quite new, os financial langtinge. By pa per money, in its obnoxious sense, I under stand paper, issued on credit alone, with out capital, without funds assigned for its payment, resting only on t ho good faith und t ho futuro ability of those who issued it. Such was the paper money of our rcvo lutionary times; and such, perhaps, tnuy have boon the true character of tho paper of particular institutions since. Hut the notes of banks of competent capitals, lim ited hrnmoutit to n duo proportion to such capitals, made payable on demand in gold and silver,- and always paid on demand, arc paper money in no sense but one; that is to sny,. thoy oro made of paper, and they circulate a"s money. And it. may bo pro per enough for those who maintain that nothing should so circulate but gold and silver, to denominate such bank notes "pa per money," since they regard I hem but a? paper intruders into channels which should flow only with gold and silver. If this lan guage of the order is authentic, and is to be so hereafter, and nil bank notes arc to be regarded and stigmatised as mere "pa per money," the sooner the country knows it the better. The member from Misrouri charges thosd who wish to rescind the Treasury or der with two objects hrst to degrade and disgrace the President, and, next, to over, throw the constitutional currency of the country. For my own part, sir, I denounce no body; I' seek to degrade or disgrace no body. Holding the order illegal and un wise. I shall certainly vote to rescind it; and, in the discharge of this duty, I hope I am not expected to shrink back, lest I 6hould do something which might call in question the wisdom of the Secretary, or even of tho President. And I hope that eo much of independence as may be manifested by free discission and an honest Vote is not to cause denunciation from any quarter. If it should, let it come. As to an attempt to overthrow the con ftitutionnl currency of the country, if I wore now to enter into such a design, 1 eliould be begining, ai rnrher a late day, to wage war against the efforts of my whole political life. From my very first concern with public affairs, I have looked at the public currency as a matter of the highest iDtcrcst, and hope I have given sufficient proofs of a disposition at all tunes to main tain it sound and secure, against all attack's and all dangers. When I first entered the cecdingly deranged. Most of the banks had stopped payment, and the circulating medium hod then become, indeed, paper money. So fooo as a state of peace ena bled us, I took some part in an effort, with others, to restore the currency to n belter state; and success followed that effort. But what is meant by the "constitutional currency, " about which so much is said? What species, or forms of currency, does the Constitution allow, and what does it forbid? It is plain enough that this de pends on what we underhand by currency. Currency, in a large, and perhaps in a just sense, includes noi only gold and silver and bank notes, but bills of exchange also. It may include all that adjusts exchanges, and bellies balances, in the operations of trade and business. But if we understand by currency the legal money of the country, that which constitutes a lawful tender for . debts, and is the statue measure of value, then, undoubtedly, nothing is included but i gold and eilvcr. Most unquestionably tlicro is no legal tender, and there can be no le- , gal tender, in this country, under the au. thorily of this Government or any other, i but gold and silver, cither the coinage of out own mints, or loreign coins, at rates regulated by Congress. This is a constitu. tional principle, perfectly plain, and of the i very highest importance. The States are expressly prohibited from making any thing 'but gold and silver a tender in payment of 'debts; and although no such express prnhi. bilion is applied to Congress, yet, as (Jon gress has no power granted to it, in this respect, but to coin money, and to regulate the value of foreign coin?,- it clearly has no , power to substitute paper, or any tiling else for coin, as a tender in payment of debts, and in discharge of contracts. Congress has exercised this power, fully, in both its branches. It has coined money, and still .coins it: it has regulated the value of for eign coins, and still regulates their value. Tho legal tender, therefore, tho constitu tional standard of value, is established, and cannot be overthrown, To overthrow it, would shake tho whole system. But if tho Constitution knows only gold and silver as a legal tender, does it follow that the Constitution cannot tolerate tho voluntary circulation of bank notes, conver tible into gold and silver at tho will of the .holder, as part of the actual money of tho country? Is a man not only to ho entitled to demand gold and silver lur every debt, but is ho, or should ho be, obliged to demand it in all cases.' Is it, or should Government make it, unlawful to receive pay in any thing else? Such a notion is too absurd to bo sc. riously treated. Tho constitutional tender is the thing to bo preserved, and it ought to bo preserved sacredly, under all circumstances. Tho rest remains for judicious legislation by thoto who hayo competent authority. 