The New York Herald Newspaper, December 28, 1861, Page 10

hs ae 10 A SYSTEM OF NATIONAL F- qance. Rotes Explanatory of Mr, cnaser) Pian of ania * jmanee. Notes Explanato Cienal Rinane .4¥ of the System of Na~ Proposed Aand carpenss, Se poene Le The 8000 44 pian suguentod remain for examination, tia pring! Aa pian sugkestitat,) a circulation of notes Deariny F common impression ‘and authenticated by a ©Omr” on authority; (2d,) the redemption of these notes and institutions to wl they may DY he associations hich the; Pp dolivered for issue, and (34) tho security of that re- AMeinption by hades ge of United States stocks, and an tat ‘of specie. In this the peoplo, in their ordinary business ‘would find the advantages of uniformity in currency; uniformity in seeurity; of effectual safeguard—if effectual eafoguard i¢ possible—against depreciation, and of pro- tection from losses in discounts and exchanges; while in tho operations of the government the people would find the further advantage of a demand for government Beourities, of increagod facilities for obtaining the loans required by the war and of some alleviation of the burden on industry through @ diminution in the rate of fntorest, era participation in the profit of circulation, withou risking tho perils of a great money monopoly. THE SECURITY OF THE UNION INCREASED BY THEPLAN, A further and important advantage to the people may De reasonably expected in the increased security of the Unicn, pertnging from the common interest in its preser- ‘vation, created by the distribution of its stocks to asso- Ciations throughout the country, as the basis of their circulation. 4 NATIONAL CURRENCY THR SAFEST, BEING OF EQUAL VALUE IN ANY PART OF THE UNION. entertains the opinion that if a credit @roulation in any form be desirablo, it is most desirable ‘fm this, The notes thus issued and secured would, in his ment, form the safest currency which this country ‘ever enjoyed, while their receivability (or ment dues, except customs, would make them, rable, of equal value ssa currency in every art of the jon. ‘The large amount of apecie now in the United Btatos, by sear bd total of not less than two hundred and eer millions of dollars, will easily support pay- mcats of duties in coin, while these paymonts and ordin- ary demands will aid in retaining thia spocie in the coun- try as a solid basis both of circulation and loans. ‘Phe whole circulation of the country, except a limited amount of foreign coin, would, after the lapse of two or three years, bear the jinpress of the nation, whether in coin or notes; while the amount of the latter, always easily acertainable, and, of course, always generally Ikmown, would not be likely to be increased beyond the veal wants of business. THB PLAN PARTIALLY TRIED AND FOUND PRACTI- CABLE. ‘He expresses an opinion in favor of this plan with the * greater confidence, because it has the advantage of ro- commondation from experience. It is not an untried New York, and in one or moro ‘easentiat parts, to found practicable and uwscful. probabilities of suc- ees will not bo diminished, but increased, by its adop- under national sanction'and for the whole country. PRE OURRENCY 18 THUS CHANGED WITHOUT INJURY TO COMMERCE. It only remains to add, that the pian is recommended ‘ene other consideration, which, in the judgment of Secretary, 8 entitled to much influence, It avoids imost, if not altogether, the evils of a great and sudden @bange in the ourrency by offering inducements to eclvent existing institutions to withdraw the circulation ‘under State authority, and substitute that provided by sheauthority of the Union: Thus, through the voluntary action of the existing institutions, aided by wise legisia- tion, the great transition from acurrency heterogencous, ‘nequal and unsafe, to one uniform, equal and eave, may. De speodsly and almost imperceptibly accomplished. ‘THB CONGRESS HAS POWER TO REGULATE THE CUR- RUNCY OF THE COUNTRY. If the Secretary has omitted the discussion of the ques- of the constitutional powor of Congress to put this into operation, it is because no argument is neces- to establish the proposition that the power to regu- bs pre over Grok the value mS = includes the pow- regu! currency of the country, or the col- Yateral ‘propesition that the power to effect the end in, cludes the power to adopt the necessary and expedient fpeans. ‘The Secret entertains the hope that the plan now submitted, ifadopted with the limitations and safeguards which the experience and wisdom of Senators and repre- ives will doubtloss suggest, may impart such value nd stability to government securities that it will not be Gificult to obtain the additional loans required for the ser- vice of the current and the succeeding year at fair and Feagonable rates, especially if the public credit be sup- ported by sufficient and certain provision for the payment ‘ef interest and ultimate redemption of the principal. An additional plan is now proposed by the Secretary, Yo enable all existing banks and associations for banking purposes to become national institutions. Congress of the United States can pass a law which will authorize uli banks and associations for banking to ‘ie their applications and articles of association in the pe norm of the Treasury, and thus make natioual in- tions of those that now are only organized under and Mmitod to State laws and looal credit. ‘These banks, and ethers that tho law may authorize to be created, may gach have as large a capital as they choose, and by thus throwing the mantle of the Union over them, and giving ‘them a credit coextensive with the faith of that govern- ment upon which their existence depends, they will maturally bocome the fiscal agents of the National Trea- sury, and may, with much propriety, be made the means ‘ef collecting the taxes, and all other dues oxcept dutics on imports, and act also as the disbursing agents of the government everywhere. Upon all this business they ‘Will of course secure a commission. This plan, when availed of by the banks, will double the value of their eapital as a moans of profit. NOTES. The plan or system of finance here presented by the Becrotary of the Treasury, will attract great ‘attention, Because it embraces and distinctly proctaims the ability f the country to rise superior to its present embar- Fasemnents, on means and credits possessed by the nation, Tt algo illustrates the declaration of one of our sages, that the ‘‘evidence of statesmanship consists in so shaping the measures of government as to make the worst calami- Ales productive of public blessings.”” The proposition is made by the Secretary, with the view of raising the means necessary to defray the extra- Brdinary expenses of the government in prosecuting a war forced upon the loyal people of this country by in- Surrection and rebellion—a rebellion so formidable und vindictive as to require the whole power, energy and means of the country to suppross it. ‘The con- Stitution regards rebellion as tho most benious and super dooable crime; considering the actors as outlaws, “not entitled to the privilege of the writ of habeas Sorpug.” It is evident that our armies are employed in a most important duty—nothing less than defending the Uife of our constitution Ogainst assassins. In this emer. y all the material wealth of our coumtry must be put Fequisition, in some convertible form, for the purpose enforcing the laws aud preserving the integrity of government and country. ‘The object of this paper is to illustrate, by facts and the wisdom that conceived #0 comprehensive « and thus enable the people of the country to under- Stand that they possess a the money they heed within themselves, wit it any appeal to forei italiste, Tho limit of our ability can De measured only, by the ‘amount we can annually raise by taxation to pay interest and the erdinary current expenses of the gevernment. CONSTITUTIONALITY OF CURRENCY. The question first to be answered is, whether a eur- fenoy thus croated, is within the meaning of the conati- ‘ution of the United States. That instrument declares ‘hat “ Congress have power to coin money and fegulate the value thereof.” And that ‘no State shall ‘goin money, or emit bills of credit.” ‘These are the pro- visions on which the power to furnish a currency are based by many able and distinguished men, Presi- dent Madison, in hig moseage of 1816, says:— “For the interest of the community at ‘large, it is essential that the nation should Possess a currency of equal value, credit end use, wherever it may circulate. The constitution has entrosted lusively with the power of ting a currency of that description.”” Senator McDuff, in bis report on the Bank of the United States, April 13, 1880, adopte this con- struction of President eealee ‘and 983 power to reg @ circulating medium ; coin bo. tag the ordinary and most known form of circulating me- dium, that term was used as synonymous withcurrency.”’ The right to coin money and fix the value thereof, has been exercised as a part of the sovereign power of every independent State from Ume immemorial, because tho Prowle are entitled, im thelr dealings with ¢ach other, to ve a medium of exchange of the most reliable charac- ter. The stamp upon acoin {s the pledged faith of the Ration that the coin possesses an intrinsic value equal to the representation on itsface. Thus, if the coin is not falso, we have the highest evidence of its value. Coin is properly & token of barbarism, as credit is @ symbol civilization. As promises on paper are more convenient than coin, 80 these —_pro- mises, well secured, will be preferred to coin in exchanging values. As wo are a civilized people, accus- fomed to'vbeying laws and reapecting our law’ givers, it 4a but natural that we should prefer a promise, when well Becured, to coin. Hence, as the only reason for investing ‘the national government with power to coin money was to got the highest aud best known authority stamped ‘upon our medium of exchange, and as by common consent ‘we use paper instead of coin as a currency, it becomes the absolute duty of government to furnish us with the evi- of ite value. In doing this no risk er expense is imvolved as in the case of coin, uor is it required of the fovernment to enter into any contract to make good the vromises it is called on to stamp a value upon. And, in- Geed, the plan of the Secretary of the Treasury does not, ‘Eree, involve the constitutional question. The id duly of sovereignty are to protect and pro- ‘che interest and happiness of the people in every Particular, where the power exercised does not impair og oye jndividual right, y for paper promises arose at an )e riod, but the first Togularly organized tnatitution Po ns eeive opin and issue paper therefor was in 1171, when the Bank of Venice was «stablisned. In 1609 thd Hank of Aimsterdam, and in 1919 the Pani of Hamburg, were founded. were ail created for deposits only, and re cities in which they were located wore orlgmall sponsible for the faitblul teen of the coin fe eertificates of deposit had peon the first credit currency was based upor deposit, for the return of which the pubiic rt. porty were pledged to the holders of ‘heen bili Pl theseancient banks were without origina, derived thelr profits from eommiskions aid ointy ana, ae made against the depositors with the bank sass Hero we find the plan of currency based upon secur, = lylog at the very root aud foundation of paper rrency. ‘Thin good Leginning was soon after vitiated, and the principle hus never Deen restored unit it was adopted ic NEW YORK HERALD, SATURDAY, DECEMBER 28, 1861—TRIPLE SHKET, ‘Nis country. Tho mischievous example of Eng'and hasted te all thoruinous consequences that have flowed from ® vicious and unsound paper ourrency. To sustain her armies In the aggressive and ambitious course of her policy she was compelled to borrow, and the invention of her ohief. re py introduced the plan of @ bank to aid by an accumulation of money the credit of the government, ‘The Bank of Fngland was chartered in 1604, and its charter was extended from tima to time upon condition that certain advances should be made to the government ab rates of interest varying from nothing to eight per cent per annum, until 1738, when the bank upwards of nine millions pounds sterling of the public debt, and in 1838 fourtoon millions. ‘The advancing of these large ‘sums was the consideration given for the issue of an un- sound currency. Asa congequence of the insecure cha- racter of the Dills of this bank and other smaller ones, ics among the holdera of bank bile frequently oconr Ln geen In 1707 tho banks of that country sus- pended specio payments, and did not resume until 1821. In 1814, 1815 and 1816, two hun- dred and forty ‘banks in England stopped payment, and thus created so general a distrust im the per of these institutions that the notes of the Bank of id became go much in demand in 1817 that they rose nearly to a par with specie. In 1825 nnother panio arose, when, within a poriod of six weeks, more than seventy banking institutions failed. In 1620 the Bank of England established fifteen branches, for the purpose of supplying & more substantial aud uniform currency. late, and wt the present time, the Board of Goyer- nore of the Bank of England endeavor to keep about one- third of the amount of its liabilities in bullion, and when the stock falls below this amount the requisite quantity 4s generally supplied by purchase. In consequence of fur- ther advances to government, and to give greater cur- Teney to the notes of the bank, Parliament passed an act making them a legal tender. ‘The valumo of the iseues of erned by the ‘action of the public,” and Mr. Horsley Palmer said before a committes of the House of Commons “that tho rule of the bank is to allow the publicto regulate the currency for itself through the action of the exchanges.” From this statement it is mone that the'principlo on which aH currency should be based has nover been reached in England; and in proportion as it was knowa to aivance toward or recede from the pledge of govern- ment securities 80 has the confidence of the public boon conferred and withdrawn. The bank heli a largo amount of the public debt as an investment, and though not pledged to redeem the bilis issued, yet the Knowledge of the fuct that they were the chief’ iny ments of the bank, enhanced the credit of its bills above the issues of all other institutions. With the view of still further sustaining this institution, Parliament violated the great principle on which they professed to baso thelr currency, by declaring that the notes of the Bank of England should be received by all creditora in payment of debts due them. This was clearly an act of unjnsifiable arbitrary power, and should have been exercised only after attaching a guarantee to the payment of the notes of this institution, which they thus compelled thair people to receive. ‘The history of Huglish panics demonstrates the general want of confidence in un- scoured promises. Andan English writer on currency has the cand@r and frankness to say,after the panic of 1825, ‘‘that what is really wanted in th adoption of a system that will exclude the possibility of notes being discredited, by prevent: individuals or associations from issuing such as have not been guaran- teed;”’ and ina memorial of the Manchester and Liver- pool District Banking Company they say:—We contend first that, except so far as the issue of notes isconcerned, banking is essontially a private business, with which the State has no right to interfere. It is clear, therefore, that the security to be given by a bank of issue ought to ‘e,proportionad to ite suse, and not to its capital.” re is abundant evidence in this paper to show that the omission of the English government to base the cur- Tenoy issues of the banks upon security lodged with the public authorities was not from lack of knowledge of the great principle, but from a disinclination to exercise con- rol ovor the currency for the benefit of the people of z country is the Tho evil example thusset by tho English government and people we have copied, and the consoquence is, that our country is and been cursed beyond example with a depreoiated and unsound currency. 