 1 It 11 lamp, In wifa a-sisiiiig him in finishing anil Hiking bun ihe wotk, could 11. 11 po-sibly on rv null 0 lhaii 20 grutchtsi faboin fiO cenls per wet k. Nor could tine wlim had illtee chi'iheii iijetl Ivvelve ears and upwnidS) all vvtnkmg al I lie loom us well as liniuelf wiili Li w lie eioployed iloing up the vvoik, cat 11 ill tin wlinlp mine ihan SI vvetk'v." Navigation. 'leiween us nnd I'ligland lln h plated upun a fiiDlmg nf rqualili ; all ndvanlage in nur iiavigatnis being aluugated. If.iuv inleiftnt can bear tlnect coinpenliiui litis is one. lint let u see ihe resiill as set tlovvil by Mr. Porter, "hi hs21," siv 1 h ix vv liter, "ihe prnporiinn nf Hriliili vessel- w liiili filtered ll e pons of t lie United Siale- was 7 1 5 per cpui ctiiupaiei! wuh ihe Aniei ir. loenage einplovptl in ihe liite'gn trade of ihe U. Slates ; while, in 1S33, that pinputlinn wa in ijeafed in 39 per ceni. The ncioal number in each nf the years fiom 1S21 to 1S35 h uebeeu ri follows ; Ihiiish. ..merle in. Rriitth. Auirrie-tn. V F A H TOSH 10SS Vr.AR TOSS Toni 1S2I 55,183 7fi5()93 182!) 60.337 842 949 1822 70(10!) 7S7.90I 1530 87.231 9ri7.227 1823 8!).533 775.271 1S:H 215 SS7 D22.953 1S21 ()7,3.i 850 0113 1832 2S8. 841 949.fi23 1S23 .13.030 880.754 1833 :.83 4S7 1.1 II.44J 1820 (i!),2!)5 942 20li 1834 453 4!.ri 1 ,074.070 1S27 99.111 91S.39I 1833 529,922 1,332,65 1S2S 101,107 808,331 I he llriiisli inrip.i.e i SCO pei renl.: ihe Amer ican 77 pei rent. This ili remit uf trrnues ai.it cumeulioiu I'alltd recipiucal. ANOTiir.n fiGS. John Hrovvn Francis, of Rhrd hlnnd, lately nomiuati'il by thu Tories of 1 hut Pinto for (lovernor, has doeluiul tho hnnrr of a defeat, (low Francis is a man of a bir-ie furti ne, nnd has b nir I eon a per-onal as well as iiohticnl friend of! Mr. Van Huron. Ills tkvlen-ion therefore, at this time, 1 1 -rrvo hi- party, conscious as he, must lothut ho is the stron-re-toaiidiiliiic that par ly could k ei !, botles no pian! to the Tories in that q'inrtcr. Mr. Van Huron will find, when it is tro lain 10 interpose a remedy, lhat tho "focial He form" il otrine which thed s 'iples of Tairmany have diciat-'tl to him, oonirnry to his own juoit. nient, vvill 'nin htm no friends -mong h inio pndoit t renj of Kholo 1 land.