Newspaper of The New York Herald, January 19, 1842, Page 2

Newspaper of The New York Herald dated January 19, 1842 Page 2
Text content (automatically generated)

NEW YORK HERALD. Mew York, Weilnea.luy, Junnary 19. 1k4U, Maffitt's Fikbt Seiimo* br.rjRE CoitORieae? fur salt at this office, price 6^ c? nU per copy. T!?e Great Meetlni; of the Rfrrrlianti In Wall Street for n llrpnnl anil Modiliiutlou of tlie Ilmikrupt Law. 111 another cart of this pad-r. we u vf a lull report ? f th<* proceedings and speeches at the (treat meeting, held yesterday in the M rchant's Evchange, for a repeal and modification of the Hinkrupt Law, now pending before Congress. Tn* sentiments and principles promulgated in the resolutions and speeches will best speak for themselves. If they are just and sound in argument?in law?in ju-ticc and in publ.c feeling, they will have their proper efi'-ct in the proper quarter ; if not, Lot. O.ie thing in their resolutions is especially appropriate?we allude to die condemnation, in the strongest terms, of the bndnl and beastly charges of bribery an! corruption m ule against the honor and integrity of Co gees ?, h > an infamous and bankrupt print in I Cut! street, denominated Lie " Coti hie it 4c E*iiCir?EH." Ttiat atrocious organ, onee purchased, 41 live cattle in the market," for the price of $12,725 in loans from the United States Bank, has at length received a certificate of character from the honest and solvent mercantile community of New York, assembled in their own Exchange, in the centre of Wall street, and surrounded by all the corrupt influences of that notorious thoroughfare For tae first time in half a century, have the sentiments of honesty and integrity, raised itself on high ia at ? ?>?? anrl mmlrun in u rw/luummai UAI|I(1 lllflt Will . in. ......... ...... .. ... reach Washington?penetrate to the remotest limits of this glorious Republic? and be heard across the waters of the Atlantic, in the great marts of European civiliza tinn. This is a triumph quite sufficient, if nothing else should follow. This is the Yoice of tru'h and morals that all will feel. Of^the probable fate ol the Bankrupt Law, we have accurate intelligence from Wellington. The repeal will pass the 1 loose. In the Senate it depends on the vote of .Mr. Clay. The legislatures of Kentucky and Tennesse have pissed strong resolutions in favor of the repeal The whole Kentucky delegation in both houses will vote for the repeal, except Mr. Clay, who says " 1 will not." But yet it is the opinion of the Western delegagntions, that Mr Clay, when he comes to the point, \ritt not (lare to vote contrary to the western States? tn< principal stork in trade for the nejrt Presidency. He will be forced to vote, or to resign. If he should vote, therefore, according to instructions, the repeal will pass both Honses. In such a case, we have e very reason to believe ihut President Tyler, as at present adviaed, will veto the repeal and let the present Bankrupt Law re main as it is, or return it for amendment and modification. We present these views for what they are worth. Personally we care nothing for the result?we only want to place before both parties, and the whole community, the most accurate and intelligible position of the question. We only want a good, safe, and enlightened administration of public affaire,and we are satisfied. But this Bankrupt Law promises to produce a higher degree of excitement?almost leading to a civil commotion?than any question that we have yet known. May the just have the triumph '?may honesty prevail!?may mercy be heard, mingled with justice. Latti Intelligence from Joe Hi?|tti nnd the Mormon*?Prourm of the New Revelation In the Far Writ. We have just received very recent and curious intelligence from the holy city of Nauvoo, the seat of the new religious empire growing up in the " far west," under the guidance of Joe Smith, the great Mormon prophet,?as the Jewish empire attained its strength and power under the government of the great law-giver, Moses, and his coadjutors. The intelligence which we give this day, in another part of the paper, is inost stiiking and novel. We have the nccount of the final organization of their university?the selection ef their books of instruction?the proceedings of the holy city of Nauvoo, in favor of the New York Herald (very unexpected to us)? movements for the improvement of music, and particularly in liats and sharps?a fresh prophecy, or revelation from the prophet himself?the organization of their nili'ary and political lorces?all tending to show the progress and principles ot this new system of re- ) ligious civilization?s'arting up, as it were, at the call of heaven, on the beautiful, H iwery, Eden-like banks of the Mississippi. It really would appear that Brama, or Ivristnu. among the nncient Hindoos, did not display more knowledge o! human naiu/e?more true philosophy ofhfe, on the banks of the holy Ganges, than Joe Smith begins to show on the banks of the holier and mightier Mississippi. We certainly live in a singti. lar age of the world. Here is a new prsphet, atartJng into existence in the green valleys aad lovely little hills of the town of Manchester, in Ontario county, New York?leaving New York as Moses left Egypt?wandering over the wild prairies of the vest, as the great Jewish lawgiver wandered over tne wilderness of Zin?and ultimately establishing a holy city and a new religious empire on the Mississippi, that numbers 10,000 persons in the city and 30 000 beyond its limits ?with a splendid temple for public worship?and a military organization of 1,500 " pretty well" disciplined troops This presents a g-rin of religious civilization, no vel, affecting, inviting, wonderful, and extraordi nary. How far superior, practical, and comprrhen* rive these movements are, than those of the many of other sects around us, who are <piarrel|ing and tearing each other to pieces on points of folly or frivolity! Bishop Hughes, the Rev. Mr. Rrownlee I Chantiing of Boston, Mr. Maffitl in Washington, Mr. O. Browason?all the priests and philosophers o! ihe day may tske a lessen from Joe Smith, who seems t? have hit the nail exactly on the head, by un tig faith and practice?fancy and fact?religioH aud philosophy?heaven and earth, so as to form the g< nn of a new religious civilization, bound together inloTeand temperance?in industry and energy? that may revolutionize the whole earth one of these days. Joe rnith is evidently no fool?he knows what he is about Oo ahead, old boy. tiaur Sai.* ir Real 11state.?THE. ECEFOUD Property it Mahkt r.? A great sale ot lots in the Sixteenth Ward takes place on the 20th, as niay be aeen by leferenee to our advertising columns. This sale, we learn, is positive and peremptory, oil ring inducements seldom or never before pre. s-nted. The term' are very ea*y, and a person may purchase the land to live on. and at the same time 1 avail himself of the gradual increase in value by the growth of the city. Already we see rows of three, story buildings extending up to this property, and in a few years the whole may be covered with re spectable, if not magnifie -nt houses. This property was formerly owned by Henry Eckford. There was a tine houee and garden on it, in which he lived in great elegance for several years before he went to Turker, where he died The improvements of the a/?r have changed its appearance, and it is now in the market to the highest bidders. 