Newspaper of The New York Herald, December 8, 1842, Page 1

Newspaper of The New York Herald dated December 8, 1842 Page 1
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m L . .1,. ..i - - i TH Vol. 111.?-Ho. 3*0 ?Wfcoio Po. 3190. MESSAGE . op THS PRESIDENT 0? THE UNITED STATES. 4L~ m. . I I/?... ..r A u wir oriimr uriu iii/twc uj Repreuntaiivt* of the I'nited State* : Wt have continued reason to express our profound gratitude to the great Creator ot all things for the numberless benefits conferred upon us as a People. Blessed with genial seasons, the husbandman has his garners filled with abundance; and the necessaries of life, not to speak of its luxuries, abound in every direction. While in some other nations steady and industrious labor can hardly find the means of subsistence, the greatest evil which we have to encounter, is a surplus of production beyond the home demand, which seeks, and with dilficulty finds, a partial market in other regions. The health of the country, with partial exceptions, has, for the past year, been well preserved ; and under their free and wise institutions, the United States are rapidly advancing towards the consummation ol the high destiny which an over ruling frovulencc seems to have marked out for them. Exempt from domestic convulsion, and at peace with all the world, we are left free to consult as the beat means of securing and advancing the happiness of the People. Such are the circumstances under which you now assemble in your res,.ective chambers, and which should lead us to unite in praise and thanksgiving to the great Being who made us, and who preserves us a nation. I congratulate yon, fellow citizens, on the h.vpy change in the aspect of our foreign affairs since my last annual Message. Causes of complaint at that time existed between the United States and Great Britain,which, attended by irritating circumstances, threatened most seriously the public |ieace. The difficulty of adjusting amicably the questions at ispue between the two countries, was, in no small degree, augmented by the lapse of time since they had their origin. The opinions entertained by the Executive on several or the leading topics in dispute, were frankly set forth in the Message at the opening of vour I tie session. The appointment of h special minister by Great Britain to the U. States with power to negotiate upon most of the points (if difference, indicated a desire on her part amicably to adjust them, and that minister was met by the hxrcutivc in tse same spirit which hart dictated his mission. The Tre?ly cons-quent thereon, having been duly ratified by the two Governments, a 00,iv, together with the correspondence which accompanied it, is, herewith communicated. I trust tuat whilst you may see in it nothing objectionable,' it may be th? means of preserving, for an indefinite period, the amicable illations happily existing between the two Governments. The question o( peace or war between the United States and Great Britain, is a question of the deepest interest not only to themselves, but to the civilized world, since it is scarcely possible that a war could exist between them without endangering the peace of Christendom. The immediate effect of the Treaty upon ourselves will be felt in the security afforded to mercantije enterprise, which, no longer apprehensive of interruption, adventures its speculation in the most distant sea ; atrJ, freighted with the diversified productions of every laud, returns to bless our own. There is nothing in the Treaty which, in the slightest degree, comprotnits the honor or dignity of either nation. Next to the settlement of the boundary line, which must always be a matter of difficulty between States as between individuals, the question which seemed to threaten the greatest embarrassment, was that connected with the African slave trade. By ihe l()th article of the Treaty of Ghent, it was expressly declared mat "wiier-p", iiie traffic iu ou<u io iiitwiivuimuic Willi II1I- , -IIU' .Jl.eS Ol I1Umantty and justice; and whereas both his Majesty and the United States are desirou- of continuing their efforts to promote its entire abolition, it ia hereby agreed that both the contracting parties shall uae their best endeavors to accoirplu-h so de sirable an object." lu the enforcement of the Ian a and treaty stipulations of Great Britain, a practici had threatened to grow up on the part of its cruisers of subjecting to visitation ships sailing under the American flag, which, while it seriously involved our maratime rights, would subject to vexation a brunch of our trade which was daily increasing, and whic'i required the fostering care of the Government. And, although Lord Aberdeen, in bis correspondence with the American Envoys, at London, expressly disclaimed all right to detxinan American ship on the high seas, even if found with a cargo of slaves on board, und restricted the British pretension to a mere claim to visit and enquire, yet it could not well be discerned by the Executive of the United States how such visit and enquiry could be made without deten ion on the voyage, and consequent interruption to the trade. It was regarded as the right ol search, presented only in a new form, and expressed in different words; and I therefore felt it to be my duty distinctly ts declare, in my an nuai mrst-age 10 congress, inst no such concession could ho made, and that the United States had both the will and the ability to enforce their own laws, and to protect their flag from being uaed for purpose* wholly forbidden by those laws, and obnoxious to the moral censure of the world. Taking the Message hs his letter of ins'ructions, our then Minister at Paris felt himself required to assume the same ground in a remonstrance which he felt it to be his duty to pre-ent to M Guizot, and through him to the King of the French,against what has been called the Quintuple treaty; and his conduct, in this respect, met with the approval of this Government In close conformity with these views, the eighth article of the Treaty was framed, which provides thit "each nation shall keep afloat in the African seas a force not less than eighty guns, to act separately and apart, under instructions from their respective Governments, and for the enforcement of their respective laws and obligations." From thi9 it will be teen th-it the ground assumed in the Mes sage has been fully maintained, at th- same lime that the stipulations of the Treaty of Ghent are to be carried out in good faith by the two countries, and that all pretence is removed for interference with our commerce for anv imrn? whatever h? , 1 foreign Government. While, therefore, the United Slates have been standing tip for the freedom of the seas, they have not thought proper to make that a pretext for avoiding a fulfilment of their Treaty stipulations, or a ground for giving countenance to a tr?de reprobated by our laws. A similar arrangement by the other great powers, could not fail to sweep from the ocean the slave trade, without the interpolation of any new principle into the maratime code. We ntay be permitted to hope that the example thus set will be lollowed by some, if not all of them We thereby also a fiord suitable protection to the fair trader in those setts, thus fulfilling at the same time the dictates of a sound policy, and complying with the claims of justice and humanity. It would have !urni?hed additional cause for con gratu'aiioti. if the Treaty could have embraced all subjects calculated in future to lead to a misunderstand,?g between the two Governments. The t-rritory of the United States, commonly