Newspaper of Burlington Free Press, April 13, 1838, Page 2

Newspaper of Burlington Free Press dated April 13, 1838 Page 2
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Mn. WHllSTBR'S SPEECH. Pv-mu, M.utcti 12, 1030. Mn. PnEsinKvi-: Having nl nn early cdago of thu debate expressed, in n gv.noral wanner, my cuiposit iou lo this bill, I must iind an apology fur ngnin addressing I lie Senate, in tho acknowledged importance of t ho measure, t It u novelty of Ha character, iind the division of opinion respecting it which is known to exist in both Houses of Congress. To bo able, in this Ptato of things, tn given preponderance to iliat side of I !io question which 1 embrace, is, pcrlr.p, iiioru tlinn I niujlit to hope ; but 1 do mil (Vol Hint 1 hnvn noun nil which my duty demands, un'il I mulic nnoilicr oil rt Tha functions of tins (lovorntiiiint which, in time of peace, iuo?t materially n flout I ho happinoFi of the people, tin? those which respect connnorco and revenue. Tint bill before us touches bulb tho:o groat interests. It proposes to net directly on I he revenue and expenditure of Government, and it is expected to ac', also, indirectly, on com incrce nnd currency ; while Us friends and supporter-' altngetln-r nbsinin from oilier measure?, ileeind by n great perl iou of (Jongrnss and of the country to be units pciifiibly demanded by I ho present exi gency. Wo have arrived, Mr. 'resident, to wards the clo-o of a half century from the nd.H'iion of the constitution. During the progress of'tlic.-'e yoaro, our population has increased from ihrce or lour mill'uns to thirteen or fourteen millions ; our com inoree from little or n Kirnjr, to an export of a hundred and ninety tii'l'iniis, and nn import of n Hundred and t wi.-nt v-nijrlii and a half million?, in the year 18JG. Our mercantile Uumauo approached near to two millions. We have a revenue, and an expenditure, of thirty million n year. The manufacturer of the country In vu altained very great importance, and. up to Ihe com mencement ol'ihu derangement of tlio cur rency, wore in a prosperous nnd growing state. The produce of t lie Ihhcries ha-' he- come vast ; and tho general production of the labor and capital ol the country is in creasing far beyond all example in other ccuntnes, or other tune-, and h.s already reached an amount which, to ihoe who have not investigated the subject, would scorn incred'blo. Tho commerce ofthe United States, sir, is eprcad over the globe. It pursues it--objects in nil son-), and find its way in'o every put which llio law-, of trade d not fihul against its approach. Wnh all ihe diMidvautnges of more co-ily material--, and of higher wages, and often in despite of unequal and unfavorable comiiioreial regulations of other S'ates, the omoiprise. vienr. and economy which diitinguish our navigating tn'orest, unable it to bhnw our fhg, in competition with the ino-t favored nnd tin; tno.-,t tdtill'ul, in the van us quar ter of the world. In tho mean time, in ternal activity does not I a i- nor loiter. New and Useful modes of intercourse nnd facilities of transportation ore estnblt-hed. or are in progress, everywhere, 'ub.ic works are projected and pushed forward in n spirit, winch grasps at h'gh and vast -object-?, with a bold defiance of all expense. The Hggregato value of the property of the country is augmented daily. A con stant demand for now capital exists, nl though n debt has already been contracted in Europe, for sums advanced to Slate', corporations and individuals, for purposes connected with internal improvement; which debt cannot now he less than a linn dred millions of dollars. Spreading over -a great extent, embracing different cli mates, nnd with n vast variety of products, we find an intensely excited spirit of nidus try and enterprise to pervade the whole country ; whilu its external commerce, as I have already said, ewcens over all sens. Wo are connected with all commercial countries, und, mo.-d ol all, with that which has established and sustained the most etupond nis sy-tem of commerce and nun ufactures. and which collects and disburs-s on incredible amount of nni.u..i revenue; and which U3P-, to tin? end, and as means of currency and circulation, a mixed money of tneta! und puper. Such a mixed sy.-tem, s-ir, lias also pro vailed with us, from the beginning. 