FOURTH SERIES. No. 22-VOL. IX.] BALTIMORE, JAN. 25, 1834. [VOL. XLV. WHOLE NO. 1,166. THE PAST THE PRESENT FOR THE FUTURE. EDITED, PRINTED AND PUBLISHED BY H. NILES, AT $5 PER ANNUM, PAYABLE IN ADVANCE. weak and distant offices being necessarily retired, to prevent organized and malicious "runs" upon them. We have latterly given up a great deal more room to the bank, and things about banks, the currency and the effects of late proceedings, than we wished-and now insert a long list of articles on these subjects; but such The question concerning the removal of the deposites matters seem to have reached the fire-side of almost every had not yet been decided in the house of delegates of Virman, and the course which has been pursued imperiously ginia. Two to one appear disposed to reprobate the represented itself. Some more of the speeches must be in-moval in severe terms; but as if to lessen the weight of serted the leading one is that of Mr. Benton, who fol- such a vote, the minority have tacked to the resolutions a lowed Mr. Clay, and it is probable that we should have declaration against the constitutionality of the bank, and incurred an extra expense to give it next week, had a long and ardent discussions have followed. We cannot copy of it, entire, been in present possession; but it has pursue the subject through its numerous phases. It was been published so much in "shreds and patches," that we expected that we should have had the resolutions as passcannot, confidently, make out a perfect copy, and dare ed for this day's REGISTER, but they have not arrived. not venture on any other, in consequence of its extraor- Since the preceding was written, we noticed the followdinary length. We wish to insert several other speeches, ing in the "National Intelligencer" of yesterdaybut these must be recorded at leisure. The times are too Richmond, Va. Jan. 21. busy, and our means too small, to do otherwise. The article on the "power of the bank of the United States" was prepared nearly two weeks ago, and intended for the last REGISTER, but excluded for want of room. It is not the subject on which we expected, this week, to pay our personal respects to Mr. Ritchie, and return one of his beautiful compliments. The article is written, but must be, at least, deferred. The "venerable veteran" certainly "discovered a mare's nest," to use one of his own elegant terms, when he found out that even Mr. Niles objected to the present power of the bank, for he has always opposed a renewal of that power; but never admitted that it has been abused by the present administration of the bank-and humbly begs leave to believe that there is some small difference between the admission and the non-admission, though even Mr. R. as an "able editor," and having a special regard to the "loaves and fishes," may be pleased to regard them as the same! Mr. Webster's speech, on Monday last, on the presentation of certain resolutions adopted at the great meeting held in Boston, to take into consideration the present state of the money market, &c. will be read by every body; and, we hope, have no small degree of influence over the public judgment. This speech will quiet a great deal of silly gossip-"about matters and things in general." The "National Intelligencer" of Thursday contains the speech of Mr. Poindexter on Mr. Clay's resolution, directing an inquiry into the alleged distresses of the community, &c. We would gladly insert it, on account of the many important facts which it contains but notice it now for the purpose of mentioning an incident which happened at its close: Mr. P. spoke of the depression of the cotton market, and the embarrassed state of things at New Orleans, in consequence. Mr. Benton produced a letter just received from that city, imputing the distress to the reduced discounts at the office of the bank of the United States, located there. Mr. P. asked if the writer of the letter was not connected with one of the pet banks; and on Mr. Benton's reference of the letter to Mr. Poindexter, the latter said that the writer was president of the Merchants' bank at New Orleans, one of the banks selected to receive the deposites. A prompt, and hearty, and general laugh followed. The substance of the letter was that the office had been ordered to reduce its discounts one million of dollars; that it bought bills on the north without limitation, but refused the best endorsed paper on the west. Messrs. Gales & Seaton: to 32. With the report of the postmaster general, now inserted, we conclude all the reports from the great departments of the government, transmitted to congress with the message of the president on opening the present session of congress; to some of them, however, are attached numerous reports and statements, from which liberal extracts will be made when room can be obtained to insert them. By some oversight, we omitted to give the report of the postmaster general for 1832; but, on account of the peculiar situation of his