1 have already said that Congress has never supposed itself authorized to make any thins but coin a tender, in tho payment of ... i . 1:. .!.!.. -I I !...!..!. I.. t . I.... UCUIS, uuiweuii muiviuum ami uiuiviuuui ; uui it by no-means follows from this, that it may not authorize tho receipt of any thinj; but coin in navmcnt of debts duo the United Slates, These nowcrs aro distinct, and flow from different sources. Tho power of coinago is a general power; a portion ol sovereignty taken from tho Stales and conferred on Con grcss, for tho sake both of uniformity and of grottier ducimiy. u is to uu ujvuiiisuu iur uiu benefit of all thu People, by establishing a legal tender and standard of value in all transactions. But when Congress lays duties and taxes, or disposes of the public lands, it may direct payment to bo mado in whatevor medium it pleases. Thoaulhoiity to lay taxes includes the power of deciding how thoy shall bo paid; and tho power granted by the conMiliilioii lo rinnse of tho territory belonging lo tlm Unit ed Stales, catrics with it, of course, tho power .nffixlnir not only tho piico, and iho condi. lion and the payment, but also tho medium nl navmcnt. Iiolh in respect lo duties and taxes, and paymonls for landu, it has been, r.cordinalv.lho constant prsclico of Congress in its discretion, to provide for tho roceipt of sundry things, besides gold and silver. A arly a sovontcen hundred and ninety soven the public stocks of tho Government wcro jtad receivable for Undi sold; 0n tlx per cents, at par, and other descriptions of slock I In proportion. I Ins policy had, probably a doublo purpoFO in view tho ono to sustain tho prico of Iho public slocks, and tho other (o hasten Iho sale and settlement of tho lands. Other statutes have given tho liko rceoivablo character lo Mississippi slock, and to Virginia land scrip. So Troasury note wcro made rrcoivablo for duties and taxes; and, indeed if any such should now bo found outstanding I bcliovo they constitute a lawful modo of payment, at iho present moment, whether for duties and taxes, or lor lands. Iiul, in regard both lo taxes and payments for lands, Conci'css has not loft thu sub ject without complclo leiral regulation. It has cxercipcd its full power. Tho statutes have; declared what should bo received, from debtors and from purchasers, and have left no ground whatever for the intcrferonco of Executive control. So far as 1 know, tlicro has been no period when this subject was not suliiccl to express leiral provision, When tho duty acl and lonnaco act were passed at the firtt session of the first Congress, an act was passed also, ot tho same session, contain ing a section which prescribed the coins, and fixed their values, in which those duties were to be paid. From thai tnuo to this, tho me diwn for Iho payment of public debts and dues lias occn a mailer ot nxed legal rignt, and noi a matter ol Lxcculivo discretion at all. I lie Secretary of iho Treasury has had no moro power over these laws than over other laws flu can ui) moro chango the lonal inodo of paying Hie duly than ho can chauzo tho amount of Iho duty lo bo paid, or alter thu legal means of paying for lands with any moro proprety than altar tho prico of tho lands themselves. It would he slranao, indeed, if this were not to. It would bo ridiculous to say that wo lived under a Government of laws, if an Executive officer may say in what currency, or medium, a man shall pay his taxes and debts to Government, and may mako ono rulo for ono man, and another for another Wo might as well admit that Iho Secrutary had authority to remit or givo in tho dcbl of, one, while ho enforced pay menl on the other J desire, sir, even at the expenso of some repetition, to fix the attention of the Sonato to this proposition, that Congress, having by the Constitution authority to dispose uf tho public territory, has passed laws lur Iho com plete exorcise of that power; laws which not only have fixed the price of ihc public lands, the manner ol sales, and the lime ol payment, which have fixed also, with equal precision, tho medium, or kinds of money, or of other tilings which shall bo recoived in payment. It has neglected no pait of this important trust; it has left no ground, not an inch, for Execu tive interposition, Thn only question, therefore, is, what it the law, or what was the law, when the Secretary issued bis order? Tho Secretary considers that that which has been uniformly done for twenty yeas, that is to say, tho receiving of payment for tho public lands in tho bills of specie paying banks, is against law. lie calls it au "indul gence," and tins "indulgence" the older pro poses to continue fur a limited time, and in f.ivor of a particular class of pnrolmscrs. If this were indulgence and against law, otic might well ask, how has it happened that it should have continued so long, especially through recent