1>* L.AM>*Kn A"tn Tur. I'ii.ohim* ?l>r. r,ardnrr >6 carrying every thing before him in Boston ? lie gave a lecture on Saturday evening last in the 'i remont Theatre, and had a highly fashionable audience of one thousand respectable gentlemen, and four hundred fashionable ladies. All the war of the mints has amounted to nothing This is a very funny fact t? take place wherein Catholic Boarding School w is burnt to the ground, and the young ladies driven oui at night, to get she!tor where the* may. T.te world i< tsrniig lipdde down? so the puus V jicople say. ; I'llr A11 tl-llnnki'iijit Li>w Meeting in tUi Exchingt yultrdnjr. l'lirsu-int to the pre\ious announcements, a meetinil ot the nierctianta a :d otheia in 1 .vor of a repeal ol the present Bankrupt Law, assembled in the Rotund i of the Merchants* Exchange yesterday afternoon About one hall the number of persons assembled ..t the Anti-Repeal Meeting were in attendance on the present occasion. At two o'clock, David Banks, Esq., was called to trie chair lie read the requisition calling the meet pointed Vice Presidents and Secretaries:? Phksidc.it, DAVID BANKS. VlCE-PHEtlDtMT*, Henry Parish, Richards Kingsland, llotiert Center, John W. Leavitt, Stacy B. Collins Mosrn Taylor, John K. Willi*, Frederick Shellon, Paul Spotl'orJ, Chariot M. Leupp, Robert Hyslop, K.I want K Collin*, John H. liowie, ElUha Rigg*, Ferdinand Suydam, David Cot heal, B. L. Woolley, Thomas Hunt. ScrRKTARir*. E. P. Heyer, U. F Cospenter, John J. Cisco, Win. H. Willis, E. C. Richard*. W. C.Lauirlev. Reese, Esq then ascended the auctioneer's stand, and spoke tor a few moments in a low lone of voioe. We understood him to Bay that he wished a law for the just collection of debts. He did not tluuk it was right that Congress should step in and prevcn' the creditor from recovering his just debts Hasty legislation was the worst of legislation, and with that Congress had been highly chargeable in the present case. They met on this occasion for the purpose of imploring Congress to hare some bowels of companion for the creditors as well as lor the debtors He would not detain the meeting, but would proceed to read a series of resolutions which had been drawn up for the purpose of embodying the sentiments ol the meeting. Retain d. That iu the language of the first resolution, pissed at the late meeting, culled on behalf of B tukrupts, ' the character, i eputation and permanency ol the Republic, fcyi upon thetoil faith of OtramMU, inutbt justice nrul stability of its laws;" and it should have added, upon the inviolability of the constitution. Rtt lived, As the sense of this meeting, that the Bank rupt law passed at the late rxtru session of Congress, is fraught with consequences, the evil of which, should it he suffered to go into operation in its present form,the country will long have reason to deplore. Reto/vtd, That the provisions of this la w tend only to benefit one class of the community at the expense of another?cancelling a vast amount of debt without the cousent of creditors, and operating to the advantage of ull clashes of dehtois, dishonest as well as honest, without rrg.ird to the rights and interest* of those to \ hum they are iHdebted. Retalvad, That there is no authority whatever in the ronstitation for the enacting of such a law. Congress has |iower, it is true, to pass uniform laws on the subject of Bankruptcies ; but there is nothing in the constition which authorizes the application of such laws to existing debts. Resolved, That inasmnch as the constitution prohibits the States frum making any law that will impair the ob ligation of contracts, we regard both the letter and the ..fll-l O. .liru-tlv >|.i> uiiuai iu>uuui[>u,? J "? "? ' I"*>" cut D inkrupt I.hw. There is nothing in the very few words; in which the power to enact uniform Bankrupt laws is conferred, not in any other part of the constitution, from which it can be inferred, that such laws were intended to have any ether than a prospective operation. Retailed, That the present law is not in truth a Bankrupt, but an Insolvent Law, the sole aim of which is, to relvase debtors ; all iias provisions, in the words of a distinguished Senator, are subservient to that end alone. It is. as- auother Senator felicitously termed it, a SPONGE LAW, uever designed to remain permanently upon our statute books. Rnolved, That for the reasons just mentioned, the Bankrupt Law should be repealed, aud another passed, that will secure the rights of creditors, include banks and other moneyed corporations in its provisions, give a just protection to honest debtors, and preserve the public morals of the country. RetoU-td, That the declaration of a public newspaper in tbiscity, repeated by one of the speakers at their meet] ing on Thursday, to the effect, that the change of opin ion in regard to the Bankrupt Law on the part of several members of Congress, was efteetrd by bribery), is an atrocious slander; that eught to subject those who uttered it to tke punishment which the law visits upon suckotfendj eraRetolrtd, That in our opinion, those members of Congress who, upon a mature examination of the subject saw reason to change their views, and voted for the repeal of this odious law, showed a degree of fearlessness and independence worthy of praise and entitled themselvrstotothe gratitude of honest men. Rcsoii ed, That while we commiserate the condition of 1 those honest men, worthy insolvents, all who are unable to obtain their discharge, wefexpressly declare that it is i not within the power of Congress, n?r if it were, would it be Just to pass any law tor their relief, that would open the door to fraud and operate to the disadvantage of i a laree portion of the community ; special legislation for the benefit el oneclasB at the expeiof another, ought not to tie tolerated in a country, whore equal rights and equal lawn prevail. Resulted, That it ii a lamentable fact which every right feeling citizen mint deplore, thip, for the last few year*, a revolution in public morals has been in progress, which threatens t?t destroy the charae.ter of this country in the eyes of the wliolo civilized world. Bank robberies and failures to an unprecedented extent ; defalcations of public sad private officers ; repudiation of debts by sovereign States : increase of ctimes to a fearful degree; together with the Herculean, and not uu*ucct ssfitl < (forts of many to procure an unconstitutional and arhitiury law for the extinguishment of dthl, are all offspring of tiie same parent, and evidencesof the devastation to which the public mind and morals have been unhappily subjected. Retailed, finally. That invoking thensmeof Justice and that sacred instrument which binds the States of this Union together, we solemnly protest and remonstrate against an unjust, oppressive, and unconstitutional law, which threatens to deprive the industrious citizen of his legally acquired property, to prostrate thousands of merchants in a common ruin, and ton tli x an indelible stain of dishonor on the public character of the nation. After the reusing of these resolutions a slight de gree of confusion took place, and indeed their reading was frequently interrupted by expressions of approbation and disapprobation, hisses, nod cries of " three groans for lying Webb!" "put the res?lulions separately," iVc. tSrc. Finally, ho.vever, tha resolutions were put, and received the assent of about two-thirds of the meeting, the remainder giving siidiciently audible expression of their Disapproval. The Cmairman declared the resolutions adopted, and called on Tiif.oporeSedgwick, Esq. who stepped on the platform, and thus addressed the meeting : I I'tLLsw Citizens:?It is fifty year* since tlia Constitution ot the United States wns framed. Puring these liity years.me power 10 puss nauxrupt laws Has lem.iinei] dormant in the hands of Congress, with the exception ol about three years,dnring which one law has been in operation, to wit, a law pissed in 1800, to endure five years unless sooner tepoali d, and which was repealed within three years aft. r it came into operation, by the almost unanimous