department, now insert all the financial part of that report. We mentioned in a former number, that the election of Mr. Tazewell, to be governor of Virginia, clearly shewThe first ballot is the one by which a just judgment must ed the political character of the legislature of that state. be formed. It stood, for Mr. Tazewell, (state rights man), 67; for Mr. Watts, (nat. republican), 46; for Mr. Daniel, (Jackson-Van-Buren), 40; Mr. McDowell, (unknown), 7. For the two first, being anti-Jackson, 113for the two last 47. The "Richmond Whig" says "The friends of Mr. Watts were prepared to sustain Mr. Tazewell, against Mr. Daniel, or any Van Buren man. They rejoice, (losing their first choice of Mr. Watts), at the election of Mr. Tazewell. "We congratulate the state upon Mr. Tazewell's election, both in consideration of that gentleman's superior and brilliant claims, and the sign that is thus revealed to the world. We learn that the kitchen cabinet was staggered by the vote in the election of public printer, and confounded by the Richmond movement on the deposites-let them henceforward and forever, give up all calculations upon this ancient and renowned Ritchie may send Jackson the reply of Caius Marius "Go and tell your master, you have seen Caius Marius, sitting on the ruins of Carthage." Commonwealth. The drawing or dealing in lotteries, in New York and Pennsylvania are now severely prohibited by the laws of these states, which persons will find it very difficult to evade. We have, after a long interval, a few seraps of news from Europe, and we give a brief notice of them, though nothing important is stated. Admitting all that is stated, these directions might not A "Washington national monument society" has been have diminished the general amount of accommodations | established at Washington to raise funds for the erection at New Orleans. The bank has increased its circulation of a monument to the memory of the "Father of his counand will, certainly, gather strength in those particular try," which, it is hoped, will be without an equal in the places whereat its notes are made payable, those of the world. It is much to be wished that to its desirable magni VOL. XLV-516. 25. ficence, may be added something useful. Such as an observatory, with rooms below for public purposes, when needed. These things ought to have been understood and regarded—but they were not. Prejudice and passion held dominion over them-stimulated, perhaps, by speculators in the back ground, reckless of the issue, provided only The legislature of Lower Canada has just commenced their own foul purposes were accomplished. And, as its first session in the new and splendid building ereeted we have said many times, if the rightfulness of the refor its accommodation. The location is a most beauti-moval of the deposites was admitted-the manner of ful one. The population of Upper Canada is 296,544. their removal remained altogether objectionable. See There is much political dissention in both provinces. In the correspondence between the cashier of the bank and the lower, a large number of the members of the parlia- the treasurer of the U. States. The humiliation of the latment seem resolved to hold no intercourse with the go- ter is perfect-his vindication of the "transfer draughts" vernor, lord Aylmer. is a poor and miserable effort to relieve himself of an unlawful act. But these hostilities on the part of the POWER OF THE BANK OF THE UNITED STATES. The government compelled the bank to arm itself, at every following from the Richmond Enquirer", shews the point. It would not rely upon either the justice or formanner of what many believe is a very strong argument bearance of persons in power. It knew not what office against a renewal of the charter of the bank of the Unit- might be assailed, to discredit the bank, in mere wantoned States, or the establishment of any similar institution: ness of mischief-and therefore gathered up its resources, "A member of the legislature justly remarked on Thursday, steadily, but not severely, as its own means of accommothat 'the existing panic was with him a conclusive argument dation were lessened. If the bank had been permitted against renewing the charter of the United States bank. It showed how strong that institution was, which could disturb to use its own discretion, and with a view to the winding the commercial interests of a whole people. Let this great up of its affairs on the expiration of its charter, a power be exerted, as the interests of a moneyed corporation panic" might not have ensued; for self-interest would would frequently be exerted, for political purposes, and it have induced an easy and gradual retirement of its faciwould prove dangerous to our liberties, and superior to the con-lities afforded to the business of the country. But this stitution. In fact, the monster had originated in a rape of the could not be allowed! It did not suit the personal or constitution, and it would only exist in a constant defiance of its principles."" political purposes of individuals, who seemed resolved That a "panic" exists, cannot be doubted; and the co-to use the public money for their own private profit, or operation of all the “organized” presses, and “collared" editors, cannot relieve it, say what they please, or in do ing all that they are ordered to do; and this "panie" is not an idle one-it exists because of an unprecedented pecuniary pressure on business-men, in consequence of a sudden transition from a money market which offered abundance at less than five per cent. per annum, to one which affords only a stinted supply even at the ruinous rate of eighteen and twenty-four per cent. per annum!