Newspaper of Burlington Free Press, October 9, 1840, Page 2

Newspaper of Burlington Free Press dated October 9, 1840 Page 2
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lino presidential term an economical adminis tration a sound currency a pioti-cMnc; tariff low salaries and full price for labor, nndthe products of labor, f'on IBE8llBNt. WILLIAM HENRY HARRISON. ron vice ritEsiDENT. JOI3M TYLHlt, Of Virgin!. " In all nifos and nil countries, it lia9 been obacrvod, that the cultivators of the soil arc those who arc least willins to part with their rinht.s, nnd submit themselves to the will of a master. Wm, II. H.tinioM. " The people of the United States yny they ever remember, that, to preserve their liberties, they must do their own vutiii; ntiJ their own fighting. Harrison. "Tnii HLKsfilNos or tiioi'sanos op womf.k and niLriRKN. nr.sccrn from the scali'ino ksite oftiih it'TIILEKS SAVAOE 2!;TIIE WILDERNESS, Aitti THOH THE YILL MORE KAVAGK PROCTOR, UEVT ON HARRISON sn Mi1! BALLAST armv." Simon Snyder's Message Hit Innsihania Ijcgislalurtjheembcr 0th, 1813. ron ELECT0R9, HON. SAMUEL O. CRAFTS, . A HON. EZRA MEKCII. M lar' Istdist. WILLIAM 11ENRV, 2d dist. JOHN CONANT, Sddist. AHNIClt It. W. TENNRT, 4th dim. WILLIAM 1. IIIUCICJS, Dili dial. JOSEl'H REED, Fiotn the New York American. nut. wkustek's speech. AT THE MERCHANTS' 51KBTINO IN NRVV YORK. I am deeply sensible oftha honor and of the" re sponsibility of this occasion. Honor it is, certainly, to be requested to address a the, merchants of New York, a body Was much nflellujcncc, capacity, nnj respectability, as any in the world: responsible it is, to address such a body on subjects which many of them undci stand scientifically bettor than I do, ami with winch all of them have more or less practical aciuninltinee. The question of the currency of a country, always iuipjiiaui, always somewhat complex, is, under pres ent circumstances the "rent question of the times. I do not shrink Irom expiessing my views on this sub ject here to-day. I am m public life, and since on this question, more than any other, political lesulls are likely to turn, I have no hesitation in speaking. The state of the currency is a principal cause why one administration is about to go out of power anil another to come in, and these circumstances lend me to pre mise what I have to say to-day, by remarking, in the first place, that I purpose to speak for no body but myself. My general opinions on subjects of currency arc well known, and as it is now highly probable that those who have been Ioiir in opposition to the (Jov eminent will be called upon to propose remedies, it is the more incumbent on me to repeat that, what I say to-dav, I say for myself, and for no one else. Es pecially in regard lii the candidate whom we all sup port for th.' Presidency. I have no more authority to apeak for him, nor other means of learning hi.s opinions, than you all possess. I will proceed then to state some general proposi tions which I believe to be founded on true principles and sound political economy, suited in their applica tion to our country. In the first place, I hold tho opinion that a mited currency of gold and silver, and of paper redeemable, and steadily redeemed, in spe cie o'n demand, is the most useful and convenient currency, and this is the currency wc have employed heretofore in the United Slates ; the idea of an ex clusive metallic currency being, in my judgment, the mere fancy of theorists, or used as an instrument of popular delusion. In the next place, the management of this mixed currency has its difficulties, which it requires both kill and care to avoid or overcome, as has been seen in the experience of Great Itritain, the great commer cial country of the world, as well as in the United States. There is doubtless, danger of sudden con tractions and expansions, in such a currency, and yet whore it is all metallic, as in Cuba, or in soma Euro pean countries, where is chiefly a liRrd money cur rency, there are Ibietuations in prices, disasters in trade, and mercantile failures, perhaps as otlen and as injurious as in countiiesof well regulated redeemable paper currency. Then, again, I hold that the regulations of curren cy, whether mixed or metallic, a just and safe super vision over tint, whatever it is, that constitutes money, the medium of exchange necessarily apper tains to Government the regulation of money and what takes the place of money, being in my judgment an essential prerogative of Government. The opera tions of banking are iwo-fokl, and every bank and banket among us performs two offices or functions. It discountsommercinl paper notes mother words lands money; iind in this business, individuals bank ers without acts of incorporations may engage and comp !te with them, and this constitutes simply a bank of discount and deposite. liut our banks are nil bulks of circuliitiimiis well asdeposite, and issue notes as part of tint circulation ; and when they tfisiount notes, they pay the amount in their own KIN, and thus, by the amount of such discount', ndd to the quantity of money in circulation every such operation bring by sj much an increase of the whole amount of the circulating medium. Hence it comes to pass, in the absence of any Government supervision and control, that the wis loin and discretion of recti ltting, at any time, the amount of money circulating in thi community, is but the aggregate of the wisdom and discretion of a multibuN of banks, all acting with out concert, without any superior controlling power, and each for its own interest. Such a regulator or regulation of the currency, such a mode of determining what amount of circulation shall be furnished to the country, must mcoss-irily bs most uncertain, and can not but be mischievous. I look upon it as a duty of the On-ernin nt, by thecxereies of ail its constitu tional power, to control the issue of State institutions, Rnd guanl against the evil- of excess. I mil of opin ion that the Government may exercise such control and supervision, in ord;r to restrain excess of issues by the local bunks. . We all know that nn institution with the Omvrn. ment sanction, and issuing a currency, as good in one part of the country, as tho other, with a competent capital, and acting as fiscal agent of the Government wa will know from theory, and better still from evpericnee, that such an institution is capable of con trolling the circulation of the country, ami keeping it within limits. Such an institution acts beneficially moreover, by creating a currency that is of general rrcdit every where. What wc need, what we must have before the dnys of prosperity can return, is a cur rency somehow derived somehow sanctioned that shall have value on the Mississippi and on the Canada frontier at tin North and at the South in every to .vn and Imulct of our country. How iu this to be hail I Refer to the objects for which thisConstitution and Governtn-tit were formed, and vou will have the answer. H.y.v is it thnt wo sec the local banks, how ever well th -ir capitals are securol, however well their aiiiiiri! are administered, how is it, that till attempts hitherto made to i;ive to the paper of such banks n eneral national character ami circulation, have failed 1 Tnecaneeems obvious. w have a Government th it mnkei us, ind means to make us one people, as W5 our commercial pursuit. In other respects, we Me cituensnf 2d different Sti,i,s. F.nrh one of us knows, and is hound to know, two Governments In the Stato (Ijvcrnm-.nt, each resident under it is bound to understand its laws and instiiutionw. If it has banks, ho know, the principles nn which they net, tho security for theirfunds, and their management and trusts them accordingly. Hut out of the Slate, beyond the reach of those who are bound to know nil about these institmions they possess no general omfidenco. So in llioUuiusi State Government, all arc held to inquire nud know jlieir rigiitsni'l duties iiii'lerit.nnilinslilulions spring V,'fr ,mve V?"'' lcw'- "'-''!" ,lirn"fil'"t the l.n:ted siiat-s. Every citizen trusts in nelseiiisniiiing from Coii'tresu, ns from a bodv which hu knows vi,nh he has a vciccin crn'iiiiitingnud may control at tho polls. IIu confides, therefore, in the General Government as to matters within i"i control, ns ho dies in his Stato GMvcrnmeiit on subjects where it is supreme. Hut lhcns is different