assent of Congress. Since that peri o<l, for forty years this power has remained absolutely dormant. II that is no reason w hy Congress should not pass such a law, it is certainly a most conclusive reason that that l>ody should not approve the passage of ruch an act, without the roost mstuvo deliberation, and that in devising it they should act with not only mt-ray to the debtor, but with also strict justice to the creditor. (Loud applause.) (t may bo well, in the first place, to attempt to set the public mind right, or your ow n mill 's right, in r. gard to the amount of interests which are involved in the passage ot this act. They have been generally put forth by the press, and by speakers at public meetings, at about the one-sixth ol the adult male populatisn of the Vlilted States. Is such a statement to go out over the country uncontradicted 7 One man in every six of you absolutely abarkrupt! Just pause and consider for a moment to what class the bankrupts unfortunatrly belong. Is it to the farming class 7 The laige agricultural classes 7 Why they can thank (fod that they dont know what a Bankrupt Lav means' (Loud applause) U it to the great class of mechanics then that the bank rupts belong 7 They know nothing of tha f. vcr that throbs through the veins (') of the poor bankrupt.? They are qually ignorant of w nat a Bankrupt Law is. You must look for the bankrupts in the paths which t ommerce has opened up, and by which she spreads the blessings and evils that alike follow in her train. Yon must then leave out of view the the ?ast agricultural jitd mechanic/clssses In youreearch for the seat of this sore in the body |iolitiC; and I ask you is it conceivable that one sixth of the white population Is in a state of bankruptcy 7 No' It is a gross, absurd preposterous exaggeration. (Cheers) At the same time the class of bankrupts is unfortunate large enough. It is too large. It is one which demauds and deserves extreme sympathy and thagieateft and mottjtendrr consideration And it is only in such a spirit that such a law should ever | l>e for h mornnnt consider ed, end it i? in the full (flow of such a spirit that I oppose tho present law. What does the Constitution aay about the matter 1 Why it sayr that Congress ahall have power to pass uniform lnws on tho subject of bankruptcy.? (Interruption which was subdued, anil the apeaker con tinned ] Win re are you to go to fi.id the meaning of that' Why. toold mother Ktigland. Unifoim law* on 1 the atibj. .1 ol l> inkriiptry had long been known when | a Conatitution came into existence, and there were three fundamental. essential particular* recognised, not one of which can lie fonn I in the preaent act. In the firat place, as to the character of the peisona who were to be affected by thia act?they were to be only tradera, merchant*, banker* In the second place as to the characaer of the proceedings, ar.d who begun them?it was a proceeding by the creditor for the purpose of win ling up the debtor's eftate?of arresting the progress of an maolvent.an I compelling him to divide hit aorta among his creditors And lastly,a consent of a portion of the creditors, was essential to a discharge of the insolvent. In no one of these three fundsmental principles, does the present Bankrupt Law resemble any one of its predecessors. In the first place, it is an ect effecting the whole world except the bankrupt corporations (l.oud app an*. .) These corrupt institutions w hich are spreading nini a I ruin aroninl them in every direction, (trrmendui i? appUus,) they rpmaid untouched (hisses) by the Bsnk ' nipt Act. |n ( incinnati inJeed,tho people apply abank i ipt 11w ol their own to the banks, without the aid of r mgress, (laughter and loiitl applause) and il need be. tho strorg moral sjnsc of the community will correct this evil by the only power left tin an ?physical force I f, iml and continued cheering ) These parties are, how Vor,unargued in thia Law. All bankrupt bankers are I* ft oat because loreooth they are corporations ' (hisses). rh?n as to the character of the proceedi ngs. By whom _'?*) ? By the creditor* 1 (V?t at all With a few v , ,o a tbc cr '.nor is te remain per cctljr jiHMivn ami allow the debtor to proceed o a Kurreudrr or not, aa be asea nt. In l-euiti^na the insolvent call* it " nuxn* hi* creditor!" llaught T) and it is a very appropriate expression. But the d editor generally finds hi* hands full enough of ?u tng bis debtors, without desiting to be cued by hi* debtoi* 'l'hi n, again,as to the cor,cent of the creditor*. No itch concent it required. To he sure the creditor may go to a Jury?but on what 1 No? on the question whether the debt wa* improperly contracted?whether the per*on wa* a gambler or a reckless spendthrift, or whether there was ft and i:i his operation* under thi* Batiktupt Law. Such a Bankrupt Law is equally a stranger in England a* in thi* country. It may he constitutional ; but one thing may he freely said?it is not such a law as was in contemplation by the constitution. The?e three fundamental particular*, theu. are wholly omitted in this law,and without which no Bankrupt Law should ever he jiermitted to come into existence. (Loud and continued cheering.) In all these resolutions which have hcen read and adapted, I do most heartily coincide, with a single exception?I allude to the retrospective clause. If these cheeks were interposed I conceive it would be in the power of Congress to make a law retrospective in its operations The act would then he as] conceive it ought to be, an amnesty to the unfortunate and honest debtor?as any other fault the contraction oftkedebt would be forgiven.Butjfentlemen, unlvss you succeed in the present movement you may bid ailien to any hope of any proper Bankrupt Act aftur this one goes into operation. Yon will then seek in vain to amend it for you will have lost the support of that immense class which has obtained the passage of the act. If not amended, these debts will He wiped out with a sponge .and in three years this taw will be repealed like its predecessor,by the unanimous consent of Congress(Applause.) That will l>e the history of the operation.? A bankrupt law is at any time a very great evil; but it is one'w hich, from the history'of England and this country, appears to be essential to a high developement of commercial enterprise. But it touches the rights of property?rights in which every man, rich and poor, capitalist and laborer, are equally interested. It touches the very ark of your prosperity, and you may all recollect the fate of that audacious Jew who laid his rash and impious hand on the ark of the Lord ! (Long continued applause.) Elijah Maisw, Esq., was (hen introduced to the : i i. . _ i r. n iiir*-iiuji, nuu ?pi?K.r hb itniiiwr-; ? Mr. Chairman and Gentlemen?Called aa I hare been within the last half hour to address this vast meeting, 1 trust you will not expect?and if you do, you will as suredly bo disappointed?that I should enter at Urge on this discussion. A few general considerations alone ? considerations which occur to roe at the moment, are all which I can at present (offer. Gentlemen, are you assembled here, let me inquire, in derogation of the rights of your fellow men, who have been unfortunate? Are you asst milled, let me ask each one of you, for the purpose of adding misery to the already accumulated misery which has befallen, within the last few years, so large a portion of our fellow citizens? Nol You are assembled to protect those rights which the God of Nature, and the law of the country in which you exist, confer upon you?and those rights alone. Shall it be said that the New York merchants, as o body of men, have ever been illiteral and ungeneions to the unfortunate, and those who have tasted ol the bitter oup of