4 PROPED ARCURITY. ‘The eocurity in the ancient banks was the precious metals. That is the base of currency; aud consequently would appear to be the very best that could be selected. But we must take into consideration that there are other objects to be secured besides safety. Coin is the reality of the promise, but bears no interest, produces nothiug, 4s the token of doubt! Bonds and many other evidences of debt bear an interest, and are convertible into coin at 8 price, in the market af all times. But chege bonds, ig bea base for currency, should bo made by the nation government as such security actually underlies ali others, inasmuch as a tax laid by the government is @ prior jien upon all taxable property in the country. This plan thus contains within’ ftself a Perfect security, since these ‘bonds are given by the ighest authority, bear mterest, and are universally known. To keep this ascurity good, it becomes necessary for the government to eee that a tax large enough to pay the interest on ite debt and the ordinary current e: penses of tho administration, shall be annually laid and Gollected. This is @ feature in national finance which should never be avoided or neglected; and in this parti- cular again the recommendation of tho Secretary is emi- nently wise and statesmanlike. Not only should the government make ample provision for interest and cur- Tent expenser, but the Treasury should never be made subject to a demand it cannot meet. Here, too, the Secre- tary has displayed wisdom in refusing vo extend a plan of demand notes beyond the immediate funds in the posses. sion of the government. ‘This system ia justifiable only when an extreme emergency artes, az in the first stages of this rebellion, when the goverument required money as soon 08 the new administration came into power, and found the Treasury had beon drained by the treachery of pub- lic servants, The value of a bond js not altogether found in the sufficiency of the ultimate security wpon which it is based, but mach of it consists in the punctuality with which interest is paid and other engagements met.” Espe- cially is it so with a gecurity where there is uo legal power to enforee an obligation. Public eredit is cou- trolled by the evidence of good faith and financial skill displayed by the powers who have the management of the nations! treasury under their control. Jn this connection it may be well toremark that the bonds of a government, ag ageneralrule,should have at least twonty years to run; but, inasmuch as the rate of current interest npon government Londs must vary according to the wants of government and the currents of trade, it is always wie ion in all twenty-year bonds that they may be paid at the end of tive or ten yeara; so that, while the public crecit will uot be affected’ by their falling due, still, if iuterest becomes lower, the Treasury may avail itself of the fact to ‘iss new bonds abd take up the old ones. If the Treasury I continue to be ed, through a series of years, with the same knowledge ard skill that now control it) the public socurities can be #0 sustained in the general market, as tocommand cash at a reasonable rate of in- torest. ‘These securities will need the usual support of an absorbent and sinking fund, and these the Secretary propores to supply. ‘This sinking fund need not be used to elag ger any part of the public debt; indeed, in the financial systems of the States of the Old World, they aro used to purchase government bonds when the market is low, and they are ax uniformly sold when the market will take them at a higher rate. ‘Thus they effect two objects: one the support of the credit of government, and the other the increase of the capital of the sinking fund, The absorbent the Secretary proposes to create, is a de- mand from the banks and Danking astociations for a se. curity upon which to baso the issues of all banks that sball make application at the Treasury for circulating notes; and to encourage that demand he proposes to make'the notes issued by ull the banks and banking assoelations now existing, or that may hereafter exist, that obtsin theue seeurud circulating notes, receivable in pay- mont for all taxer and other public dues, exoept duties on imports at par in all parte of the United States, and he proposer also to pay thom to all public ereditors that will reeeive them, is will make @ uniform currency, and create 20 great & demand for those bonds that it will ne- ceasarily produce an = 2 their market value, Not on'y will they be pur for furnishing bank issues and capital, but they will become a favorite investment for the fands of other institutions and individuals, because they will possess all the requisites of a perfect security, while their cash price in the market will beequalandcer- tain. Every bank whose crodit rests upon these bonds will be strengthened in public opinion over othors based upon a loss perfect security. Whon the banks shall Invest in these bonds to the extent of their capital and issues, it will displace no other securitios and disturb no individual credit; while the bonds used asa security for currency will be entirely withdrawn and locked up in the ‘Treasury tment, so that they cannot compote with other bonds offered in the market. ‘Any bank that shall invest all its capital in these bonds, and receive circulating notes therefor, will greatly advance tho interost of its share- holders and customers. The capital will be safely invert- ed at six per cent, and if it can loan out all its bills to customers, #0 a8 to keep thom in circulation, it will be making twelve per cent per annum. Thus ‘itis very likely that interest and patriotism may induce the owners of banks to invest all their capital in these bonds, and if Il do 80, tho Secretary should bo authori: institutions as fiscal agents without de- manding any further socurity from them, In this way the Treasury Department of the govern- mont may be provided in all parts of the Union with the very best and most responsible fiscal agents that any people have ever been provided with for the collection of taxes, dues, property and funds, and disbursing the same, under the direction of the Secretary of the Treasury. If properly managed, this plan of the Secretary, which has boon 10 modestly ua opportanely prewsated do’ Gon gress and the people, wil furnish for the nation all the oredit and money that a prudent administration ought to require to conclude the war with an honorable peace, The Secretary of the Treasury proporss by th e Secret 16 Treasury propores by the plan bas promated. 6 establish Gatrescy Burean to hie ie jbpag! where he will receive from all banks and king associations, applications for circulating notes. These notes are to be delivered to the banks in exchange for government bonds, in an amount equal to the market value of the bonis, but not to exceed the par thereof. ‘These notes will be stamped upon their face “ Secured in the Treasury of the United States by government bonds,” and will bo delivored to the bank applying for the same; and the bank will cause such notes to be signed by its president and cashier,and made payable in coin at the counter of thebank. These notes may be issued by the bank and, as they will be received in payment for taxes and other public dues in all parts of the Union, they will ob- tain universal credit and circulation. And although they will be payable in coin only at the couuter of the bank from which they are issued, yet, as they will ha coinage stamp of the Treasury upon them, and are actu- ally a part of the public debt, they will command coin wherever eoin can be found. Thus the old vicious plan instituted by England, of basing currency upon the hope of bank solvency, will be exploded; for these notes will secure a circulation solely upon the credit of actus! secu- hands of the Treasurer; and will not be the if the bank that issues them should become fagolvent. This symbol of civilization approacher as near to coin as intelligence can make it. The stamp on coin gives the faith of the government that the coin contains a cer- tain intrinsic value according to cooventional usage, bills carry the stamp and faith of the govern: ment, assaring the holder that the means 4p convert the bill foto coin is in the Treasury Department of the gove:n- og ly bee ee bn ge of the gova"nment in we are corti : that they are good beyond en Sa cs Money Tn conn-ation with this it may ‘aot be improper, our fashYon, to ize whothor we are not capable of making oureelves dent of European capitalists? Money and capital are by some used rem ngrt terma; When, indeed, they svatain only relative connection, Money 1s that article which is received by common consent as a medium of exchanging property. Tt is a thing universally recoiv- ¢d in buying or trading. It is not sought for investment, Decause it boars no interest; and the volume of money in circulation is governed by the commercial or non-commercial character of every community, Indeed, #0 necessary is it to trade and commerce, that a. people who cannot get the beat money will uso that of a doubt- fulcharacter, Capital is that which may be made a base for obtaining money, Tho government stocks or bonds are capital; they are based upon ail the proporty and in- dustry of this nation, By the use of the bank talisman which the Secretary haa proposed, we make the property of this country produce us all the money we require. Wo are capitalists now, because we have the talent necessary to convert our property into money at our pleasure. ‘This we oan continue to do 90 long as we require money, it we Taise by tax enough to pay the interest promptly, and the ordinary expenses of our