called the Oregon Territory, lying on the Pacific Ocean, north of the 42 1 degree of latitude, to a portion of which Great Britain lays claim, begins to attract the attention of ottr|Tellow citizens, and the tide of population which has reclaimed what was so lately an unbroken wilderness in more contiguous regions, is preparing to flow over those vast districts which , stretch from the Rocky Mountains to the Pacific Ocean. In advance of the acquirement of individual ngh's to these lands, sound policy dictates that eveI ry effort should he resorted toby the two Governlinents. to settle their respective claims. It became I mamlest, at an early hour of the late negotiations. I mm any micmpt inr me nme oetng satisUctortly to determine those rights, would lead to n protracted discussion, which might embrace in itet failure other more pre wing matters, and the Executive did not regard it aa proper to waive all the advantages of an honorable adjustment of other difficulties of great magnitude and importance, because this, not so immediately pressing, stood in the way ? Although the d.fneulty referred to may not for Isaveral years to coine involve the peace of the kwo countries, yet I shall not delay to urge on kireat Britain the importance of its early settlepnent. Nor will o her matters i f eomm reial im|>oiUnce to the two countries be overlo ked ; and I nave good reason to believe thai it wih comport arith the policy of England, as it ita with tw of lie Unite ! States, to seize upon this m.nneit, when Inost of the causes of irritation have puad away, to lement the |>eace and unity nl the two con.,trim In , lyisely removing all grounds 6f probable future col i liaion. Ij^tth the other powers of Europe our relations Is * inur on the most amicable looting Treaties | Anw etistlBI with them should lie rigidly observed, i And every opportunity compatible with the inteiests I -S-!aE5SS=S=KS==S=9=!SS E NE NKW of the United States should be seized upon to enItrae the basis of commercial intercoune. Peace with all th? world is the true foundation ot our policy, which can only be rendered |<ermaneut by the practice of equal and impartial justice to all. _ Our fjrea' desire should be to enter only into that rivalry which locks to the general^ood, in the cultivation of the sciences, the eidargement of the field for the exercise of the mechiiuical arts, and the sprend of commerce? Krcat civilizer?to everv land and sea. CarefullyabstainingjtrOm interference in all questions exclusively referring themselves to the political inte rests ol Europe, we mav be permitted to hope un equ il exemption from the interference of Euroo-an Governmen s, in wliat relates to the Slates of the American Continent. On the 23d of April la^t, the commissioners on the part of the United States, under the convention with the Mexican Kepublic, if the llth of April, 1839, made to the proper department a final report in relation to the proceedings of the commission. From this it appears that, the total amount awarded to the cluirnants by the commissioners and the umpire appointed under that convention, waa two millions t " enty six thousand and seventy nine dollars and sixty eight cents. The arbiter having considered that his functions were required by the convention to terminate at the same time with those ol the comcommissioners, returned to the board, undecided for want of time, claims which had been allowed by the American Commissioners, to the amount of nine hundred and twenty-eight thousand six hundred and twenty dollars and eighty-eight cents. Other claims, in which the ainouut sought to be recovered was three millions three hundred and thirty-six thousand tight hundred and thirty-seven dollar* and live cents, were submitted to the board too late for its consideration. The Minister ol the United Statesat Mexico, has been duty authorized to make demand for the payment of the awards according to the terms ol the convention, and the provisions of the act ofCongress of the. 12th of June, 1810. lie has also been instructed to communicate to that government the expectations ol the Government of the United States in relation to those claims which were not disposed of according to the provisions of the convention, and ah others of citizens ot the United States against the Mexican Government. lie has also been furnished with other instructions, to be followed by him, in case the Government of Mexico shoula not find itself in a condition to make present payment of the amount of the awards, in specie or its equivalent. I am happy to he able to say that information which is esteemed favorable, both to a just satisfaction of the awards, and a reasonable provision for other claims, has been recently received from Mr. Thompson, the Minister of the United States, who has promptly and efficiently executed the instructions of his government, in regard to this important subject. The citizens of the United States who accompanied the late Texan expedition to Santa Fe, and who were wrongfully taken and held us prisoners of war in Mexico, have all been lilic... .-j itiitru. A correspondence has taken place between the Department of State and the Mexican Minister of Foreign Affairs, upon the complaint of Mexico that citizens of the United States were permitted to give aid to the inhabitants of. Texas in the war existing between her and that Republic. Copies of this correspondence are herewith comunicated to Congress, together with copies of letle s on the same sub;ect. addressed to the Diplomatic Corps at Mexico, by the American Minister und the Mexican Secretary of State. Mexico has thought proper to reciprocate the mission of the United States to that Government by accrediting to this a Minister of the same rank as that of the representative of the United States in Mexico. Front the circumstances connected with his mission, favorable results ure anticipated from it. It is so obviouslv for the interest of both countries us neighbors and friends that all just causes of mutual dissatisfaction should be removed, that it is to be hoped neither will omit or delay the employment of any practicable and honorable means to accomplish that end. The affairs pending between this Government and several others of the States of this hemisphere iormeriy iinaer me nonunion ot frpittn, have again, within the past year, been materially obstructed by the military revolutions and conflicts in those countries. The ratification of the Treaty between the United States and the Republic of Ecuador, of the 13th of June, 1839, have been exchanged, and that instrument has been duly promulgated on the |?art of this Government. Copies are now communicated to Congress with n view to enable tliut body to make such changes in the laws applicable to our intercourse with that Republic, as may be deemed requisite. Provision has been made by the Government of Chili for the payment of the claim on account of the illegal detention of the brig Warrior at Coquitnbo, in 1820. This Government has reason to expect that other claims of our citizens agatnt Chili, will he hastened to a final and satisfactory close. The empire of Brazil has not been altogether exempt front those convulsions which so constantly afflict the neighboring republics. Disturbances which recently broke out are, however, now un.,^,t t ii... .i > uciotuvu jl>uc iiicdc uccurrcaces, uy threatening the stability of the Governments, or by causing incessant ana violent changes in them, or in the |>ersonswho administer them, tend greutly to retard provisions for a just indemnity for losses and injuries suffered by individual subjects or