when a man is called on to lako the unto of n Stalo bank about which he knows nntliing not even, indeed whether it is a spccKi-tiaying bank or not nor to what control and icpnlatioiis it is subject, Tlrrefiri'it K if you trikc.nt t'lisdiv, n note on one ofvourown soeeie-imyui'i Hanks well ii'lminNlcicd. anil of unquestionable credit, nnd put upon it 40 gomj eudors-Ms-'i note from thia gteat city, niliniitcd lobe at the bend of niericnn commerce, nnd offer it nn soiui'dista-'t fronCcr, (hat such is thnhabit of lookiii" to sanro n'vioml impress, on wlnl is intended for m'oncy it will nolbii received. Whnl stronger proof ran tie given of this than iu thonctunl stnte of things? Your hunks pay specie -Ihosn of Pennsylvania and further south, do not. The United Suites Hank of Pennsylvania (Iocm not. So that the paper of theso 1 nuks is hero in your streets nt a discount of 4 per cent. Yet, if you go to Alabama or Mississippi with a New York nolo and a Unitttl Stntcs Hank note, tho Y u il! be preferred -because,, although not redeem ,ii ,. - .,ifi i' Nr of nutionnliiv hangs round it jmi cn'.gH to it, id hough wholly diconn etti Vcm tti i-1'iuu. A (ntriuej tu'-M ujiI.,o, al impress in order to obtain general circulation, and, in my opinion, by the adoption of soma general sys tem united with our local institutions, a currency might be issued, better than hits ever existed else where. .Our State banks those of New England, which I know most about certainly arc butter adapt ed to the purposes of banks than thejoiut stock banks of England and wc are competent, if we will go to the work with sound judgement and honesty of pur pose, to constitute nn institution of some suit, I say not what, capable of exercising, mora certainly, bene ficial action on tho currency, than tho Hank of Eng land. I do not mean to 'say thcro is only one mode, or only two modes, of accomplishing this object. I do not say that the bank is the only mode : hut I do say that it is indispensable that the currency, or a portion of it. be nationalized i and this I hold to bo essential to rentier it proper for the great business of exchange and circulation. Uut I shall be asked, perhaps, what Is to restrain n national institution from creating excess! who keep watch over the sentinels? The last twenty years have been fruitful in rich results of experience both here and in England. The world has learned much from them. There are modes, in in v onimon. of res training a national currency, however issued, from running to excess. Tho first of them is entire publicity as to the amount. This is more important than tnny at first seem. Thctc should bo daily or weekly state ments of the issues, so that when prices rise or fall, tho merchant niaynt once, by referring to the state ments, tierceive whether it is the natural result of sun- ply and demand, or the consequence of contraction or expansion ot tuc circulation, sucn publicity is bene ficial in n thousand vvavn. as it subjects the institution to the supervision and contiol of public opinion, which tiiirs actstipon tne power ttint in turn is to act upon all the rest. If this Government shall ucr be brought to consider the adoption of such nn institution again, it should be rather ns a bank of issues than of discount and money-making t and to the cud that its managers should have no tcmntution of interest to issue to ex cess, nl I the earnings over a stipulated amount should be paid into the public Treasury. It has skirted to me that the Hank of England adopt in difficult circumstances, nt; erroneous rule of jiuiguiu ui us position, it loOKsmaimy to its discount line, which, as a mere lender of money, is well enough j but as issuing a curicncy, it is n falsi' tnode of judging The true object of enquiry and solicitude, should be what proportion the outstanding paper benrs to the in lying specie. The bank may bo perfectly solvent --tiny, rich from its large amount of bills receivable, of which payment is anticipated ; hut this does not prove that thcbullion in the vaults is in a just propor tion with the issno nlloat. There am undoubtedly difficulties in thorny of absolutely limiting these is' sues, yet something may be done, for it is one of the advantages of a large institution in credit, and whose imperii not likely to be suddenly returned upon it iruni momentary causes, mat m tunes of ment, it can, by liberal issues, materially aid the com munity yet some limit, some general range within which the institution should be confined, seems indis pensable. I havu not said, nud do not mean to say, that one or other of the? modes of accomplishing the object in view is indispensable but nevertheless, I re call to you that President Jackson, in his Message in 19.12. did say, if he hid b en applied to, ho could have furnished the plan of a bank that would he free from nil tint constitutional objections urged ngainst the Hank of the United Statest and, therefore I say it is practicable, if we of this generation lire competent to accomplish what Gen. Jackson said ho could do, to devise a batik that shall be ftee from the Constitutional objections. Having thus slated what I understand to be the principles established by the Constitution, nnd sanc tioned hy experience, all we can say now is, that if this Administration will not not adopt some one of these measures, will do nothing to establish a cur rency or give the impiess of the United States to paper circulation,--no uniformly valuable currency can he obtained. Mr. Van Iturcn declares Congress has no power in premises, and hen fusts to recom mend any measures having such tendency, because the Cons'iitution r;nes him no power. It is difficult not to express astonishment at what seems the pre sumption of such a declaration. From the very foun dation and cradleof the Republic, those who framed the Constitution, thosj who recommended to the peo ple and those who were early calkd to administer its functions for 40 years, ml jptul n system, which has been since steadily followed up- 'sanctioned bv the Supremo Court approved by the People nnd "now, nt this time of day. a gmitleuian stands up. and disre garding nil the national, legi-lative, judicial ami popu lar sanctions, says. I am wiser than all these, and 1 siy there is no sirh power in Congress. He says the People decided against it. When did they so de cide ? Ho says General Jackson decided auainst it. and went into a re-election on that ground, and being re-eiectcu, mat me people functioned ins decision. Rut General Jackson himself, said that although against the Rank of the United States, ho could devise a Hank of the United States that would not be objec tionable; and it would be quite as sound argument to say the People re-elected Genarnl Jackson because no was mlavorofa Hank of the United Slates, as be cnuse ho was against the Uank of the United Status. Hut, in truth, General Jackson was rc-tdectcd, not because of hisopposition to the Hank, but, notwith standing that opposition; hu had built up a party wheh his strong arm had caused to bow down, nnd he might liae destroyed many more things as useful as the Hank, and still have been re-elected. Mr. Van Huren thinks he was elected becausa of his opposition to the Hank. I enter not into the cause of election, though I am inclined to the be'ief that if any one ecr canie in power of n Will and Testament, this gentleman did so. Hut is it pretended that it would be a fur inference, from the rc-cleetion of Gen eral Jackson or the election of Mr. Van Huren, l hat the nation decijed against the practice of Washington and .Madison, and experience of half a century. II authority can determine, we have that of liotii these great names but you can get none of those who sustain the now doctrine to answer to the authorities' furnihcd from the met-sago of President Madison though you should quote them from sun rise to sunset in the longest day of the year. I have in my place in the .Senate, referred to, and quoted pas sages from these messages, but answer, there was none. When the Rank w.n killed, or permitted to empire without hope of resusiitaiion, the Adiiiiiiisliation vir tually subjected the whole business of the country to the rack. Its commerce, shipping, fisheries, manu actunng and mechanic arts, were all put to the stretch nnd torture of experiment t they practiced on it tried curious nnd ingenious devices on it, a.t