* and this too when "money" ought to be plenty and the curreney active and sound. So it would be if confidence had not been destroyed by the proceedings had concerning the removal of the deposites. make it bear upon the next election of a president of the United States! The plain appearances of things justify these conclusions, and we know not how to use the language that belongs to them. It was a bold move uncalled for, and without the shadow of rendering a public service; for the great official complaint is, THAT THE BANK IS TOO ABLE TO MEET ITS ENGAGEMENTS!!! It would not break, nor even bend, to "authority" and has the lofty merit of not having misused its power-of suffering persecution, without returning evil for evil, though so capable of inflicting it. Herein is the real cause of the renewed bitterness of its enemies. It has wrapped itself up in its means, and won't be “crushed!" This obstinacy is unLet us inquire what has caused the “existing panic.“ pardonable! Instead of existing in the "forbearance" Was it the bank of the United States, or "the govern- of "the government," as Mr. Kendall said that it did, it ment?" It is notorious, that the latter seemed resolved to is so that most of the new deposite banks may exist only "crush" the former, as a "reptile, beneath the feet of the in the forbearance of the "reptile"-the thing to be secretary of the treasury," and the malignancy of the "crushed" at will. If the subject were not too serious, "agent," and of those who acted with him, or for him, one might laugh at the baffled pomposity of the authors was not to be appeased with any thing short of that of the "existing panie," Messrs. Kendall & Co. in seemcrawling condition. Thus the bank was forced on its owning alliance with brokers and speculators who fatten defence, so that, in defending itself, it might prevent a upon the sufferings of honest men. It is well, indeed, general stoppage of specie payments, and the wide ruin that the bank had "power" and yet holds it, to withstand that would inevitably follow in the FINANCIAL ANARCHY the assaults made upon it. If it had not, the "existing contingent upon a failure of this bank to meet its engage- panic" would have been only a type of the broad dements. It now furnishes what may be emphatically call-struction that must have followed in a complete deed the currency of our country, which is uniform and rangement of the currency, and a total loss of confiwholesome, and controls imprudent or dishonest issues dence between man and man. The measures of the of the local or state banks; and this important operation bank have been defensive only; and, to blame it for the is one that cannot be harmlessly touched by ignorant or "panic," is not more just, than, for a bellowing drunkpassionate persons. It is a very serious matter. The ard, who, rolling in a gutter, abuses the liquor which currency is like the sensitive plant. It contracts on the he had swallowed, instead of condemning his own act in instant when it is rudely approached; and such contrac- the use of it. It is the power of the government, not that tion is always injurious, oftentimes fatal, to thousands. of the bank, which has produced the present awful state We have unquestionable authority, for saying, that as good annexed. Its discounts and loans are as large as usual, of things. See the report of the condition of the bank and acceptable a note, as would have been drawn by Stephen Girard, in his life time, payable at the same date, and for five at the present season of the year. The highest amount thousand dollars and upwards, [a real transaction, of course), in Novembert in 11 years, from 1823 to 1833 inclusive, was recently sold in Baltimore, at two per cent. per month, dis- was 62,031,000-the lowest 43,961,000, and the average count, by its rightful owner, not being able to negotiate it less than 53 millions; but on the 1st of the present month through the banks. And we are as well assured, that large the loans were 54,911,000-say 55 millions, though the sums of money, many thousands of dollars, employed in the shaving of ante dated checks, have REALIZED a sure profit of public deposites may be considered as being withdrawn, more than forty per cent. since the 1st October, when the depo sites were removed, or in less