citizens of other States. The Government of the United States will feel it to be its duty, however, to consent to no delay, not unavoidable, in making satisfaction for wrongs and injuries sustained by its own citizens. Many years having, in some cases, elapsed, a decisive and effectual course of proceeding will be demanded of the respective Governments against whom claims have been preferred. The vexations,harassing and expensive war which so long prevailed with the Indian tribes inhabiting the peninsula ot Florida, has happily been terminated; whereby our army has been relieved from a service of the most disag#eable character, and the Treasury from a Inrge expenditure. Some casual outbreaks may occur,touch as are | incident to the close proximity of border settlers and the Indians; but these, as iu ad other cases, maybe left to the care of the local authorities, aided, when occasion nmv require, by the forces of the Uni'ed States. A sufficient number of troops will be maintained in Florida, so long as the remotest apprehension of tlinPcr kltall a vut it?f tKais III 11 ? - * ?1 rather to the garrisoning of the necessary posts,than o the maintenance of active hostilities. It is to be hoped that a territory, so long retarded in its growth, will now speedily recover from the evils incident to a protracted war, exhibiting in the increased amount of its rich productions, true evidences of returning wealth and prosperity. By the practice of rigid j jstice towards the numerous Indian tribes, residing within our territorial limits, and the exercise of a parental vigilance over their interests, protecting them against fraud and intrusion, and at the same time using every proper expedient to introduce among them the arts of civilized life, we may fondly hope not only to wean them from their love for war, but to inspire them with a love for |>eace and all its avocations. With several ot the tribes great progress in civilizing them has already been made. The schoolmaster and the missionary are lound side by side, and the remnanta o! what were once numerous and powerful nations may yet be preserved as the builders up of a new name for themselves and their posterity. The balance in the Treasury on the 1st pf January, 1IM2, (exclusive of the amount deposited with the Stales, Trust Funds and, Indemnities,) was #230,1X3 6x. The receipts into the Treasury during the three first quarters of the present year, from all sources, amount to #26,618,WQ 78; of which more than fourteen millions were received from customs, and about one million from the public lands. The receipts for the fourth quarter nre estimated at nearly eight millions; of which four millions are expected from customs,and three millions and a half from Loans and Treasury notes. The expenditures of the first three quarters of the present year exceed twenty-six millions; nnd those estimated for the fourth quarter amount to about eight millions; and it is anticipated there will be a deficiency of halt a million on the 1st of January next?but that the amount of outstanding warrants bUllll mm, . 1.. v... win leave ail actual balance < of about #224,000 in the Treasury. Among the ex- i penditiircs of the year, are more than eight mil- > lions for the public debt, and ?600,000 on account t of the distribution to the States of the proceeds of sales of the public lands. i The present tarifT of duties was somewhat hasti- ! ly and hurriedly passed nearly the close of the late session of (Congress. That it should have defects ] nan, therefore, be surprising to no one. To remedy such defects as may be found to exist in many i of its numerous provisions, will not fail to claim i your serious attention. It may'well merit inquiry, ' whether the exaction of all duties in cash does not ' call for the introduction of a Rystem which has ' proved highly beneficial in countries where it has \ been adopted. I refer to the Warehousing System t The first and most prominent effect which it would , sroduce would he to protect the market alike against t -edundant or deficient supplies of foreign fabrics? " both of which, in the long run, are injurious as 1 W V C ~. ?. YORK. THURSDAY M( well to the manufacturer as the importer. The quantity of goods in store being at all times readily known, it would enable the imiiorter, with an approach to accuracy, to ascertain the actual wants of the market, and to regulate himself accordingly. If, however, he should fall into error, hy importing an excess above the public wants, he could readily correct its evils by availing himself of the bene his and advantages of the system tlnta established. In the storehouse the good* imported would await the demands of the market,aud their issues would he governed by the fixed principles of demand and supply. Thus an approximation would be made to a steadiness and uniformity of price, which, if attainable, would conduce to the decided advantage of mercantile and mechanical operations. The apprehension may be well entertained that without sorftrthing to ameliorate the riijor of cash payments, the entire import trade may fall into the hands of a few wealthy capitalists in this country and in Europe. The small importer, who requires all the money he can raise for investments abroad, and who can but ill afford to pay the lowest duty, would have to subduct in advance a portion of Ins funds in order to pay the duties, and would lose the interest upon the uuiount thus paid for all the time the goods might remain unsold, which inialit ab sor!) h 19 profits. The rich capitalist abroad, as well as at home, would th?9 possess, alter a short time, an almost exclusive monopoly of the imi>ort trade, and laws designed for the benefit of ull, would thus operate for the benefit of a tew?a moll wholly uncongenial with the spirit of our institutions, anu anti-republican in all its tendencies. The Warehousing System would enable the importer to watch the market, and to select his own time for offering his goods for sale. A profitable portion of the carrying trade in articles entered for the benefit of drawback, must also be most seriously affected, without the adoption of some expedient to relieve the cash system. The warehousing system would afford that relief, since the carrier would have a safe recourse to the public store-houses, and might, without advancing the duty, reship within some reasonable period to foreign ports. A further effect of the measure would be to supersede the system of drawbacks, thereby effectually protecting the Government against fraud, as the right of debenture would not attach to goods after their withdrawal from the public stores. In revising the existing tariff of duties, should VOIl deem it nrnnrr to do ho ?t uniir i>r?