if such interests, instead of being faithfully cherished and guarded, were only to be us -d as objects of specula lative investigation. Hut (Jen. Jackson said ho could mike a better curency by aid of the Stale Hanks. Some of us there were who maintained that this was not possible, that these institutions were not adapted to national purposes, nnd that, however well managed and however multiplied, they would be, nfter ali, on ly small arms, and not artilfeiy. In 1RI7 tho system exploded. The dministration did not expect it, and did not then look to a Sub-Treasury any more than they now look to an eclipse though of a polili-al eclipse, they have probably some misgivings. They had confidence in the Deposilo Hank seheme but the explosion came. What then ? Within n few days, near this spot, the ablest defender and champion of ihe party. Mr. Wright, asked what could vou expect .Mr. nn iiurrn io no : uc eoriit not go tiacK to the I. nt ted Stall s Hank, which he had rejected, nor to the I)e pnsite Rinks he recommended, and which had failed. What then could he do, but recommend the Sub-Treasury 1 The dilemma could only be escaped by de parting from the s-itled nnd successful policy of 40 years. He took back quick enough the opinions he had had express! about the ilepositc bank system as gooil but he took not back his opinions respecting the Hank of the United Stnies; nnd therefore tin Sub Treasury was resorted to a measure that avowedly withdraws the protection from the currency of the country. .Moreover, in the first Sub-TrensiiHv bill there was no specie clause inserted, but finding that it washkely to fail for want of votes nnd it appearing that several gentle nen who had been vehemently op posed to General Jackson, with Mr. C'nlhoiiii nt their bend, would not support it utile's the sp-o'e clause was introduced it was introduced, and in this furm the bill was curried, nnd then was raised the shout of hard money, Ii-ml money; and thus again wmis the Administration driven into it measure it never contemplated. Thus they went on plunging from one dispraccful nnd disastrous expeiiiuent into another the country always the victim. It ! proper enough, and great evidence, of self-coin-plaecney, to say. thnt some of us nvcr let n tn.nitli piss without reiterating that the deposite hank systim must fail ; nnd how were wn answered? We were, neiii up ns tne enemies of the e banks anti-Swte right, and as mining nt a great Federal Institution, to rule over ami contiol the Statn institutions. What happened? Tho system exploded and then these snme parlies turmd round and reviled u tmt ilieu I, ml supported, denounced ihesc Stato banks as odious monopolies, lengueil with Hie opposition, and not much better than Hritisli Whips, any how; nnd when we, who thought the banks sufficient for the nurt.osos for which they were chattered, but not mleqiiato to nn- iionaiiunctioiis endeat.rcd lo shield their rights and see tuMico done them, wo were told wo were leagued witli these S into banks, nud etimnlnted by llritish goiit, distribute I through worthless corporations. iNow, I nsk, what confidence, ns merchants, enn you place, or do place, in ihig Admiuistratiflnl Do you see any thimr (hey w,U or cmi ,j 0 ri,Moro ,j ' try to ns prosperity? (No. n, rrolll u q,,r,PrH.) I hat answer coincide, , with iny opinion, for I believe they hao disqualified theinsely,, uy lurlilg ,,cir Itnntienrs to mo that the administrstinn . irn ten inn runic in the maii:i!.'empnt of nr.L much n it hns trailed tint Snto banks i first seduecii , fooU r"lln' 1 H''0',0 u"uout hesitation and iu no ins them into commitling e.xtrnvnganee, nnd then turned 1 'I!11'" .vns'my rcl"'ro mvited or placed on nny thing round nnd abused them for it. Ciiiiiuiciicing with inn inessigonr llio Prescient tit Iho last session, thro' the treasury report, Mr. Demon's resohilion nnd Mr. Grundy's report, and the administration press, there, seems n systematic tfiort to injure the character nnd credit of sintcs tint Imvo tmderlnkcn largo internal improvements. They nre represented ns much in, burdened with useless rnilronds anil canals, nnd ns having inclined debts hy theissuo of bonds, which jt would be difficult to extinguish. ' Let us oo under what eircuinslnnccH theso debts at re contracted. A few farus, dales, and figures may ic important in thi inmmv. Ami flr.t i C, ..,..:. b in your preir rJurge upon U adMirniMrtV.O ot tho general government the great expansion of paper money, and its sudden contraction, both so fearfully deranging the nll'airs of tho country. I proceed to prove this. To go back no farther titan 1832, when tne veto sctneu tne point mat tho united States ltnitK would not bcrc-chartcred, wo will tnko years by scries of tens nnd fives, und trnco tho creation of banks. During tne ten years irom law to 1830, only twenty two new banks were chartered in the United States, with an aggregate capital of eight millions. During these ten years, the Hank of the United States was iu oneration. and no one doubled thnt it would be re- chartered. In the ten yenrs from 1830 to 1810 not less than 3191 banks were chartered ngninst22tn the pre ceding ten years, nnd they lidded 09 millions to the previously existing iiaiiuing capital, instead ot is mil lions as in tho nrecedini! ten vents. This rcmarablo expansion of banking enpitnl was uuiiiiK uu viliiiiiiiih uuu .-uieevasiui le-ign ui uiu i.a' ncriincnt. Hut it was not unlv bv tho means of bank Ing capital that expansion was encouraged, foi nftcr the extraordinary proceeding of removing the depos its, it was made tho duty of nil deposito batiks to lend the money freely to the merchants. Secretary Taney in nepi. iasi toiu tne names it was their amy touis count freely, nnd that the money of tho government should be applied to mercantile uses. So fur was this pursued that a cashier in this street said "ho hard ly knew what to do, for hu was ordered by Gocm incut to lend more money than he knew how to get security for." It was then from the multiplication of Hanks, and of discounts by order of the Treasury, that the expansion ensued. It may be said there were expansions and contractions under theU. S. Hank. No one denies it the administration of that bank was not nlways perfect but take the half century during which we hnd a National Hank, nnd it wns more free from fluctuations than nny period sinco. The gentle man whom I hnvi already quoted (Mr. Senator Wright,) said in his speech here, he could not go back to the first United States Hnnk. Why not) Ho finds two or three instances under the Severn! banks in which evil occurred, but he does not nttemnt to t is. prove that during the existence of the bank, wc were iiiuiu neu iiuni iiueiuniioit limn since. Hut In the midst of the exnansion iust exolained. ctiino the snccie circular, which with other measures. of tho government produced a violent reaction in tho country. iov to recur to what I wns speaking of, tinder what circumstances, and nt wdiose recniinnetnl. alion, did the slates commit the imprudence nf getting into debt. Yon hear now of 200,000,000 ol siatu ucoi. nen contracted, and hy whom induced 7 Look at tho facts. Erom IS'JO to 19r the stale debts were about 13 millions lfli'i in I pan. nlmitt 13 mill. ions more irom lbU to lS.i.j, 40 millions were added. nut tne expansion ot l ie state banks am the aceinnu. lalion of capital placed in their hands, develonct their consequences treeiy in lii and lti:r. As already sta- ieo, iu minions w eie tiddetl to the fieut o t ic s ates in la'U-: : mid from 1R11 to 191(1 100 millinn mnre u-ern added. So that this vast nuiount of debts wns con- traded when currency was redundant hero at home, and the deposite banks were hshed on to lend to all who would borrow. Tho whole people were excited by this extraordinary redundancy, brought about about bv the action of government, to all sorts of speculations, nnd to the debts, for which states are now reviled by the party in power, from the bend of the government down to its lowest agent. One half of tho whole amount of those debts was created from 183.' to 1930,-100 millions in the glow and flow of the Experiment : in two years 100 millions of debt was thus contracted I The creation of state debts kept pace with bank expansion, and bank expansion with creation of banks nnd the creation of new banks with government experiments, and government ex pcriments