than four months. And yet, it is said and believed, that the pressure on Baltimore has been light, compared with that on some other places! Scores of thousands of dollars, in notes, are every day shaved, which cost the shavees from 2 to 3 per cent. a month. This may do-ou an emergency; but cannot endure long! We feel much disposed to proclaim some of these things-and dare do it, when resolved on the expediency of the proceeding, as in times past. Money, like every thing else, has its price; and possessors of it may Just as fairly take advantage of a great demand for it, as farmers push their wheat to market when obtaining a high price. But there are circumstances sometimes connected with the business of a shaver, which reject all claims to honor or honesty. It is to these that we allude. We use this month only for the reason that it is the date of a statement before us, for the years given. It is the best and fairest way, that comparisons should be made of the same months-but we have no such a table for January. We meet with, however, the following items of the same month: January, 1834. January 1833. Loans and discounts 54,911,461 Circulation It should be observed, that the public and private deposites on the 1st January, 1834, were 6,911,922 dollars less than on the 1st October, 1833. If this sum be added to that of the present loans, the aggregate is greater than was the sum of the loans 1st Jan, 1833; and the circulation is nearty two millions more. And yet there was no “panic” a year ago. Money was plenty. 19,208,379 61,695,913 17,459,571 and with them a large amount of private deposites, in | bank. It would be best that its whole capital should be consequence of the "panic," and the extreme scarcity of American, that the dividends upon it might be kept at money that prevails. We appeal to common justice- home, and so it would necessarily be, if money was less to the common sense of all men, to resist the ignorant or valuable in the U. States than in Europe. But money malicious charge against the bank, of having exerted its secks its best market, the same as flour, cotton or to"power" to produce the distress which the country feels. bacco, and will be transferred to those places where it This charge is like the cry of "stop thief" from a cul- obtains the highest profit. And what is the capital of prit, to mislead his pursuers, and effect his own escape! this bank what its relation with the aggregate value Such is the true state of the case. The authors of this of the property and productions of the people of the U. calamity, having two hundred presses under command, States? It is as a drop in the bucket. Our annual produc after the manner of the ink-fish, discolor the facts, and tions are equal to from 1,200 to 1,500 millions of dollars! so hope to avoid that responsibility which rests upon the interest, or profit on the whole capital of the bank, is their own proceedings. less than three millions a year; not equal to the annually The second member of the little paragraph which we created value of buttons, combs, mouse traps and wooden have taken for our text, shall now be noticed. We clocks, with hob nails, made in New England! All that agree that the power of the bank is too great-WE HAVE the people want is a wholesome currency. To amend, ALWAYS SAID SO. It is no argument in favor of such rather than to build up anew, is the purpose that should power, that it has not been abused since the reformation be considered, by all who doubt not the power of conof the bank, or presidency of Mr. Biddle. And yet that gress to regulate the currency. We do not wish to inpower seems now necessary, even to prevent a stoppage crease the breed of hyena-like speculators, and jobbers of specie payments, seeing that a new power has appear- and gamblers. The morals of society are outraged, and ed by which the president of the United States may the best interests of the nation disregarded, by these, transfer the public moneys into his own cellar at the whether located in Wall street, New York, or within the "Hermitage, "if he pleases, or place them in the safe-treasury of the U. States, at Washington, or its precincts, keeping of whomsoever he willt- -nor does that power for all these, as Madagascar bats are said to do, will fan stop here; the heads of one of the departments, on his their sleeping victims while feeding on their blood! own authority, has borrowed large sums of money; and They are the real vampyres, whether "bulls" or "bears" this executive power cuts both ways, on cash and credit, or "lame ducks"-to over-reach and, by any means, oblike a two-edged sword. But with a bank paper cur- tain advantages over others, being the common object of rency settled upon us—without a hope of relieving our-all; and each will even make a prey of his fellow knave, selves of it, even if "necessary or proper," except in a if he can. wild revolution of the state of society, in all its branches In this view of the case, a reform in