> ...ujinn lean only repeal the suggestions and recommendations which, upon several occasions, I have heretofore felt it to be my duty to offer to Congress. The great, primary and controlling interest of the American people is union?union not only in the mere forms o{ government, forms which may he broken ?but union founded in an attachment of States and individna.a for each other. This union in sentiment and feelieg can onlv be preserved by the adoption of that course of policy which, neither giving exclusive benefits to some, nor imposing unnecessary burdens U|M>n others, shall consult tlie interests of all, by pursuing u course of moderation, and thereby s> eking to harmonize public opinion, and causing the people every where to feel nod know that the Government is careful of the interests of all alike. Nor is there any subject in regard to which moderation, connected with a wise discrimi nation, is more necessary than in the imposition of duties on imports. Whether reference be hud to revenue, the primary object in the imposition of taxes, or to the incidents which necessarily flow frotn their imposition, this is entirely true. Kxtruvagant duties defeat their end and object, not ouly by exciting in the public mind an hos'ility to the manufacturing interests, but by inducing a system of smuggling on nn extensive scale, and'lhe practice of every manner ol fraud u|>on the revenue, which the utmost vigilance of (iovernntent cannot effectually suppress. An opposite course of policy would be attended by results essentially different, of which everv intere-t of society, and none more than those of the manufacturer, would reap important advantages. Among the most striking of its benefits would be that derived from the general acquiesce nee of the country in its support, and the consequent permancy and stability which would be given to all the operations of industry. It cannot be too often repeated, that no system of legHution can he wise which is fluctuating and uncertain No interest can thrive under it. The prudent capitalist will never adventure his capital in manufacturing establishments, or in any other leading pursuit of life, if there exists a state of uncertainty as to whether the Government will repeal to-morrow what it has enacted to-day. Fitful profits, however high, if threatened with a ruinous reduction bv a vacilaiing policy on the part of Government, will scarcely tempt him to trust the money which lie has acquired by a life of labor, upon the uncertain adventure. I, therefore, in the spirit of conciliation, and influenced by no other desire than to rescue the great interests of the country from the vortex of political contention, and in the discharge of the high and solemn duties of the place which I now occupy, re commend moneraie amies imposed wun a wi>eitis crimination as to their several olnects, as being not only most likely to be durable, outmost advantageous toevery interest ot society The report of the Secretary ol the War Departmr nt exhibits a very full and satisfactory account of the various and important interests committed to the charge of that officer. It is partie ilarly gratifying to find that the expenditures for the military service are greatly reduced in amount?that a strict system of economy has been introduced into the service, and the abuses of past years greatly rec i TU.r...:c? ? < Mjiuicu. i ur luiiuiunuuiiB on uur maraume irontier have been prosecuted with much vigor, and at many points our defences are in a very considerable state of forwardness. The suggestions in reference to the establishment of means of communication with our territories on the Pacific, and to the surveys so essential to a knowledge of the resources of the intermediate country, are entitled to the most favorable consideration. While 1 would propose nothing inconsistent with friendly negotiations to settle the extent of our claims in that region, yet a prudent forecast points out the necessity of such measures as may enable us to maintain our rights The arrangements made for preserving our neutral relations on the boundary between us and Texas, and keeping in check the Indians in that quarter, will be maintained so long an circumstances may require. For several years angry contentions have grown out of the disposition directed by law to be made of the mineral Innds held by the Government in >eVeral of the States. The Government is constituted the landlord, and the citizens of the Slates wherein he the lands, are its tenants. The relation is an unwise one, andjit would be much more conducive of the public interest that asale ot the landsshould be made than that they should remain in their present condition. The supply of the ore wonld be more abundantly and certainly furnished when to be drawn from the enterprise nnd the industry of the proprietor, than under the present system. The recommendation of the Secretary in regard to the improvements of the Western waters and certain prominent barbers on the Lakes, merits, and I doubt not will receive, your serious attention. The great importnnce of these subjects to the prosperity of the extensive region referred to, and the security of the whole country in time of war, cannot escape observation. The losses of life and property which annually occur in the navigation of the Mississippi alone, because of the dangerous bstrtictinns in the river, tnuke a loud demand upon Ongress for the adoption of efficient measures tor their removal. The report of the Secretary of the Navy will bring you acquainted with that important branch oT the public defencea. Conalde-inj; the already vaat and daily increaalng commerce of the country, apart Irom the expoaure to hoilile inroad of an extended aeaboard, all that relatea to the Navy ia calculated to excite particular attention. Whatever tenda to add to ita efficiency, without entailing unneceaanry chargea upon the Treaaury, la well worthy of rottraerioua conai deration. It will be open that while an ippropriation exceeding by leaa than a million the approfiriationa of the preaent year la naked by the Secretary, ret that In thiaaum ia propoaed to be included $400,fOO lor hepurcbaae of clothing, which, when once expended, >e annually reimburned by the aale of the clothca, and vill thui conatitute a perp? tual bind, without ay new ippropriation to the aame ohject. To thia may alao t e adled $30,000, aaked to cover arrearage* of paat yeara, and |>JS0,0(Kl in order to maintain a competent aquedron on heroaatof Alrice; allot which, when deducted, will r?liu-ethe expenditnrea nearly within the limita oftnoae if the current year. While, however, the expenditnrea a-ill thin remain very nearly the aame a* of the antecelent year, it ia propoaed to add greatly to the operationa it the Marine, and in lieu of onlv J3 ahipa in commianon, ind but little in the way ol building, to keep, with the tame expenditure, forty-one veaaela afloat, and to build welve ahipa of a amall claaa. A itrict ?y?tem of accountability in' e?tahli*hed, and treat 'pain* nip taken to inaure industry, fidelity and conomv, in pvery departs ent of duty. Experiment* have heen inatitnted to tent the quality of .irious material*, particularly copper, iron, and coal, *n at to prevent Fraud and impoaition. It will appear hy thn report of the Poxtmaiter General :hat the grrat point w hich, foraeveral yeara, haa heen ao nuch draired, baa, during the current year, been fully ccompliihnd '1 heexpenditure*of the Department, for he current year, have heen brought within ita income v thout leaaeningita general uiefnlne** There ha* hern in inrreaae of revenue equal to $166 000 for the year ISTJ ver that of 1811, withou', aa it la believed, any addition laving been made to the number of letter* an I newipalera tranamltted through the maila. The Pn't Otliea law*

