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

Vol, VELL.—o, 349 --- Wheelie Fo, 3190. NEW YORK, THURSDAY MORNING, DECEMBER 8, MESS|AGE THE UNITED STATES. To the Senate and House of Representatives of the United States: We have continued reason to express our pro- found gratitude to the great Creator of all things for the numberless benefits conferred upon us as a People. Blessed with genial seasons, the husband- man has his garners filled with abundance ; and the necessaries of life, notte 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 pro- duction beyond the home demand, which seeks, and with difficulty finds, a partial market in other regions. The health of the country, with partial exceptions, has, for the past year, been well pre- served ; and under their free and wise institutions, the United States are rapidly advancing towards the consummation of the high destiny which an over- ruling Providence seems to have marked out for them. Exempt from domestic convulsion, and at peace with all the world, we are left free to con- sult as the best means of securing and advancing the happiness of the People. Such are the cir- cumstances under which you now assemble in your res,ective chambers, and which should !ead us to unite in praise and thanksgiving to the great Being who made us, and who preserves us a nation. Icongratulate yon, fellow citizezs, on the happy 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 peace. The difficulty of adjusting amicably the questions at is- sue 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 ot the leading topics in dis- pute, were frankly set forth inthe Message at the opening of your late session. The appointment of a special minister by Great Britain to the U. States with power to negotiate upon most of the points of diflerence, indicated a desire on her part amicably to adjust them, and that minister was met by the Executive inthe same spirit which had dictated his mission, The Tresty consequent thereon, ha- ving been daly ratified by the two Governments, a copy, together with the correspondence which ac- companied it, is, herewith communicated, I trust that whilst you may see in it nothing. objectionable,’ it may be the means of preserving, for an indefinite period, the amicable relations happily existing be- tween the two Governments. The question of ace 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 ecarcely 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 mercantile enterprise, which, no_ longer appre- hensive of interruption, adventures its speculation in the most distant sea ; and, freighted with the di- veraitied productions of every land. returns to bless our own. There is nothing in the Treaty which, in the slightest degree, compromits the honor or dig- nity her nation. Next to the settlement of the boundary line, which must alw«ys bea matter of difficulty between States.as between individuals, the question which seemed to threaten the greatest embarrassment, was that connected withthe Afri- can slave trade. By the 10th article of the Treaty of Ghent, it was expresaly declared that ‘whereas, the. treffic ia slaves is irreconcileable with the ptinciples of hu- manity and justice; and whereas both his M: \jesty and the United States are desirous of continuing their efforts to promote its entire abolition, it is hereby agreed that. both the contracting parties shall use their best endeavors to accomplish so de sirable an object.” In the enforcement of the laws and treaty: stipalations of Great Britain, # practice 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 brench of our trade which was daily increasing, and which required the fostering care of the Goyern- ment. And, although Lord Aberdeen, in his cor- Tespondence with the American Envoys, at Lon- don, expressly d:sclaimed all right to detainan Ame- rican ship on the high seas, even if found with a cargo of slaves on board, and restricted the British pretension to a mere claim to visit and enquire, yet it could not well be discerned bythe Executive of the United States how such visit and enquiry could be made without deten ion on the voyage, and con- sequent interruption to the trade. It was regarded as the right ofsearch, presented only in a new form, and expressed in different words; and I therefore felt it to be my daty distinctly te declare, in my an- nual meseage to Congress, that no such concession could be made, and that the United States had both the will and ility to enforce their own jaws, and to protect their flag from being used for pur- poses wholly forbidden by those laws, and obnoxious to the moral censure of the world. Taking the Message as his letter of instructions, our thea Mi- nister at Paris felt himself required to assume the same ground in a remonstrance which he felt it 10 be his duty to present to M. Guizot, and through himto the Kiog 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 contormity with these views, the eighth article of the Treaty was framed, which provides that “‘each nat keep afloat in the African seas a force not leas than eighty guns, to act sepa- rately and apart, under instructions from their ree- pective Governments, and for the enforcement of their respective laws and obligations.” From this it will be seen that the ground assumed in the Mes sage has been fully maintained, at the same time that the stipulations of the Treaty of Ghent are to be carried out in good faith by the two countries, and that all pretence 1s removed for interierence with our commerce for any purpose whatever by a foreign Government. While, therefore, the United States have been standing up 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 ea for giving couftenance to a trade reprobated by our laws. A similar arrange- ment 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 mara- time code. We mney, be peymitted to hope that the example thus set wiil be followed by some, if not all of them. We thereby also afford suitable pro- tection to the fair trader in those seas, thus fulfil ing at the same time the dictates of a sound policy, and complying with the claims of justice and humanity. {t woutd have furnished additional cayse for con. sntean if the Treaty could haye embraced all subjects calculated in future to lead to a misund standing between the two Governments. The te tory of the United States, commonly called the Or. egon Territory, lying on the Pacific Ocean, north of he 421 degree of latitude, to # portion of which jreat Britain lays claim, begins to attract the atten. ion of our fellow citizens, and the tide of Popula- tion which med what was so lately an un- broken wilderness in more contiguous regions, is preparing to flow over those vast districts which stretch from the wee ob Mountains to the Pacific Ocean. In advance of the acq irement of individual righ’s to these lands, sound policy dictates that eve- ty effort should be resorted to by the two Govern- ments, tosettle their respective claims. [t became manitest, at an early hour of the late negotiations, that any attempt for the time being satisfactorily to determine those nghts, would lead to a protracted discussion, which might embrace in its failure other more pressing matters, and the Executive did not as proper to waive all the advantages n honorable adjustment of other difficulties of great magnitude and importance, because this, t 80 ee enpr pressing, stood in the way.