the charter of the or pursuits, high or low, rich or poor, and a general present bank would appear to be the most prudent and bankruptcy and general ruin,-it seems agreed that safe expedient. If the capital is too large, reduce it— there should be some establishment which has power, if too small, increase it-if its power is too great, res and, for its own interest, the will, to keep up and pre- strain it; but let the means exist to keep up an uniform serve a sound and wholesome, and uniform currency, currency, and carry on the domestic exchanges. These such as the bank of the United States has afforded ever are primary purposes, and of immense and rapidly insince its reformation. The state banks CANNOT obtain ereasing importance. The bill which passed both houses such power-they CANNOT possess such will-FOR THEY of congress and was veto-ed by president Jackson; we HAVE NO COMMUNITY OF INTERESTS, EACH BEING GO- think, steered as nearly between the extremes, the Scylla VERNED BY VIEWS OF ITS OWN.§ It is impossible that it and Charybdis, of the question, as, perhaps, was practicas should be otherwise, unless in some singular interposible, in rendering the notes of the bank of the United tion of DIVINE PROVIDENCE to do away conflicting in- States, payable any where, receivable in all settlements terests. A bank of the United States can have only one with local banks, and thus answering every purpose of a interest; and that is to establish an uniform currency, as specie circulation, so long as the bank of the U. States nearly as practicable-such a currency as we were bless- should redeem its own notes with specie-for the local ed with a few months ago. The question then occurs banks then would gladly give their own notes in exchange shall we renew the present charter under certain modifi- for those of the national bank; and thus a truly uniform cations, or make a new bank? When the "throes and currency might be brought about. What more is desira convulsions" which attended the institution of this banked? And if only this had been the case, there would have are recollected, there does not seem to be any loss for an been a much softened complaint about the power of the answer! It is a "matter of moonshine" to the people, bank of the United States; for it could not, in any possi at large, who holds the stock, unless held by foreigners, bility, be felt by a prudently and HONESTLY managed lowith power to control the management of the bank. The cal banks: and it would rather have become the mediumd New York, Pennsylvania and Ohio canals, lose no part of exchanges than of issues-and its profits be mainly of their usefulness because that a large part of the stocks derivable from the discount of inland bills, to and from; issued to make them, are held in Europe! So with a different places, at reasonable rates. And thus its power to do harm, if so disposed, might be essentially cheeked; without a diminution of its means to do good-to promote the "general welfare," and yield a fair interest on its capital. But the state banks, in any and every event, must expect to pay their own debts! If they issue from 10 to 20 dollars in paper, for every dollar of silver of other specie funds that they hold, they ought to be broken up at once, if not redeeming their notes, on demand, as promised. These banks, if decently conducted, might supply local currencies, with mutual advantage to the public and themselves-but exchanges cannot be either uniform or wholesome, if committed to them. At this moment, as good bank notes [at home] as any that issue bank is gathered into the hands of two or three persons, iù a short period of years, though the stock, when first taken, may have been broadly distributed. This is the truth. There is hardly a bank in the United States, the power of which is not centered in a few persons, and generally so yielded because that the rest of the stockholders are satisfied with their proceedings. Such is the very nature of all moneyed associations; and unalterable in practice, though it may seem otherwise inf theory; and so it should be. One of the greatest of follies is to ery out against the bank of the United States as a "monopoly," &c. Every bank is a monopoly in the saine meaning of the word-and in all its operations. To this extent the power claimed undoubtedly goes, The president has removed the deposites on his own responsibility he holds in reserve the power of the veto to check the action of The proportion of the people who hold stock in banks, numerous as they are, great or small, is not as one to one thousand: and, in almost every instance, the "power" of every TER. placed at the New York Exchange, praying for a restoA petition, of the merchants and dealers, to congress, ration of the deposites, has been already signed by thouWe have appalling accounts from the east and west. sands. CONDITION OF THE UNITED STATES BANK. in Baltimore, are at from 7 to 10 per cent. discount; | zeal, that some, who are nearly