lave been b on eat I y adtminiatercd, and fidelity ha* been obervrd In accounting for, and paying over by the aubordi lateaofthe Department, the money* which have been IRK I }HINLNG, DECEMBER 8, received. For the details of the service I refer you to I the re|>ort. } I (latter myself that the exhibition thus made ol the j condition ol the pttbUo administration will servo to con- ! viix-n you th o K'.rt, kx k..> ?>ij i? I the interests of the coil itry by those whe have been called to the heads of the different Departments. TV* reduction in the annualexpemliturei of the Government already accomplished, furnishes a sure evid'nee that eoonomy in the application of the public moneys, is regarded as a paramount duty At peace with all the worl.l?the personal liberty of the citizen aac.edly maintained, and his rights secured uud- r imlitical institutions deriving all their aulhont) Irons the direct sanction of the neople?w th a soil fertile almost beyunl example ; and a country blessed \v 1th every .liveraity of climate and proluctsou, what remaius to tie done in order to advance the happiness and prosperity of such a people? Under ordinary circumstances th s inquiry could res lily bo uhswered.' The best that probably could be donu lof a people inhabiting such a country, would he to fortify their peace and security in the pros cutioii of their various pursuits,by guarding them against invasion from without, and violence from within. The rest, for the greater part, might be lelt to their own energy and enterprise. The chief embarrassments which at the moment exhibit themselves, have arisen from over, action; ami the most difficult task which remains tube accomplished, is that of correcting and overcoming its effects. Between the years 1933 and 1838, additions wero made to bank capital and bank issues, in the form of notes designed for circulation, to an extent enormously great. im .|'. nn?. 111 UC, HUt UUWIHO OEM V-UriCIU J could <>? provi le d.but in what manner thu greatest aniouut ol bank paper could be put in circulation- Ttius, a vut amount of what was called money?since, for the time being, it answered the purposes of money?Wis thrown upon the country; an over issue which was attended, as a necesiury consequence, by an extravagant increase of tlie prices olall articles of property, theaprend of a speculative mania all over the country . anil has finally ended in a general indebtedness on tpe part of States and individuals* the prostration oi public and private credit, a depreciation in the market value of real an-1 personal estate, and has left large districts of country almost entirely without any circulating medium. In view of thu fact that, in 183U, the whole bank note circulation within the United Stales amounted to but $01,323,MB, according to the Treasury statements, and that an addition had been made thereto of the enormous sum of $88,000,000 in seven years: the ciiculatiou on the first January, 1837, being stated at $H9,183,b90, aided by the gri at lailltics attorded iu obtaining loans from Euiopeau capitalists, who were seited with the same speculative mania which prevailed in the United Status?and tlie large importations ol funds from abroad, the result of stock sab sand loans?no one can be surprised at the apparent, but uii-ubstatitial state of prosperity wliich every where prevailed over the land , w hile us littic cause of surprise should be lult at the present prostration ol every thing, and the iu ti w hich has befallen so inuuy of our fellow citizens in the sudden withdiawal Irom circulation of so large an amount ol bank issues, since 1837? exceeding, as is believed, the aihount added to the pajier currency, lor a similar period antecedent to 1337, It ceases to be a matter oi astonishment that such ex 11HII1U I r. l? MHJUIU "U? t- ">?1. Ill it- K" Ol | U IV Hill 1OI"tunes, or tlxut liitKcultiex sliouU exist in meeting their engaguiot nts on the part ol the debtor Stab s. Ajatt Iroin which, it there be taken in o account the immense losses su.-tuined in the dishonor of numerous bunks, it is less a matter of surprise that insolvency should have visited many of our lellow citiaeus, than that so many should lwve escaped the blighting influences of the times In the solemn cunvictionol these truths, and with an ardent desire to meet the pressing necessities of the country, I felt it to be my duty to cause to be submitted to j on, at the commencement ot ) our late session, the plan ol' an Exchequer, tin- whole power and duty of maintaining which, in purity and vigor, was to be exercised by the Representatives of the People anil the States, and, therefore, virtually by the People themselves. It was proposed to place it under the control and direction of a Treasury Board, to consist of three Commissioners, whose duty it should be to see that the law ol its creation wus fuithtu ly executed, an 1 that the great end of supplying a paper medium of exchange, at all conveiiible into gold and silver, should be attained. The Board thus constituted, was given as much permanency as could be inn artcd to it, without endangering the proper share of responsibility which should attach tu nil public agents. in order to ensure all the advantages of a well maimed experience, the Commissiuneis were to hold their offices for the re-peclive period" of two, four, and six yeai s, thereby securing at ail times in the management of the Exchequer, the services of two men of experience; and to place them in a condition to exercise perlect independence of inind sad action, it was provided that their removal should only take placo lor a-.tual inca," iei>y or infidelity to Ihu trust, arid to be followed by the President with an exposition of the causes ot such removal, should it occur. Iiwaipioliosej to establish sukordinut hoards in eacu ofthe btutcs, miller the samo restrictions ami limit aliun > ol the power ol removal, which, with the central tioaril, should receive, safely keep, anil disburse the public inou )?; and in older to furnish a sound paper medium of exchange, the Exchequer should retain of the revenues of the Government a sum not to ex ceed $5,000,000 in specie, to be set apart as required by its operations, and to pay the public, creditor at his own option, either in specie or Treasury notes, of denominations not less than five, nor exceeding one hundred dob Isrs, which notes should he redeemed at the severs! places of issue, and to he receivable at all times'aud every where in payment of Government dues ; with a restraint upon such i-sue of bills that the same should not exceed the inax vium of $ lb,000 (00 In order to guard against all the hazards incident to lluctvations in trade, the Secretary of th? Treasury was invested with authnrity to issue $:>,(I0(),000 of Government stock, should the same at any time regarded as necessary, in order to place beyond hazard the prompt redemption of the hills which might be thrown into circulation. Thus in fact making the issue of $1.1,000.000 of Exchequer bills, rest substantially on $10,>.00, 0,0 -, and keeping in ciiculatiou never more than one and one half dollars for every dollar ill specie. When to this it is added that the hills are not only every where receivnable in Governan nt dues, but that the Government itself would be liound for their ultimate redemption, no rational doubt can exist that the paper whicn the Exchequer would furnish, would reaililv enter into general circulation, and be maintained at all times at or above par with goia ami silver ; tueietiy realizing ttie gieat want ol the .igc, and fulfilling the wishes o the people. In order to reimburse the Oiverument for the exfieiise* of the plan, it was proposed to luvett the Exchequer with the limited authority to deal in hills of exchange, unless prohibited by the Statu in which an agency might be situated, having only 10 days to run,and resting on a lair and hunafidt basis The legislative w ill on this point might bo so plainly annou .iced, as to avoid all pretext lor partiality or favoritism. It was furthermore proposed to invest this Treasury agent with authority to receive on de|>osita, to a limited amount, thu specie funds of individuals, and to grant certificates therefor, to be redeemed on presentation, under the idea, which is believed to he well founded, that such certificates