government, and keep up the plan of asinking fund and an absorbent such as the Sec- retary has proposed. ‘The oporations of currency are governed by trade ; vot trade by currency. Upon the plan of @ secured our: reney, you may tafely leave tho volume of it to be go. verned by the demand. Tho check upon the quontity of sound currency issued may be safely confided to that ever and universally pervading fecling of self-interest. If money or property can be made by the use of money, then the question arises as to the longth of time it can be profitably used. If a person holds a sum of money that he cannot profitable uso, he will seek to invest it where it will pay an interest, and this causes the bank issues to return upon the banks when trade is dull, and run out as rapidly when business is brisk. (This principle is only applicable to sound cur. rency, and not to banks.) And in this principle ts found one of the excollencies of this pian of the Secre! If the public return the corrency upon the bank it w’ only have tho effect to reduce its profits, becanse the bank will be obtaining interest from tha’ bonds it has placed in the hands of the Treasurer, and, therefore, it can afford to wait until the action of trade shall again de- mand the currency that has returned uponit. And, again, as the bills are part of the bonds, in a more convertibie form,any bank can horrow on its own Dilla to mect every y that inay arise;and hence, being hedged around way to meet the wants of capitalista and traders, there is uo reason why any panio or disturbing cause growing out of the currency, shall arise. Indeed, this Plan of currency will meet every internal commercial de- mand, to the entire exclusion of bulllon or coin in quau- tities. ‘The foregoing Htatemente and comments conclude the examination of the system of national finance and cur- rency presented by theSecrotary of the Treasury; all of which was intended to prove— First, That the credit of this government depends much,upon financial skill, inasmuch as the ability of the nation to sustain a debt is suilicient where proper cnergy economy and prudence are observed by all the depart- Second, ‘That in raising money for war purposes, the vernment is bound to devise a plan that will displace as few individual securities as possible, and create no dis- position to foreclose mortgages and disturb the value of taxable property. ‘Third, ‘That State banks may organize under an act of Congress, and become national institutions, and also be- come the fiseai agents of the Treasury to collect taxes and other dues, and disburse the ame, for @ commission, in ail parts of the Uuion, Fourth, That the bonds which may be received from all banks will be locked np in the Troasury, and that thereby the national government will possess'a full and pertoct power over the currency, Inasmuch as the Seere- tary may sell the bonds deposited aud redeom the bills of insolvent banks. Fifth. That the credit and soundness of all our currency will depend upon the care and skill with which the pub- lic promises and pledged faith of the nation are kept and redeemed. If the national faith shall remain unblewish- ec, then this plan of national finance and currency will protect bank bills against depreciation, and enable the government to obtain all the money for its bonds that Pradence would authorize it to ask for. ‘TRUTH. PATRIOTIBM. ‘To bunks, bank officers, stockholders, farmers, mo- chanics, manufacturers, morchants, laborers, lawyers, physicians, clergymen, and every other class and calling, this call of “Patriosiem” is addressed. Haye you read the words of “Truth” in the preceding pages? If you have not, de so now. If you have, then be altentive to the words of *‘Patriotism.”” Any and every one of you can be of service inthis matter, and it Dekinoves every one to consider how much he can do to serve his country, Ye whoarethe managers of banks, should at onco no- tify the Secretary that you will procure and. be ready to deposit goverpment bonds with him,as soon as he can get the bills ready to deliver to you in exchange for the same. By this plan, you can invest a part or the whole of your capital in the bonds of the national government, without withdrawing any accom. modation from your customers, inasmuch as you will re- ceive the amount in circnlating notes, which you can lend to your customers. ‘This wiil afford a’ larger profit to you than any other pian, avd will furnish the government a» very great support, To those who have but small means, and others, wecan say, form an absociation for banking purposes, and locate a bank where you may think the spot is favorable, Open subscriptions, and (ake the sinallest sums {roan the peo- ple. Give every one a chance to subscribe, and give an invitation to all to become svockbolders. When you have progressed so {ar as to know you wili’be successful, then address the Secretary of the Treasury. and advise bim what name your bank has adopted, and say to him that you desire a cortain amount of circtlating notes and the enominations. By this means you will be able to pur- chase the bonds by the time he will have prepared the circulating nctes for you, If this course shall be generally pursued by the patri- otic people of our country, the Secretary of the Dreasury will be strengthened at once, He willsee in this move- ment new motives for action, and will have confidence in his ability to supply tho wants of government. Re- member that thie money is to feed and clothe and pay the soldiers in your armies and all others who are in your employ. ‘8 Inoney and property do not go out of our country. They go into the pockets of your fathers, others, sors, nephews and countrymen. They are Tisking thoir lives at your bidding. The government is only tho agent of your will—you are the principals aud parties interested, every one of you. Let no one stand for in this affair every one is for or against bis country, Your Seeretary of the Treasury bas already won your confldence by his frank, able, and honest ad- ministration of your fiscal affairs. He must be woary and worn with care, and no doubt has sleepless nights and anxious days which may make inroads upon his health. and compel him to retire and seek reposefrom mere ment and physical exbaustion. But he has presented to you the greutost boon, in the shape af # financial system, that has ever been presented by talents and patriotism toa great and confiding people. To the army and navy, it is only Reconmary 10 say, Jour intelligence will convince you that yourSocretary has done his duty aud that in all your liters to your frionds you must urge them to come to his support. ‘To Congress, it is only necessary to say, that the Secre- tary, baving ‘laid before you his system of national finance, looks to you to pass such as are necessary with as little delay as possible. ‘Your constituents will respond to this call of their country with alacrity, and if the government re- quire one thousand millions they will be able to obtainit, And let & be clearly understood that in this system you will, by such an expenditure, be only Froviding @ bese oF foundation for no more cur- reney than the business of your country will require within fifteen or twenty years; because not one acre in five hundred of our ‘tiilable soil in the West has ‘boon occupied or cultivated, and we mey safely estimate an increase to forty millions in the ii tates within the next fifteen years. Thus it may be ‘the peoph: of this country will demand of the government that the whole of this amount of bonds shall remain as a base for currency, and-thus relieve you from the unpleasant necessity of laying a tax to pay th f "Totus all, then, with cas accord, unite in building up for ourselves and postority the inost substantial and bene- ficial system that has ever been adopted, and which is built entirely upon public faith, public credit, public in- telligence, and a united self-reliance and intependence. Esto perpetua. PATRIOTISM. FOREIGN EXCHANGES, Although the preceding pages conclude the examination of the report of the Secretary of tho Treasury, it may be well, in this connection, to examine the causes that constantiy operating to disturb our foreign exchang: because they operate to injure the credi the,country. Largo movements of the precious motals are always Productive af inconvenience, aud sometimes serious com- mercial joss. Indeed, it is one of the most fruitful sources of panic and bankruptoy that has alftlicted id currency of the civiized world. A few words on ibis subject will suflice to show the cause, the effect, and a partial, if not a complete romody. By, the univereal consent