— though the difficulty erred to may not for eral years to come involve the peace of the ntries, yet Ishall not delay to urge on reat Britain the importance of its early settle. Nor will other matters of commercial im- tance to the two countries be overlocked 3 and! ave ¢ believe that it will co: ith the policy of England, as it does with that of he United States, to seize upon this moinent, when ost of the causes of irritation have passed away, to ement the peace and unity of the two coustries by ; isely removing all grounds Of probable future col- sion. With the other powers of Europe our relations tinue on the most amicable footing. e8 OW existing with them should be r: i ly observed. t ‘ad every opportanity compatible with the interests great desire should be to enter only into th: part of the United the Mexican Republic, of the 1th of April, 1889, made to the proper ¢ 1 tion to the proceedings of the commission. this it appears that, the total amount awarded to the claimants by the commissioners and the umpire, ap- pointed under that convention, was two millions sixty- r that his functions were required by the convention to terminate at the same time with those of the com- commissioners, returned to the board, undecided for of the United States should be seized upon to en- fame the basis of commercial intercourse. Peace with alf the world is the true foundation ot our poli- cy, which can only be rendered permanent. by the practice of equal und impartial justice to all. ur rivalry which looks to the general good, in the cultivation of the sciences, the enlargement of the field tor the ex- ercise of the mechanical arts, and the spread of com- merce—that great civilizer—to every land and sea. Carefullyabstaininggfrom interference.in all questions exclusively reterring themselves to the political inte- rests of Europe, we ma equal exemption from the interference of Euro} Governmen’s, ir American Continent. be permitted to hope an in what relates to the States of the On the 28d of il last, the commussioners on the ites, under the convention with department a final report in rela- From twenty-six thousand and seyenty-nine dollars and t cents. The arbiter having considered want of time, cluims 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 amount sought to be recovered was three millions three hundred and thirty-six thousand eight hundred and thirty-seven dollars and five cents, were submitted to the board too late for its conside- ration. The Minister of the United Statesat Mex- ico, has been duly authorized to make demand for the payment of the awards according to the terms ot the conyeation, and the provisions of the act of Con- gress of the 12th of June, 1840. He has also been in- siructed to communicate to that government the e3 pectations of the Government of the United States in relation to those claims which were not disposed of according to the provisions of the convention, and al: others of citizens of the United States against the Mexican Government. _ 4 j Te has also been furnished with other instruc- tions, to be followed by him, in case the Govern- ment of Mexico should not find itself in a condi- tion to make present payment of the amount of the awards, in specie or its equivalent. e 7 Iam happy to be able to say that information which is esteemed favorable, both to a just satis- faction 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 in- structions of his government, in regard to this im- portant subject. . The citizens of the United States who accom- panied the late Texan expedition to Santa Fe, and who were wrongfully taken and held as_pri- soners of war in Mexico, have all been libe- rated. 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 lette.s on the same subject, addressed to the Diplomatic Corps at Mexico, by the American Minister and the Mexi- can 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. From the circumstances connected ion, favorable results are anticipated It is so obviously for the interest of both countries as neighbors and friends that all just cau- ses 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 formerly under the dominion of Spain, have again, n the past year, been materially obstructed by the military revolutions and conflicts in those coun- tru The ratification of the Treaty between the United States and the Me? gp of Ecuador, of the 13th of June, 1839, have been exchanged, and that instru- ment has been duly promulgated on the part of this Government pies are now communicated to Congress with a view to enable that body to make such changes in the Jaws applicable to our inter- course with that Republic, as may be deemed re- quisite. 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 Coquim- bo, in 1820. This Government has reason to ex- pect that other claims of our citizens againt Chili, will be hastened to a final and satisfactory close. The empire of Brazil has not been altogether ex- empt from those convulsions which so constantly afflict the neighboring republics. Disturbances which recently broke out are, however, now un- derstood to be quieted. But these occurrences, by threatening the stability of the Governments, or by causing incessant and violent changes in them, or in the persons who administer them, tend great- ly to retard provisions for a just indemnity for losses and injuries suffered by individual subjects or citi- zens 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 proceed- ing will be demanded of the respective Govern- ments against whom claims have been preferred. The vexat oe and expensive war which so long prevailed with the Indian tribes inhabiting the peninsula of Florida, has happily been termina- ted; whereby our army has been relieved from a service of the most disagfeable character, and the Treasury from a lerge expenditure. Some casual outbreaks may occur,{such as are fincident to the close proximity of border settlers and the Indians; but these, as iu ail other cases, may be left to the care of the local authorities, aided, when occasion may require, by the forces of the United States. A anfficient nuinber of troops will be maintained in Florida, so long as the remotest apprehension of danger shall exist, yet 1 duties will be limited rather to the garrisoning of the necessary posts,than to the maintenance of active host . It is to ry, so long retarded in its growth, will now speedily recover from the evils incidentto a protracted war, exhbiting in the in- creased amount of its rich productions, true evi- dences of returning wealth and prosperity. By the practice of rigid justice towards the numerous In- dian tribes, residing within our territorial limits, and the exercise ofa parental vigilance over their interests, protecting them against fraud and intru- sion, and at the same time using every proper expe- dient to introduce among them the arts of eivilined life, we may fondly hope not only to wean them from their love for war, but to inspire them with a love tor peace and all it? avocations. With several of the tribes great pre in civilizing them has al- ready been made. The echoolmaster and the mis- sionary are found side by side, and the remnants of what were once numerous and powerful nations may yet be preserved asthe builders up of a new narne for themselves and their posterity. The balance in the Treasury on the Ist of Janua- 1. 