years, marked by such a spirit of thorough and searching reform? Ii might bo asked loo. why continue it longer, and especially why couliuiio it as lo some, and refuse to continue it as lo others ? But, sir, it is time to turn to iho statute, and to see what the legal provision is . On the SOlh of april, UJlu'.a resolution passed both Houses ol Congress. It was in the common form of a joint resolution, and was upprovc by the president -, and no one douts 1 suppose, that for the purpose intended by it, it was as authentic and valid as 'a law in any other from. Il ! provides, that ''from and after tho COth day of February next 18I7J no duties, taxes, debts or sums of money ac. cruing or becoming payable to thu United Stales, ought to bo collonled or received ntberwiso than in tho legal eurrency of the United Stales, or Treasury notes, or notcs of tho Bank of the Unite!) States, or in notes of batikfwhich arc payable in specie on demand in the said legal currency of ihc United States." This joint resolution authoritatively fixed the tigts of parties paying, and iho duties ofolficors receiving. So far as respects tho notes of tho Bank of the United States, it was altered by u law of tho last session ; but in all oilier parliculars.it is as I suppose in full foico at Iho present moment ; & as it express ly authorizes the receipt of such bank notes as arc payable and paid on demand I cannot understand how Iho receipt ol such notes is a matter of " indulgence." Wo may as well say that to bo allowed lo pay in Treasury notes or in loreign coins, or indeed in our ow ngold & silver, is an indulgence, since Iho acl places all on the same ground. The honorable member from Missouri has indeed, himself furnished u complete answer to thu Secretary's idea; that is to fay, he defends the order on grounds not only differing from, but totally inconsistent with, those assumed by the secretary, lie does not consider the receipt of bank notes hitherto, or up to the lime of issuing the order, us an indulgence, but as a lawful right while it lasted. Wow ho proves this right to bo now terminated, and terminated by force of the order, I shall consider pres. cutly. I only say now that his argument entirely, deprives the Secretary of the only ground assigned by him for ihc treusury order. The Secretary directs the receivers "to receive in payment of the public Inntls nothing except wlinl is directed by the exist, ing laws, viz. gold and silver, and, in the proper cases, Virginia land scrip." Gold und silver then, and in Ihc proper cases, Virginia land scrip, arc, in the opinion of the Secretary, nil that is directed to bo re ceived by ihe existing laws. The receipt of bank notes he considers, therefore, but an indulgence, a thing ngaiusi law, to be tolerated a litllu longer, as lo some case and then finally suppressed. Apparently nut at all satiehed with this view of the Secretary, of the ground upon which his own order must stand, tho mem her from Missouri not only abandons it altogether, but sets up another, wholly in consistent with it. Ho admits tho leguhly of payment in such bank notes up to the date of thu order itself, but moists that the Secretary of tho Treasury had a right ol selection, and a right ot rejection also and that, although Hie various modes of navmcnt provided by tho resolution of 1010 wore all cood and lawful, till the Secretary should make some of them otherwise, yet thai, by virtue of his pnwor of selection or rejection, bo micht at any timeelriku ono or moro of them out of the list. And this power ol selection or rejection he thinks ho fin"" ,n ' "minion oi loin I incline to think, sir, that thu secretary will bo as little satisfied with the footing on which his friend, the honorable member from Missouri, Ihtts places his order, as that friend is with the Secretary's own ground. For my part I think them both just hairnghi; that is to say, both, in my humble judge ment, are just so far right as they distrust and disclaim tho reasoning of cacti other. Let inc state, sir, as I understand it, the honorable member's argument. It is, that the law of 10IG gives the Secretary a se lection : that it provides four different modes, or media, of pnymcnls; that the Secretary is lo collect the revenue in one, or several, or all these modes, or media, at his discretion ; that all nrc in the disjunc tive, a? I think he expressed it; and that the rcsolulion, or law, is not tnondalory or conclusive in favor of any ono. According to the honorable member therefore, if the Secretary had chosen to say that our own eagles and our own dollars should no lon ger be receivable, whether for customs, taxes, or public lauds, he had a clear right lo sny so, and to slop their reception. Before a construction of so extraordinary a character bo fixed on the law of IUIG, something like the appearance olorgumeiil I think, might be expected in its favor But what is there upon which lo found such an implied power in the Secretary of tho Trcnsury? Is thoru u syllable in the whole law which countenances any such idea tor a single moment ? There clearly Is not. The law was intended to provide, and does provide, on what sorts of money or other means ol payment those who owe debts to the Government shall pay those debts. It enumerates four kinds of money or other means of paymunt: and can any thing be plainer than that ho who has to pay may have his choice out of all four? All being equally lawful, tho choice is with the prayer, and not with the receiver. Tins would seem to be too plain either lo ho argued or to be denied. Other laws of tho United States have mado both gold and Silver coins a tender in the payment of private debts. Did any man ever imag inn that in that case thu choice between the ccins to be tendered was to lie with the party receiving? No one could ever be guilty of such an absurdity. And un less there be something in tho law of 181C itself, which either expressly, or by rea sonablc inference, confers a similar power on the secretary of the Trcnsury in regard to public payments, is there in iho nature of things, any difference between the cases; Now, there is nothing, either in the law of 181G, or any other law, which confers any such power on Ihe Secretary of the Treas. ury, either directly or indirectly, or which suggests, or intimates, any ground upon which such power might be implied. In deed thu statement of the argument seems to inc Piioiinh to confute it, Ii makes the law of l.'JIG not a rule, but the dissolution of all rule; not a law, but the abrogation ol all existing laws. According tu iho argu menl, tho Secretary of the Treasury had authority, not only to refuse the receipt of 1 rcasury notes, which had been issued upon the linlh of statues exprcs.-ly making I hem receivable for debts and duties, anil duties, and notes of the Bank of the United Stales, which were also made receivable by the law creating the bank, but to re fuse also foreign coins, and the coinage of our own Mint; putting thus the legislation of Congress for fivu'and-twenty years at the unrestrained and absolute diicreliou of the Secretary of tho Treasury. It ap peals to me quite impossible that any gen tleman, on reflection, can undertake to support such a construction. But the gentleman relies on a supposed practice to maintain his interpretation of the law. What practice? Has any Sec retary ever refused to receive the notes of specie-paying banks, cither at the custom house or the hind offices, for a single hour? Never. Has any Secretary presumed to strike foreign coin, or Treasury notes, or mil' own coin out of the list ol receivables? Such nn idea certainly never entered into the head ofany Secretary. The gentleman argues that the Treasury has made dis criminations; hot what discriminations? 1 Mippuse the whole truth to be simply this : that, admitting at all times the right of the party paying to pay in notes of ipecie-pay iug banks, the collectors and receivers have not been held bound to receive notes oi dis tant banks of which they knew nothing, and could not .judge, therefore, whether their tunes came wiinin too law. muse collectors and receivers were bound to re ceive the bills of specie-paying banks; but, as that duty arose from the fact that the notes tendered were tho notes of specie paving banks, that fact, if not notorious or already known to them, must he made nown, with reasonable certainty, before the duly to receive them became imperii live: I suppose there may have been Trea sury orders, regulating the conduct of col lectors and receivers in this particular. Any orders which went further than this would go beyond the law. J he honorable membcrnuotcs one of the by-laws of the late Bank of thu United Status; but what has thai lo do with the sujjcct? Does the honorable member think that the by laws of the late bank wcro laics to the l'eoplo of the United States? I ho bank ,vns under no obli"a Hon lo receive any notes on deposilo ex cept its own. It might, therefore, make just such nn arrangement with the Treasu ry as it saw lit, il it saw fit to make any. Uul neither thu Treasury, nor tho bank, nor both together, could do awuy with the written letter ol an net ol Congress; nor did cither undertake so to do. But, sir, Whatlmvo been the rjentletrian's own opiinnns on this subject heretofore? Has no always ueon ol the opinion that the Secrotnry enjoyed this power of selection, ao lie now calls it, under the law of ItflG ? lias ho heretofore looked upon thu various provisions of that law only ns so many mnvcablu and shifting parts, to bo thrown into gear and out of gear by the mere touch of thu Secretary's hand? Certainly, sir, ho has nut thought so; certainly he has looked upon that Inw us fixed, definite, and beyond lixecutivo power, ns clearly us othor laws ; as a statute, to ho repealed or modilied only by another statute. No Ion ger ago than thu 23d day uf lust April, Iho honorable member introduced a resolution into the senate in the following words "Resolved, That from and ofior tho day of , in tho year 1030, nothing but gold and eilvor coin ought to bo received ' ' and lh '