suffering for bread, on acand others in our vicinity range from 1 to 2-or equal to count of the lack of employment, stand ready to testify the legal interest of two or four months. not having a different object, pursues a different policy; though it seems generally believed, that, if the present Each bank, if that there is no pressure on the money market! And, and in some of them, perhaps, (for such things have been!) severe operations of the removal of the deposites had plans are digested and pursued for the purchase of their been foreseen and appreciated, they would not have been own notes at rates below par, by the deposite of accepta- removed―yet the removal is supported out of personal ble funds at distant places. It is much suspected that and party views, and many regard the matter as a mere some of the democrats, at Washington, are carrying on contest between president Jackson and president Biddle this business, at the present time--and, from other quar--the public welfare being altogether lost sight of. ters, there have been strangely forced circulations of certain favored bank notes, and prompt purchases made of them! The interest of a bank of the United States would The preceding was prepared for last week's REGISstand opposed to such filthy proceedings-and herein is been noticed or referred to; but the article is rather long Many things have happened since that might have the best guaranty that can be offered. It is the interest of all banks to keep out their notes; and so it is now, that the New York Daily Advertiser, on the depreciated va already. bills of the bank of the United States seem much scarcer lue of stocks, and the appreciated value of money, and We have a very interesting statement, from than usual, though their "circulation" is almost twenty would give it, if room could be well made for it. Even millions! There is a very simple reason for this every the stocks of the deposite banks have suffered shares, one knows that they have a fixed value from Eastport to 1 in each of these in New York, were worth 496 dollars Nachitoches-from the shores of the Atlantic to the Sept. 28, 1833, but only 462 dollars on the 17th instant, Rocky Mountains, perhaps, to the Pacific-and they are shewing an average decline of seven per cent, instead of laid aside, as money, as persons hoard gold and silver; an advance as was expected in consequence of being seand when money is paid on account of debts, what deal-lected to hold the public money. er has not observed a holding back of the bills of the bank of the United States, until it was necessary to bring them out of the retired part of a man's pocket book? And in very many instances, during the northern excursion of the editor of this paper, which ended at Quebec, it was amusing to observe with what earnestness persons held on to "Uncle Sam's paper," and took care to rid themselves of the local currencies as soon as they could. A bank should and must have power to create such preferences and the safety is, that it is the interest of a national bank to maintain them. It is freely admitted, for we do not wish to disguise or suppress any thing, that this preference may have been partly owing to the fact, that the notes of this bank are every where receivable for debts due the United States; but how is it that those of the late deposite bank in Virginia were not receivable at the deposite banks of Philadelphia and Baltimore, and that those of the deposite bank at New Orleans, (in either city), must be sold, at 7 or 8 per cent. discount, to pay a bond due to the U. States, if actually received, at New Orleans on account of a debt due by the United States? The local banks, though aided by the whole power of The total of these losses is ascer "the government," cannot establish an uniform currency. Specie, itself, is not really one, because of the cost and risk of transportations. In 1832, the exchanges of the bank of the United States and its offices, with distant or different places, amounted to 241 millions, which cost the people less than one-eleventh of one per cent. And, let what be said that may-the bank, or a bank, to be useful, we repeat it, must have POWER to preserve itself in the performance of such operations. The state bank's have it not, nor can they be invested with it. They may transfer pub-The estimated value of these buildlic moneys as required, in most cases, perhaps; but cannot touch the many times more important private ex changes, in a general way, while specie remains the basis of the currency, and their notes are payable on demand. We think that this must be admitted by every thinking A freedom of circulation, and a sound currency, is of vital importance to the public prosperity, and the present mighty interchanges between the different parts of the union, cannot be carried on without it. man. United States, at the commencement of this year, was highly tained, by rigorous examination, Leaving a surplus of 5,494,376 22 The banking bouse cost