of the commercial world, specie ia Gsod to settle all balances that become due at certain periods from the merchants of one country to another. When exchanges 0 a point where it will py to ship specie, it isan evidence that the balance of trade is against that country; and from that moment the specie will continue to flow until the balance is adjusted, In consequence of the existence of extousive commer- cial cretit over the civilized world, all yearly differences in trade between any two countries cau be setiled by an extonsion of credit, and thus carry the balances forward to another business season. This course is generally pur- sued between the several countries of Europe by advane- ing the rate of interest in the debtor country. All large European banks have the power to advance or lower the rate of interest, ag they may think proper, thus controil- ing the fluctuations of trade. ‘A large rate of interest operates on specie like gravita- tion upon water, and when a drain of specie is discovered making any considerable inroad upon areserved fund in bank, those banks that possess the power over the rate of interest, or price of money, take notice of the fact, and immediately increase tho ‘value of specie by raisizg tho rato of interest to its customers who wish to borrow. ‘This advance inthe bank rate, or price for the use of money, acts like an alarm bell, novifying all persons that Money will be high at home, and that it will be for the iuterest of all parties lending money to keep it at home and (hose who wish to borrow to seek foreign loans; a1 'y one is adm: nished that trade should be curtailed until this it ing cause joved. In conse- quence of this high rate of interest credits are gonerally Greated in the creditor country, and the balance due that country ——. bpd by og to the next busi- ness season. us the 9} in the vaults bank remains undisturbed, ai ithe: Unfortunately for this great commercial country, no such regulating and protecting power exists among us and wo are consequently left to the tender mercy of foreign merchante and designing traders at home. In con- fequenes of the lick of @ fuanciel regulator according to ‘the plan ado; ted in all other great commercial countries, we are left like the ehuttiecock between two battledors, the mere creatures of circumstances that financial ekilf has abendoned, Panies, ruinous and disgraceful, frequently occur, and We look on aud are tossed about in as heiplesa a condition ag the passengers were on the Great Eastern In that tem. pestucus sea, and from the same cause, the want of a ‘The government of this nation has power over the cur- rency, and it should have over bank interest, and if it has not, tho aid of State legislation should be invoked. Ifa Jaw shall bo enacted by Congresa, the congent of the Le- gislatures of New York, Massachusetia and Penu- sylvania would pedi be given to allow the banks of , New York and — Philadel. phia (being the prinetpat cities from which form a board of control, which required #0 to do by the Secretary of the Treasury; and, when assembled, should have the power to increase or lower the rate of interest each bank of those cities should be allowed to receive {voin its customers, and this board should alao prescribe the line or amount of discounts or loans which each may be allowed to make upon its capital, deposits and circu- lation. By thus raising the rates of bank interest at home 80 large @ number of the banks of these States, the demand for specie would at once cease. action of such a board should be legal and binding upon all the banks and their customers whenever the same shall be approved by the Secretary of the Treasury: ‘This approval is important, in consequence of the lar, amount of public securities which will be affected by rate of interest tv the public market, and the imports and exports of ie eescles metals. If this plan ll be authorized by Congress the oo- operating banks of these cities will possess more powor for good over the movements of specie than all the banks in Europe, and they will be able to protect their cus- tomers, themselves, the public credit and the exchanges of the country against the effects of any panic on tho other side of the oeean, and prevent the occurrence of any here, and render a suspension of epecie payments improbable and unnecessary. Specie is the accepted bave of currency, and it is quite as important that it should not be moved in bulk as thet ‘the foundation of @ house should not be disturbed, you wish to pull down the whole fabric. If the great system of national finance and currency 80 wit recommended ball be adopted and and this control over » shall be the most self-sustaining, wealthy and indepen- dent people on the earth. THE NEW TARIFF ACT. The New Duties on Tea, Coffec, Sugar and Molasses—Despatch from Secretary Chase—Theo Act to Go Into Effect Imme- diately—Goods in Bond to Pay the New Rates—Effect on the Merchants—What the Importers Say—The Quantity o¢ Sugar, Tea, Coffee and Molasses in Bond—The Additional Revenue, dc. ‘The New York importers of tea, coffee and sugar have been in astate of anxiety for several days on account of the passage, by Congress, of the Supplemental Tariff bill, Previous to its passage the prices of most of the artic'es affected by it had risen tothe point which they would naturally reach should the measures recommended by Secretary Chase in his report be adopted. It will bere” membered that the Seoretary advised Congress to raise the duties on coffee, tea and sugar. On coffee to five cents per pound, on tea to twenty cents per pound and on the ordinary kinds of sugar—such as are usually im- ported—to two and one-half cents per pound. Acting in accordance with the wishes of the Secretary, Congress has jost cnacted the following law, which we have al- ready given to our readers, Its importance is a sufficien, reason for its republication:— Bo it cnacted by the Senate and House of Representa- po Se the United States of America, in Congress as- rombled:— ‘That from and after the date of the passage of this act, in livu of the duties heretofore im; by law on arti- cles hereivafter mentioned, there be fovied, collect- ed ond paid on the goods, wares and merchandise herein enumerated and provided for, imported from foreign countries, the following dutics and rates of duty; that is to say— Fisat—On all teas, twenty cents per pound. ‘Second—Coffee of all kinds, five centé per pound. ‘Third—On all raw sugar, commonly called musoovado or brown sngar,and on all’ sugars not advanced above No. 12 Dutch standard, by claying, boiling, clarifying or other procers, and on syrup’ of sugar, oF of Sugar cane, and concentrated molasses, or concentrated melado, two cenis and a half per pound; on white and clayod sugars when advauced beyond the raw state, above No. 12 Dutch standard, by clarifying or other process and not yet refined, three cents per pound; on refined’ sugars, whether loaf, !ump, or pulver- ‘zed, five couts por pound; on sugars, after being refined, when they are tinctured, colored, or in any other wa} adulterated, and on sugar candy, eight cents per pound; on molasses, aix cents per galion—provided that ail Ry: Tups of sugar or sugar cane, concentrated molasses or concentrated melado, entered under the name of molacses, or any other namo than syrup of sugar or of sugar cai concentrated molasses or concentrated melado, shall b liable to forfeiture to the United States, and the same shall be forfeited. Mr. Chaso desired, at tho time of the meeting of the ox- tra seesion of Congress, last summer, that @ Tariff law should be enacted, eugmenting the duties on many foreign articles, to take effect immodiately on the goods already imported and in bond, He thonght in this way the revenue would ke sensibly increased. Much comment was occa- sioned By the proposition, and the conclusion gencraily arrived at was, tbat such @ progedure, at that timo, would be productive offjpvil rather than of good. Ig would seem that the maffibers of Congress were of this opinion, for the act which they passed contained the fol- lowing cleanse: And be it further enacted, That all goods, wares and merchandiso actually om shipboard and found’to the Unt. ted States, arid all goods, wares and merchandise on depo- nit io warehouses or public stores at the date of the pas- sage of this act; shall be subject to pay such duties ag provided by law before and at the time of the passage of this act. Under the provisions of this jaw, the goods in bond at the time of its passage could be withdrawn under the rates levied by the previous act. Many fears were enter” tained by importers lest