adversity ? No. Speaking as I do with some knowledge of this sulject?coming from a remote district of your State?identified with the numerous class of smaller tradprs and those who till the ground, I can testify to the contrary, and 1 know that the good feeling and experience of every man pre. sent will ooroliorate my testimony (Loud applause.) What, then, is your object? It is the due pro tection of property?the protection ol those rights which you have toilod and labored to secure. From what? From the dread apprehension that they may be swept away by the operation of an unjust law, which ought not to exist. (Great applause.) Gentlemen, will it be supposed for a moment by any reasonable man, that 1 am opj>oaed to a Bankrupt Law, or that you are opposed to a Bankrupt Law? It may be) your foitune It has been mine, and it may again be so?to need the assistance of a Bankrupt Law. But do you ask that that law shall contain principles which are urijustto yourselves?to your children?to your industry?to the morals of the community? No, you can ask no such thing. Yeu can only ask that that Baukrupt Law should he passed in accordance with the spirit of the constitution which forms the basis and security of all our political framewotk, and that it should protect your rights, whilst it extendsthe olive of mercy to the unfortuuate. (Loud applause ) Gentlemen, does the present law do that? uis law, me repeal or suspension 01 wuicq you now demand, excepts from iti operation a particular clasp, which all candid or rational men now agree ought to be included in it?I allude to corporation*. (Cheer*) Again, the law i* laid to be unconstitutional, and in defiance of that aaered instrument, which is the ground work of our social system. The celebrated Arthur L Mabenis, Esq at this moment made his appearance on the platform, attired in a splendid dress suit of black,with gilt spurs, one arm in a fling, and under the other a large volume bound in vellum He smiled and bowed 4b i the Vice-President, and began an interesting con- i vvrsation with the Chairman, which tor a few moments prevented us from following Mr Mann. Mr. ] Magenis, however, after announcing his intention of addressing the meeting, accepted a chair, and 1 assumed a dignified silence, when we heard the ! speaker proceeding as follows , It is said by soma to be an tr past fat to law. Now, , whether it be so or not, it is not necessary for me at pre- j ent to inquire. All I would say is, that it is an ex past , farto law in the eye of the common sense of mankind.? . (Cheers.) Whatever be its character in a legal point of J view, we feel and know what it is. Wo ueed no ex positor to tell us that it in a law to discharge the con- , tract without ourcouient, and which did not exist when , we entered into that contract. (Cries ot "good '.""good!'' j and cheers ) But there are some here perhaps who, would ask me whether I am in favor of a Bankrupt I.aw ( i ?ui?n mix' louiyuruxiB iwvtw me uuuiuiun ituic . of mankind, win n 1 sny that I am in favor of a Bankrupt J Law. (Loud cheers.) 1 would wind up the alTiirs of ( that class of corporation! which ought never to have ex- ] iitcd, or should at least have discharged their obligations and been honest. (Loud applause.) A Bankrupt Law ( comhinea both voluntary biu! involuntarv principles. I would have such a law at should discharge every un- ' fortunate debtor, who should pay a certain percentage , on the amount of his debts to be fixed by the common sense and discretion of his fellow men. I would go farther', 1 would have every unfortunate debtor discharged? (loud applause)? tovidrd, nevertheless, let me t>e understood, that it should 1ms so, after they had to conducted their affairs that a majority of their creditors could come forward and assent to their discharge. Compare with that the la v you seek to repeal. What does it require 1 It requires the debtor only to present a schedule of his debts, to swear that he is a bankrupt, and then he is discharged. (Cries of " no !" " no !" and confusion ) Gentlemen, thst is substantially the provisions of this law. The debtor may, irdeed, be called on to give explanations by the creditor, if the latter can affard to abandon his business lor the time to prosecute the matter before a jury. But the substance of the law, and I speak in the presence of persons who can |correct me in a moment?is that th" debtor Is only to present a schedule of his assets and debts, and theti take the dis. charge,complying with the othrr conditions. (Cheers ) Gentlemen, I advor ite not the old doctrine?I advocate only the rights of honest and fair, and generous and liberal cteditors. (Cheers.) Need 1 be told, need you be told that the provisions of this law are such as have tieViT. in on#* snliturv ii.strtnr?? h*>#?n inrnciinratixl on the statute book of any civilized nation on the face of globe. (Great cheers.) That instance of which I speak, i* fresh in the memories of many w hom I now address, It may be found in the statute hook of this State.in a law passed in theyearlHll, ami called tha "Jubilee Act," and which to a few was a day of temporary Ju' ilee Gentleman, there are a great variety of considerations that presi upon my mind, but I have already detained you too long in this desultory manner ? Pardon me if I have said ought ami's. I jp|>ear amongst you a itrauger. I represent as I have said, that cluss of your cnuntrjmen who till the ground and by that I gain my livelihood. Let me add before sitting down, that the nun does not exist, w ho feels a stronger ty mpathy than I do for the honest drbtor, or who would more keenly res. nt wrong or injustice done to those who have fallen in the try ing vicissitudes ofcommerci.il cnterpri/e. I claim for the unfortunate the sympathy ait 1 sup,ioit of all? but I would.no less strenuously, claim protection lor my own and other's rights, (cherr?.) It is said that this law may he amended. Relieving, as I do, that this law waa passed under peculiar circumstances, which never previously exist.d. and I trust may neve, occur, I say that I make no peace?no terms of compromise with that law ?1 blot it out of the statute hooks. (Cheers.) But after you have obliterated this law.then it will he time enough to create, by your representativea.such a law ns will he notonhjust toyoutselves, but generous and liberal to the unfortunate,to which class we may nil belong. Further than that, I, for oop, Can never consent to go. (Loud applause ) Tho Chairman then stepped in frout of the platform, and mn.le a number of observations which were quite iiiauuii/io iu iti vuii?r?|<iruvr ui mr vumniuuuu wnicn I the presence of the" Missouri Knrthqnak?-" had excited on the platform Thn Chairmen then rea l the following | resolution, which was adopted: Rmolrttf, Thatthe Hon. Charles U. Ferris, our representative! in Cangr* at, is entitled to the confidence and thanks of this meeting, for his honesty and integrity as a man, and lor his consistency and independence as a legislator. The " Missouri Earthquake" here attempted to ascend the rostrum, but was pushed aside by ? Ktrsr, Esq . who in a v? ry hurried manner, moved the resolutions be inserted in the city papers. We do not know whether this was seconded, for Ha soon as the proceeding-* reached this stage, there were loud culls for Mr- Magenis, ol Missouri, nndl shouts were heard in every part of the hall of " Magenis," " Mnjjeni."." " The Earthquake," " Let's have a touch <?f the Earthquake," " Let the bankrupts stand out of the way for the Earthquake," " Order," " Silence," " Tltree Cheers lor Arthur L. Magenis, the Missouri Earthquake," and, Hmia the most deafening shout-* of laughter ami roars,und all sorts of enthusiastic cries, Mr. Magenis mvuuted the platform. Me commenced : ?sd Kkli.ow CiTtrfii?I thank y*u for thehonor you hnvr done mo, in calling mr forth to apeak to you from tbia place?or in thia place?which 1 call the hot bed of th" devil, and only a few rcmovpa from hell! [Tremendona cheers and hissea and crhaof all kinde ] I till you tha' lam now iu the midst ol the very devil a den of corruption [Roars af laughter?cheers? criea of "knock him ovei '?"turn him out!" "Hear him!" " Go on Magenis " "By Gad. you ahall be heard !" Hiaaeaand all aorta of noiaea ] I care not for the noiae?(chaeraj ?I'm a democrat?[cheers]? a man of the p?ople?I'm no bankrupt [Tremendous cherra.] I stand her* to advocate the juat tight* of the people? [cheers] net tha awlndlera, [laughter and hisses]?and I "iy 'hat the Constitution deelarea that Congreaa has no power to pais a law that shell violate past contract*. I.<>ud chena and hiaaea.) The Constitution has darlared