would come in aid of the Exchequer bilN in supplying a safe and ample paper circulation. Or, if in pluce of the contemplated dealings in exchange, the Exchequer should be authorized not only to exchaagu its bills for actual depositei of specie, but for specie or its equivalents to sell drafts, charging therefor j small t ut reasonable premium, I cannot doubt hut that the benefits ot the law would be speedily manifested in the reviv al of the credit, trade and business of the whole country. Entertaining this opinion it becomes my duty to urge its adoption upon Congress, by reference to the strongest considerations of the public interests, w it is such alterations in its details as Congress may in its wisdom sec fit to make. I am well aware that this proposed alteration and amendment of the laws establishing the Treasury Departmen' has encountered various chlertions nn.l ih?t other* it ha* been proclaimed a Government Bank, of fearful and dangerous import, (t i* proponed to confer upon it no extraordinary power*. It purport* to do no morethan pay the debt* of the Government with the redeemable paper of the Government?in which respect it accomplishes precisely what the Treniury doe* daily at thin time, in issuing to the public creditor* the Treasury note* which, under law, it it authorized to issue. It lia* no resemblance to an ordinary Bank, n* it furnnhv* no profit* to private stockholders, and lend* no capital to individual*. If it be objected to a* a Government > ank, and the objection be available?then ihould all the law* in relation to the Treniury be ri pealed, and the cap icily ol the Government to collect what i* due to it, or pay what it owe*, be abrogated. This i? theebief purposeofthe proposed Exchequer; and surely If, In the accomplishment of a purpoae ?o e*?. ntial,it afford* a sound circulating rredium to the country and lacililie* to trade, It ahoubl be tegnrdod as no ?light terommendetion of it to public consideration. Properly guarded by the provl*lon* of can run into no dnnuerou* evil, nor can any #bu?o ari*e under It but inch a* the Legislature itself will be nn?erablr for, If to be tolerated, since it i* but thecreatnre ofthe law.and is susceptible at all time* of modification,amendment or repeal,at the pleaaureof Congress. I know that it h?a been objected that the syatem would he liable to lie abused by the Legislature, by whom it could be abti*ed, in the party conflict of the day. That such abuse would mnnifest its-If in a change of the law which would authorize an excessive issue of paper for the pur pose of inflating prices and winning popular favor. To that it may he answered, that the a-cription ol such a mo five to Congress is altogether gratuitous and i. admissible. The theory of our Instr utioio, would le.i I us to a dillT< iit conclusion. But n perfect tecuriiy ngnlnut .1 proceeding no reckle**, would be found to exi?t in the very natue <>t thing*. The political party w hich thou Id be io blind lo the true interest* ot the country, a* to report to tucli an ft- , pedient. would inevitably meet with a final overthrow in the (act that, the moment the paper rented to be convertible into ipecie, or otherwise promptly redeemed, it tonbl become w orthle-i, and would, in the end, duhonor 1 he Government, involve the people in ruin, ami such po- ' litical party in hopele** dug race. At the inmn time, Mich 1 a view involve* the ntter imp'itioility of lornishinp any i eurrency other than that of the preciou* metal*, for, if the- ( Government itielfcannot forego the temptation ol once*. ?ivi! paper ia*ue*, what reliance can he placed incorporation* upon whom the tempntion* ol individual aggrandize ment would mo?t strongly operate? "Ihe People would j have to blame none hut themeelvei for any injury that ' might ariie trom a cour?e *o reckle**, lince their agent* t would be the wrong doer*, and they tho p*a*ive ipecta l tor*. I There can he but thren kindiot public currency. Int. f Gold and *ilvcr; 3d. The paper of State institution*; or, j Sil A representative of the precious metal*, provided by j theOeneral Government, or under it* authority. The Sun-TreaMiry *yMem reject d the la it in any form; and, ' a* It wa* believed that mi reliance could be placed on the 1 isriies of local iii??ltutlo.i*,forthe purpon * ol general cir < dilation. It necettarily and unavoidably adopted ipeciea* (lie exclusive currency for Itaownute. And thia mnat . ever be the rate iinleia one of the other kinda heuaed. ' Thorhoiae, in the pre*ent ?tate of public lentiment, lie* C between an encliuivc tpecie cujrancy on the one hand, t J E R A 1842. and governmmt jnueial lame kind on the other. That these issuescannot be made by ? ehart. rt d institution, U suppns d to bo conclusively settled. They most he made, then, directly by government agents. Korseseral yeirs pa-it they have bet'ri thlia tuadein the form of Treasury note, and have answeredn valuable purpose. 1 heir us?. fulness has boon limited by their being transient and tem|iorary ) their ceasing to bear interest in grsen periods, neces'iiriii rattses their speedy return, and thrrs restricts their rangu ofclrenlation, and being used only in the (Hsbut senieuts of the government, they cannot reach those ??"> 111"" urn in.isl rt'i*irirMil. Bv iplldolilli; their uii' permanent,to the moderate extent already mentioned, by oil' ring no iuducemeut lor their return, au I by exchanging tlirm fur cuiu and other values, they will con atituto, to a certain extent, the geiinr-ul currency xo much needed to innintain the internal trade ot the country. And titi>. i t the Exchequer plan, so l'ar as it ma) o|ierute in fui11 idling actttrenci > I cannot forego the occasion to utge its lm|>ortuiice to the credit of the Covernonent in a ft :uncial point ol view. Tile great necesxit)'of lesorting to every proper and becoming exprdieut lu Cider to place the Treasury ou a footing of the highest respectability, is entirely obvious. Tliocred.t of the Oovernment maybe regarded as the very soul of the Government itself? a principle of vitality without which all its movements are languid and all Its operations embarrassed. In this spirit the Executive felt itself bound by the most imperative sense of duty to sub. mil to Congress, at its last session, the propriety of making a specific pledge of the himI fund, as the oasis lor the ne go'iation 01 ihe loans authorized to tie contracted. 1 then thought that stic.Ji an application ot the public domain J should, without doubt, have placed at the command of the Government, ample tumls to relieve the Trea.