11 ild nnd silver, nnd convertible bank paper, have always constituted our actual money. The People nro u?ud to this system. It lias hitherto commanded their confidence, nnd fulfilled their expectations. Wit have had. in succession, two national banks; each for a pjr' id of twenty years Local or Stale banks have, nl the same lini", been in operation; uiiJ m mm of intelli gence or candor can deny thai, during these forty years, nnd with the operation of n national and these Slate institutions, the currency of the country, upon the whole, has been cafe chenp, coiivmii'iit, nnd i-nt-isfuctory. When tho fiovernnieni was established, it found convertible bank pa per, is'-ued by State banks, alrondy in circulation ; niul with this circulation it did not interfere. The United Stales, indeed, had themselyes established a bank, under the old Confederation, with authority to issue pnper. A system of mixed circula tion, thereforo, was exactly that system -which tins Constitution, tit i's ndopiion. found nlrendy in existeiiee. There is not the eliohipst evidence of any intention, in establishing the Coii-liintinii. tooverllnow or i.bolich this syfiten), allieoijli H certain1 wan the object of the Cou-'i'ii'ion to abolish bi -ti- of credit, and .ill imp ntem! ed for circulation, it-sued upon iho faith ol tho Stales alone. Inostnueli an whateve 'then existed, of the nature of money or currency, rested on Slate legislation ; and 08 it wnw not possible- that uniformity, gen. era! credit, and general confidence could result from local and separate ac's ol Ihe States, there is evidence I think abundant evidencethat it was tho intention of the irumers ot iho Constitution to give to Congrcis a controlltno- nnwor over the whole- subject, to the end Hint there should "be, .or the- whole country, a currency of uniform value. Cmigret has heretofore exorcised this authority, and fulfilled the corresponding dntin. It hns iiiainlaiued, for forty years out of forty. nine, a uaiif.nal nonunion, proceeding from its power, and responsible o the Central Coveruuient. With intervals of derangement, brought about by war und o'her oecuireucor, iln. wholo sysieni, inken ubogether, hns been g'catlv snecirsfiil in I'd netual cperauou, Wo liavo tuiinu nrcabioti to cu-aie no dtf fcreuce between Government and L'coplc between money for revenue, nnd money for the general two of i ho country. Until i bo commencement of the last flession (iovornmeit bad manifested no disposition to look out for il-ielf exclusively. What was good enough for thu People, wa good enough for Government. No condescend ing and graciotH preference bad, before that period, uyef been tendered to members of Congress, over other persons having claims upon tho public minis. Such a fdn ;;ulnr spectacle bud never been exhibited, as an ninlctblo, dis ntcroMeil, and patriotic understanding, between those whu nro to vote luxe-' on tho People, for the purpose of replenishing the Trenmry, nnd those who, Irorn the Trea.mry, dispense the money back again among those who have claims on it. In that respect I think the Secretary stands n one. Ho is thu first, sixfnr as I know, in our long list of able heads of Depariiuentu, who has thought it a delicate and skilful touch, in financial administration, to be particularly kind and complaisant to the in'erost of the law makers, those who hold the tax laying power; the first whine great deference and cordial regnrd for meinle-rs of Con grcs have led li'in to provide for I hem, a the medium of payment and receipt, muiio thing more valuable than is provided, at the same time, for the, army, the navy, the judges, the Revolutionary pcn-'ioners, and ihe"vrious classes of laborers in thu pjy of Government. Through our whole history, sir, wo have found a convertible paper e.iiirency, under proper control, highly useful, by its pliabil ity to circmn-stniicod, and by its capacity of enlargement, in a reasonable degree, to moot Ihe demands of a new nod on'crpri r-ing community. As I have nlrendy, said, sir. we owe a permanent debt of a hundred million-! abroad ; anil in the pre.-enl abiiu di'icoof money in England and the sla'e of demand here, this nuviunt will probably be increased, fiat it mint bo cvnlen to every one, that, -o long as", by a safe use of paper, wo give some reasonable cxpaiirinu in our own circulation, or at, least do not unreasonably contract it, we do, to that extent. cr"ato or maintain an nbili'y for loans ninong ourselves, and so far dimmish the amount of annual luiere-l paid ahroml Hoi let me now, Mr. Provident, nli the attention of thoS'-nate toann'hor subject, upon which, indeed, mush ha-.ilready been -ii'd : I toeaii that winch is usually called tile cnr.IMT SV'IT.M. St, what t tint .