that Congreaa shall not thus interfere with the nghta of honest men. [rheers] and if they have ablOfra'oH tft lltam...i -l-W. * w1 -? ??-J _ lu|l iur^ Ii?*r iuiukbivu iv tn? mifiTM the right of interminable ioUny. | Tremeti' u" ou'crjr, none in,| ronfaiion, hitiei, (tanping, ?ro,,ni, tnri ill ?ort? of nnlixt ] |(i?? away, roil 4 4 { [Roir? of Unghtrr. an-1 rfircra anJ noiflea ] I "> lUnghtor ) Y?? c.nt dv> Jt.now.I wi*h I vou. [Cheer on cheer.] Who are the bankrupts I Ths Wall street lonferi. [Lsuehter, cheers, hisses, groan*, and cries of " Knock the old acoundrel down."] Come ?nd knock 'me down, my boy?iyou're not the man for Ualway. [Tremendous cheer*, and crie* of " Go on, MMpUa."] Wa pay what we owe? wearetha bone and sinew of (ociety. [Enthusiastic cheering] The Wall street fellow* live beyond their meun*?run into debt?beg. borrow end steal?assign their property over to their wive*.?[Cheer* and laughter.]? cheat every body?[Groan*?cheers?all *ort* of crie* and " Turn the oi l rascal out!" " Ha shall not he turned out I?he's as good a right to speak ai any body !" "Go on, Maginui* !) The mechanica pay what they Contract for and contrrct what they pay for " [Cheers and hisses]?And that's what the Wall street loafers cant do?or at least they don't do. [Hisses?groans and cheers and one or two lights.] [Boys, I'll stand my ground?will you stand by me?[cries of "we will'' and [Here a gentleman jumped on the platform and cried out?" Gentlemen, thia room waa let for the purpoee of the meeting, and aa that'* over, we can't allow?" criea of "off?off? turn him out?pull him down?go on Ma genii?never mind the baakrupU,"tan<l deafening ahout? of every class and calibre, and for several minutes it seemed aa ifh?11 i'self had broke loose ] M lOKNia went on.?I claim the right to be heard?I can I keep my temper?(cheers ) 1 say the bankrupts are a miserable minority?(great noise and confusion and hisses and cheers ) After this it was utterly'impossible to tell what was said by the speaker. One of our reporters just caught the words? " ?Congress?John Tyler?democrat?constitution? the bankrupt law?contracts?falsehood?rascals?Col. Webb?assignments?shame?|Boya? -Old Tammany? Lunatic Asylum?mechanics?good men?Egyptian Tombs?police magistrates?great scoundrels?Colt? cell?New Year's Day?water?air?robbers?pencil? call twenty four hours? murder?dryaalter?every thing.) Here some one brought in a large gong belonging to the Exchange, and rolled it round the Rotunda, beating it violently Magenissmiled at the crowd, the mob cheered him, several jumped up to seize him and pull him down. He collared one man and threw him over, and kicked another off the platform. The confusion and uproar at this stage of the proceedings were terrible, in the extreme. We never saw any thing equal to it in the most violent tunes at Tammany Hall. Many respectable looking Brokers cried out to throw Maeeais off the platform, and knock him on the head, but a strong party of his Iriends rallied round him, and swore he shoujd speak. Several men then seiz?d the boards forming th* platform, and tare them off, and at last tore down the whole platform piece by piece, and Mr Magenis, of course, came to the ground. Then ensued such a horrible scene of disorder, noise and confusion that would have put Babel to the klush. ana mere were a dozen nahiaand tusseis around me room. At last amid the shouts of his friend??the hisses of his opponents?the laughter of hundreds, and the clashing of the gong, the whole party rushed into the street. Here Mr. Magenis mounted one of the granite pedestals in front of the Exchange, and nddrtssed the crowd for nearly an hour bareheaded, The outside Speech or Arthur L. Magii*wis.?After the rostrnm inside the Exchange had been torn down, board by board, in order to effect the evacuation of the above nsmed gentleman from the rotunda of the building, he proceeded to the steps leading to the eest entrance, on Wall street, GiNTLPM>:n.said he, I rise here from amidst the wreck of mutter and the crash of boards?(pointing at the inside of the hall)?(cheers.) Yes, gentlemen, here in Wall street, in the midst of the Duvil and within six inches of Hell?(cheers after cheers, and laughter ) Yes I, who never owed a man a dollar in my lfie, until I entered this notorious street?1 who have held every office of honor and profit, except one in the cabinet?never owed a debt until 1 met one of the bankrupt brokers of this den of infamy?(cheers.) Yes, gentlemen, who is it that wants this bankrupt law 7 Is it the mechanics, the farmers, the hard working producers of this country 7 No, no, no, gentlemen, 'tis the brokers, nay, the breakers of Wall street?those darlings who. having obtained all they could beg, cheat and borrew in speculation and in stock Jobbing, settled nice fat portions on their wives, moved to Long Island on their country seata, bought with their creditors' money ; ride into town with their creditors' horses and carriage, and then eome to Wall street, and clamor for a bankrupt law, and kick up the very devil !?(tremendous cheering and cries of Webb and $6-7,000 )? Who wants this law in the country 7 I'll tell you who, and only who?those d?d rascals who bought plantations out west on credit, and niggers and stock on the came terms, then ran the niggers to Texas, and now want to turn their worn out and unproductive lands as payment for honest debts.?(Cheers and one hiss.)?Yes; hiss you d?d goose, I beg pardon, you gander, come here while I clutch you by your lanky nPbk. and pull the tail leathers out of your muddled imagination. Ob, the intense initial,ism of Wsll street ! ! Yes, gentlemen talk of distress. Where is it 7 I tell pou where it was - t was here, gentlemen?(pointng to himself)?yes, hero, when I whs in the Tombs ur kissing a parson's wife ! Yes, from the Tombs I am? laughter and a groan)?yes, groan away, hark from he Tombs that doleful sound, ye shades of Van Zanrft ittend the cry ! (Cheers and laughter.) Ye?, there was distress?for seventeen hours without tire, air, or water, and all for kissing a parson's wife, while they ties every body's! (Koara of laughter.) EvenonNew dear's day, when every body else w hS at large I was in listres", and so continued until Stskily. a police otlice sugvl, without wings, who is here soinewnnrt-'s, came to my nid Talk of distress and meditations resulting from distress?of Hervey's meditations! Why, gentlemen, the next book to be written, will he my hook ?Mugenis's Meditations. (Great laughter.) Talk of distress?why out west we bury our dead?here you pickle them?No! salt them down without pickling? dry salt tlx m. Whj .gentlemen, the Constitution (boy bring the Constitution) the Constitution itself is an antihankrupt law, (cheers and hiites)?a man who made a contract previous to the enactment of this law, made it under the laws then in existence, and they were pm and parcel of that very contract,and yon can't get over it no way?