-ury from the temporary embarrassment* unil-r which it labored. American credit has suite red a considerable shock in Europe, Irtrm the hirgu indebtedness of the Mtates and the teiniiorary innttbty of some of them to meit the interest 011 their debts. The. utter and disastrous prostration ol the United Slates Bank ot Pennsylvania, had contributed largely to increase the sentiment of distrust by iea?on ol ihe loss and ruin sustained by the holders of its stock, a large portion ot whom were foreigners, and many of whom were alika ignoran' of our yeoliticnl organization, and ol our actual responsibilities. It wus the anxious desire of the Executive that, in toe etlort to negotiate the loan abroad, the American negotiator might he able to point the money It n.ler 10 the mini mortgaged lorino redemption of ihi- principal am) interest of any loan ho might contract, and thereby vindicate the Government from all anapiciou of had fni'h or inability to meet ita engagement*: Congress differed from the Executive in this view of the stibject. It heeaine, nevertheless, the duty 01 the Executive to resort to every expedient in its |>ower to negotiate the authorized loan. After a failure to .o so in the American market, a citizen ol high character and talent was sent to Europe with no better success ; and thus the mortifj ing spectacle haa l>een presented of the inability ol this Government to obtain a loan so small as not in the whole to amount to morn than one-iourth f its ordinary annual income : at a time when the Governments oi Europe, although involved in debt, and ? ith their subjects heavily burdened with taxation, readily obtain loans of any amount at a greatly reduced rate of interest. It would be unprofitable to look further into this anamtlott* Hate of tilings, lint I rannot conclude without adding that, for a Uovermneiit w hich has puiu on its uems 01 nvo wars with the largest maritime power of Europe, uu<l now owing a ilrbt w hich is ulmost next to nothing when compared with its boundless resources, a Government the strongest in the world, because cmnnatin&from the popular will, and firmly rooted in the ntfections of a great and free people, and wliow fidelity to its engagements has never been questioned ; for such a Government to have tendered to tlie capitalists of other countries an opportunity for a small investment of its stock, and yet to have failed, implies either the most unfounded distrust in it< good lnith,orn purpose, to obtain w hich, the course pursued is the most fatal which could have been adopted. It has now become obvious to all men that the Government must look to its own means for supplying its wants,and it Is consoling to know that these means aiealb'getheradequate for the object. The Kxr hvquer, if adopted, will great) aid in bringing about this result. Upon w hat I regard as a well-loundeu supposition that its lulls would be reudilv sought for by the public creditors.and that the issue would in a short time reach the maximum ol $15,000 000, it is obvious that $10,000,000 would thereby bo added to the available menus of the Treasury without cost or charge. Nor Can f f?il to urge the gr ??t and beneficial cfTectawliicb would he produced in aid of all the active pursuits of life. Ill tnects upon tne solvent ntu'e iiuiiks, wnnu u worn force into liquidation tlioic of an opposite rharactc r through its weekly settlements, woulil he highly b nefi ciHlj and with the advantages of a sound currency, the reslor ition of confidence and creilit would follow, with a numerous train of blessings. My convictions ate most strong that these benefits would flow from thu adoption of thi? measure; but II the result should be adverse, there Is Ibis security in connection with it, that the law creating it may he repealed at the plea-tire of tee Legislature, without 'lie slighes; implications of good faith. Lrecom mend to < in ogress to take into consideration 0"e propriety ol re imbursing a lino impo-adou General Jackso i at New Orleans, at the timeof the attack and defenco of that city and paid by him. Without designing auy reflection on the judicial tribunal which imposed the tine, the remission at this day may he regarded as not unjust or inexpedient. The voice of the civil au.hority was heard amidst the glitter of arms, and obeyed i>y those w ho held the sword, thereby giving additional lustre to a memora- , hie milit ry achievement. II the laws u-ero offended, their majesty was vindicated; and allhougli the p-nalty I incurred and paid, la worthy ol little regard in a pectiniaiy I point of view, it can hartly be doubted ihat it would bo gratifying to tho war-worn veteran, nowintetirem nt and in the winter of his days, 'o tie relieved from the circumst.mces in which that judgment placed him. There arc cases in which pub ic functionaries may be called on to weigh the public interest against their own personal hazards, and it the civil law be violated fiom praiseworthy motives, or an overruling sense ol public danger and public n< cps ity, punishment may well tie restrainial within that limit which asserts and maintains'he authority ofthe law, and the m'j ction of the military to Ihr civil power. Tno defence of New Orleans, while it saved a city from (lie hands of the enemy, placed the name of Ocneral Jackson among those of the greatest Captains ol the age, and illustrated one of the brightest pages of our history. Now that the causes of excitement, < xisting at the time, have ceased to operate, it is believed that the remission of this fine, and whatever ol gratification that re mission might cause the eminent man w ho incurred and paid it. would he in accordance with the general feeling and wishrs of the Ameiican People. I have thus, fellow -citizen*, acquitted my self of my duty under the Constitution, hy laying before you, as succinctly U I have been able, the state of the Union, and by inviting your attention to measures of much importance to the country. The Executive will most zealously unite its efforts with those ot ihe Legislative Department in the accomplishment of all that i* required t? relieve the wants of a common constituency, or elevate the destinies of a beloved country. JOHN TYLER. Washtxiitox, December, 1843. Stage Accident?We are norry to learn that on Wednesday eight last, the Western stage was pre cipitated over a precipice of twenty leet, on the hill past of Mount Sterling, about eight miles west of Zanesville, Ohio, and seriously injured many of the ...... - ?? ..... i...... ?r grew. Mr. Caruthers had several of his ribs broken; and it is doubtful whether he will recover Mr. Lane was very much hurt?one of his ribs supposed to be broken. Mrs. Lane (his wife) was not seriously hurt. Mr. Wallace was badly hurt?his collar bone, it was thought, broken. Mr. Smith, of the Senate, and Messrs. Campbell, Gentry, and Goode, of the House of Representatives, were all more or less hurt; but none of them seriously injured. Mr. Goode is the only member of the |wrty who has reached here. A gentleman who resides in Pittsburgh, Pa., whose name we did not hear, had one of his nrme broken. Tkbason Trials in Rhode Island.?The counsel for Franklin Cooley yesterday filed their special plea to the indictment against him for treason. The Attorney General moved that the plea be stricken out, and that the respondent be ordered to plead over. lie took the ground that the plea itself amounted to the general issue, ond that in cases of indictments for offences higher thun a mis- . demeanor, special pleading in bar was never allow- | rii II ciit 1111n ii 111'- U'-H IKIhIII iiecauec iiniiiunrii him to the line of proof set forth in the plea, and embarrassed the government hy obliging them to trke issue upon immaterial (acts. In thin case many statements were made in the plea which were immaterial; and, besides, they were notstated truly, lie had assented to the filing ol the plea for th? convenience of carrying the ease to .Washington, hoping that the facts would he stated truly by the defendants, so that lie entild safely demur Hut now they were stated in such a manner that he could not demur to the plcn, and thereby admit the 'actH, nor take issue upon them, because they wer? immaterial as well as untrue. Mr. Atwell, on the contrary, argued that the course for the State was to demur. The Court sustained the argument ot the counsel for the State, and overruled the ple i, ind ordered the respond nt to plead over. Mr dnoley waSHCtntdingly again nrrnigned, and plead lot guilty. The Court then ad|ouincd till thia ifternoon. The frst busineee ihen will probably be :o empanel the jury.?Provirltnc Jtmmul, JJrc. d. pKDICATIOItOFTHK MkTHOOIST ErfSCOPAt, ClItJBCH. -Th" new Methodist Church, corner of Ferry and Franklin streets, by the permission of Divine Proridrnce, will be dedicated to the worship of Alniglity God on Sunday, the 1th inst The Rev. li-hop Heilding will deliver the dedicatory aennon it 10 o'clock, A. M. ; Rev Dr. Levings will preach n the afternoon nt 2 o'clock, and 'he Rev. S- L *t ill man in the evening Collections will be taken ' ip tur.Mi -hoot the day, to aid in liquidn'ing the debt nc'irred by the erection of said church.?Albany thlai of ill lint. WiTrun ?Cold weather has set in?navigation ( I8S closed ?snow has fallen In the ilenth of SIX in ? :hr?