1842, (exclusive of the amount deposited with the States, Trust Funds and, Indemnities,) was $230,483 8. The receipts into the Treasury dur- ing the three first quarters of the present year, from all sources, amount to $26,616,593 78; of w! more than fourteen millions were received from customs, and about one million from the publie lands. ¢ receipts for the fourth quarter are esti- mated at nearly eight millions; of which four mil- lions are A hee rom customs, and three millions and a half from Loans and Treasury notes. The expenditures of the first three quarters of the pre- sent year exceed twenty-six millions; and those estimated for the fourth quarter amount to about eight eit a and itis anticipated there will be a deliciency of half a million on the Ist of January next—but that the amount of outstanding warrants (estimated at $800,000) will leave an actual balance of about $224,000 in the Treasury, Among the ex- renditures of the year, are more than eight mil- th ys ee nony pete Ym 000 on account of the distribution to the States o| cnesof the public land, f the proceeds of e present tariff of duties was somew' i- ly and urriedly passed nearly the close Yt oh anal session of C That it should have defects can, therefore. surprising to no one. To reme- dy such defects as may be found to exist in many of its numerous provisions, will not fail to claim your serious attention. It may'well merit inquiry, whether the exaction of all duties in cash does not call for the introduction of a system which has seri highly beneficial in countries where it has en adopted. I refer to the Warehousing System The first and most prominent effect which it would produce would be to protect the market alike against redundant of deficient supplies of foreign fabrice— both of which, in the long run, are injurious as 1842. Price Two Cents, well to the manufacturer as the inipotter. The | received. For the details of the service ! refer you to quantity of goods in store being at all times readily known, it would enable the importer, with an ap- proach to accuracy, to ascertain the actual wants of the market, and to regulate himself accordingly. If, however, he should fall into error, by importing an excess above the public wants, he could readily correct its evils by availing himself of the bene- fits and advantages of the system thus established. In the storehouse the goods imported would await the demands of the market, aud their issues would be governed by the fixed principles of demand and supply. Thus an approximation would be made to a steadiness and uniformity of price, which, if at- tainable, would conduce to the decided advantage of mercantile and mechanical operations. ‘The apprehension may be well entertained that without sonfething to ameliorate the rigor of cash peueente the entire import trade may fail into the ands 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 his funds in order to pay the duties, and would lose the interest upon the amount thus paid for all the time the foods might remain unsold, which might ab- sorb his profits. The rich alist abroad, as well as at home, would thus possess, after a short time, an almost exclusive monopoly of the import trade, and laws designed for the benetit of all, would thus operate for the benefit of a few—a result wholly uncongenial with the spirit of our institutions, and anti-republican in all its tendenci The Ware- housing System would enable the importer to watch the market, and to select bis own time for offering his goods forsale. A profitable portion of the ear- rying trade in urticles 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 tothe 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 Go- vernment against trad, asthe right of debenture would not attach to goods after their withdrawal from the public stores, In revising the existing tariff of duties, should vou deem it proper to do so at your present session, lcan only repeat the suggestions and recommenda- tions which, upon several occasions, I have hereto- fore felt it to be my duty to offer to Congress. The great, primary and controlling interest of the Amer- ican people is union—union not only in the mere forms of goveroment, forms which may be broken —butunion founded in an attachment of States and individna.s for each other. This union in senti- ment and feeling can only be preserved by the adop- tion of that course of policy which, neither giving exclusive benefits to some, nor ithposing unneces- sary burdens upon others, shall consult the interests of all, by pursuing a course of moderation, and thereby seeking to harmonize public opinion, and causing the people every where to feel and know that the Governmeat is careful of the interests of all alike. Nor is there any subject in regard to which moderation, connected with a wise diserimi- nation, is more necessary than in the imposition of duties on imports. Whether reference be had to revenue, the primary object in the imposition of taxes, orto the incidents which necessarily flow from their imposition, this is entirely true. Extrav- agant duties defeat their end and object, not ouly by exciting in the public mind an hostility to the man- ufacturing interests, but by inducing a system of smuggling on an extensive scale, and"the practice of every manner of fraud upon the revenue, which the utmost vigilance of Government cannot effectually suppress. An opposite course of policy would be attended by results essentially different, of which every interest of society, and none more than those of the manufacturer, would reap important advan- tages. Among the most striking of its benefits would be that derived trom the general acquiescence of the country in its support, and the consequent per- mancy and stability which would be given to all the operations of industry. It cannot be too often repeated, that no system of levislation can be wise which is fluctuating and uncertain No interest ean thrive underit. The prudent