(cheers.) This Bankrupt Law may do lor Tom Benton nnd such cattle, bHt will never do for Magenis? No never ! No ! It will do for ye Scribes and Pharisees, ye that devour the portion of the widow and the substance of the orphan?yes, you, here, even 1, fresh from the Tombs, I spit at yon. (Great Laughter ) Thp Speaker here shook his fist at a crowd of brokers en the steps of the city hank and cried1' da you hear that boys 1"* Yes, gentlemeu, the warrant against me was for" lunacy, or otherwise." Now, what is otherwise; why its like a friend of mine who went to the United States Senate, a smart man, no great scholar, butahrsttrHteshot In making a speech onedsy he used the word Omnipotent, and in pronouncing it he said the matter before the Senate was Om-ni-po-teut, and when asked whHt he mesnt by the word, he said it was as long as eternity anil as (broad as the universe, (great laughter and cheers.) So it is with " or otherwise." Those who ask for this law?what are they 7 Who are they? Where are they 7 In your workshops or in your hanks ? Why .in your banks of course, or out of them if tho money's all out of thtm. (Lsttghti-r ) (someone cried 4that's where you made jour money.") Oh hush, you rebel you, hush, the interne lutt'unum of Wall street is o?inni?' ! .<? m?t. ..<1 here's a specimen. but I will speak my mind fellow citizen!. (Here a fellow in the crowd, without a coat, and but half a shirt, cried out " go it Msginis.sps-nk out, we ain't no bloody bankrupts, not us.") Yea, I w ill shout forth the word* of soberness and tiuth; I air. a regular built Democrat, a representative from Tammany Hall, from the boue of the part*?(cries of N?, No. Yei, Yes.) but,gentlemen, 1 am thankful for your attention. (Cries of goon, goon). Yes, gentlemen, lam a law abiding man, you nrn law abiding men, this ia a law abiding country,and all contracts under our laws are inviolable, not a jot or tiitle should bo touched or violated. They ahould, like your Constitution, he free from hlcaii?h, f-ae from the demoralizing blast of corruption or bankruptcy, at Mirabeau has said, we should be just before we are generous. I am done. The Speaker here concluded, and the crowd dispersed. Mercantile Li smart Association.?The election for officers of this association for the ensuing year, closed last evening. The only ticket counted was for President, which resulted as follows-.? John T. Rollins, William Cutter, 310 A O. / ibriikio 211 R. E. Lock wood, izl ivii The Kxn er ai.i. Thit<.??The Late Fikancieu of thf. U S Base Bousp < Ker for a Co**rt*act to Cheat ?The examination before the Recorder of Philadelphia, in the case of Nicholas RiJdle and others, has resulted in their being hound over, to be presented to the Grand Jury. The follow ing is Irom the Philadelphia Enquirer of yesterday " The examination in thia case, before Recorder V'aux, was brought to a close last night, about nine o'clock, which resulted in the Recorder stating it as hi* firm belief, that there was sufficient cause produced in the investigation anil testimony before nim, to warrant him in binding thr defendants over, and he accordingly bound over Nicholas Hiddl", Samuel Jaudon, Joseph Cowperthwaiie, Thomas Dttnlap. and John Andrews, each in the sum of $10,000, in two sureties, to appear at the Court of General Sessions, to answer the charges brought against them by Austin Montgomery, that t", for a con piracy to rob and cheat the smckholdera of the 1 e... I. ' The Recorder briefly recapitulated hia mode of proceedings,and men expressed hia opinion, merely aa to the cause for binding over the defendant*, with a decided tirmness, of hie conscientious duly The court room wa? crowded all ihe afternoon, and a great number remained to hear th<- result, which, when announced, there waa a alight disposition on the part of some wf the auditory to applaud, hut was instantly checked by the officer* of the court." Court Calendar?This Day. CiaevtT Cocat.?No?. 1M. 136 *7,70. ISO. to 136 inclu. ivc; 167 to 160 in*lu?ive, 41 43. 10*. 163.161 166 8uprri*b Cot ar-No*. 137, 41, 144. 13J, IS3, 164,3,0 14,19, 2*, 99, 1*4, 0-11 Ciubt or Common Plk*i.?Part I. 10 o'clock, A. M, tM-forr Joilfo Ingrakam?No*. 1*. 19. 49,31, *3.|316, *6. 319. 67, 39,01,63 73,73,07. Part 9. lour o'clock P.M., b*for? Jud^o t'lahocf ^r. Nor H, 30, JJ, 3U, 40, 304, *9, 44. 46. *S, *0, * .'. POS TSCR IP T. WMhliiKtoa. I Corre?ponJtmtt of the Her*M.] Washihotoh, Jan, 17, 18-12. Bankrupt Lau>?Appoi tioiment Bill?Stat* of Parties ? Offire Seekers. The declaration of Mr. l*y to-day, that he could not be governed by the instructions of the Kentucky Legislature,has inspired the friends ?f the Bankrupt Law with renewed hnprs of the defeat of the repeal k.ll I. iL. C3 -I 1 .1 i. aIII J...WX.I win iu me ornate, mougri me resuii lb biui auuuuui It is supposed to-day that Mr. Rives will go ag-unst the repeal. II that shall be the case, and Mr. Cuthbert, of Georgia, who usually stays away until near 'he close of the session, arrives, the vote is expected to stand 25 te 25. The suggestion that the repeal bill might be vetoed by President Tyler, has excited much discussion, and some excitement here.? Nothing is known on the subject; but the fact that the President sent a special message to Congress in favor of the law, and a knowledge of the firmness and consistency of his character, has produced an impression which is almost universal, that he would withhold his assent from a bill repealing it. The consequence of a veto, under the circumstances, is a matter of general speculation. All the northern whigs who were most zealous against the exercise of the veto power, during the Extra Seasion, are now anxious'for a veto, and are r^ady to pledge themselves to support the administration, ia case Mr Tyler shall negative the repeal. In the present state ofthe public mind, no not of Congress would be so beneficial to thePresident as the repeal of the Bank ruptLaw. A veto would rally around him a hos of attached and zealous friends, and insure his re electionThe ratio of representation adopted by the apportionment Committee, seems not to be generally acceptable to the House, and it is doubtful whether the report will be agreed to. There is a disposition to bring the ratio down, and so increase the number of representatives up to three hundred. We hope this disposition may be carried into effect. The advantages of a large representative body are manifold and obvious. In the first place the opportunity to bring corrupt influences to bear is greatly lessened. The experience of the last f?w years is decisive on this point. The Legislature of Massachusetts consists of more than four hundred members, and no instance of bribery or corruption has ever occurred in that stable old commonwealth, while in Pennsylvania, with a house of representatives of one hundred members, enough to make up a majority have been bought like cattle in the market. This IIOS UWUIUVjMVI ItVIU " ?