originally $1,220,149 51 Leaving the present cost at 976,199 59 241,029 92 $914,445 08 Being 20 per cent, of the original cost. Leaving a surplus of To this is to be added the amount of the profits, undivided and disposable-forming the balance Making a total of $144,312 38 670,415 16 3,152,877 78 $3,967,605 32 operations of the bank, for the last three months, since the re- The removal of the public deposites, and the pres sure which makes individuals use their depo- On the 1st of October To conclude some "distinguished" individuals who could not, or would not, pay their debts, and felt it con-moval of the deposites: venient to settle them by acts of insolvency and so forth, are of those who most severely speak of the dangerous power of the bank-because, perhaps, it compelled them to pay some 5 or 10 cents in the dollar of their debts, which they would rather have retained for personal accommodation and use and it was "aristocratic" to deprive them of it! But who of the productive classes has any complaint to make against the bank? Its notes pass every where, and on all occasions, for money, at par with silver dollars yet how many tens of thousands of working people have been virtually defrauded of a part of their just earnings, in depreciated paper forced upon them, in various ways? These, in general, have no other interest in banks than as they supply a sound currency, but such is the extent of party discipline and the fervor of party In the same space the loans of every October 1st, $17,877,298 36 $60,094,202 93 $5,911,922 67 5,182,741 23 $1,729,184 44 10,663,441 51 10,031,237 72 632,203 79 19,128,189 57 19,208,379 90 $80,190 33 Such is the condition of that institution, which the agent of the president, Mr. Kendall, so recently described as "a reptile beneath the feet of the secretary of the treasury, which he (the secretary) could crusk at will-which existed only by his forbear ance, and towards which great forbearance was required to save it An increase of from destruction." There has been a transfer of forbearance, as well as of the deposites. All that the secretary could do to crush the institution, he has attempted; and, nevertheless, see what it still is-what stamina it retains! How sagacions and prophetic the agent-how powerful and merciful the secretary-how fortunate for the country their joint "foresight and energy!" They have contributed to verify their wonderful predictions; have secured the public revenue-fixed and equalized the currency; made money exuberant; filled all the channels of circulation, und created a brood of national banks, inexhaustible in specie and credit! to be understood that the meaning of the act of 1833, is of "no consequence!" In courts of justice, and especially in those of equity, we believe that the meaning of a law is always respected, when the words used in it admit of matters of doubt; and so it must be in every honest proceeding between man and man. Cotton goods were permitted to be landed, at New York, in the early part of last week on entry under the erroneous construction of the comptroller of the act of 1833-though the naval officer refused to sign the permits; but this state of things lasted only a few days. We suppose that measures were taken by which the rightful duty on such goods was ultimately secured. MASSACHUSETTS. John Davis has been elected governor of this state. No choice being made by the people; the house of representatives nominates two persons to the senate, by which one is chosen. The first vote in the house stood thus KENTUCKY. The legislature of this state met at Frankfort on the 31st ult. The senate was organized without opposition. In the house of representatives there were 16 ballots for speaker: 16th. In the senate Mr. Davis was preferred by a large maMINIMUMS ON COTTON GOODS. We give the two fol-jority. The senate consists of 33 national republicans, 6 Jowing articles "by way of memorandum." anti-masons and 1 Jacksonian. Several members were From the N. Y. Evening Post-Some fault has been absent. Mr. Davis received 30 votes, and Mr. Morton found with the construction put by the treasury depart-4-blanks 3. ment on the act of last winter for the gradual reduction of duties. The department takes it for granted that congress, in passing that act, intended ultimately to reduce the duties to 20 per cent, on the actual and just value of imported merchandise. There is no ambiguity about these provisions. If a fictitious value, higher than the real value, is taken as the basis of the computation at the custom house, it is evident that the country will never have the benefit of the reduction intended. Mr. Mc Lane, therefore, in his circular of the 20th of April last, directed the duties to be computed, not upon the minimum values, which are a falsehood in themselves, and a trick to make the duties higher in reality than they are nominally, but upon the actual value of the merchandise The letter from the comptroller of the treasury, which we give to-day, takes the same ground. By any other construction, the act would never be carried into effect. What was Mr. Clay's meaning when he drew up the bill, is of no consequence. 