-yiein? Why is rrnlil a word of so much solid imonrlanee, n ml ol s i nowerful clrirm, in the Untied Siale-? Why is it that a chock has been fell through all classes anil all interests, lit"-fir-t moment that ibis credit ha- been dis turbed ? Dies its importance h 'nog. ' qoally, to all commercial Sia'o ? Or :ro there peculiarities in our condition, our hr.b N, anil modes of bo-ines-i. winch make credit more indispensable, nnd mingle it niorp naturally, more intimately, with the life-blood of our system ? A full and philocopbiral answer to these inquiries, Mr. President, would demand that I should set forth both the ground work nnd the structure of our social system. It would chow that Ihe wealth and prosper tiy nf tho country have ns broad n fotinda lion as its popular constitutions. Uudoubi edly there nro peculiarities in that syM.Mii, re.-ulling from Ihe nature nf our political institutions, from our elementary laws, and from the general character ofthe Peo pie. Those peculiarities must unquestion ably givo to credit, or lo tho-e means and those arrangements, by whatever names we call them, which nre calculated to keep the whole, or by far Iho greater part, ol the capital of thu country in n state of constant activity, a degree of importance far exceeding what is experienced else where. In the old count rits of Europe there is a clear nnd well-defined line, between capi tal nnd labor: a lino which strikes through society with a horizontal sweep, leaving nn one si le wealth, in misses, hoMen bv '"w hinds, nnd those having lilt It; partici pation in the laborious pursuits of life; on the o'her. Iho thronging mointuile-. ot labor, with here and there, only, on in stnncu of such accumulation of earnings as to deserve the name of capital Phis distinction, indeed, is not universal and absolute in nnv of Iho commercial Slates ol Europe, nnd it grows less nod less definite as commerce advances; ihe rlT'Ct of coin tnerco and manufactures, ns nil history shows, being, every where, to diffuse wealth, nnd not to mil its accumulation in few hands. lint sit ill the lino is greatly more broad, marked and visible in Euro ropean nations, than in thu United Stales. In these nations, the gains of capital, ami wages, or tho earnings of labor, nro not only distinct in idea, ns elements of the science ol political economy, but, Ion great degree, also, disnnct in fact; and their respective elniins, nnd merits, nnd modes of relative iidju-'meiH, become subjectn of dt-cussion and of public regulation. Now. sir, every b uly may see that that is n state ol things which does not t-xut will) iir Wu have no such visible anil broad dis tinction between capital and labor; and much of the general happiness of all classes resuhti ftotu this. Wnh us, labor is every day augmenting its means by Us own in dustry ; not in all casen, indeed, but in v -ry unity. Its savings of yesterday become iu cnptial, therefore, of to day. On the other hand, vastly the greater por tion of the property of tho country exists in such small qiia'utilieK that its holders cannot dtspen-o altogether with their own personal indu-lry; or if, in some instances, capital bo accumulated till it rises to what tuny bo called ullloence, it is usually disin tegrated and broken into particles again, in one or two generations. The abolition of tho rights of primogeniture; thu de-cetu of properly of every sort lo females as well as males'; the cheap and easy means by which property is Iratinforred and con yeyed j iho high p ieo of labor ; thu low price of land ; the genius of our pnhticil institutions ; in fine, every thing buluugmg to us, counloracis large accumulation. This is our acmal sy-lem, Our polities, roir Coiiftitinioni, our elementary laws, our habtis, ail centre to ihis pouil, or tend to this K'stilt. From whole I now stand, in i ho extremity of iho north. 