with tho most extraordinary delusions that ever misled a nation. While on this topic I must say something of one analagons to it. One of the char ges of the day, wholly fa'se anil unfounded, is, that Ihe opponents of the administration have conic out, or di sired to como out, for the assumption of thes" state debts by the general government. This charge began in the Senate of the United Slates last year. Let us look at this. 1 havo said that government encouraged the states to incur debts and issue bonds bv making money so abundant. Hut they encouraged this in another mode. It was a favorite project nfter the re moval of the depositcs, with curtain persons iu and about the government to invest any surplus or unused revenue nf the United Slates in these very Mate bonds. I do not mean to say this is assumption, but to prove tint the general administration stimulated states to issue bonds, nnd endeavored to give them all the cre dit they could. In 1330, we took up, in the senate, the bill for the distribution of the suiplus revenue. This wns not the measure of the administration, but rather carried ncninst its wishes.' As early as May, 1P3(, Mr. Wright, then, ti now, the ablest nnd most effective leader of the administration in that body, proposed ns an amendment, that the sun jus then in the Treasury, bo invested in state bonds, and that whenever nny sum accumulated beyond the immediate wants of ihe Treasury, it be in like manner invested. Again, when the law regulating the deposite banks was, nnd the famous 13th section, which provided for the distribution of the surplus, was added to that bill, the same distinguished gentleman moved to strike out that section and to insert in lieu thereof, a provision that the whole 40 millions should be invested iu stale bonds ! and when the fust subtrc.isury bill wns intro duced, that, too, had n provision for investing any sur plus in the treasury in such bonds. There arc other funds under the control of the general government which are thus invested : the Smithsonian legacy, some half a million about, is nil but a small sum in vested in state bonds; nnd largo sums reserved to pro vide for stipulated Indian annuities have been invest ed in the same way. Hence it will be seen, thnt the administration itself, wherever it could inakenn interest by it an intciest I mean with the people was fuiemdst in cncouins in if and fostering state bonds ; and .Mr. Wright said there wns no fear thnt these bonds would be scarce, for states had so many motives for public iuipiove inonis, nnd otherwise' to contract debts that they would produce bonds ns fast as wo wanted them. I repeat that while I do not charge this ns practical as sumption, I do maintain that it wss holding up these .securities lo Europe and the world, as worthy of nil credit. Ami what a pretty picco of business it would ha vn been, if .Mr. Wiight's proposition to invest 40 inilhnnsnt once in stale bonds had succeeded ! If .Mr. Woodbury conscientious ntid scrupulous as he is known to bo had been charged with thus invt sling ibis sum what do vou think would have been the rule of selection? If .Massachusetts, I had almost said Maine, but that is settled or Pennsylvania, the slates that have and those that havo not voted, hnd bonds to ofier, would it not have been a beautiful busiiuss to do on the eve of election, to buy such bonds Hut I revert lo the charge thnt wc desire or aim at an assumption of state debts and pronounce it to be without a particle of foundation. I do not know that man in congress that entertains tho belief thnt the constitution permits the payment of the debts of states by tho United .Slates, without a consideration, nny innro than the debts of individuals. Such an assump tion as Mr. llenton resolves against, nnd Mr. Grundy reports against, in an interminable string of common places, was never heard of in Congress; and this btiiiffs me to nnnther point. You have all doubtless heard that a systematic plan of operations wns Fd on foot, in which I was lo taken part, to bring about such an assumption for the ben fit of English capitalists, and that I went to England in pursuance of nieh n plan, to get up an interest there to benr upon Con gress. 1 will tell you nil I kkovv about r, I left here in May, 1 S.'JO, and nt that time I hnd never seen nor heard the suggestion of such n scheme. That wns, ns you nil remember, a period of deep gloom and despondency for American commerce, nnd it was natural I sho Id bespoken to nnd inquired of by those who were interested in American credit and Aniencnn securities, ns to the ultimate vnlue thereof; but I assure you, upon my honor, that no English or Europsnn holder of Suite debts ever suggested to me, or in my hearing, the remotest allusion lo the assump tion or guarantee by the United Sintcs of thesn State debts. Once only wns it mentioned to ine, nnd then by nn American, and 1 replied lo himnt onccfW jiici a srhcmeirat unconstitutional, nnd could not bi ac complished xriihout it change in that inttrumnxt. On the contrary the inquiry was always ns lo ihe right of the states individually to crealeiltht, and their pro liable ability to rcdi em it. It was, ns I have said be fore, n gloomy period for American nllliirs in England, and much of the gratification of my visit wn impaired hy tho common feeling of despondency, which 1 could nol but share with my countrymen; but tho States hnd bonds in themnrket, and wnro anxious lo sill, nnd concerning them I was constantly interrogated, My own State, Mnssnchussetts, had some, bonds thcre and the inquiry ru to all, wns, as to the safety of the principal, and the probability of punetunl pay ment of the interest. I tohl them, 'in regard to nil tho States, they might rely nn their public fnith, and on their ability to keep that faith ; nnd it occurred to no one, an fir ns I know, to suggest, that the) United States should guarantee these debts. A capitalist, desirousofinvestingin American bonds, and thus obtaining a higher interest thnu the stocks of his own country nirirdo.l, consulted hip about the Massachusetts bonds. Whnl did I do ? 1 gave him a report mndu in the Legislature of Massachusetts, showing tho results nf the annual piodueo of the labor and industry of that Slate, and told him to lake it boina and study il. (Applause) lie eaino back ihu next day atd lm was satisfied, and asked whero he could invest L10,00:)in Massachusetts bonds? I nam ed to him the agent, and ho did miiku tho iuvcslmoMt. Songain of New York binds, concerning which it hnppi ned to mo lo bo consulted, I took fr.m my Hunk thundmirnblu and convincing Report on the rcsourcts of tho State, made by your townsman, Samuel II, uuggies, mid gave it to my visitor, mid with hku eflecl ; and so of nil iho Slates, nsfarns my ktiowHIgo went ol tlieir nhihty, nnd with entire confidence in their good faith, 1 spoke without hesitation and in no ins taneo wnsnnv rrl inen li,,ii,.,l nrlm.,l il,,,.. 'L s "' 'n.?c,',f,rn'? nni1 ,,lslipl lesources of (hu Stato issuing the bonds. What then? There mum e. i y i; niiiii m e.uropo some persons a small nctivo eliriue-thnt hale, Amerien nnd American, nnd desiro to do them injury nhvnys. They Imvo presses ui men eoiiiiiinnii, wrioao daily vocation it is to retire sent the credit oftho States of this I'muoii ns unfit to bo trusted. There is no nu'dn of mitigating the fero city of these, assailants, and tho more they nro put in tilt wrung, th" more tenacious .-nn tbev ofennr. M'ln press was, I grieve to say, furnished with new menus nfrarrytng on Us warfare hy publications emanating from this city, nnd sent abroad In great number, to prcvo Hint Iho Btntes eoultt rt lv fully romraetiUbtn, 1 debts had insecurity whatever and newspapers of tne yviueBi circulation lit tne worm, rcpcaicel lucso fabrications. In this stnlo of tilings, rt banker's houso m London, holding n large amount of Massachusetts bonds, and tliosoot other atalcs, applied to me, us a pjofcssiohal man, to know, whether iho Stntcs ckrultl contract debts. 1 answered Yes. That the Stales were ns sovereign in tins matter ns nny sovereign Stato of I.'. .... rM,, ,. i...... '... ...,l.l.l....l . i is uno you cannot got inserted in nn Administration paper and yet, in spito uf this correspondence, main taining the tight of states lo contract debts, and their good f iith and ability to pay, it is maintained that I, nud those with whom I net, are nctivo anil systematic in biingiiignbout nit ussiimption of theso debts by the United Stales. Hut it seems Mcosrs. llarings havo written n cir cular, in which they point to an assumption. That circular 1 never saw nor lieuidof till my return to the United States last Decembir ; nnd then, loo, 1 first heard of Mr. Hellion's resolution at Washington. I wish lo repeal, that eviry whero in Europe, wherein nny way mate ueota tiecamu tho snnjeci ot conversa tion, no English or Euroneau banker or bond-holder ever suggested to mo, or in my hearing, or caused to lie suggestuu, nny men or assumption t nnd tho Inst I heaidof it was, ns I have already said, from nn American eitucn m London, to whom I Made thuic plv .already mentioned. 1 have said my visit to Europe lost much of its plea sure bv reason ol ihe ulonmv accounts from the Unit ed Stales, und I confess I wns much depressed both ns to the commercial and political condition of tho country. I could perceive no disposition on the part in inoio in power to grow wiser and peiter, tutu al though I knew thcro wns n numerous and nblu narlv onnoted to them. I vet f.nrcil. that for want of union ns to measures nnd candidates, their ellbrls to bring