Committee on Public Lands be instructed I to report a bill accordingly." And now sir, i ask why the honorable member moved here for a bill and a law, if the whole matter was, in his opinion, with, in the power of the Secretary of the Trea sury? The Senate did not ndnpt this resolution, A day or two after its introduction, und when some little discussion had been had upon it, a motion to lay it on the table pre vailed, hardly opposed, I think except by the gentleman's own vote. A few weeks after this disposition had been made of this resolution, tho session came ton close, and seven days after the close of the session, tho Treasury order made its appearance. But this is not all. There is higher au thority than even that of tho honorable member. Looking to the expiration of the charter of the Bank of the United States, the President, in his annual message in December last, said it was incumbent on Congress lo discontinue, by law. the receipt of tho bills of that bank in payment of the public revenue. Now, ns the charter was to expire on the 3d of March, there was nothing to make its bills receivable alter that period except the law of IUIG. To strike the provision respecting notes of the bank out of that law, another law was in deed necessary, according to my under standing; but I do not conceive how it should be thought necessary upon the con duction of the honorable- member. Both Houses being of opinion, however, that the thing could not be done without law, nn net was passed for that purpose, and was ap proved by the President. Here, then, sir, is the gentleman's own authority, the au tority of ihc President, and the authority of both Huusos of Congress, for saying that nothing contained in the law of liilG can be thrust out of it by any othor power than the power of a subsequent statue. I am therefore of opinion that tho Treasury or der of the I lib of July is against the pin in words and meaning of the law of 1!!1G; against the whole practice of the Govern ment under that law; against the honorable gentleman's own opinion, as expres-ed in his resolution of the "3 of April; nml not recoucileablo with thu necessity which was supposed lo exist for liio passage of the act of last session. On this occasion I have heard of no at tempt to justify the order on the ground of any oilier law, or act, but the act of llilG. When tho order was published, however, it was accompanied with un exposition, ap parently hall official, which looked to the land laws as Ihe Secretary's source uf pow er, and which took no notice nt all of the law of ttJIG. Thelandlaw referred to was the act of 1820; but il turns out, upon ex amination, that there is nothing at all m that law to support Ihe order, or give il any countenance whatever. The only clause in il which could be supposed to have Iho slightest rclcrunce to the .subject is Ihe pro. viso in the fourth section. That section provides for ilio nolo uf such lands as, hav ing been once sold on credit, should revert or become forfeited to the United Slate through failure of payment, and the proviso declares that no such lands shall be again sold on any other terms than those of "cash payment." These words, "cash payment." have been seized upon, as if they had wrought an entire change in the important provisions of the law of 18IG, and already established an exclusive specie pnvment fur lauds. I he idea is too futile tor serious refutation. In the first place, the whole section applies only to forfeited land-; but the truth is, the term "cash payment," means only payment down, in conlrndistinc tiou to credit, which had formerly hern nl- lowed; just as the same words m the tariff act of July, 183'.!, mean payment down, in stead of payment secured by bonds, when it snvs that the duties un certain article) shall be paid in "cash." As to the second section of ihc land law of ll.0, which was set forth with great formality hi the expo sition to which I have referred, ns furnish. authority lor the Secretary's order, there is not a word in it having any such tendency; not a syllable winch has any ap plication to the matter. That seel ion de dares, that nfier the first dav of July, in that year, every purchaser of land at pub lic sale shall, on the day of purchase, make u complete payment therefor ; ond the pur chaser at private sale shall produce a re ceipt for the amount of the purchase money on any tract, belore he shall enter the same nl the laud office. This is all. It does not say 'toio the purchaser shall mnko complete payment, nor in what currency the purchase money shall be received. It is quite ovi dent, therefore, that that section lends the order no suppurl whatever. The delence of the order, then, stands I bus; The Secretary founds it upon tiie idea thai nothing but gold and silver was ever lawfully receivable, iind that thu re ceipt of bank hills has been nil along an "indulgence," against law. For this opin ion he gives no reasons. The honorable member from Missouri rejects this doctrine; he admits the receipt of bank notes to have been lawful until made unlawful by the order itself; und