'n-l. vastly the greatest pari nf ihe properly of iho num. iry is in lite hands oiid ownership of Unite, whoso personal industry is employed in some form of productive labor. General compelcnco, jjcncral education, enterprise, activity, and industry, such ns never before pervaded any soctely, nro the charncleris lies which " distinguish the. People who live, and move, and act in this slate of llimgi. such ns I have described it. Now, sir, if this view be true, ns I think it is, all must perceivu that in t'ou United Slates, capital cannot say to labor nnd in. dust ry, "Stand ye yonder, while I comu up hither;" hut labor and industry lay hold on capital, break it into parcels, use it, diflu-io it widely, nnd, instead of leaving il to re-pine- in its own inertness, compel it to act at once as their stimulus and their own instrument. J5ut, sir, this mint all. There is another view still more immediately ufijctiug the operation and use of credit. In every wealthy community, however equally prop erty nny he divided, ihere will nlwnys be some property holders who lives on its in come. If this properly bo land, they live on rent; if il bo money, they live on its in terest. The nmouiit of real estato bold in this country on lease, is comparatively very small, except in the cities. I5ul there j are. individuals nnd families, trus'ess and gtiardiins, and various literary and charit ab'o instil in ions, who have occasion lo in vest fluids fir I It" pnrpnso of annual mon. eyed income. Where do they invest ? where can they invest? The answer lo lliese questions) shows at, once a mighty diff-rence between the stn'e of i lungs here, and that in England. Hero these invest iii tnts, lo produce n moneyed income, are made in banks, insurance companies, canal and railroad corporations, and other simi lar institutions. Placed thus iinni diately j in active hands, this capital, it is evident, becomes at once the ba-is of business; it gives nociipiHoti, pays labor, excites en. terpriso, and pet forms, in short, nil the function of employed money. Iiitt, in England, inve-linents for such purposes iisn illy take number direction. There is. in England, a vast amount of public stocks, as eight or nine hundred millions sterling of public debt actually exists, coiistiliinng, lo tho amount of its annual, a charge on the active capit il nnd industry of the country. In the hand of mdividnal portions of tins debt nre capital; t tint is, Ihry produce income to the proprietors, and income without labor; while, in a na tional point of view, it H mere debt. What was obtained for it, or that on account of which it was contracted, has been spoiii in the long and arduous wars, which lie' country Ins sustained, from the time of King William the Third, to nor own days. There are i hoii-ands of individuals, there tore, whose fixed income arises, not fioin the ne.Uve usii of property, either in their own h inds, or ihe hands of o!hers,but from the interest on that part of this na'ional charge to which they are entitled. I'', thereforo, we usi tin- term capital not in tho sense of political economy exactly, but as implying whatever returns income to individuals, we find an almost incalculable mai so circumstance as not lo bo the bans of active operations. To illustrate this idea further, sir, lot us suppose that by some occurrence, (-uch as i- ccrtuinly never t" be expected.) this debt should be paid off; suppose its holders were to receive, to, morrow, their full amounts; what would they do with them? Why, sir. if they worn obliged to loan the ooe-'quarler part into the hands of tho in .lustrums clnes, for the purposes of cm ployment in active business ; and if Ibis operation could be accompanied by the same intelligence and industry ninong the peo ple which prevail with us, tho result would do more towards rai-ing the character of the lab-mug clns-ea, than all reforms in Parliament, and other general political op. orations. Il would be as if this debt had never been contracted: as if the money bad never beep spent nnd now remained part of ihe active capital of Ihe country employed in ihe bu-tness of life. But this debt, sir, hns created ao enormous amount of private property, upon the income of which i's owners live, which docs not re qotre their own nciivo labor or that of others. We have no debt; wo have no such mode nf investment; and this ctrciim clance IV2S quite a diir-rcnt aspect and a tl fferenl reality lo our condition. Now. Mr. President, what 1 understand by thu credit system is, that which thus connects labor and capital, by giving lo labor the usu of capital. In other words, intelligence, good character, and good inoralt best.) w on those who have not capi tal, a power, a I rust, a confidence, which enables thetnio ob'am ii,& einploytt usefe'ly for iheiu-elves ami others. Teese active men of business bund their hopes of suc cess on their atteiuivenecs. their economy nod their integrity. A wider theatre for useful nciivny is under their feet, and nrounil litem, than was ever spread before tho eyes of the young ami enterprising genoraiioiis of men. on any oth'T spot en lightened bv Iho