about a change would bo mellectual. W hen then, oil thiscoant, I fieatd of the llarrisburi' Convention, nnd of the nomination so unanimously made the best that could have bean madu I was nyain encouraged. And when afterwards I saw, notwithstanding the preferences of sumo worn disappointed, thnt the no- imitation was received with unanimity, which has since swelled into enthusiasm, I felt once more that the country wus likely to be extricated from her (lifTi- curies, mm restored to wonted prosperity. I will say a fjvv words on the Sub-Treasury. This a, pent a to me a sthenic new to our history, and for- uyil loom habits; tliu last orn series of bufuvd cx Derinients; an expedient into which tho rcnres'iitn tivcs of tliu people' seem to me. to hnvu been lnshed bv Eeecutivc power; fuligued into by appliances and linporteiiitieF, through lour mortal sessions of Con urss. What are the uriuimeiits iu favor of thn bill? The It tiding one nf Mr. Van Huren, in id37, wns the safety of ihe public funds. The treasure was to be kept where rogues should not run nwav with it. The bcsl way to elli'Ct that is, not to trust logtica to koep it ; but, as to the parndo of safes and vault0, it is all n mockery. I don't know in which of these bnnks the Receiver General keeps his money, (lleie, here, said many voices from the porch of the Hank of America.) Well bo it so and I undertake in s.-iv ilmt trim h is any spactal vnultsor safes lliare they nre not n whit than those in which the bank keep its ownfunds. Hut thn Government says it must take care of its funds. Who and what is litis I of tho Gov ernment 1 Is not the Government a public trust, nnd agency I An individual may put monies in vaults but tue uovcriiiuenl is not a ptivatc person, having pockets of hisown. It must employ officers, it must trust somebody. Mv colleai'iie in tw Seinm. Mr. Wright, says the object is to keep ihe money by agents of the people more directly responsible to "the tieopic than heretofore. How is the fact ! The Receiver General is appointed by tl.el'rcs dent nnd Senate, is amenable lo the law and gives bonds for thn faithful execution of his office. In what does he dillcr as to the responsibility hum the Collector, who is appointed in like manner, answerable in like manner to the law niul gives bonds in like luaniinr f How then, is th one more directly responsible to people than the other? The pretence is destitute of sense or teason. And so as to the safety ol'the funds. 'I'll.. vn,,liu,l safes in which they nte placed, nie no better or more secure than lliosc of the Hanks. The Htcjivtr Gen eral licsc, ir I doubt not a very respectable man, nnd iias given c.utiii seeutiiy; uiu vvny or now arc the nmus in nisvanii salcr than il in a bank vault ? Tin common sense of the community will decide lies point Suppose Mr. Allen were to-morrow to adveutse to rcc.'iveiicpysiiesm n:s vaults would they, Hunk you be filled to the emntvin rof the vaults nflinnka rpunn,,: siblc iu their whole e'jpital and credit for tho safe keep ing of such depositcs.' Instead of rendering them safor, I sav the pie.sent svstem.endangers the public funt's, forit multiplies the hands through which they pas?, nnd thctufcre multiplies the chances of rvil. Mr. Hoj t coll.cts the monies but they arc paid out by Mr. Allen, on whom drafts from the Treasury arc drawn. Now, the Collector, ifnot honest, can spend the money btforu paying it over to the Receiver; and so, once in the hands of the Receiver, he, ifnot honest can spend il before it is drawn out by the Treasury. You double the chances of loss, by doubling the hands that touch the money. Then ns to the promised infusion nf specie into the currency bv ihe oncntimi nf this bill u-lmi I- lnr ill this ? According to its provisions, one quarter of uiu mines is now pnynoic nt specie : yet H one or you have a bond to paynt the Custom House, if lie goes to the Collector with a check certified ns payable, one fourth iu specie, and the reside iu bank bills, does he not tnke it ? Well then, nil this specie talk is mere fliam. Hut suppose you go to the receiver general with a draft. He pays you in bilis of the Hank of America, but where is the specie? He will, doubtbss, if you exact it, give you specie; but habitually, the payment is in bills. And then I nsk, where is nil this movement of specie, this marchiiu' and counter marching of gold nnd silver that wns "to daizle your eyes? It iVnll humbug. Hut your collector vvherc dot s he put his monev before 'it gets into the receiv ed vaults ? Why, fellow-citizens, as I am informed, in a bank of unsavory nam-, the Hank of thn U. States, and when he pays over hepays no specie. Then, as to ihu divorce of bank nnd state what in fact is it ? Is not the creator pan I will not say the whole, for I suppose the receiver keeps some in his vaults; bid is not the greater part or all the money of the government now absolutely in the keeping ol" the banks . 1 believe it is. You collect from individuals .Hid pay to individual agents of the government, and thev forthwith pay it into bnnks nnd therefore, in stead of there being n divorce, the connection js be come rather more intimate than ever, and like other illicit connections, n great dial more secret. Th '.sis called nil Indepcndtnt Treasury: indepen dentof nothing but public opinion and public super vision; nud the ptctended separation between the Government nnd the banks is alia shum. Hut al though a sham now, the authority to demand specie when nil dues oftho Government sliali be payable in com, will bo n iniisi dangerous one. If the revenue shall ever again come to its former amount, nnd our commerce resume its activity, it would be in the power of liere'ver-Guiernl, nt this place lo break everv solvent bank s and if this be true of New Yoik nn'd ine sea noani, il is more emphatically tine of the banks at the West, vv here the rtecipts nt 'the land office e large. And this bill, professm" to render the Trrnciin- in. dependent you have seen U called n xeeand tion of Independence. Now, so far as banks are concerned, iho law untlion-uig the issue of Treasury Notes ouuht to bo called the third Ih,-ln,-i;nn ,,r i. dt)rncdncc. How does thnt render us independent of banks I I will tell you. At this moment about tiro millions of these notes, bearing interest, are lying ., uii.i uuu, in u Him uuim, tpomung to niiiercnt banking houses within hi.s eye,) sold to theso banks with authority to l he Treasury to draw for the amount theitof, -and these drafts are so arranged that the banks make a very reasonable not to say n very un-lea-mnable, iimunnl of interest upon these notes before the) nre culled upon to pay the cost thereof. We had before iistheiiccounlsofnbank thnt hnd tnkennhrge iimoiintofTreasury Notes.bearinginterest, nnd credit ed lo the Government with the face of them, mid pay ing llioilrnfisofGovcriiniiiitns presented, thntnppear- Ml uy in il rni(jie-uie-i.iiiuii io nave iiinuc'n protitol tu to s 100,000 ami ibis ii the mode in which the third Declaration of Independence of ihe banks vvoiks. Of the live millions of Treasury Notes List authorised. I re. peat, above two millions tu enow in banks of