/ ? All Pennsylvania than Massachusetts, bUJ-'rtierely because fifty men can be corrupted more easily than two hundred. Then,in a large body,business would be transacted more rapidly than a small one. Increase the House of Representatives to three hundred, or three hundred and fifty, and twenty men would do all the talking- Speaking for Bancombe would be done away with?there would be more order and decorum in 'he body?and much greater facility and despatch in throwing off business. Every thing is still in a state of chaos. No man in Congress knows his position, or what is to be the course of his party. The power of the eld acknowledged leaden on both sides, seems to be broken* and the rank and file are beginning to think for themselves. There never was such anomaly and confusion before, and what is to be the result, no man can predict. In the Senate, the more promi. nent men of the democratic party are determined to oppose the administration, r.ght or wrong, without discrimination or hesitation ; but there are several honest and independent men, who will think and act for themselves. Within the next few days, we ?iimi nave euuic luu irpuun uoriupuiciiis. There is a great influx of office-seekers just now and the executive mansion is overrun with them at all hours. The known desire of President Tyler, that every application should be made at the head o* the preper department, is disregarded, and he is constantly annoyed with personal solicitations for offices of every grade. When he had a Cabinet that was playing the game of his enemies, it was almost indispensable that all applications should receive his supervision, but now that his political family consists, in the main, nfrmen who are looking to the good of the country, and who will be satisfied with the honor reflected upon them by a pros, perous administration of the government, without undertaking to further any ulterior schemes of their own, he can safely devolve upon the heads of the several departments the task of deciding primarily upon applications of every sort. We doubt, in fact, whether he will not be constrained at last to adopt a rule that shall be inflexible, to receive no applications except through the head of the appropriate department. Such a rule would relieve him from a world of labor, perplexity and annoyance. Let testimonials in every case bt sent to a Secretary? he could examine them, and when there were conflicting claims, present them to the executive for decision. If the President required fur Mirr lniuriuuiiuii, ur iiii^ni uwn upun it iiirmutr of Congress, or some other person familiar with the circumstance*, upon whose sincerity and intelligence he could rely. In this way, the public intereat would be just as carefully guarded, and the Executive saved a vast deal of labor. Aa the thing is now managed, he ia liable to all intrusion and importunity, at all hours of the day. So hungry and clamorous are many oi the office seekers, that they are not to be repelled in any way Specific hours are designated by the President for the transaction ol business, but the doors are kept closed, the anterooms are thronged in season and out of season. The thing is getting to he intolerable, and must be put aj stop to. President Tyler ia too benevolent and kind hearted to deal wtth these fellows, and the whole artillery of the press should be broaght to bear upoa themTWKS rY-SKVKVTII CONGRESS. Second Session. Senate. Monday, Jan. 17 The Treasury Note Bill. The new Tr.-aiary N ote Bill was received from the House of R-presenta'ives, and was read a first and second| time and referred to the appropnac Committee. The Board or Exchequer. The committee to whom the Report and Bill on the subject of a Board sf Exchequer, are referred, consists of Mr. Tallmadce, Mr. Preston, Mr Bath, Mr. Walker, Mr. Evans, Mr Merrick, Mr. Youno, Mr. White, and Mr Rives. r.vecUTive iiii.irt# A communicaiiou wm received fr< m the President accompanying a report from the State D.nartI mi ni, relative to the proceedings and final decision under the convention between the United St-.ten and the Republic of Texaa, in relation to the boundary line. A statement of account of the .Vary ComroiMionera was received froaa the Navy Department,with detail* of various supplies lor the naval service, during the year 1841 And a communication was received from the War Department, containing; a list ot all person! in the service of the Iadiin Bureau during the year 1841 witn their com pen a ition aud date of their appointment. The Bamkrupt Law. The PmnsiDBrr pro tern, pre-en ted several petitions and remonstrances on the subject of the Bankrupt Law. Mr. Tallmalien presented 16 petitions against the postponement or repeal of the Itankrnpt Law, from Boston and Philadelphia, and from Oswego, Salina, Troy, Westchester, Sacltett's Harbor, Onondaga, and other place* in the Stat* of New York. He uso presented,in pursuance of one of the re anlutiona, the prnc? eduit* ol a meeting of citi/ 'tn nf New York, held in the iMerrhant'a Exchange without diatiiiction of party in reference to the llankrupt Law, in whicn the Hireling aet forth Its view* in oppoaition to it* repeal. In regard to tltia meeting, he remarked that it waa one of the larj:eat and moat reapectablc, without diatinetion of party, ever held in that city on any oecaaien, and be further atated ihat ike gentlemen who took part in it were of beth political partiea. but the moat prominent and the moat active were thoae who are >ppo?ed to the preaent adminiatration. He aaked 'hat the proceeding! and the reaolutioea might be ead by the Secretary of the Seaate, and then that he proceedingi be printed. The motion waa agreed to. HH1 Mr. Calhour presented a petitien from New York, setting forth a great many objections to the Bankrupt Law. An extraordinary number of petitions on the subject of the Bankrupt Law, were presented hy < Mr. Ertsi. Mr Miller, Mr BtriKD, Mr Bo- " i HAKtK, Mr. Hendeksom, Mr. Rives, Mr. Pomtek, Mr Pierce, Mr. Berrien, Mr Smith, of Connecticut, Mr. Sturgeon, Mr IluRTiNaTOjr, Mr. Waliix, Mr Merrick, Mr. Phelps, Mr. Woodbury, Mr. Choate, and ethers. Mr. Choate presented one r-igaed by a large number of business men of Boston, praying that the Bankrupt Law may be renealed. Mr. Allku presented several from Ohio, praying for the repeal; the objections of the petitioners to the law, being that it was uuconstitulional, unwise, and unjust. Mr Ct at said he had been requested to prevent a variety of petitions against the repeal or the postponement of the Bankrupt law. He would endeavor to enumerate them without detaining the Senate to describe their contents?indeed most ef them were in the same lav?;uage, and several ef them were printed. He had four from a great number of citizens of New York, two from the Slate of New York, one from Pennsylvania, one from Newark, N. J., and one from the eitv ol Boston?a city in which there prevailed perhaps, greater unanimity respecting the preservation of this law untouched, than any where else. He had also received from hi* own state?from its metropolis?tha proceedings of a large meeting ofmerchants held in Louisville, expressing very strong sentiments , against the repeal or postponement of the Bankrupt law, and urging a great many arguments, which were entitled to much weigh', why ihat law should not be postponed. The proceedings were accumpauied by 400 signatures, which the secre'ary ef thefmeeting informed him were voluntary signaturss to the proceedings of the meeting ; but he begged leave before he made th?. matron which he should presently make, to submit one or two observations on the subject It was the Senator iron Nn? Vnrlr (U. W..' L. * u _ u I j _l ....J - ? ?, \KJ? MriKm,; ue urueT^n, wuu ii?cu it to bp the opinion of the Chamber of Commerce of New York, that it would be iaju' ions in the present disordered date of the currency t"> throw a hundred million* worth of property into the market, as it must be inevitably sacrificed. That remark coming from that source u gh' be calculated to make a strong impression, and in the first place he would remark that it was a gratuitous assumption that the amount of property held by that class of persons oh whom the Bankrupt Law would operate, was of the value of a hundred million of dollars. It might as well be put at two hundred millions. If it wrrc a hundred millions instead of being Bmkrupt, ih" e persons would be able to pay theii debts ; but be the amount what it might, considering the weight which was due to the observation to which he had alluded, they should