sun, lleforo them is the ocean everything in Urn direction invites them lo efforts of enterprise and industry in tho permits of commerce anil the fi-h-ones Around litem, on aH bauds, are thriving and prosperous iniuuf.ic'tires ; an improving ngrtcoiture, and the daily pre sentation ol new objects of internal im provement; while behind them is almost half a continent nf Iho richest land, at thu chenpeut prices, under healthful climates and washed by llio most magnificent rivers that on any part of the globe pay their homage lo Ihe sea. In the inul-t of all these glowing and glorious prospects, they are neither restrained by ignorance, nor smitten duwn by the penury of personal ciruiiuniancos. They urn not compelled to contemplate, in hepeles-uess and despair, all the advantages Huh bestowed on Iheir condition by Providence-. Capital though they limy have little or none, cuedit sup p'toi its plac; nut ri the relugo of the prodigal anil Iho reckless ; pot us gratify ing present wants with the certainty of future absolute rum; but as the genius of hoiiorublo trust and confidence; as the blessing, voluntart'y offered lo good char acter and to good coinliici ; as Iho bcni-fi cent agent, winch iiesisis houcsly nnd en terprise in obtaiiiing comfort and indepon deuce. Mr. Prcidonf, tnko nwny this credit, nnd whai remains? I do not ask what ro minis to I lie low, but to the unity ? Take away ibis fysi(.in of credit, ami' then tell mo what is left for labor and industry, but mere manual toil and daily drugory? If wo adopt a system that witiidraws capitnl from active employment, do wo not dimin ish iho rate of wages? If wo curtail tho general business of society, does not every laboring man find Ins condition grow daily worse ? In the politics oftho ilny, sir, wo bear much said about divnrcus; and when we abolish credit, wo shall divorce labor from capital; and, depond on H, sir, when we divorce labor from capital, capital is board od, and labor starves. Tho declaration so oftuo quoted, that "all who trade on bor rowed cipital ought to break." is the most aristocratic sentiment over uttered in Ibis country. Il is n sentiment which, if enr ried out by arrangement, would condemn the great majority of mankind to the perpetual condition of mere day labor ers. It goes to lake nwny from Ihein nil that tnlnce nnd hope which nrWes from pos sussing something which they can call their own. A man loves hi own ; it is fit and natural that, he should do so ; and be will love Ins country and its institutions, if he have some stake in it, although it be but a very small part of the general mass of property. If n be but a coitago, an acre, a gnrtk-n, its possession rnises him, gives It mi self-respect, and strengthens his at Inchineul to bis country. It is our happy condition, by the bles-ings of Providence, that almost every mm of sound health, in dnslrious habits, and good morals, can or dinarily attain, at leant, lo this degrco of comfort and respectability; nnd it is a re sult devoutly lo bo wished, both for it in. dividual and its general consequences. Hot even to this degree ot acquisition, that credit, of which I have already said bo much, (as its general effect is to raise tho price of wage-, and render industry pro ductive,) h highly important There i no condition so low, if it be attended with industry and economy, which ihh credit does not benefit, as any one will find, if ho will examine nod follow out its operation--. Such. Mr. President, being the credit system in the United Slates, as I under-' stand it, I now add that the banks have been the ngents and their circulation ihe instrtioinni, by winch the general opera i loos of i bis credit have been conducted. Much of the capital of the country, placed at interest, is vested in hank stock, nnd those who borrow, borrow a' the bank : and discounts of bills, and anticipations of payments lit nil i's forms, the regtllnr and appropriate duly of banks, prevail univer- T in iou i-von . tin; uau is navu uiiuuiuu the nnonftettirer of ll pI-,.. i,. r..nliv.. Ihe uroee.oU-i,f their iiiilo.irt? -it in in rlu moment. The course has been, ibat the producers of coinm idtlies for Southern con . sumniion, having de-patched their products, draw their hills. These bills an; discount . ed nt the banks, and with the proceeds other raw material is bought, and other 1 , . . it., "it labor paid; nnd thus Hie general business' is continued in progress. All lots is well' known to I hose who have had opportunity i to bo acquainted