ibis city, und 1 know not how much more iu banks in Hoston nnd elsewhere- drawing interest while the money is not all advanced. This is ihefimncinl skill nnd ccon omy of ihe Treasury, this the divorce fioui, and in- peiiueuco oi, iiuniis. The fashion now is. since Mr. Cslhnun. followed b tho gcntlemeii who iisuullv follow him. pave, thn ce-. jinl, to discredit paper money ns tiitieh us possible. i hi j .itn imi i lie- men eiujjei. no rnil lOrCICt thtu vil, consequent of seeking, through the Custom Houses, the Post Offices, and tho Land Offices, to throw doubt and discredit upon bank paper? The nfinnl to receive, nnd tho attempt to discredit, this circulation, is, in fnct, n power to break solvent banks, but il is tuil a power or means to comnel inolunt ones tu perform their duties. The demand of specie on the notes of ence'ic-puying linnka mnv break them nut seen iicnianu pntses uiiheediil liy those that do not pay specie. Hut it is maintained hy Mr. Wright, that no danger is to bo apprehended fiom this bou" :c, for that a sum not exceeding five millions of dollars will perform all the functions of roct ipts nnd expendi tures by the Government. Wo do not know upon whnl estunalcs of revenue or o.xpeniliiure .Mr. Wnght founds his calculation, lie does not tell u whether ho expects the thirty nine millions of annual expendi ture, under A'. I'on Huren, will be broii"ht down to the thirteen millions of the prodigal administration of J. (i, Adams t but hu insist, that (ho million- will accomplish nil that is itquiretl. Will, lake it nl five iiiillioiis-niul what then! Why, five millions in specie is equal lo the full nvernre money of nil tho spciein your city banks I What, then, would bo Mil) el let t upon lliem of iho neeinniilaiinii of fivo mil 'i tsof specoiu tliu hands of iho Receiver. Another main nigiunetil for tho Siib-Trcnmry, ne eoiilmglo Mr. Wright, is, thnt it prevents hanks finni discounting on the public monies, nnd therefore ihe necessity of Receivers General, who slnil keep it locked up until wanted for iho public svivico. He tiaces ihe, fluctuations in our cnrieticy io the use inndo This may be nearly nccurotu in iho present condi tion of the Ranks, when ihey are ovci burdened with specie bill L'eturully iponkmjr, Iho '.r.iHions are counl to Iho wnolt amount of ::,.m I,, .1,1 i. ,,,r Itaiiks. Ihev returned upoeiu payment upon five nd 4 !,fUT millions. This thttfvrt, ftrr ally ttmieth wis Mr. tVtotor'sBrm-irf.-J.J. A" T Auw by banks of tha public monies, and desires that iIicm inny ue rcsirauitd. nut 11 omy nvo millions win ic in possession of the Receivers, can thnt sum suffica to rcstrtiitt those fluclunlions? Can five millions, absent or present, ailed the general discounts, circulation and business of the country ? The arguments of tho Senator do not coincide or stand together. The only difference lie says between the late and urcsctit sys tem of keeping the public monies Is, that instead of tne name ol America, Stephen Allen keeps them, so unit iney cannot uo used lor banking purposes., nut what then becomes of the ppcciu concern, if this be tue u v ui turence i i wu not t e nm you lonttcr on the practical operation oftho Sub-Tiensuryt so far as regarns me receipts nnit expenditures 01 tno piimio Ire-usury, you understand its ifi'ects mid operations better than I do; but the great public political objec tion to tno whole scneiiie, is, mat it not omy makes no provision for. hut professedly abandons all interest in. and concern about, the currency of the country. This is the cardinal, decisive objection, which is to tie- terunnc tliu lalu ol Hie present administration. '1 lus question has now been so long before the country, so frequently discussed, that I will not go into it anew. 'l hu people nre competent to judge of it or themselves and that judgment will, I tippichcnd, soon bo pto mitigated. (Cheers.) une topic more I desire to advert to bcrorc finishing. We have the happiness, under tho bcniim wirmission of Providence, to live in a country of which wc may ne promt lor many reasons, t'roud or its liberty, ol the public spirit and enlightened patriotism of our fel low citizens; proud also, and most proud, of the pub lic morality, sound faith, substantially correct morals, thai have distinguished the administration of our affairs and tho conduct of the couutiy, since it took il place among the nations of tliu earth. Annum the evils most thrcntcninr' now aro nltacks upon this moral character, this high faith, which have distinguished ns, and in virtue of which we have main tained our high standing amongst nations. Sentiment- have been broached that strike at the very f luudation of our socialnnd polilicalsystcm. I speak not now of doctrines promulgated in anv one Statu. that a man has no right to leuvo his own prnperly, ocinired by his own labor nnd industry, to hi children anil oincriiKt' absurdities bull rtier to the doctrines maintained hurt; and elsewhere that no set of men can bind those who are to come nfter them, that no I.eitis- lalurc can bind its sucecssots, nor make any contract vviiicn another I legislature may nol repeal, line generation not bin 1 their successors 1 Who shn'j mark Ihu lints that seperalu generations? These change daily, hooily. This Armrican community v.h.ii I began lo address you, was composed iu part, of men not now in existence, nnd is now composed in mrt of others not then in existence. How abhor rent is th.s doctrine to the urent general punciple, that although individuals inny flourish or decay, States arc inuioi tal. Great political sovereignties and com munities nre ever voting, ever green, ever identical. Individuals tuny change, a i thi atoms of our bodies change, but communities continue to exist, as our bodies do with this exception, that whereas, we kuovy our bodies arc mortal, and that there is a time appointed for all the livinr, and that wc must all return to ihe dust from which we sprang, our Country will survive, nnd nt that last moment of our mortal exis tence, the thoughts of it will dwell in our hearts and the aspiration go up, that she tnav be immortal. (Mr. Webster sat down amid cbecrs oft and again repented.) F R I D A V M O R , I N G, OCTOB K R 0, 1940. Mil. WEBSTER'S SPEECH. Wc have devoted a large space to-tlav to the excellent, practical, common sense speech of Mr. . ehster, at the's Exchanee. in the city of New York. Mr. Webster deals not in 1 abstractions he holds- out to his hearers no new untried or crude experiments for them to try, and if they fail, to abandon for still newer experi ments, more crude and impracticable, if it were possible, thin the first. Tar from it. He re fers thni to what has always been the pr.v tlce of our wisest administrations- to Wash ingtcnV, Jefferson's-, MadisonV, and Monroe-'n. I is true, h-j says nothing in favor of Fanny Wright's- system of finance, and very little in f ivor of that of Silas Wright ; but is he, for that reason, lets entitled to a hearing from the im partial ficm&rraey of the nation! What does it avail to thn farmer to be told that it is the "Irtie democratic doctrine" to put the price of wheat down to sixteen cents a bushel, or to the itiL'ehaiiic to he told that eleven pence a day in more than the Swedish mechanic can cam, if he ha to pay the same price for sugar, coffee, tea, and other necessaries of life that he does now 1 Mr. Webster is not only a great man, but he is (what is fr more ts the purpose, and without which no greatness can be available-) a sound, practical, commnion-.s-cnse man. He has read much ami obsesorved more. The ,,.l.,,l r. -LI ,.!!... r n . r - ,,, , OI euir uovcrn.em irom ...i ..ii.iiiv. ,, luiiiuirti u mm, ns me roau to his shop in tu the mechanic. He wan bom and reared among the practical men of New Kng land, ail' lias been in close contact with the .shrewdest and soundest heads in America. Kvery thing, therefore, from him on the subject of the currency, or any other subject, of legisla tion, is- entitled to respect and attention." GEN. SCOTT AND DR. IlEECHER. We refer the reader to the testimony of these two gentlemen, in reference to Gen. Harrison. Dr. Reedier has for some vcars been neiihbor to him, and, among New "England people, his testimony on a point of inor&.V. will be taken as at least enual to that of the mid mercenaries who sp.'til tho gallant old Chief. Gen. Scott, it will be observed, bears most unequivocal testimony of the fair renown of his old companion in armn. "It ln often fallen in my way (says hf ,) lo bear zealous testimony to ! the distinguished services nf Geti. Harrison, both as a statesman a loldin: With those ser vices I have long been familiar, and can only attribute to gross ignorance or to party malignity, the recent imputations to which you allude." "If at the end of the war with Gacat Britain, (he continues-,) or at the end of that .