capitalist will never adventure his capital in manufacturing ments, or in any other leading pursuit of life, if there exists a state of uncertainty as to whether the enacted to-day. tempt him to trust the money which he ha: ed by a life of labor, upon the uncertain adventure. I, therefore, in the spirit of conciliation, and influ- enced by no other desire than to rescue the great in- terests of the country from the vortex of political contention, and in the discharge of the high and so- lemn duties of the place which I now occupy, re- commend moderate duties imposed with a wise dis crimination as to their several al as being not only mostlikely to be durable, but most advanta- geous toevery interest of society, The report of the siiyeee d of the War Depart- mentexhibitsa very full and satisfactory account of the various and important interests committed to the charge of that officer. It is particularly gra- tifying 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 re- formed. ‘The fortifications on our maratime fron- tier have been prosecuted with much vigor, and at many points our defences are ina very considera- ble state of forwardness. The suggestions in re- ference to the establishment of means of commu- nication with our territories on the Pacific, and to the surveys so essential to a knowledge of the re- sources 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, yeta 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 boun- dary between us and Texas, and keeping in check the Indians in that quarter, will be maintained so lor as circumstances may require. For several years angry contentions have grown out of the disposition directed by law to be made of the mineral lands held by the Governmentin several of the States. The Government is coastituted the landlord, and the citizens of the States wherein lie the lands, are its tenants. The relationisan unwise one, andgit would be much more conducive of the public interest that agale of the lands should be made than that they should remain in their present condi- tion. ‘The supply of the ore would be more abun- dantly and certainly furnished when to be drawn trom the enterprise and the industry of the proprie- tor, than under the present system. ? The recommendation of the Secretary in ae to the improvements of the Western watsrs and cer- tain prominent harbors on the Lakes, merits, and I doubt not will receive, your serious attention. The great importance of these subjects to the prosperity of the extensive region referred to, and the security of the whole yee 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 #bstructions in the river, make a_loud demand upon Cengress for the bye oh of efficient measures for their removal. ‘The report of the Secretary of the Navy will bring you acquainted with that important branch of the public de- fences. Considering the already vast and daily increasing commerce of the country, apart from the exposure to hos- tile inroad of an extended seaboard, all that rélates to the Navy is calculated to excite particular attention. What- ever tends to add to its efficiency, without entailing un- necessary charges upon the Treasury, is well worthy of your serious consileration. It will be seen that while an appropriation exceeding by less than a million the appro- jations of the present year is asked by the Secretary, vet that in this sum is proposed to be included $400,000 for the purchase of clothing, which be annually cobavareed by the thus constitute a perpetual find, without aoy ne ppropriation tothe same object. To this may also be ded $50,000, asked to cover arrearsges of past years, and $250,000 in order to maintain a competent squadron on the coast of Africa; allof which, when deducted, will re- duce the expenditures nearly within the limits’ of those of the current year. While, however, the expenditures will thus remain very nearly the same ax of the antece- dent year, it is pro toaild greatly to the operations ot the Marine, and in lieu of only 25 ships in commission, d but little in the way of building, to keep, with the pdr reat forty-one vessels afloat, and to build twelve ships of a small class. A strict system of accountability ist established, and great !pains are taken to insure industry, fidelity and economy, in every department of duty.’ Experimenta have been instituted to test the quality of various mate- rials, particularly copper, iron, and coal, 80 as to prevent fraud and imposition. It will appear by the report of the Postmaster General that the great point which, for several years, has been so much desired, has, during the current year, been fully accomplished ‘Theexpenditures of the Department, for the current year, have been brought within its income without lessening its general usefuiness. There has been an increase of reventie eqiral to $166 000 for the year 1842 over that of 1841, withou', as it is believed, any addition having been made to the number of letters an] newspa- rad transmitted through the mails. The Post Oifice laws ave been honest! tdfainistered, and fidelity has been ob- served in accounting for, and paying over by the subordi nates of the Department,’ the moneys which have been establish- Government will repeal to-morrow what it has Fittul profits, however high, if threatened with a ruinous reduction by a vacilating policy on the part of Government, will scarcely juin the report. I flatter myself that the exhibition thus made of the condition of the prblic administeation will serve to con- vince you that every proper attention has been paid to theiaterests of the couatry by those whe have heen call- ed to the heads of the different Departments. The reduc- tion in the annualexpenditures of the Government aiveady accomplised, furnishes a sure evidence that economy in the application of the public moneys, is regarded as a para- mt duty peace with all the world —the personal liberty of the Sacredly maintained, and hig riguts secured under ical institutions deriving all their authority from the t sanction of the neople—w th a soil fertile almost beyond example ; and a country blessed with every di- versity of climate aud proluctioa, what remains to be done in order to advance the happiness and prosperity of sich a people? Under ordinary circumstances th s in- quiry could reatily be ahswered. The best that probably could be done for a people inhabiting such a country, would be to fortify their peace and security in tae pros:- cution of their various pursuits, by guarding them against inyasion from without, and violence from within. ‘The rest, for the greater part, might be lett to their own ener- gy andenterprise, The’ chief embarrassments which at the moment exhibit themselves, risen from over. action ; and the most ditficult task which remains to be accomplished, is that of correcting and overcoming its ef fects. Between the years 1833 and 1938, additions were made to bank