in sisls thai Ihc Secretary's power of stopping their lorther receipt, arises under the law of I11IG, and is an nuilmnty derived from it But then, the long and lialf official exposi tiou which accompanied ihe publication of tho order has no failh in the law ot 10IG as a source of power, but makes n parade of totally and perfectly inapplicable section out of the land law of IS'.'O. Grounds of defence, so totally inconsistent, cannot all bo sound, but thev may be all unsound; and whether they bo so or not, is a question which i wouiu wiumgiy move 10 inc ueci? inn of any man of good sense and honest judgement. I take leave of this purl of the case for the present. I muy piiuso at least, I hope, until those who delend the order shall bo butter agreed on what ground to place it. Mr President, I am indifferent to the form' in which the Treasury order may be done uway. Gentlemen may plcaso them selves in the mode. I shall bo satisfied with the substance. Believing it to bo both illegal and injurious, I shall vote to rescind, to revoke, to abolish, to supersede, to do any thing which may liavo tho effect ot terminating its existence. A STORIA. or anecdotes of an enter x prizo beyond the rocky mountains, by Washington Irving, in two vols. For salo V. 11AHJIINGT0N. SlffflU'ia at ggtnnfttiiflton. Washington, January I2ib Tho committee appointed lo enquire whether de li wit hanks employ nn ngcul, kc. in this eilv, mot ihi.s morning. Mr. Whitney was Mimmonp'd uud iillrnded, tint declined for tlx: prc.cnl, iinsviering nnyinlerrogntoriei rrsppcling his private concerns, having picvioudy aimed, lh.it liu was not nn agent of iho government, kc. Un will ultim Holy nn swer. I It jvo no doubt, und I ilunk so, hccimo his peculiar situation renders it iiulif.pcuably ncrcM.i ry, Inasmuch ns it icfusal lo answer, would he po co.ntiucilm to scruio soma notion of Onugicss that would put an end lo his agency, whatever may bo its chin ni'icr. Yesleid.-iv lliBCommillrc of Wnys and Mean, or ritihr, the majority of (lint Committee mailo llipir long expected tariff report- There win no ininorhy report. Mr. l-awienco of Ifo-lon, who ij niiiong iliehejt informed nud moat priir.iir.il man in Congrenon this subject, mado n bold uud man lv rrsUlnnco. I lo ii one of ilin ininmiiy in llio Commiliee, which minoi iiy coini,ti of ill r, Law lenre, .Mr Cm win mid Mr, Ingersoll. Mr. Law. iriire moird un indefinite puipunemeiit of iho hill, In the piogic.M of liia iuin.it ks, ho win 'ovHial tiinca inieriupled on point of order. The Vim Huicii puly leh iho foice of what lie said; and feeling ulanned ntllic pioli.ibtc couse( lenccs uf hi argument going foil li lo I lie nation, lliev eniluavmcd lo gag 1 1 1 in down ; and in llio event ol that hiding, they hoped so In embarrass iin I worn' him, in lo piodnceilie same in.nih in :i diffeieiifwav. Hut u calmness mid cqnaniuiily of leinppr, fur which be is lemaikablo, Ijoie him mou iiiiunplianilv through llio icmprvt ihpy endeavoird lo rai-e. When llio Hume adjourned no qtifuliuii iv.h inken Tliis nioiuing Jlr. Coriviu ol Ohio renewed ihc ilcbnle- in favor of Aft. liwicuce's motion for in- lefiniic postponement. Thin ppceeli occupied about j iwohoni?. During ilicfiict hour it wm pmfuuni! i and logical, wnh me occa,oaal llighis of fancy I , i""--'.v ucincii-u. ins manner ; ins iio; iiHmguincul would have ilono honor m liny leliherme body. Since I haw: been in Waidiin '. tun, I h ive not heaid ii more (iiiiflicd niece of elo- qiionre on iho floor of eiilier br.ich of Congirt,. Mr. CiKhniaii oriW llninp,hiru ohiuincd ilio i uoor. uul lur n lew momenta it was not in iho now. erofllio .Speaker loprceuo order, and sucl, wa ilioconfimoii that ihe honorable member had to , his seal. The whole home anoeaicd n, ln in titter. 'I lie galleries liejun lo niii, nun- and unit- t ci- liiu " Previous Question." Hut it w.h u mistake, for the honorable gentleman ioso lo make i (.perch in fivnr of ihe report, which hoiironiiliuir' vornbletonieduclionofllieduiie on loiei-n in.- ' pons lo iho aciual warns of ill.' Government : Or in oilier viirds,lo a complete and instantaneous over- ihrow ol iho compiomisi! bill. Aie such ihe sen- ticut. n? forming a part uf the ailminislra liinents of Pjew Kiigland, or eve,, of New I lamp. lio v jn U)1)sU umj a. ,hQll) ,0 siino i ii i icy aie, nese may, posaio y, lie srai- 1(1 J ' J" jVr. JUuhlenbtng, afiern few preliminary ,c. 1 nks, mined to lav ihe icimii and bill on ihe inble. I On ibis million, ilio je.is and n ijs wcio oideied. int. Ciinlnelin ' nilriiipieil lo in. ike an anneal i lolbeg,.,i.leui.i r.omlWstvnni., , (.tr. Jlulilen. . limgh) prajiiig him in willnhaw ihe inoiion ; lint I il mil belli.' ii ileli.ili'.ilile ciiiesiiini, loud cues ol order, otdcr, iunncdiair ly fiillnwcd. Stir, iiiini ol Sew loil; fixed himself for :i ppecli, Mr. Speaker (said hej "ihis is un iinpor am" loud and i chelated ci ii's of aider ; order : order, Ai lengih lln honoumbte member exel uni. ed, "Mr. Speaker, 1 wUh lo make a motion." hood cues "make vour molion, but no rpi'i-rh ;" wheienpon Mr. il.inn moved a rail ofilm house, Aliich was ngtcPil lo, ami ilicu lue nueslioii vv.w ken on Mr. .1nhlenhuigli's molion lo lav ihe repel t on l lie lable. and lina by a luge majority. I bus was t piiiisvlvain.i voird down by i lie Van liiueiiilcs, us llat as one of her nice Dutch nun- COATS. In tho opinion ofinany, llus is a"promonitorv symptom," as tu iho fate of tho bill. At any rate, it indicates thu mliiiencu dfi Mi. Miihlon. ! burgh, and is not auspicious, (so far as he and j liis friends are concerned) as to his obtaining n scat in Iho next cabinet. The real, orthodoM an i,uren pariyr.ro in high igloo with tho vote taken to day. 1 hey con.