with such concerns. P.ut bank credit has not beet) more no- cessarv lo the North than to the South. I Indeed, nowhere has interest been higher, . or the demand for capital greater, or the J full benefit of credit more indispensable, , ., , , 1 ' thnn in ihe new cotion and sugar growing S.ate-. I ask ge.i.lemen from 7l,3T Slates . if this bo not en? Have not the plan-, inttons been bought, and Ihe necessary la- hor procured, lo a great ex'ent on credit ? . lias not this credit been oblnmeil at (be. banks? liven now do they put find credits, or advances on their crops, important in enabling them to gel those crops to mark et? And if there had been no credit if a hard-money system had prevailed, let me a-k them what would have been, ni this ii omniit, Iho condition of things m Alaba ma, L'Oii-iAua, Mi-issippi, and Arkansa-? The-e S'ates, sir, witn Tetine-see and the Sooth Atlantic S'ates. constiluie the great plantation .merest. That there ha. been a ; vast demand for capital to be invested in ' ., , . . ... . I, i , this mterc-t is sulbcientlv proved by the High price paid for iho use of money. Iu my opinion, sir, credit is ns essential to Ihe great export of the Smth. as lo any other interest. I he agriculture ol the cot ton and .-uoar. producing Stales partakes, in no iiiconsiderab'e degree, of the nature nf commerce. The product and sale of one great siaplo only, is an operation essential ly different from ordinary farming pur.-uits. The exports ofihe Smith, indeed, may be considered as ihe aggregate result of vari ons lorms nnd modes of industry, carried Duo Pen-ion Agent. on by various bauds, and in van us places, Depositor. rather than ns the mere product of (he!,, r . ,,,, , i . . ii ii l riofil and Loss. liHiiittii tint, i oat pitiiuiui ii-t-ii is no;ai j hut lis indispensable aids and menus are drawn from every pari of the Union. Whnt is it. sir, thai enables Southern labor to apply itself so exclusively lo the cultivation of llieso great articles for ex port ? Cerminly. it is so applied, because' ..sown ncces-.ties for prov.-ton and t-'" thing are supplied, meanwhile, rom other ' ,7r. 'I'i.m tj.,,i. , , .i i quarters. im hoinh rai-cs lo scl, and' not lo consume: und wbh tho .uncords nf the sales it supplies itself with whatever j i's own consumption dein inds. There are exceptions j hut tins is the general troth. The hat-uvikers. -hoe-innkers. furniture- makers, and earriaL'o makers of llio North. I ihe spinners at Lowell, and the weavers at 1 I ' 1 1 1 1 1 1 1 1 i 1 1 f -1 nr. nil n,.n I llnl I i... i'.i. i ' tor export abroad: ns nro the live sllick raiser-, of Kentucky, the grain-growing tanners, and nil who produce nnd vend' provisions, in llldinna, Ohio and llliuoi-. j Tho Norlhern ship ..wiier and the marine.. I who carry these products lo market, are agents acting lo Iho -nine end : and so are they loo who, hlilo thiuking ofcottoii fields, or .-noiir e-laies, are purMiing their adven turous employment in the whalu fisheries, over Ihe whole surface, and among all the i-lauds, of the Pacific nnd die Indian oceans. If we lake iho annual cotton crop at sixty millions of dollars, wo miy. per haps, iind that. Ihe amount of fnriy-flfc miliums is expended, either for interest on capital advanced, or for tho cxpen-o of clothing ami supporting labor, or in the charges which belong to tho hniirchnld, 'be education of families, and to the domes lie expenditure oftho proprietor. Thus, nir, nil thu laborious classp are, in truth, cotton growers and sugar-makers, Kieh m ilsotvn way, and to tho oxient of its own swell the inigiiitudo ol thai quorumus export, I which was nothing al iho coinineucuineni of tin- Government, und which now has run up to so many miliums. Through oIIIk a,,"' , ' I'V deb11' Wl" cnsuro 10 l,,c theso operations the stream of credit has hZ f. 11 Vr)lun.vrr , r ,. constantly flowed, and there is not one V A',r" J ,83U NEWLLL, Cath'v. idem t lint will not bo checked and inter rupted, embarrassed, and thwarted, if this stream be new dried up. This connexion oftho varioue interests of tho country with nut) unntber form an important and inter nit inn tonic. It is one of the natural tics of the Union. Too variety of production and mutual wants mutually supplied, con stituto a strong bond between different S'atos; nnd long tuny that bond last, growing with their growth, and strength cuing with their strength. Hut, Mr. President, that portion of our productions which take the lorm of export becomes distinct nnd visible; it is proniiu