capital and bank issues, in the form of notes designed for circulation, to an extent enormously great. The question seemed to be, not how the best currency could be providted,but in what manner the greatest amount of bank paper could be put in circulation. Thus, a vast amount of what was called money—since, for the time being, it answered the purposes of money—was thrown upon the country; anover issue which was attended, as a necessary consequence, by an extravagant increase of the prices of ali artictes of property, the spread of a specula- tive mania allover the country, and has finally ended ina eneral indebtedness on the part of States and individualsy rc the prostration of public and private credit, a depreciation in the market value of real ‘and personal estate, and has left large districts of country almost entirely without any circulatmg me- dium, Tn view of the fact thi ia 1830, the whole bank note circulation within the United States amounted to but $61,323,893, according to the Treasury statements, and that an addition had been made thereto of the enor- mous sum of $33,000,000 in seven years; the circulation on the first January, 1937, being stated at $149,185,890, aided by the great lacilitics afforded in obtaiuing loans from European capitalists, who were seized with the same speculative mania which prevailed in the United States—and the large importations of funds from abroad, the result of stock sales and loans—no one can be surpris: ed atthe apparent, but unsubstantial state of prosperity which every where prevailed over the land, while as lit. tle cause of surprise should be telt at the present prostra. tion of every thing, and the run which has befatlen so many of our fellow citizens in the sudden withdrawal from circulation of so large an amount of bank issues, since 1837—exceeding, as is believed, the arhount added to the paper currency, for a similar period antecedent to 1397, 1t ceases to be a matter of astonishment that such ex- tensive shipwreck should have been made of private for- tunes, or that difficulties should exist in meeting their en- gagerpents on the part of the debtor Stst.s. Apart trom which, if there be taken in‘o account the imme: sustained in the dishonor of numerous bunks, matter of surprise that insolveney should have vi: y of our tellow citizens, than that so many should have escaped the blighting influences of the times. In the solemn conviction of these tr ardent desire to meet the pressing nece: try, [felt it to be my duty to catise to be submitted to you, at the commencement of your late session, the plan of an Exchequer, the whole power and duty ‘of maintaining which, in purity and vigor, was to be exercised by the Representatives of the People aad the States, and, there- fore, virtually by the People themselves. It was propo: to place it under the control aud direction ofa Treasury Board, to consist of three Com » Whose duty it should be to see that the law of its creation was faithtu ly executed, and that the great end of supplying a paper me- dium of exchange, at all times ecapmuhie ato gold and silver, should be attained. The Board thus coustituted, was given as much permanency as could be im; ai it, without endangeriog the proper share of responsibility which should attach to all public agente. In order te en- sure all the advantages of a weil-matured experience, the Commissioners were \o hold their ottices for the respec- tive periods of two, four, and six years, thereby securing at ail tenes in the management of the Exchequer, the ser- vices of two men of experience; and to place them ina condition to exercise perfect independence of mind and action, it was provided that thew removal should only take place for actual incapacity or infidelity to the trust, and to be followed by the President with an exposition of the causes of such removal, should itoceur. It was pio- posed to establish subordinat’: boards in eacu of the States, under the same restrictions and limitatians ol the power of removal, which, with the central board, should receive, safely Keep, and disburse the public moneys; and in oder to furnish a sound paper medium of exchange, the Exchequer should retain of revenues of the Government a sum not to ceed $5,000,000 in speci by its operations, and to ox. nations not less than five, lars,which notes should be of issue, and to be receivable at all times’aud eve: in payment of Government dues; with a restraint upon such issue of bilis that the same should not exceed the maximus of $15,000.000. In order to guard against all the hazards incident to fluctvations in trade, the Secretary of the Treasury was invested with authority to issue $5,000,- 000 of Government stock, should the same at any time bu regarded as necessary, in order to place beyond hazard the prompt redemption of the bills which migit bethrown into circulation. Thus in fact making the issue of $15, 000,000 of Exchequer bills, rest substautial!y on $10,000, 0.0; and keeping in circulation never more than one and Ghe haltGpitsts or every dollar In apecie.. When to itis added that the bills are not only every where recei able in Government dues, but that the Government itse! would be bound for their ultimate redemption, no rational doubt can exist that the paper whicn the Exchequer would furnish, would readily enter into general circuls- tion, and be maintained at all times at or above par with gold and silver ; thereby realizing the great want of the uge, and fulfilling the wishes 0 the people. In reimburse the Government for the expenses oe was pro} to invest the Exchequer with the li authority to dealin bills of exchange, unless prob by the State in which an agency might be situ: only 30 days to runand resting on a fair and bona, The legislative wiilon this point ini nouaced, as to avoid all pretext for parti: im. Tt was furthermore proposed to invest this agent with authority to receive on deposite, to a limited amount, the specie funds of individuals, and to grant certificates therefor, to be redeemed on presentation, under the idea, which is believed to be well founded, that such certificates would come in aid of the Exchequer bills 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 exchange its bills for actual de- posites of specie, but for specie or its equivalents to sell drafts, chai ing therefor a small but reasonable premium, I cannot doubt but that the benefits of the law would be speedily manifested in the revival of the credit, trade and jan, it imited ed it becomes my duty to urge its adoption upon Congress, by reference to the strongest considerations of the public interests, with such alterations in its details as Congress may in its wisdom see fit to make. IT am well aware that this proposed alteration and amendment of the laws establishing the Treasury Depart- ment has encountered various cbjections, and that among others it has been proclaimed a Government Bank, of