14th. 32 40 38 28 32 32 56 10 19 withdrawn. 22 withdrawn. 1st ballot. 6th. Leslie Combs 34 R. B. New S. Williams I L. Helm Mr. E. F. Nuttall also received several votes on dif ferent ballots, being nominated previous to the 12th and withdrawn on the 16th. In the house of representatives, Jan. 2. Mr. Hunton, of Lincoln, rose and remarked, that he was about to offer, for the of which he would beg leave briefly to explain. It related to a consideration of the house, a resolution, the cause and object matter of great public concernment-one in which every citizen of this republic was deeply interested. The legislature, he said, was thought to be the guardian of the people's rights, and especially of that dearest and most sacred of all political rights -the elective franchise. It was known, he doubted not, to every member of the house -it had gone forth to the whole union-that one of the most flagrant outrages upon popular rights that had ever occurred since the organization of the government, had been perpetrated in the fifth congressional district in this state, in connexion with the late election. From the U. S. Telegraph of Jan. 17. They do treat the Post shamefully! To let it thus commit itself, and not give notice of the intention here to change front, was inexcusable in the party disciplinarians. We can only account for it by supposing that they thought the Post had tact enough to see, that the defeat in Virginia rendered it indispensable to back out of the determination to destroy the minimum in 1834, instead of waiting until The poll books, containing the votes of a whole county in 1844. Our readers, we presume, are aware that, while that district, had been withheld. The sherid of said county, althe Post was defending and justifying the instructions of though present at the counting and comparison of the polls, the comptroller, Mr. Forsyth was in the senate, declar-having positively refused to exhibit them, or permit them to be ing, on the part of the administration, that the comptroller had made a mistake. The Post must be more cautious in future. It had better get up a little black poney, to receive the earliest advices of the shiftings and changes. His object was, to mark the case with the severest reprehension, in order to prevent in future a recurrence of the same sort of management and corruption. He desired to give a warning to sheriff's and deputy sheriffs, in all time to come. He concluded by observing, that it remained to be seen, by the vote upon this subject, who were for the people, and who for the deputy sheriffs. He then presented the following resolutions: In the remarks which we made on the treasury inIn offering the proposed resolution, he discarded all persona) structions in the REGISTER of the 11th inst. it was said or party considerations; but he felt it to be his bounden duty to "We have heard that one high in authority, and in in-bring this subject promptly before the legislature, because he fluence over this question, has said, that the minimum happened to come from the district where the foul deed was principle should be destroyed on the 1st January, 1834,' done; and because, too, he had the honor of being one of the reand we believe that such a determination, at one time, presentatives here of the county, whose citizens were disfran was seriously entertained. Is it not a little extraordina-chised, and whose votes were pocketed by a deputy sheriff. ry, that the comptroller of the treasury founded his first instructions, doing away the minimums, and also his second, retaining them, on Mr. McLane's circular of April 1833? The Post, too, saw clearly, very clearly, that the "Resolved, That the committee of courts of justice be incircular directed the first construction! The reason as sheriff, their aiders or abettors, who shall wilfully withhold the structed to report a bill, providing that any sheriff, or deputy signed by the "Telegraph" for the reversal of the first poll books of his county of the election of any officer, whose construction, may be a good one~we know nothing about election is by daw required to be made by the people of this it. We have supposed that, if the information above al-commonwealth, or refuse to permit the same to be counted Jaded to was correct, the new instructions may have issu-agreeably to law, shall be held and deemed to be guilty of feloed in consequence of the extreme pressure which now ny, and subjecting any such sheriff or deputy sheriff to coufineexists on the people, and the effect which a persever-term of ment in the jail and penitentiary of this commonwealth, for a -years. ance in the determination suggested would have had, at "Resolved, That the said committee report a bill to amend the present "momentous crisis!" The "Post" gives it the general law regulating elections," |