Congress should do as Mr. Chase recommended, and should levy the additional duty on the goods daily arriving, aud on those which had al- ready arrived and were in'government warehouses. The ponic was s0 great that the importers of the principal ar. ticles used here, which it war supposed would be required to pay a higher duty, withdrew the entire stock in bond, and paid the duties. There was an additional motive for eo doing at that time, inasmuch as the six per cent Treasury notes, which arerecefvable for duties, were then selling ata discount of from two to four per cent: ‘Tho panic which then prevailed has been reproduced on a mewhat smaller scale this week by the passage of the bill given above. Even before the bill was made public through the newspapers, it was disceyored that it might be construed fo ag to take effect on goods in bond, and, in fact, that it was probably the intention of its framer to have the duties so levied. Every one know that Secretary Chase waa in favor of au act which would do this, and, as the power of interpreting the new bill would rest with hina, that he would cae the additional duty te be paid ou such goods, Accordivgly,on the day before Christ mas, most of the importers of sugar, tea and coffee, with” drew their goods from bond, the receipts for duty at the Custom House, on that day, being about $200,000, a larger um than has been received for any single day for along time. Some fow importers neglected their opportunity and had not paid their dutics before yesterday morning, whea the following despatch was received from the Secretary of the Treasury instructing the officars of the customs to levy the additional duties on all goods arriving after tho receipt of the despatch, and also on all goods in ware- house:— ‘TREASURY Derannennt, Wasninotor, Dec. 26, 1861. Conurctor or Customs, New Yor! ‘You are hereby instructed to enforce the provisions of the act to increase the duties on tea, coffee, sugar and molasses, a) Docember 24, 1861.’ This act goes in- to effect on ‘25th instant, and applies to all goods of the above description warehouse as well as current importations. Acopy of the act will be sent you by maj). Inthe meantime you will be governed by the act as published in the newspapers. 8. P. CHASE, Secretary of the Troasury. ‘The importers did not hear the orders from Wash- ington until they presented their entries for pay- ment, when they wore informed that it wa, then too late, and that the duty which would have been received on Thursday could not be taken, Great was their chagrin, the apparently slight additional duty of one-half a cent per pound on sugar, ‘and one cont per pound on coffee, causing many of them tolose from $5,000 to $20,000, which they might have saved, and which would haye been clear profit had it ‘been so saved. Tho articles on which the duty has been raised and which were thus caught, will cost no more to the consumer than they would if the importers bad been able to obtain possession of their goods under the old rates of duty, for the passage of a higher tariff would immediately raise the selling price of articles affected, whether the actual cost to the importer was increased or not. Thus the people will justify this important action ef Congross, al- though the importers who have been too sleepy to avail thomseives of the opportunity to make an increare! pro- fit, will raise a cry of unfairness.and double dealing, say- ing that Congress acted unjustly in not giving notice of the intended parsage of such an act, and in ndt allowing them sufflciont time, after its passage, to withdraw iheir goods. ‘There is one phase of the case which ie rather hard. A case in point occurred yesterday. An importer had pur chased cargo of sugar at the place of its production, and had pold it toa merchant before it had arrived here, In such transactions it is customary for the importer to de- liver the merchandise thus sold to the purchaser with the duties paid, and free from all claims of the government. ‘Tho pale was made before the prrsage of the act, and the price set was based on the supposition that but two cenis per pound were to be paid for duty. But the su- from Washington, and, of course, was required to pay the additional duty of one-half a cent per pound. Hore was a clear loss to the man who originally imported the goods— for ho must deliver them to the purchaser at the price ‘greed on—and 9 corresponding gain to the ; Such occurrences as this are, of course, rather bard on in- dividuals, but even here, what is one man’s loss is an- other's gain. In war times individual interosts must sometimes be sacrificed for the public good. ‘Tho passage of the act was most opportune, as the crops of the articles on which tho duty is raised are yet to arrive, Owing to the foresight of many of the importers, the stock of sugar, tos and molasses naw remaining in bond fs quite low; but sufficient yet remains to yield some thousands of dollars additional revenue. ‘There is, how. ever, & large quantity of coffee now in bonded ware: houses. The following is an accurate statement of the quantity of the above articles now in store, and subject to the rates of duty levied by the Supplemental Tariff act + +++4,797,850 pounds: 7,617 pounds . 185,063 gallons: The following is a statement of the amount of duty which would have been collected on the above articles under the old rates of duty, the amount that will be col- lected under the new act,and the excess of the latter over the former:— New Rale sae “ee 107,437 92 91,487 68 11,103 18 1,856 All the sugar now in bond is of the class on which a duty of two and one-half cents pound is to be levied. Reception to Hon. J. Glancy Jon Reavra, Pa, Dec. 27, 1861. The Mayor and Councils of Reading, without distine- tion of party, have resolved to give a public reception to Ton. J. Glancy Jones, ex-Minister to Austria, who re- turned in the Arago. “SHIPPING NEWS, 7:24 | Moon nisi 440 CLEARED. Steamship City of Washington (Br), Brooks, Queenstown and Liverpool—Jobn G Dale, Steamship Chesapeake, Crowell, Portland—H B Cromwell 0. Ship Yorick, Soule, San Francisco—-Nesmith & Sona. Ship Mary Robinson, McCieave, San Francisco—W T Coie- man & Uo. Ship Rowena, Edwards, London—Murdock & Smith, Ship Contidenice, Cole, Glasgow—W Nelson & Son. Bark Columbiue (Br), ——, Cork—Arkell & Hurst, Bark Rose (Br), Strong, Queenstown—W Lidderdale, 4 Bark Sanderson GB), Herbert, ‘Queenstown or Falmouth— jackson & Neill, ‘Bark Comet (Br), Wright, Penarth Roads for orders—W T si jt. Bark Jaoyues Langlois (Fr), Lamartre, Havre—Boyd & incken. Bark Jubilanm (Brem), Kimme, Rotterdam-—Ruger Bros, Bark Pia (Sp), Estapa, Barcelona—Rivera & Hail, gir Hollyhocks Gr), Delany, St Johns, NF—H L Routh & 0 ne Brig Time (Br), McDougall, St Kitts—Smith, Jones & Co. Brig’ Annie Laviie (Br), doldsworth, Btdohin NFR Din- Hddle & Co, ™iirly Will 6! the Wisp (Br), Hunt, Halifex—MeCall & Frith, Brig G ‘ong, Halifax—MeCall & Frith, ¥ 5 Brig Umpire, Higuins, Blizabethport—Thompson & Hunter, Brig Hauay King Deasbora, ‘Elizabethport—Trask & Dear- 7, Schr Elvira, Snow, Gibraltar—Moore & Henry. Sehr St Georgo (Br), Feniston, Demarara—D Trowbridge. , Pedr H Underwood. E B Eldridge. AE Small BP I Nevius & jon, itis X, Frazer, Steelman, Fortress Monroe—MeCready, [oUt & Co, Schr 8 Eddy, Patton, Fortress Monroe—E D Hurlbat & Co, Schr J KR Mitehell, Tuttle, Cherry stone—Master. Sehr M Van Namé, Van Name, Washington—Baker & Day. ton, ‘Schr Rebecca, Magee, Baltimore—Merrill & Abbott. Sehr 8 W Ponder, Atkins, Milton, Del—Merrili & Abbott. Scir Helen Mar, 'Titas, Portland—G f, Hatch, Behr Caroline, Providence—H 8 Rackett. epee L Baylis, r, Port Jefferson, L1—Van Brunt & [oop Temperance, Davis, Somerset, Sloop Franklin, Avery, Providence—B 8 Rackett, Steamship Edinburg (Br), Meizhouse, Liverpool, Dec 2, and Queenstown 13uh, at noon, with mdse and passengers, to John G Dale, 11th inst, 5 PM,'off Bell Buoy, passed sit delia, bound in; at 6:30 PM, steamship Etna, bound in; 13:b, $:30 PM, off Seven Heads, saw bark Wil Newman, bound Ei Fan AM, iat 44 05, 1on'38, ‘paawed steamship Afitea, hence for Liverpsol- ‘Steamship Chesapeake, Crowell, Portland, with mdse, to B Cromwell & Co. Ship Wm il Prescott (of Boston), Batchelder, London, 64 days, in ballast, to Nesmith & Sons,’ Had strong W gales'the entire passage, Ship Herald, Simmons, Barcelona, 56 207s) parsed Gibral- tar Nov 6, in baliagt, to Jas Robinson, Had very severe wea ther the last 10 days. ‘Brig Trade Wind (of Blucbill), Chase, Malaga, Oct 30, pass- ed Olbraltar Nov 8, with fs to Grund & Westervelt; vessel toC &EJ Povers.’ Had heavy W gales during the entire pas- re. Erig Addy Swift, Avery, Marncafbo, lett the Bar Nov 28, with ‘cotlee kc, to'Maitland, Phelps & Co, No date, spake brig Belle, lylag at Inagua loading salt for New York, to sail or S days, Datos 8 heavy gale came on next day she mast have been delayed much longer. ‘The A 8 had very heavy N les most of the cc; aplit sails, &c. Schr J W Congtion, Williams, Ban Suan, Nic, Nov 21, with ‘ol i hides &c, io C Durand. Had heavy weather the entire e, 23d inst, Barnegat bearins ‘15 miles, during a hea fe blew away foresail and mainsail, and was blown off 4 fiilerand tmpelled fo work in under light vale, “Sith Ina Jat 20 40, lon 79 60, was boarded from the US steamer Rhode Island; 25th, lat 89 40, lon 72, spoke brig Australia, bound N. ‘Schr Kate Waiker (of Bangor), ——, St Thonias, Dev7, wr Bern Ben (of Bangor’, Babbldge, Fajardo, Dec 8, with Kehr Open Sen (of Bangor), Ba ‘ajargo, molaseos to HD. rooknean & Co. iad very heavy weather; split sails, and #tarted 10 che molasses in the hold. sche Onlista (of Camden), Payson, Aux Cayea, Nov 29, with logwood, to Mevealf & Duncan. Had very light weather the first part of pass ». 11th inst, in Crooked Island Passage, was in company with sehr Ann id Glover, from Ragged Islanc for New York, Sehr Salto, as, 14 days, with sugar &0, to master, Had heavy weather; lost jibboom, Schr Horace, Baker, Balduore, 4 days, Schr Ocean Wave, Price, Pocomoke River, 5 day Schr Eliza & Rebecca, Price, Philadelphia for Boston. Schr M Van Dusen, Ireland, Philadelphia for Norwich. Schr Marian, Jordan, Millville, No. Schr Mary Kelly, Reed, Elizabethport for Aspinwall. Schr Teazer, ———, Elizabethport, and sailed for Boston. Scbr Abby Wild, Wing, Elizabethport, and sailed for Bos- Nn. Schr Maria Louisa, Cummings, Elizabethport, and sailed for Fall River, SchrI Merritt, Hughson, Elizabethport, and sailed for New v laven. Schr Stranger, Anthony, Elizabethport, and sailed for Fort e. ‘Schr R Bullwinkle, French, Rockland, 4 days, Schr Sarah, Holden, Rockland, 6 day Sclir Marietta, Hand, Kockland, 4 day: Schr Smith Tattle, Mayo, Provincetown for Tangier. Sclir Kossuth, Lee, Newburyport, 8 da 7 J Rualing, Col ver, Schr T Borden, Wrehtington, Fall River for Philadelphia, Sloop Thomas Reausom, Clark, Elizabethport, and sailed for Bri rt. ie pHaheitan, Hamilton, Bllsabethpot, and sailed for neh og. Steamer FW Brune, Foster, Beittmore. Steamer Petre, Young, Providence, k Queen of England (Br, of Dublin), trom 4 Bark Vout Wind (of We ‘ S m M: nory Br aactha oF Neato at Net, Bark Tor juato Tasso, frou ‘70 days. Brig W O Keeney, from —. ita, (Br), 8 De 26th—Barks Reindeer, Barbados; Bonita (Br), 8 Domingo; Hannah ‘Thornton, Havana; Haumbusg brig Adendroth, Ric unde. ‘Wind at sunset NW, fresh. Miscellancou: ‘The steamship City of Washington, Capt Brooks, of John @ Dale’s line, sails to-day at 12 M for Queenstown and Liver- pool, Sarr Ristxa Sux, at Queenstown from Callao, dr anchor night of Ist inai, and collided with a Swedi losing bowsprit, ac. Waarixa Bark Atice Fragen, of New Bedford, before reported lost (in Arctic Ocean) came to anchor {n Horse Shoe Jay on 16th of Sept, 1860, where she was as safely moored possible. On the Sd of December a severe NE gale and d her | vessel, chor ing outside the bay, the ice cleared beween the ship the shore, when the crew manned the windless to heave up the anchors, but the anchors having in some way become foul, they Were unable to move them. As there was great dan fer ot being stove by the see, they were obliged to slip the chains and set wail on the ship, and commenced working in shore, but the wind blowing strong from shore, they were unable to work into the bay. ‘They therefore aclecied as safe ‘4 place as possible, and having no anchors, they took $00) lbs Out iron secured together for, tho purpose. The vessel ap- peared to ride well by it, and having done all they could to secure the ship, senta part of the crew on shore to build houses (or the.r accommo:tation, should any accident happen tothe sbip. On the 16th of the same month, blowing a gale of wind from NE, the ice again broke from} the shore ‘and with the sip in its midst drifted off to sea, The thermome- ter at the time was 20 degrees below zero, Being unable to do anything farther to eave the ship im consequence of the tempestuous weather, the coldness of the atmosphere and the working of the'ice, and as the ship had mo wateron board, the master, officers and crew were obliged to aband the vessel to the Waves and take up their quarters for t winter. The aliip was not again seen by them, A quanti of provisions, four boats, and about $600 worth of “trade, together with’ the books ‘and papers of the captain, were saved. From Horse Shoe Bay to the Kugsian settlement of Ena it ia 120 miles, in tray, which several of the men were quite severely Trostbivtens Bank Exszanxtst Leavirt—Thecorn ex bark Elizabeth Lea- vitt, hence for Dublin, at Bermuda to distress, is badly dae ot less tan 1600 bagsare wet, and mally of the bagn troyed, pocim Sotax Fuurep-The_schr which went athorgon Race omnt, Cape Cod, night of 20th inst, was the Susan Friend (uot Susun), of Miuehill, from Philadelphia for Boston, Sonn Genoa, Robbins, from Blizabethport for Boston with coal, struck on Wood Bnd, Provincetown, 284 inst, floated off and'aunk. She Will be a total loss, Scnr Texan, reported condemned at Porto Garcia, CVI, 70 tons burthen, and was built in 1836 at Pembroke, Me. she id ia said to have been sold out of mer, althougia she probably silil hailed from Gloucester when ecfidemned. Scu ADELAIDE, Smith, of and for Elisworth from Boston im ballast, broke her rudder and went ashore near the Owls Mend in the storm just, where ale now lies badiy die maged and fnii of water, Scmn J B Horas, henoo for Baltimore with hay, has been entirely destroyed by fre in the nedghborhood of ' the Delae ware Hreakwater, Cowes, DeoS—Put im, the American ship Wizard King, Cone, from London for New York, having row into the Fr achr Palmire, Latin. from St Valery (8S) for Swansea, on @ Inst ab 11:80 PAL, off Portland, and which was disnas.ed, ‘The captain and of the crew got on board the W K; J sailor > J] PITAL radder by which to the 1 under human arrived yestor after the receipt of the orders ‘ wp cal oo BE y bring the great machin gars yesterday, pt fu Dee 8—The ark Majeatia of Liverpool from ‘Atlante; crew 'aaved, {Before Feporied abandoned by cape * vi i tatn, and crew refusing to quit.) sd Prrmourn, —The New York ship Lady j st aground a, Somyelit rath Atunapia ware wade to } raise her with government lighters on Saturday, ui resumed to-morrow, i mrbatty Mary Gartaer, of Sag Harbor, bas been withdrawn | Schr Olive Branch, at A from Boston, n — a fer ‘veasel, ‘and. will be under the iti. i " vessels, hip G and condemned, were sold ct Phlndeipbla 43d inst by the UB Mare ahal:—Schr Harmony, with ‘Schr Bpecte— quite a now vosscl—with tackle. de, ‘Tho cargo of, brig: Are) consisting Of 2483 bags of ault, was also sold, at 38 Arr at Honolulu. Sept Mecvesty Manchester, NB, J rr at Honolulu i 60 sp season (und ald Nov 5 for Gulifornia); Oct F, Raynor, do, Aretic, 1400 wis tbs bone 405 oO, steal, NL, Aretioy nothing do; 16th, ii own Be ‘Bonin Islands, 100 sp since last Jan; 00 17th, Gen Scott, Hunting, FH, Ochotak, 300 wh 2500 ibs bone: do (and nl1 29th for Chile and Lome); 22d, Harrison, We Arctic, 8 mp 100 wh 15,000 bone’ co ere, do, 10) sp S40 wh 130-0 bone do; Gotan Sac Ni bone do; Allee, Beebe, OS, Ochatsk, 80 wit 120 bone do: ams California, Wert, NB, do,’ 300 wh 400 bone nian’ Bitte), isk Gatun, oated tr Oehovan. a70 wi ¥ Fu 0 wi Bone; Pacing, Howland, Gov wh Bo) 5 27th, Arab, Akin, FHy from A ia 10,000. son, Oliver Crocker, Cochran, NB. Gehotk via Ne Koln Xin wh 10,000 ios bone wh Su) ibe bone do (and sid’ Nov 1 for the Line snd Arctic)! NB, do, 50 sp 490 wh 004) bone do; 24th, Bicctra, row, i, is an wh 8000 bone do; Cleone, Simmo ‘do, 810. wi s whe, " Howls, do Arotfe, 600 wis 12,000 bons done; tame 42000'bous season, and Ald Nov 6 for New Zealand ‘and homes. bone dos ‘30th, Bracaiiza, Turner, co, Arctte, 1000 wb. 10000 bore doz Nov g, Barnstable, Brvwhsos, NB, from Are tie via Hilo, 660 wh 10,000 bore do; Nov 1, Catharine, Hemp- stead, N1,, Arcii¢, 1500 wh #80 bane do; Marta 2d, Daly- 0, 28 sp 640 wit 8000 bone do; 2d, Onward, Allon, do do, 1760 wh 20,0W vone do; $d, Florida, Fish, do co, 1900 w ‘ 22,000 bone do; Gratitude, Davia, di » 1100 'wb 13, bone do; 7th, Hibernia, Bumpus, NB, Ochotsk, 80 sp 1480 Wh t 8th, Inwad Howland, Long, NB, sy Done do; Monmouth, Ormsby, OB, do, 400 w “ EER Fuller, NB, Och h 4000 lo F ‘ul The bons season; South Boston, Randotpl Fil stone we 