fear- ful and dangerous import. It is proposed to confer upon it no extracruinary powers. It purports to do no more than pay the debts of the Government with the redeemable pa- per of the Government—in which sre it accomplishes recisely what the Treasury does daily at this time, in issuing to the public creditors the Treasury notes which, under law, it is authorized to issue. It has no retemblance to an ordinary Bank, as it furnishes no profits to private stockholders, avd lends no capital to individ objected to as a Government vank, and the available—then should ail the Jaws in relation to the Treasury be repealed, and the capacity of the Government to collect what is due to it, or what it owes, be abro- ated. This is the chief purpose oft surel atfor lities mendation of it to public consideration. Properly gu by the provisions of law,it can run into no dangerous evil, under it but such as the Legislature ible for, if to be tolerated, since it is but the creature of the law,and is all times of me- dification amendment or re, re of Congress. I know that it hes been objected thatthe system would be liable to be abused by the Legislature, by whom it could be abused, in the party conflicts of theday. ‘That such abuse would manifest itself in a change of the law which would nuthorize an excessive issue of paper for the pur pose of inflating prices and winning popular favor. To that it may be answered, that the ascription of such a mo tive to Congress is altogether gratuitous and ivadmissible, ‘he theory of our institutions would lead us to a different conclusion. But a perfect security against a proceeding 80 reckless, would be found to exist in the very nature of things. The politica’ party which should be so blind to the true interests of the country, as to resort to such an ex- pedient, would inevitably meet with a final overthrow in the fact that, the moment the paper ceased to be con- vertible into specie, or otherwise promptly redeemed, it would become worthless, and would, in the end, dishonor the Government, involve the people ‘in ruin, and stich po- litical party in hopeless disgrace. At the same time, such 4 view involves the utter imp asivility of furnishing any currency other than that ofthe precious metals, for, if the- Government itselfcannot forego the temptation of exces. sive paper issues, what reliance can be placed in corporo- tions upon whom the tempations of individual aggrandize ment would most strongly operate? ‘Thi ple would have to blame none but themselves for any injury that might arise from a course so reckless, since their agents would be the wrong-doers, and they the passive specta- ra. ‘There can be but three kindsof public currency. Ist. Gold and silver; 2d. The paper of State institutions; or, 3d. A representative of the precious metals, provided by the General Government, or under its San-Treasn as it was belie e proposed Exchequer if, in the accomplishment of a purpose so ess+nti it sound circulating medium tothe country and faci« trade, it should be regarded as no slight recom- thority. ‘The yatem rejected the last in any form; and, ed that no reliance could be placed on the isenes of local institutions, for the prtrpoves of generel cir culation, it necessarily and unavoidably adopted specie as the exclusive currency for itsown use. And this must ever be the case unless one of the other kinds be used. The choice, in the present state of public sentiment, lies between an exclusive specie cusrency on the one hand, the to be set apart as required ay the public creditor at his own option, either in specie or Treasury notes, of denomi- nor exceeding one hundred dol- redeemed at the several places where business of the whole country. Entertaining this opinion and government issues of some kind on the other. That these issues cannot be made by @ ehartered institution, supposed to be conclusively settled. They must he made, then, directly by government agents. For several yous past they have becu thus. made in the formof Treasury note and have answered a valuable purpose. Their uses has been limited by their being transient end tem- @ to bear interest at given periods, ne. ir speedy return, and (how restricts ‘ange of ctreulation, and being used only in the dis- enis of the government, they cannot reach those points were thoy are most reduired. By rendering their use permanent,to the moderate extent already mentioned, by off ring no inducement for theii tn, and by ex- chonging thew for coin and other values, they Will con- titute, to a cercain extent, the general currency so much Jed to maintain the internal trade of the country. And this is the Exchequer plan, sq far as it may operate in fur- nishing acurrencye annot forego the occasion to urge its importance to ‘edit of the Covernment ina financial point of view. reat necessity of resorting to every proper and be- comitg expedieut in order to place the Treasury ou a footing of the highest respectability, is entirely obvious. The credit of the Government may be regarded as the very soul of the Government itself—a principle of vit out witch all its movements are languid and all op nsembarrassed. In this spirit the Executive felt itself bound by the most imperative sense of duty to sub- mit to Congress, at its last ion, the propriety of making a specific pledge of the land fund, as the bi for the ne oriation ol the loans authorized to becontracted. I then thongkt that such au application of the public domain should, without doubt, have placed at the command of the Government, ample funds to relieve the Treasury trom the temporary embarrassments under whic: it labored. Americon credit has suffered a considerable shock in Eu- rope, from the large indebtedness of the States and the temporary inability of some of them to met the interest on their debts, ‘Phé utter and disastrous prostration of the United States Bank of Pennsylyania, bad contributed largely to increase the sentiment of distrust by reason of the loss and ruin sustained by the holdefs of its stock, a large portion of whom were foreigners, and thuny of whom were alike ignorant of our political organizatten, aud of our actual responsibilities. It was the anxious desire of the Executive that, in tae effort to negotiate the loan atroad, the American negvtistor might be able to point the money lender tothe fand mortgaged for the redemption ofthe principal and interest of any loan he might contract, and thereby vindicate the Goverament from ail suspicion of bad faith or inability to meet its engagements. Con- gress differed from the Executive In this view of the sub- ject. It became, nevertheless, the dyty of the Executive to resort to every expedient in its power to negotiate the authorized loan. After a failuretovo so in the American market, a citizen of high character and talent was sent to Europ h no better success ; and thus the mortifying spectacle has been presented of the