-o success fully waged ng.iinst thn north-western Indians-, any person shiniofully iniptMched the cour age of Gen. Harrison, he would, I am fully per suaded, have had not only his patriotism but his courage denied hy every honest hearted Amcri ran." Gen. Srntt has tuyn some service himself ; and when such n man tells us tint, in common tv iih the whole American army, lit; n-gards Gen. Harrison "as one of our most gallant and suc cessful loiniii.'ii.lcr'," it is all we want to know on this point. I DODGING. Mr. Vim Nt-ns i o'lt again in thf list Senti nel on the subject of his defalcations. He ad mits thnt he was a defaulter iu lSiiO, and was compelled to sipnro up before he went to Spain ; hut it Focms that he eiitctetl a formal protest in writing, at tho tiuw against the government's being so 'over rigid," with him, and ironically intimated that he fhould at soma future day appeal to ''the juttite and nuig-naninuly of the Government." lie also admits- that ho is nt the present lime an apparent dcfuultcr for soiuo twenty thousand but shall not be in fact, when Cougres-H allows his claim in oflset ami pro ceeds to cite in juntiiicatioii some eminent in stances of defalcation in other quarters, All very jiosihle. Hut the gentleman forgets to answer tho very peitiiiQiu inquiry, which is in the mouth of every one u hy he has not brought his protended claim befoie Congress 1 Hie ollii'itil functions cci. ed live years ago, and cf courco ho was apprited of the true Mate of his accounts ; he has now been tit holuo some fifteen months j was at Washington a largo purtiou of tho last session, and yet, strange to esy, no at. tempt has been made to bring the subject before Congrosul If thcro is any thing rc-flJ in the claim, why this delay 1 This is tho question for Mr. Van Ncfs to answer, and until it it litis, fsctoriljr answered, twrtrtriB will try (siriondy doubt wlioihcr lie has much faith in the "justice and magnanimity" of Congress I J he anxioty manifested on this subject, how ever, may bo taken as a ttijjnificant indication. It is evident thnt Mr. Van Ness now looks for ward to the time when it will ho no recommen dation to a man that he is a defaulter, and im portant trusts will cease to be conferred on tho ground that the applicant n already surfeited with spoils, and therefore 1i,h no temptation to plunder more ! See Garschc's letter to tho treasury department relative to Uoyd, in which he recommends the continuance of a notorious public defaulter distinctly on Una ground I But this: policy will not pass current with Old Tip Hence, it now (stands the spoilsmen in hand to cover thuir defalcations by largo claims, which "arc to be" prcve'ntcd to Congress. NKW llAMl'SIIIUE MOVING. We arc requested to give notice that there will be a mass mooting of the Whigs of New Hampshire and Vermont at OIIFORD, on the 2Ud October. Daniel Webster and Horace Ev erett, it is known will be in attendance ; and Wilson of Kectic, Upham of Montpelier, nnd Hoffman of New York, aro expected to be pre sent nnd address the people. The Green Monti tain Roys are cordially invited. We would respectfully invite the particular attention of Hon. John Smith to the resolutions of the Milton and Selliurn Tippecanoe Clubs. The Legislature commenced its annual ses sion, at Montpulior, yesterday. We shall give full details of its proceedings in our next. THE OCTOIJER ELECTIONS. Seven Stateii have yet to hold their Elections prior to the choice of Presidential Electors viz. New Jersey, Pennsylvania, Ohio, Maryland. Georgia, South Carolina and Arkansas. Geor gia and Arkansas vote first, on the first Monday, winch falln this year on the fifth of October ; Maryland on the first Wednesday, which falls on the 7lh ; South Carolina on the second Mon day, which is the I'Jth ; New Jersey, Pennsyl vania and Ohio vote together on the 'id Tuckday being the lDlh i list. CHOICE OF PRESIDENTIAL ELECTORS. All the States now choose their Presidential Electors by General Ticket. All except South Carolina choose them by a direct vote of the w hole People. By a law of the U. Stale, the Electors of President mutit be chosen tcithin thirty-fotir days preceding the first Wednesday in December, which this year is the secoud day of the month. Pennsylvania and Ohio elect on Friday fifth preceding that day, which this year falls on the 30th of October. They thus open the Presidential ball, and the other states follow on the 'first Monday,' 'first Tuesday,' Worn! Monday,' &c. etc. in November South Carolina choosing by her legislature and bring ing up the rear ah follows : Otf. 30. Pennsylvania, 30 ;Ohio, 21 j total 51 -Yor. 2. Maine, 1U; New Hampshire. 7; Rhode Island, 4; Connecticut, 8; Virgin a, '2i ; Georgia, 11 ; Mississippi, 4 j Kentucky 15; Indiana, g; Illinois, 3; Michiian, 'J; Ar kansas, '1; Missouri, 4 ; total 106 .Vor. 3. New Jersey, 8: Tennessee, 15; Louis- iana, 5; total 13 " 2, J, 4. New York, 42; (this City votes on the tth only:) U " 9. .Massachusetts, 14; Maryland, i0: Ala bama, 7; total 31 " 10. Vermont, 7; Debwarc, 3; total 10 " 13. North Carolina, 15; afltmurd S. Caro lina, 11 totsl '. 26 Necessary to cltct, 148 : Whole No of votes 2J4 Mississippi votes on the 2d and 3d; New-Jersey on the Ud and 4th ; New-York (except the City) on the yd ad and 4th ; all the rest com plete the election in one da), We expect to state who is elected President with tolerable certainty, in our paper of Novem ber Tth. The States of Massachusetts, New York and i Deleware, choose Governor, Members of Con- ; ress aml othur officm 011 the H:imc day with Presidential Electors ; Michigan chooses a Mem- I her of Congress and Legislature; New Jersey chooses six Members of Congress by General 7"icket. In the alternate years when no Presi dent is to be chosen, New Jersey chooses her Members of Congress at her legislative Elec tion on the Eccond 7'tieFilay in October. Iju isiana, or rathe;- her Third District, chooses a Member of Congress for next Session at the Presidential Election this year. Maine will probably attempt to elect two Members, from Districts wherein no choice was : fleeted at the ! ytate Election in September. And Boston will '!cct a Member for the approaching Ses.iou in i P,af pf Abbott Lawrence, resigned. AVtr ! Yorker. MILTON. At a meeting of about tvvf hundred of the inhabitants of the town of Milton, on the 5th day of October, 1810, the following preamble and resolution weie unanimously adopted: Whereas the administration of the general government for the last ten or eleven years-, hax been making rapid stride towards the estab lishment of a practical monarchy, under the pretended chichi of the constitution, which is essentially republican, if honestlv and wifely administcrtd ; ami wherc.ii the monarchical I propensities of the present chief magistrate and his immediate predeceor, arc written upon the pages of our history in "duractors tr o legible to be misunderstood," and evidenced by the fre quent and audacious exercise of the veto power, upon questions of expediency alcnc, of which the representatives of the people ought to be the exclusive judgct; upon questions of con stitutional construction, where the practice of the country for forty years, under the wucbt legislators the world ever navv, und the decis ions of the constitutional tribunals of the highest resort, hnd settled nnrJ dissipated all doubts ; by the bold exercise of the dubious nnd dangerous, power of removals of honwst men irom office, for the utterance of political opinions adverse to Ihe reiguing dynasty; by rewarding with their places the sycophantic and uns-rrupiiloiis slaves and flatterer of power ; by the enormous in crease of the moiiied patronage of the President, in rewarding a prostituted party prcr s, in letting loose iqiou the people and stimulating with the promipo of reward a hundred thousand office holders, to deceive and harrass the people, eat out their s-ubslnnce, nud