-.der il certain that late llhodo Island, Connecticut and I'oim-vl- vania on the prospects which aro boiiinmi' to dawn upon their homo industry, ".ol Ihmn adhoro lo "Hie discipline ol thu p.irlv." and llio wholo manufacturing interest of the conn. try, will be prostrated in a few months, antllbr ono, mill mock ictun their fear comcth unnn Hum. After the failure in the Hnuscto-day. of Mr Muhlcnburg's resolution to lay the Turin? 15 ll and Report on the tablo, a motion wis made lo adjourn, which, il was evident, would pre. vail. In the midst nf tho confusion which al ways precedes au adjournment, Mr Ilnrinciran, a member of the Indiana dclcgalion,askcd leavo to present, willin view lo havo printed, a sul slitute. which ho intendnd in duo lime In nlKsr lor tho second section nf iho Bill. Tho motion was agreed to, the subslituto not having boon read, and the House scarce appcariuz to un. dors-land Ilia nature of the motion for which they had voted. Mr. Adams did indeed take fright and ask lo have tho subslituto road. Hill Iho moment was gone by, for llio molion had been announced by the Chair as having been agreed to. I look some pains, after adjournment, In .is certain what this substitute for the second sec. lion was uud I found that it embodies substan tially, and almost verbatim, tho land Bill te portnd by .Mr. Walknr.of the Senate. Tho VVuil, generally, was too deeply inter ested as a producer of many of thu articles comprehended in the Compromise Bill, to sanction .Mr. Canibrcdeng's project; and the only way by which thu parly niun of thu West could bn induced lo back it" with their votes, was by having soinothmg in thu shape of a boon. Remarks of Mr. Lawrence, of Massachu setts, on the TarirY Bill. Mr Ltwrcnce rose and said, that, ns one nf the Committee on Ways and Means, and as one of the minority of that commit tee un this subject, he hoped he might be permitted to express his dissent from the principles of the bill and t ho report which had just been read. This was a measure of grave importance. It was no less than a bill to reduce suddenly the revenue of the country, which, by a law passed in the year lf)3:J, had been imposed lo bo redu ced in JIM2, or in other words, in five years nun u uni, irom mo nr'seni time, it wns a bill to bring down the revenue in eigli. teen months in a standard lo winch it would have been reduced in five years and a half. no wisiieu uiHinemuurs minis House to reflect for u tr.ot -nt un the tiriucinlcs con tamed in the report, and on the efiect which must tie produced if they were carried into operation, lie would put the question lo every member of the House, whether he really understood the reasons upon which the bill had been introduced at Iho present time; whether there was any suriuus, any abiding feeling in this House that tho lull was to becoino the law of the laud. The mcasuru was of so much unportnnce, that il was necessary that the country should know and understand what it was; thai they should bo well advised of its objects; that this sudden legislation on questions invving the greatest and most vital inte rests uf the country, eliould not go forth upon the peoplo like a clap of thundor on a eummor's day. What, ho would t- upon the country of simply making the re port? It would be to create a panic from one end of Ihe country to the othor.--What was the stnto of the country nt this time from Mnino to Georgia? What tho condition of thu currency? Tho rate of interest un money in our commercial Statco was from fi'tcen lo thirty per cent per an num, rind ho heltcved in some of Iho new States it was still higher. Already n pan ic hntl been created out of the peculinr condition of the finances nnd currency of the country. And what was the bill to do but lo increase that panic? Mr A. Mercer rose to u question of order. He wi-died to' know if it was in order to enter into a regulir debate on the merits of the hill nt this limn. Mr Lawrence hoped the House would permit him to sny a few words more. lib intended to ninken motion to lay the Bill on tho table. Ho wished to appeal to some of the Representatives of the people on this flour; he wished to nsk them wheth er this was intended n n parly measure. Sir, said Mr L. 1 hope it is n it. But I op pal to the Representatives from the Stale of Pennsylvania to say, whether or not they nrc ready to give their sanction to the doctrines contained in this Report