> to ont* loot Ht Puffin. Mintm", Oinnnnati, ( uid St. Louis. | ( LD Pries# Two CmU. ARRIVAL OF THE Steamer COLUMBIA. FIFTEEN DAYS LATER. ,Ve\v? flrom fiitllu unci China?Slate of the Market*?More Failure*?DlatrcMtng Wreck*?Great Dinner to General Can, &c. Ate. The steamship Columbia, Captain Miller, arrived at Boston on Tuesday morning, bringing us new* from Europe fifteen days later. She experienced mucn rough weather prior to reaching Halifax She made the passage fioni (he latter place to Boaton in thirty-three hours. By this steamer, General Caw, formerly American minister at Paris, has arrived?also Mr. Stevens, bearer of despatches from the American minister in Belgium, to the State Department?also, Dr. Hagan, editor of ihe Vicksburg Sentinel. In the Cotton trade there has been no material change since the Acadia sailed. The aalea have been on a rather more extensive scale, but the tone of the market has not undergone any change worth noticing. The purchases are principally made by the trade. in the Corn trade there has been some litt|p improvement, but there in still great want of confidence. In London, Wakefield, and Liverpool, an opinion prevails that prices have seen their lowest point, hut there ure others who entertain a very different opinion. During a heuvy gale on the 9th of September, several ships lying at Table Bay, near Cape Town, were driven on shore. The American bark Fair, field, the ship John Bagshaw, the brigs Reform and l'enry Hoyle, the Schooner (<hika,and the cutter Albatros, were vessels which were etranded, but no liven were lest The proposed project has again revived of building a bridge across the Thames, from the stairs adjoining Lambeth Palace to the Horseferry-road. William Hone, the well-known author ot tha Every Day Hook, died at Tottenham on Sunday, 6th November, aged 63. At the usual dinner at the Mansion House on Lord Mayor's Day, Mr. Everett, the American Minister, was present as an invited guest, and made a speech in reply to a complimentary toast. A meet ing of the shareholders in the Great Western Steamship Company, was held at Bristol. The reporters for the press were excluded; it was understood, however, the meeting decided that the Great Western, which it was stated, is now making a profit, should recommence running in the spring, unices she should meanwhile be advantageously sold ; that the Great Britain, the immense iron steamer, should be finished and equipped for sea, and that the sum of ?20,000 should be raised on loan. Letters sent under envelope to any part of America nre charged as double letters by the Post-Office there?thus, 9d is the inland postage of a single letter ; but in an envelope the charge is Is. 6d. They who have friends should remember this. The failure of Ferguson, Dro hers & Co. at Calcutta, was much talked of. The amount of their liabilities in India was stated to be little more than ?10,000. The news from Persia continued to be pacific, but the neighborhood of the frontiers in bo'h countries was infested by robbers, who rendered the roads insecure for travelling, and impeded the commercial relations. The Britannia, from Boston, arrived at Liverpool on the 10th ult. The Queen and royal fumily had been on a visit to Dover and WalmarCastle. A monument to Grace Darling us to be placed over her rem tins., ut Hamburgh, and a tablet to be put up i'. the Fern It-land light house, both recording the particulars of her bold and humane exploit oo the 7thof September, 1838 The "Nuremhurg Correspondent" slates that a beetroot sugar manufactory was consumed by fire at Vienna on the 8th insl A similar calamity occurred a few d.tys since at Brunn, in Monravia. Madame Vestris and her huahand have seceded from Drury Lane, in consequence of a misunderstanding with Yacready, arising, it appears, from the manager having allotted to the lady a character in the forthcoming play of King Arthur, which aha considers " offensively inferior." Mrs. Vitzwilliam made her first appearance at the Hay market since her return from the United States, on Monday night, in a new monopologue, written expressly for her bv Buckstone. called " Belle of the Hotel."' The overland mail from India armed in London on the 6ih November, bringing news of an advance on Cabal having been decided upon by the English. From China, the news up to July 26, is bo far unimportant, that it appears to defer till next year any further advances on the capital, operations having been confined to further captures of comparatively insignificant places. The Kama mail brings disastrous accounts for the merchants, the failure of the India crop, and some heavy failures in India connected with Europe. There are two or three deaths to be recorded, via Sir John Crow, Sir G. T. Walker, Hart ; G. C. B., Col. of 50th Regiment; Mr. "Hone, author of the L'rerv I>av Book : Sir Geo. Walker. Lieut. Gover. nor of Chelsea Hospital; the Bishop of Cashel, another vacant see lor some protegee of ministers. Loss of tiik Rii.iascs East Indiana*, with upwards or Onk Hundiid Lives ?Extract of a letter dated Houlognt-Sur-Mer, Nov. 12, 1842:?It is our painful duty to apprise you of the total loss ot the Reliance, IfiOO tons, Green, which vessel came oil the const of Merlemont last night, and went to pieces this morning. iMie lelt Canton on the 7th ot May, with a cargo of tens. We regret to add that only about eight or ten persons out of 122, compo sing the crew, the remainder being passengers, have been saved. The last express we received from the coast does not give much information reSDcelinfffhe survivors Tho Fmliak P.?*an1 k.. gone round to the spot. The number of persons on board was?75 Englishmen, 27 Chinese, and 20 Dutchman?Total 122. Eos* or the Convict Ship Waterloo?Two ilnnorrn Liven Tx>nt, otrr or Three Honored and Thirty.?By extracts of a letter which wai received on Saturday by Her Majesty's ship Hyacinth, Irom Cape Town, riH Scina's May, dated August 29th, 1842, we learn that it blew a heavy gale on the 27ih ef Angus: in Tatde May. The next morning the inhabitants oI Cape Town discovered the wreck of the Abercroinbie, 1415tons,from London. About three hundred yards from her was the convict ship Waterloo, nnd within sight of the multi turie on shorr she nave a Ice-lurch amon* the breaker*. Alter two or three heavy rolla, hertbree maata went over the fide with a dreadful crash. Here follow the extract "The hatches were now opened, and the convict* rushed on deck. The sea was now making n clean breach over her. Immediately on the convicts ar iving on deck, about fifty jumped overboard; about itteen or twenty named the shore, and the remainler were drowned The cries of the i?oor wretches ?n deck were now heart breaking Each sea, as it nade a breach over the unfortunate veasel, carried a barn info 'he wafer, who of course were drown d Thouaanda of the people were on the beaeh.but ould not render the least assistance Oh! it was a lreadtul sight. There, within a stone-throw lay two