1800 Ibs bone’o; ‘Thos Dickason, Siewart, NB, Aretic, 2600 wb. Montreal, Sowie, NB, 90 ‘wh taken season; Nov 2, Congress Stranburg, NB, Ochotal, 600 wh 1 y Arr at Lahaina Oct 25, Isabella, Tucker, NB, Arctic, 1166 wh 12,000 lie bene season; Robt Edwards, Wood, a wh 2000 iba bone. do (and. ald Nov 7_to cruise aud home); Vines yard, Caawell, Edgartown, do, 560 wh 6000 tbs bone do (and. ld Nov 7 to cruise and home); 2yth, Cicero, Suvers,of NB,. Ochotsk, $5 sp 380 wh 5.0) iat, Good Return, Fish, do, Ai wh 9000 11.8 bone do; Nov’, Milton, Hal: 7 ‘Ociotsk, 700 wh 8000 lvs bone’ do; Massachumtts, lbs bone do} between seasons, Ibs bone di Jo do, 500 wh 60:1) Ibs bone do, Payut Nov 18, Snyrna, Smith, NB, 2509p since last, Wy 24th, Pacific, Smith, do, 900 sp ‘all told; 25°, Loetit do, 430 sp; 26:h, Balwna, Dorman, dv, 4 5 » | Hydaspe, Pope, «lo, 26)'sp since Lis 5 ‘ara Bells Fishes, J 0.38) spe-75. wince set repo) Ist inst, arr, Afton, Allen, do, with 700 bbls sp. ALTombe® Nov 26, Stella, Hussey, NB, 500 ap ali told; Mars, Barker, do 280 sp, bound to Payta for letters; Chio, Baker, ‘do, 170'sp this season. A letter from Capt Plerce, of snip Magnolia, NB, eee id Nov 9, Fores her at Honolniu with [00 sp, 2800 wh oil and, 15,000 ibs bone on board. Was bound on a sperm cruise, , and juight go the Arctic another season. H letter from Fisher, of bark Clara Bell, of NB, re- ports her at Payta Nov 30, with 1150 bbls oll all told, Bound oXicier frora Cape Allen, of bark Afton, of NB, reports ter n, of her at Payta Doo having'aken 165 bbls ppt since. searing Talcah uano—7€0 bbls ap oll ull told. Bound to Caliao Grount Bone, Be at ulseheae i pril ‘al on bw round In Oet, Cape Morn Pigeon, Dartmout hot eens whale in 9 months; Samuel & Thomas, Hoxie, Mattapoisett, nothing thi Sporen—In Aretic Worth, Bd-- gxrtown, cleans 224, Fabi . ; , Smith, NB, 1200 w ‘Oct 10; in Ochowsk Sea, la,’ Prentice, NB, 1000 wh; Sept 2), Florence, Spencer, Hon, 200 do dos cael 100 ian, NB, 1600 do do; John'P We + Aarts, Cornell, do 600 do do; Rousseau, Greene, Gct 16, lat 30 N, lon 151 40 E, Marengo, Eldridge, NB. bound. to Hilo, wh this season. Sept bo, in South West Bay, Ochotsk Sea, Milo, Fordham, . * NB, 700 wh thie season, ats Oct 6, imPlover Bay, Arctic Ocean, in winter quarters, Co- ral, Sisson, NB, 700 wh this season. yp ‘Oct 10, off Galltpagos Islands, Mary Anny Macy, Mott, 900 sp; Hesper, Ham! FH, 50 pee se. No date, sc, pga el wy: ed 20 spoke Gen FH, Bear trom Rept 26, Emily’ Morgan, Whitealde, NB, 800: wh this season, rojieurd from about Nov 1, Joseph Grinnell, Thomas, WB, 3 Hamblin, NB. is ex; f vt corte Eemate le it BRS ‘sp, ia also expected here frum do, Foreign Ports. Autcante, Dec 1—Sid Island Queen, Conary, Cadis; 64, yy men Rite ‘Aux Cares, Nov 29—In , for See ee ae ace Fiyae. tar ae toy Olive ma do just arr, vold—rejorted haying been ‘British colors as signals of distress, men on her decks, and supposed her to be i ‘Bareron Pit), Deo Arr N Thompson, Dickman, NYork 1d 'Bristol). "On do sth, New Empire, Ran‘al!, from Miramichi for Glou- Arr Colony, Or Bunuuntarnn, Dee ¢8ld Gcder, Robite, NYork; Bt. Gos chen, Probst, and Hamlet, Hogeminm, do. ‘Bokokavy, Dec2—Arr N H Farnham, Taylor, Ballimore. Bxrnovr, ‘Nov 21—Arr bark Sea Bride, While, Ardrossan, Cow! 7—Put in, 8t Charles, Conway, from El Nyon, pumps choked; 8th, Wizard King, Cone, CARON, Deo6—Arr Kate Swanton, Murdoch, and BV n. BGoaiaves, Bos 6—sld Boreas, Nagel, San Francisco, Curre, Dec b—Bld Nee, Kee, NYor! Coxstantinorim, Nov 25—Arr E A Cochran, Boston, Canis, Nov 30—Sid Glenburn, Tebevham, River Plate; M Post, Robinson, Rio Grande, Ca. Now Ki— Arr ships Othello, Trewitt, Ohh Papel gh rg Ra li A ; alst, Morn 61 Jon Richard Ti een gh ban France "and a ae Resvimalasance, Boateegenr, Movleaas for ncisco, 118.days out, short of provivions. ships Minstrel, Cilfford, Chincha Islands; 2ist, J W Paine, A cinae jelsena, Wood, Fernaa- dex; 26th, ship Hamlin, Davis, Cork for ordera. ceapino, Kor 18—ta port ship Hxpounder, Knowles, for allao few ry @ Dovitx, Dec 7—Sld Der che, Hartmann, NYork. Duxoaivan, Dec€—Sid Nathaniel Doane, Hall (trom Rio Grande), Queenstown. ea Aa port bark Argean, Crosby, for NYork ty rendy. Farat, Nov 28-—Arr Azor, Burke, Boston, LaSGow, Dec @—Arr Edwin, Peterson, NYork. ac Att in the Clyde “—, Statira, Bourne, Bastport. 1d 10th, J hu l, LANEAS, Nov 29—Arr barks Modens der, Boston gee Gb eibuis ee ae ieee or Marseilles) ; x ueror, Fy ona (and sid 4th fo: Cardin}: sid Boutelie, Barcel bark baie Barden, Gilchrist, Pemeron, Portugal, to fe I, Eng. TBassed by a6 Now 27, bark Celestia, Blount, from Messina for NYork; brig “Mosome,” from NYork for Marseilles, Yn port Dec6, barks Antioch, Closson, for NYork iret Hast wind; E Sebulz, Howard, from Barcelona, arr 4th, for Car- Auf, windbound: Fannie Hamilton, Plommer, from NY¥or! arr Int, for Genoa, di ‘cargo; Geo 8 Hunt, Woodbury, from Gardif, are Noy 29, dlsg: briga Hagiet, Terry, from New York, arr.90th, dof Sitka, Hiliott, from do,’ arr 6; sohr raville, Sears, from do, do, The bark Helen Maria, Mar- Wild Bin Yen or ih hens! Wnt bee es ME ast from Nov ; West Dec. Houaead, ‘Dec 7—Arr Palmetio, Berryman, Liverpool for Pernambuco, ‘AVRE, Dec 6—Arr Inez, Page: Liverpool Packet, Cros! ny 'Merilia: Unole Joe, Bewall, and Bethiah Jo Waters, NYork; 7th, Germania, Townsend; do, Sid 6th, 80 ‘Honfleur and UStates. ‘schrs Tom Sayers, Davidson, NYork; i Gheber for Bortons ifih, Union, Lent, Pines fe for Boston; 17th, On 4 Hitrsd ianadetor NYork.” Old Lath. sours Valorous, 4 date!-in port rig Bello, for Nvork ag salt te 7 Arr Nova eottan (s gg, W fork. ih, ‘Ponting, Jones, Ban Francisco, tore Hox, Ob Arr ship, Margaret Eliza, Jellervon, ae 10 toad for Sydney, NSW. powpow, Dee 7-—Cla Heiress, Clark, NYork; Edw O'Brien, Seavey, Newcastle and Genoa. Arrct Gravesend 10th, Racer, Gates, Altata; Byzantium, . Robinson, NYorx, ta Tawtasa, Deos—Put in, Robens, Martin, from the varina, Mahoney, Dublin for n, NB, Chisaox: Noy 20—Arr Meni, ‘Smith, NYork; Deo, Lydia, erthwalte, sere, ie. CoP uantiurs, Dec b-8id West Dennis, Rogers, Mersina, In port 6th, bark Laroy, Coleman, irom Alexandria, E, arr same day; and others, ‘Mussina, Nov 25—Arr Julia Ford, Lovett, Ltcata (and ald 29th for Philadelphia). In port 80th, barks Celestia, Blount, for Boston few days; EH Yarrington, Gorham, for do; brigs Kodiak, Peterson. for Philadelphia (or NYork); Geo Albert, Thomas, uno, ‘Manacatno, Nov 24—No Ath veel in port RY, Dee 7—Sld Sarah A Nickeis, Blake, Troon. PortsmouTs, -—Pift in, Adele, Claussen, from An- twerp'for NYork. x Prymourm, Deo7—Arr Northlan ff; 8th, Hor Arey, Portamouth for- IN York PALERMO, Nov 28—In hiiena, Winslow, for New York next ‘wett, usc; Emily, la son, to load for n, Plummer, roe Was : from NYork rted under the Br flag), akg; brigs lunthe, Bilin GP iliame tition, Whiterstae sche B Watson, W AMES x, Rey, Kili 1 Sid 15: id ‘Samoset, Briggs, NYork; 26th, bark Esse: Parra! Nov 21—Bid bark Hugh Birekhead, Bennett, Guay- m Nov 8l—In port brig Bird of the Wave, rr. pin port D rk Lady Syffolk, Allen, from Boston, deg: brig Times, Hoyt, for do 4 days Quatnerow’s, beeTAse Mernida, Dooghig, Nore, 10 GRANDE, Sept30—Cid W H Harvard, Miller, Montevideo » with cargo ex Clement, Reboul, trom Marseilles for Montevi- Dee Eiichetets Boston, Arr Blue Jacks st, R Br Nazaine, Des Se Arr Teans, Pendicton, NYork, ‘verwel in port. Sid prev to 26th, Be Ore tartett, Messina 10 load for Bost 4 ea ea aon Nor loesid brig M_ Worthingwon, ttind, Te. - Dit amar, Dee—Putin, Flying Eagle, Button, from Pa, raiba for Queenstown, " American Ports. juin, Smith, Caleutta via. Baradon Pitiadelphja. ‘Below bark and Sclah, Gould, Matanzas; schre "3 Corson, Wilmingion, Del: William H Mailer, . LS ger eore, Sid 20t), slenmship Europa. (at 11g AM)? Aer w House; 20th, brig Katharine, Ship Crown Point started and red in Nantusket Roads, where ahe remains, re Nonantum sailed Tuesday night, a7th—Are (by tel) ships Wesie Eniptre pnd North Ame. i bar! ago, Cardenas; brig Cal Fie Rye TR, Dox Bee kee ir sehr Osean Wave, Bidoba, RB, foe Itan, Lathrop, New we NYork. 38’ HOLE, Dec 24—Arr ship Sul pes Haytien trig J ay Reviese, Cody, Grand HSRC: Dee 16—Arr nchrs Franklin, Sroall, Cow Bay, © ie 16—Arr schrs Franklin Srsall, : | to Work 7th, Gen Peavey, Fantlng. NYork; 22d, oy 4e, Dinsmore, do. ACHING, Dee 18—Arr brig Alamo, Neal, NYork; schr alkinglamy do, NEW BEDFORD, Dec 2—Arr schrs Carthagena, Kelley, 1 HLorace Staplensy Gibbs, Philadelphia, ON ENOUE Ba Beare sci Moses Wartog, NasBy NYork, LUCKLAND, Deo 17—Sld achrs Citizen, Jameson, NYork; R Bullwinkle, Preneh; Com, ‘Browsles, and Barad, Holden, do; 19th, amanda,