inability of this Go- vernment to obtain a loan so small as not in the whole to amount to more than one-fourth of its ordinary annual in- come ; atatime when the Governments of Europe, al- though involved in debt, and with their subjects heavily burdened with taxat readily obtain loans of any amount ata greatly reduced rate of interest. It would be unprofitable to look further into this anamalous state of things, bat I cannot conclude without adding that, for a Government which bas paid off its debts of two wars with the largest maritime power of Europe, and now owing adebt which is ulmost next to nothing when com- pared with its boundless resources, a Government the strongest in the world, because emanating from the popu- lar will, and firmly rooted in the affections of a great and free people, and whore Saslity to its engagements has ne- ver been questioned ; for such a Government to have ten- wof other countries an opportunity good p , the course pursued is the most fatal which could have been adopted. It has now become obvious to all men that the Government mus! look to its own means for supplying its wante,and it is con- soling to know that these means ure altogether adequate for the object. The Exchequer, if adopted, will grealy aid in bringing about this result. Upon what regard as a well-founded supposition that ity bills would be readily sought for by the public creditors.and that the issue would in a short time reveh the maximum of $15,000 000, it i obvious that $10,000,000 would thereby be added tothe available meansofthe Treasury without cost or charge. Nor ean f {sil to urgethe great and beneticial effectswhich would be produced in aid of all the active pursuits of life. Its effects upon the solvent State banks, while it would force into liquidation those of an opposite character through its weekly settlements, would be highly bene’ cin}; and with the advantages of a sound currency, the restoration of confidence and credit would follow, with @ numerous train of blessings. My convictions are most strong that these benefits would flow from the adop- tion of this measure; but {tthe resuit should be adverse, there is this security in connection with it, that the law creating it may be repealed at the pleasure of'tue Legisla- ture, without the slighes: implications of good faith. ecommend to Congress to take into consideration the riety of re-imbursing a fine imposed on General Jack. of that city and p: flection ou the inexpedient. ble milit ry achievement. their majesty was vindicated; and although the penalty incurred and paid, is worthy of little regard in a pecuniary point of view, it can hartly be doubted that it wouid be gratifying to the war-worn veteran, now in ietirem- nt and in the winter of his days, to be relieved from the cir- cumstances in which that judgment placed him. There are cases in which pub ic fusctionaries may be called zh the public interest against their own person. , and if the civil law be violated fiom praise. worthy motives, or an overruling sense of public danger ic necessity, punishment may well he restrain- it Jimit which asserts and maintains the au- the law, and the su'j ‘ction of the military tothe ‘Tne defence of New Orleans, while it saved thority civil power. acity from the hands of the enemy, General Jackson among those of the greatest Captains of the age, and illustrated one of the brightest pages of our history. Now that the causes of excitement, existing at the time, have ceased to operate, itis believed that the re- yn of this fine, and whatever of gratification that re- mission might cause the eminent man who incurred and J it, would be in accordance with the general feeling and wishes of the American People. I have thus, fellow-citiz quitted myself of my duty under the Constitution, by laying before you, as succinct- ly as T have been able, the stave of the Union, and by in- viting your attention to measures of much importance to loved country. JOHN TYLER. Wasuixeton, December, 1842. Srace Accipent.—We are sorry to learn that on Wednesday right last, the Western stage was pre cipitated over a precipice of twenty feet, on the hiil Zanesville, Ohio, and seriously injured many of the passengers, most of whom are members of Con- ress. “ Mr. Caruthers had several of his nbs 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. 4 Mr. Wallace was badly hurt—his collar-bone, it was thought, broken. Mr. Smith, of the Senate, and Messrs. Campbell, Gentry, and Gooner, of the House of Representa- tives, were ail more_or less burt; but none of them seriously injured. Mr. Goode is the only member of the party who has reached here. A gentleman who resides in feng i Pa., whose name we did not hear, had one of his arme broken. TiEason Triats IN Ruope Istanp.—The coun- sel 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. He took the ground that the plea it- self amounted to the general issue, and that in cases of indictments for offences higher than a mis- demeanor, special pleading in bar was never allow- ed. It cramped the defendant because it confined him to the line of proof set forth in. the plea, and embarrassed the government by obliging them to teke issue upon immaterial facts. In this case many. statements were made in the plea which were immaterial; and, besides, they were notstated truly. He had assented to the filing of the plea for the convenience of carrying the case to Washing- ton, hoping that the facts would be stated truly by the defendants, so that he could eafely demur. “But now they were stated in such a manner that he could not demur to the plea, and thereby admit the tacts, nor take issue upon them, because they were immaterial as well as untrue. Mr. Atwell, on the contrary, argued that the course forthe State was todemur. The Court snstained the argument of the counsel for the State, and overruled the plea, and ordered the respond ntto plead over. Mr Cooley wasaccordingly again arraigned, and plead not guily. The Court then adjourned till this afternoon. ‘The first business then will probably be to empanel the jury.—Providence Journal, Dec. ¥. Dsptcatioy or tus Metnovist Errecoras. Caurcn, —The new Methodist Chureh, corner of Ferry and Franklin streets, by the permission of Divine Pro- videnee, will be dedicated to the worship of Al- mighty God on Sunday, the 4th inst. The Rev. Bishop Hedding will deliver the dedicatory sermon at 10 o’clock, A. M. ; Rev. Dr. Levings will preach in the afternoon at 2 o'clock, and the Rev. 8: L. Stillman in the eveni Collections will be taken up turocushout the day, to aid in liquidating the debt incurred by the erection of said church. Aibany Ailas of 2d inst. Winren.