nnd Bill. I appeal to the Representatives Irom the Stale of New York to say whether tho citizens of that State are in favor of llna I measure? Sir, 1 cannot believe that thev are. I know there are many gentlemen on tlm f.oor, members of Hint State, who nrc j Hi vo - oT it: but Iho majority of the I fl. ?,. f M., y,,,!. cTnfn ' , ... " . "" ' know, never Will sustain It. I appeal to the Representatives from the S'ate ot Ohio, and of all the srain crowing stated 0f u,0 wcsl. whether they havo no interest :.. .i i.,i... i " 'I '""" ' IB""-..... nr,! ,ri"y representing ho interests of HH conslll uonls, who will say trial lie is willing lo place the whole industry of this country mi iho same foundation as that on winch the indu-lry of the people of Kuronn Maced.3 No. Mr, I believe no such thin 1 "I'i"'11' '' Ivoprp-onitve irom IHC .v. bnglaiul btmes', in whole or in part ; 1 ut- Deal to the ILi'prrsentol ives from Conncc- . , ,', .. , , . ,, say whether they dare go homo to their constituents with this report in their hands, and say lothcm "Ibis is our duel rine we will stand or tall by It." Sir, they would nr. t l,n ciuininnil l',,r m,,m,.ni I l.-mnu ,huru is difl'jronco of opinion amongst Ihe representatives from the New England Stale, on the principle of protection, but I iipi'al to t ho in to say wnether I am nyl correct in asserting, that there is none on this point, namely that "this exlraordi nary reduction at this lime, under ihe-e ciri'uiiist.'inces, without any shadow of u plea, cannot he sustained. What says tho Secretary of the Treasury? lie says ihat lh" revenue for the present year will be deficient, lie alleges, und he i. ixrmil rm thorny, that after the iipp'npnni n,n. 1 1 1 r. will be inide nt this ses-inn, there will Im 1 u,t,Jr tlnrly-Urn nt IJ.Teni'i.ir in.t. a I a deficit of about thret! iinllimis of dollar,.. W hat, iiidividuiil m tin Inni-e know- nny thing about the revenue nl' I ti31i. who knows what revenue maybe tec'ived from iinj cu-Umis or Ihe public lauds. Who ean . Wm, milV happen in n year and nln.lf frm lllm., Nll ,,, W, ei.fl.1M1,v , j m. , 1 , ' , 1 . ', "? ,'xl",c":,) al clo-, ul I by vear. Why ! " ' '"".ul" "I1""1"' 1 "t vvn" "llJct 1,1 prvpo-mj litis moa-nre ! '""V" b''- I'"1 ' know that Hit! ' etiect o! the pas-nge nf the Ilill, will b, in prn-irni.! tin; eiuitidiMice already so greatly unpaired. What is in be Us effect on lln; great mteri'-is of the country? H is In weaken those bonds of confidence and credit Ihat materially bind commercial communities together. Will any gentle man here, uni u member nf ihe committee but, a member of lh" udiinui-trnl inn party 1 ' ' "Mip. .-lure, N. Jersey, Rhode Island, or nny other State, who may know more of tho mattter ilnn 1 do. rise in Ins place and say that he will sustain this measure, und that ho believes it to be for the interest nf the country tint it should become the law of ihc land at ibis time? Tins may seem u liu'lit inutcr. hut sir, you are 'tampering with thu great intere-t of the country, you propose In ihrovv open your purls In tho world, nnd son usk nothing in return. -- W ill von export more tobacco or cotton or nny other article of produce, if the du ties arc Inken oil' to m irrow ? Who taked our produce? Great Britain takes n great portion, and thu coutinoni ol r.urope some, but only such articles as they cauuol them selves produce. What are the duties m Great Briton on agricultural products? Mr. L. here read from t he British Tariff the statement of duties on cerium articles, with a view to shew that the Tar'uTm that country umoiin- leu in lact. to total proliiuitilion nn many of our nrticlesof agricultural produce, and that nothing was allowed to be entered for consumption in their ports which interfered with the indu-try of the country. The Speaker here iiitunuted to Mr. L. that it was not in order now to go into the merits of the question. Mr. l then addressed himself par. ticularly to the Cotton planters on tho floor of the House, entered into some gen eral statistics in relation to that staple, und asked if these gentlemen were owaro thnt the quantity of cotton now manufae lured in the U. S. was equal to the wholo crop in ihe year 11120? nnd that the con sumption of this country now, wo8 equal lo ihat of Great Britain twenty-three or twenty-four years ago ? Would ihe Cot ton Planters of the South close their eyes In these facts ? Hid t hey not understand that l hey had number competitor in trio nuiruoi, uy winch circiinisltinco they wero enabled lo obtain higher prices for their staple? And did they not know that tho manufacturers of this country look moro than n fifth, und nearly n fourth nf tho whole crop produced bv them ? Would thoy, with such startling fuels as these bo. fore l hem, nndertnku to i.ay that they had no interest in this question Ho would leave tins matter tu tho good sense of those gentlemen who understood their own interest, and who would not look on and sec them sacrificed. Mr. L. hero invoked the mcmbere from tho western, middle and tho New Eneland c,"t"' ond especially