defraud them of their liberties ; by the impertinent and pertinacious interference hy the President with the rightful legislation of Congress ; by the unconstitutional attempt to create and command a standing ar my of 1)0,(100 men, and for their payment and support, to seize upon the public treasures thro' '.ho agency of tho euhtrvosury law ; by their mowed design, under the aid of that law, of de stroying tho credit and currency of the coun try, under which tho peoplo havo prospered hoyond any parallel In tha civilized world.jthoic by rciliicingthe honest and industrious laborer lo half pay and half r.itione; and thus conciliating tho rich by forcing within tho gfasp of their ava rico the iaet amount of property now owned awl prthtllr ril (r t)'h ntorprislrjr mM. dling classes composing nino-tenths of the poo- pie of theso United States ; by striking from tho constellation of states one of its brightest stars, in order to secure the passage of that in famous law : and whereas, these anti-republican tendencies have become the nettled policy uf the present tulininistrtilion, and thcro if no constitutional remedy for the sovereign peoplo against their treacherous and unfaithful servant! except to diminish them, and to employ othof ago tits Therefore, Resolved, That wo condemn, ! the most solemn manner, the foregoing obnox ious measures of the administration, and tha conduct of such members of congress as Iuya given their support directly or rcmotoly to all or any ol them. And whereas-, the Hon. John Smith, now member of congress from tho fourth district iu this state, has identified himself with the present administration by supporting many of the abovo mentioned measures, and the general policy of that administration, all of which have recently been condemned by a majority of thirteen or fourteen hundred of his constituents: and whero ,is, in a speech delivered in congress last June, and published and franked by him throughout the district, in which he undertakes to cxculpato' himself for his intended vote in favor of the odi ous sub-treasury bill, has declared "that he be lieve in the doctrine of instruction as held by the party with whom he has the honor to act,"' and " that the people will vindicate their own sagacity, integrity, and capacity for self-government :" nnd whereas, the said Smith iu pledged to support the administration during the second session of the present congress, in carrying into effect the aforesaid measures and policy ; and whereas, the recent vote taken in said district has evinced the sagacity, integrity, and comft tency for sc!f-goicrnm:iU of the constituents of Mr. Smith, and placed the seal of their disap probation upon his congressional conduct Therefore, Resolved, That, believing Mr. Smith to have been sincere in the foregoing de clarations in his t-peech, and that as he value his character for consistency, and covets not tho honors nor emoluments of an office holdon against the wishes and judgment of i largt ma jority of his "sagacious" constituents, he be re spectfully requested forthwith to resign his ap poiutinentas member of congress from the fourth congressional district of Vermont ; and that a copy of the foregoing preamble and resolutions, duly certified by the secietary of this meeting, be forwarded to him, and published in the wliij newspapers of this district. HKNj.tMiN FjinciiiLH, Srcrttero, Milton, Oct.."), lb 10. HELBUR. Mr.. Stacv Will you please to insert the) following Resolutions in the Free Press, which weie sassed unanimously at the meeting of tho Tippecanoe Club of Shelhuin, on Tuesday eve ning Oct.O, 1810: Ucsnhcd, That the protection of American industry is otic of the first duties of the Amort can citizen. This was one of the loading object !o be obtained hy the formition of our present Government, and poorly is he entitled to tho name of an American statesman who refuse his aid to that protection. liesohed. That in the opinion of the mcotin, the Hon. John Smith is not tho trua reprcaou titive of the freemen of the 4;h Congressional District. He has not sustained our interorts in Congr-SF, but has lout himself to the works of destruction. He has not sustained tho rifhts of the States.but has endeavored to blot one froa the map of tho Cnion, and as a man of honor we conceive he cannot hold his place under tho conviction, afforded by the result of the election, that he is not the choice of ihe district. If after this he retains his place, it must be on tho ground tint Eight Dollars a day can give moro satisfaction to him than the consciousness cf Having done the will of h.s constituent.. EZRA MEEClLJr. PreiUtttt. Wm., Sxre!a-y. Will the Whig papers of St. Albans and Johnson, please copy tho above. It will sfTurd, Mr. Smith and h.s friends an opportunity of knowing how our that 'Old Shelburn," feel about his further occupancy of a seat la Congress. From the Albrnv Daily Advertiser. GEN. HARRISON'S CHARACTER. One would suppose that the results of ih sumtnur elections in Kentucky and Indians whore undoubtedly General Harrison's privito character and conduct must be best knovvnwoiihl have conviiioed the Loco-Foco press of tho fn tility of their efforts to blacken thij veteran's reputition. It seems, howfver, that the morti-, fying and overwhelming defcits they have sus tained in those, as well as other quarters oftho Union, have absolutely maddened some of the Van Huren editor?, and spurred them on to tho. most revolting attacks upon the soldier ar.d statesman of North Bend. Thus the Ohio Statn Journal of August 21st, publishes an articlo from "Tut C'onsuti'tion," a leading Loco.Fo-. co paper in Indiana, from which the following paragraph is extracted : ' It is folly to suppose thnt Hanson's popularity Howard's defeat. The People of Indian r, too virtuous to siiiijiort n flthv, drunker:, !a hair Kitted, pittico-t rovitrd, m tho'slmpr 0f CJt-n. IlnrrV son, a creature under the clnrf;c of n coinmiltre." To language like this, applied to Wilimm Henry IlAniusov, there can bo no reply. Tho wretch who could ut'or such atrocious slanders against this honest unit and pure patriot, must indeed be ca Ions to every sense of shame, ard capable of any crime. But these envenomed shafts of party malice mt'st fall harmless to the ground when such men .is Dr. Lyman Hekcii rn of Cincinnati, distinguished alike for brilliant talents and high moral worth, testify to the sikju less integrity of Gen. Harrison's public, and' pri vate character. Wc re-publish Dr. BkechkkN statement because it is one that the ra?st dc.po rate parlizan of the Federal Adminhuration wll not venture to dispute : Soon after I went to Cincinnati, I met Hen. Htri son atJulye llurnet's, and have known hun person nlly, ever since. 55 in thepiivate walks uf life, I know him to be a man uf whom even hi' t-nrmici csu say no harm. .It n moral sinn. XnavAiV .-.Vi-cr-. lobe untilemishtd.J; I kno- .'inn to be n iniiubfS of regular Etiini'mj: in the Kpiscopnl C hurch, in Cin cinnati, nnd I have rcpcattdlj-beard the clctfij mart of lint Church, spnk iu the Inchest terms of respect of the chaincler rf (it'll, llariison. As n citicn nnd n neighbor, I know him lobe universally beloved, nd esteemed. Uo is litf-piiablt' nnd .-encruus. tvenlot fault, nuil Ins be'vevolciit-e is proverbial, wherever h jsknotvu. As a man of u-iIhihi, ho possefscs nioro of the root, discriminating judjiimnt, ihe honesty of purpose, thedi'ie'rinincd pcrsi'M rnncc in tho conscicn liuus discharge of every tliuvt nud more of the hutli. nundid, noble traits of the old Washington ichoil o t men, than nny nihrr man 1 have ever seen, Aa a writer, m every sense of the word, he slanils amengi t the first in our country. "As n public man, 1 need not .speak of him for tr crv one knows lus character in that icfptcl, as wfll ns'ltlo. Tl.v history of lm country has n-tllcd that matter, beyond controversy, mid nothitiR that his rns inicicnnsay.cunnriiish lus hard earned reputation And now, havtnp nvin whnl 1 know nnd bthevc lo l. l,it I'lixrnctcr. let mo say, that I belief hint ml,. jiiMllit'innn whom wu iirelm the head of our Govt r.i tiiiMit, in iho present dcintiprd stnto of our founirv, nnd 1 hope and ttusi, that in November next, ho will bo called, hkoo dCitinnuntiis, from his rlourl', to tbo Presidency of the United Stsii s." Why do the Locos look like a sheared hc-rr UltN? it Tip mij rt ict tftotr .Us