—Cold weather set _in—navigation has closed—snow has fallen to the depth of six in hes to one foot at Buffalo. Maumee, Cincinnati, and St. Louis. rOvfat New Orleans, at the timeof the attack and defence hy him, Without designiog any re- Peribunal which imposed the fine, the remission at this day may be regarded as not unjust or The voice of the civil auchority was heard amidst the glitter of arms, and obeyed by those who held the sword, thereby giving additional lusire to a memora- It the laws were offended, iced the name of the country. The Executive will most zealously unite its efforts with those of the Legislative Department in the ac- complishment of all that is required te relieve the wants ‘of a common constituency, or elevate the destinies of a be- east of Mount Sterling, about eight miles west of ARRIVAL OF THE Steamer COLUMBIA. FIFTEEN DAYS LATER. News from India und China--State of the Markets=---More Fatlures----Distressing Wrecks—Great Dinner to General Cass, &e. &e. The steamship Columbia, Captain Miller, arrived at Boston on Tuesday morning, bringing us news from Europe fifteen days later. She experienced much rough weather prior to reaching Halifax. She made the passage from the latter place to Boston in thirty-three hours. By this steamer, General Cass, formerly Ameri- can minister at Paris, has arrived—also Mr. Ste- veng, bearer of despatches from the American mi- nister in Belgium, to the State Department—also, Dr. Hagan, editor of the Vicksburg Sentinel. In the Cotton trade there has been no material change since the Acadia sailed. The sales have been on a rather more extensive ecale, but the tone of the market has not undergone any change worth noticing. The purcheses are principally made by. the trade. Jn the Corn trade there has been some little im- provement, but there is still great want of confi- dence. In London, Wakefield, and Liverpool, an opinion prevails that prices have seen their lowest point, but there are others who entertain a very dif- ferent opinion. During a heavy gale on the 9th of September, several ships lying at Table Bay, near Cape Town, were driven on shore. The American batk Fair, field, the ship John Bagshaw, the brigs Reform and fenry Hoyle, the Schooner Ghika, and the cutter Albatros, were vessels which were stranded, but no lives were lost The proposed project has again revived of building a bridge across the Thames, from the stairs adjoin- ing Lambeth Palace to the Horseferry-road. William Hone, the well-known author of the Every Day Book, 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 Mi- nister, was present as an invited guest, and made a speech in reply to a complimentary toast. A meeting of the shareholders in the Great Weat- ern Steamship Company, was held at Bristol. The reporters for the press were excluded; it was un- derstood, however, the meeting decided that the Great Western, which it was stated, is now making a profit, should recommence running in the spring, unless she should meanwhile be advantageously sold; that the Great Britain, the immense iron steamer, should be finished and equipped for sea, and that the eum uf £20,000 should be raised on loan. Lettera sent under envelope to any part of Ameri- ca are charged as double letters by the Post-Office there---thus, 9d is the inland postage of a eingle let- ter; but in an envelope the charge is ls. 6d. They who have friends should remember this. The failure of Ferguson, Bro hers & Co. at Cal- cutta, 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 both coun- tries was infested by robbers, who rendered the roads insecure for travelling, and impeded the com- mercial relations. The Britannia, from Boston, arrived at Liverpool on the 16th ult. The Queena and royal family had been on a visit to Dover and Walmar Castle. A monument to Grace Darling 1s to be placed over her remains, at Bamburgh, and a tablet to be put up in the Fern Island light house, both recording the particolars of her bold and humane exploit on the Tth of September, 1838. The ‘“‘Nuremburg Correspondent” states that a beetroot sugar manufactory was consumed by fire at Vienna on the 8th inst. A similar calamity occurred afew days since at Brann, in Mooravia. Madame Vestris and her husband have seceded from Drury Lane, in consequence of a misunder- standing with Macready, arising, it appears, from the manager having alletted to the lady a character in the forthcoming play of King Arthur, which she considers “ offensively inferior.” Mrs. Fitzwilliam made her first appearance at the Haymarket since her return frem the United States, on Monday night, in a new monopologue, written expressly for her by Buckstone, called “Belle of the Hotel.” ‘The overland mail from India arrived in London on the 6th November, bringing news of an advance on Cabul having been decided upon by the English. From China, the news upto July 26, is so far un- important, 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 sama mail brings disastrous accouuts 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, viz Sir John Cross, Sir G. T. Walker, Bart.; G. C. B., Col. of 50th Regiment; Mr. “Hone, author of the fivery Day Book ; Sir Geo. Watker, Lieut. Gover- nor of Chelsea Hospital; the Bishop of Cashel, ano- ther vacant see for some protegee of ministers. Loss or Tue Retiance East InpIaMAN, WITH upwarps or One Hunprep Lives.—Extract of a letter dated Boulogne-Sur-Mer, Nov. 12, 1842:—Itis our painful duty to apprise you of the total loss of the Reliance, 1500 tons, Green, which vessel came off the coast of Merlemont last night, and went to pieces this morning. She left Canton on the 7th ot May, with a cargo of teas. 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 re- speeting the survivors. The English Consul has just gone round to the spot. The number of persons on board was—75 Englishmen, 27 Chinese, and 20 Dutchmen—Total 122. Loss ov tux Convict Siw Water.oo—Two Hunoxep Lives Lost, ovr or Tures Huxprep ano Tumry.—By extracts of a letter which was received on Saturday by Her Majesty's ship Hya- cinth, from Cape Town, via Scina’s Bay, dated Au- gust 29th, 1842, we learn that it blew a heavy gale on the 27th of Augustin Table Bay. The next morn- ing the inhabitants of Cape Town discovered the wreck of the Abercrombie, 1415 tons, from London. About three hundred yards from her was the con- vict ship Waterloo, and within sight of the multi- tude on shore she gave a lee-lurch among the break- ers. Alter two or threé heavy rolls, herthree masts went over the side witha dreadful crash, Here fol- low the extract :»— “The hatches were now opened, and the convicts rushed on deck. The sea was now making a clean breach over her. Immediately on the convicts ar- riving on deck, about fifty jumped overboard; about fifteen or twenty gained the shore, and the remain- der were drowned. The criesof the poor wretches on deck were now heart-breaking. sea, anit made a breach over the unfortunate vessel, carried a dozen into the water, who of course were drown- ed. Thousands of the people were on the beach,but could not render the least assistance. Oh! it was a dreadful sight. There, within @ etone-throw lay two