inquire in the first place, what would be done with chat property if the bankrupt Law was not carried out 1 Would it b? kept out of the mar ket 1 On the contrary did they not know that it would be thrown into the m rkct in some other form if not nude the Bankrupt law? by auction nnder the authority of the Sheriff, or other officers charged with the process ot courts, and it would be thus thrown into the market without competition ; for if it was thrown into the market at the instance of one creditor, by whom the property of n debtor was seized and exhibited at public sale, what motives would other creditors have to step in snd advance the price of the property by bids 1 But on the contrary if the operation of this law should be left uudis. turbrd what would be the coarse 1 Why, according to the provisionof ih? law there would be a distribution of theprcperty amongst the creditor* pro rita, aud consequently the creditors would be interested in making it as prod active a* possible,and doubtless many creditors would attend and carry up the property to a higher price than it would realize under the ordinary oxecution laws. It was not, however, his purpose to &o into this subject generally, but the observation was so striking, that it? thought .some explanation was due to a cause which comes recommended to them by all the feelinrs ef justice, humanity, and benevolence: which csmei recommended to them by the awful condition in which thia country now is?for if, with ogier causes of distress now pervading this entire community, they were to slam the door ia the faqp of those unfortunate men, who expect to he alleviated by the operation of this Bankrupt Law, the marks of discontent and dissatisfaction, would be increased, and no man could see what would be the ultimate amount and consequence of the disorder, and pressure, and dissatisfaction, which would prevail throughout the land. But he did not mean now to go into this subject; yet, he oould not resume his seat, without adverting to a fact, relating to himself personally, and he trusted the Senate would pardon him, lor he never wished to obtrude himself personally on the notiee of the Sonete. He had seen, and in a manner which entitled it to some notice, the bate suggestions made that the movement in the o'her wing of the Capitol, relating to the repeal of this measure, had been instirated bv him. Now he scorned in ?nt?? . upon any defence of a chanro so base, so inenusis- ^ lent he hoped vith hia whole character, and an dishonorable. As well might it be tasd that Lsr ;w?ti j prated his friend from Missouri (Mr Liitn) to more the repeal of the Distribution Act ol the last Session, which was then one of the orders of the day. But whilst he (Mr. Clay) owed it to himselfto treat wiih contempt and scorn a,*hargo so execrable and base, be could not forbear to make a siagle remark in relation to the delegation from his own State. At the Inst Session of Congr-?s when this question came up, he believed every man of that delegation, with one single exception voted against the passage of the Bankrupt Law?and that member learned, on his return home to his constituents, that there was so much dissatisfaction prevailing respecting the passage of that law, that he felt bound to give the vote which he has or may now giva for its repeal. But it seemed that he (Mr. Clay) was held responsible for the votes which his friends from his own State may give in the other Hoase! Thoaa who imagine that Kentuckians were made of inch supple, servile stuff, had yet to learn thair character ? they had yet to learn the proud independence which they maiutsin on all oaaaaions?they had yet to learn that hia friends in the other House had just as much rightto dictate what shouid be his course as he bad te dictate what should be theirs?they had yet to learn that Ken luuKiaui nau miuicii ni independence to met for themielve;i, and te give ettch a note u a conscientious sense of duty might dictate to, them without regard to any man, whether from Kt u ucky *r any where else He begged pardon for tbia allusion to insinuations and suggestions so bate and execrable ; vet scornlully as they deserved to be treated, they had assumed such a shape that he had thought it hue to himself, to biin^ them to the notice oi the Senate, but at the same time rw was parfectly sure that it was only necessary to state it to find in the bn-ona of every Senator an instantaneous sy-tem of so groundless an insinuation, (or whatever diff-rrtce of opinion there rmght unhappily prevnil be- i tween Senators of that body and himself,n difference which they did not more regret than he did?be was satisfied that they would all, friends and foes, unite in bearing testimony that whatever might he (he errors of his head, he had sou htto live, as it was his great ambition to die, en honest man,? honest in private, aid honest in public life. Mr Walker submitted a petition, which h< moved should be referred to the coamitte ?n the Judiciary, with instructions to report u sou ndluent to the Bankrupt Law, which ahonld include banks in their compulsory provisions, and such other nmendiuente as the committee may think necessary. The instructions necessarily lie over lor a day. Thi Unites States Army. Mr Calhoun submitted the following resolution which was agreed to : ? Resolved, That the Secretary of War be direct*.! to report to the Senate the average strength of the ai my, including the military academy anJ cadets dming the year ending the Slat December last, ealimated by the. average strength of each month, with the proportion of officers to men, estimated in the same manner, aud also tho expense of the array, including the academy, for the same pcrioJ, aa nearly as can oe ascertained Tub Resources or the Uoterbmkxt Mr Alleb offered the (ollcw.ng resolution : Ri solved, That the Secretary of the Treasury be directed to infoim the Senate, aa anon a? practice hie, whether,in his opinion, the government can. ia the pi esent exigency of ita financial attaira, be carried en without either recalling to ita service the revenue derived from t the saleof the public domain, and which, by an existing act, it set apart for distribution to the States, or w ithout drawing from the people, in addition to their present taxes, an amount equal to that revenue: and in consequence of its distribution, by me.ius of increasing the laxea uow levied upon th< m, or by imposing a new and du ect tax njion them; or by borrowing upon their credit, in the form of direct loaoa or of treasury notes, to be paid eventually out of their labor and property. And if in hitupinion, the government cannot be ao carried on, without thus recalling the land revenue, or increasing J the taxas, or the loans, to an amount eonal to that revenue, and in consequence of ita distribution, then which of those alternatives will, in his opinion, he the most eco nomical to the people; the recall of that revenue, the taxes, or th loans. Also, that h' be directed to lay be fore the Senate the eotimates and the n asondhpon which such his opinions may be founded. There* lution was ordered to be printed, and it lies over for future uonsideratlon J Tiie Poairoi?bi*eivt or the HabkriptLaw. i Mr. Histss'i bill for the postponement of the Bankrupt Law came up in ita order, hut on his ?- ! in.n it was Lid on the table, for the reasou that another bill waa pasting through the other House. , snd would soon come to the Srnatr Th* Repua*. or the Disteibptioiv Law- > Mr- Lihb's hill lor the -repeal of the Distil tion Law, and the division of the proceedo-i., Public Lands to thu common defence of t)hfj| #0.' | cam* up in its order, and was postpone'' i"0*" iav IAMnpnt'T or tii* Cotfci certaJa Mr. Clav'? r*?olutioM3 pro[><ffi *

Other newspapers of the same day