out and striking, and is seen and wondered at, by everybody. The annual returns all show it, nnd every day's commercial intclli gonco speak of it. Wo gaze at it with admiration, and the world is no less admir ing than ourselves. With other branches of industry llio case is quito different. Tho products of those branches, being put in the train of domestic exchanges, and consumed in tlietr country, do not get into statistical tables, nro not collected in innsscs, and arc seldom presented, in tho nggregntc, to ihe public view. I boy nro not of iho character of a few Inrgo and mighty rivers, but of a llioti sand hlilo streams, meandering through all thu fields of business and of life, and re freshing and fertilizing tho whole. To be continued. V It I I) A V M O It N I N G , V It IL 1 3. WINDSOR HANK. To TtlK Pum.ic. Iliimoi s unf.nor.ible to the credit ami solvency of ilii iustuuliiMi li.iviiin obtain cd cirail.iiion, I (Itemed it a p.ut of my nflir-iiil .hi. ly to luke e.uly measures to invpatigaic ils affairs ; I on the Hist nit., I started for the of its loca tion anil on my arrival pi ocei'deil to an exainiiialiuii uhlch has lifcn continued lo its coti.pleliiin as tap- , idly as iliu nature of i lie case would permit. It is pioper lo premise thai ibij Bank ii urn under die "3 "g "een S' I rev huh to ttie passage nf that act. The public will llieiefme hear in mini) thai my exatui nation brrn regulated by the express piovi" lonsol the Hurler itself I am not pcimiited by it to enter into details of individual accounts, conse ,,.., i , . , , , ' fup,,,lv " general scitenirnt only must he ,-xpccicd, ',ic'1 '"'"ever il is my iiilenlion In make sufficient i '-v r'M)li;il n. dm iinpuii.un purpusc of ena- j ,,,ln3 "n public to judje .-onecily or the solvency or insolvency of ihe Institution. To explain such p.ut o( the statement Hnnr.xed as iclaicj lo the iwion Age.u, who it will he seen is reported to ., ,.,i:., ; ,.,,. . . ''o a cieiluor in the sum of Sj!2,9Sj, it is piotier to . . . . . . 1 . 1 , . . . ' .iisuiuuui. ,v,w "' ,ai'1 ll,e AS''' r"o (.merntneni for the Payment of Pensioners ui Vermont, not however as l'reident of die Uank, hut in his individual ca- paciiy. I am ndtised that during die period of my examination nnd while the same was progressing Seven Thousand Dollars iu Specie was paid by the p.,.,!.. ,....., - .. , . lydsuier upon me written order of two ol die Di- ,, t7 . , 'caont ? "Ie U""e'1 -S,i,,e3 All"rnev hr ,,,B DlV Uic' Vei"""" "' redaction of the debt dae to di Pension Agent, which previous lo ihnt pay- meat stood at .j'l9,!)3a. Tim dimi;!,,,, U thr. inl. of,.. .v..,,,,:..,.: Total amount of Bills issued since the Hank commenced operation up to Oih Apiil 1S3S. 332, ISO Amount cancelled and destroyed by burning. 3CG,92G Amount on hand in the Hank, 72736,1439,662 Iu ciiculaiion 9th Api tl 1S3S. kksouiices, j'nie or bills receivable BjIi - he hands of exchange agents, . , n , balance duo on Book. ., , . , , , , ;l,mN '" lllc lumlj u(n-('M' Bo,ton 1,lla "foller Dunks on hand, cur. rent. S112.5IS 13.0,593,37 2,450 1)04,01 70.C93.76 1.S14.00 52S.73 2,000,00 specie. Hanking House. 217.9SS.37 LiAniLirtrs. Capital Stock paid in lidls in -. i i r ti l.i 1 ion. 8217,983,37 i-'ioai the best informal ioa 1 could collect fiom Fourres acres,iblc m me, but tnoie particularly f1(,m the Cahier of the Hank, who, I take plea in s,u, ll(rllM ,e MPry f,1(.i,ily , hU uiue mid wlui-e character I am puriui.ided should' . n- i i i . t , ,lnt fi'Ut'i-, whatever m ly he die lesuh of the pre- . 1 eMl "idMiras-menis of the Winder Hank, I mn 10 "l'l'"se ofiliu Noips or Hills .e.eivalile ciiined us an item in ihe lesmnres of ihe I!. ink m Sl9,.ri!)3,37, n con-iilerahle pioponion, ay fiom U to SU.UUU will nut foon ifever ha realised. .Mod) ,.r i. , ,.. ,,,' .,, ',,i r i . , . V 5 ' ' "'6 lia'lll Ol A'-enii, Huston, mv 870.095.7G. ilm nmh.iliiluv l"'ii.n..Hi e collection is by no mean ''fie peilnps it may not lm improper lu unite m th- public, that after due coiisiilei-.iiinii I deem, i ed il my duty lo nquest the Stairs Attorney lo ple,en. ihe ea.o to ihe Supinno Co.ut at .heir next session iu Wind.-or Coiiuiy for I heir iiction and decision in .elation to a vacatiaiof the Hur ler. HA UUV ItllADI.KV, l.ssi-ECTon. liurliugioii. 12, 1S3S, HANK OF NBWBURY. The Ceiiiunsi inner of I lie Safely Fund, considering the position in which a larc portion oftho capital ofthe Dank of New bury is placed by tho failure of its City Agents, has deemed it expedient that the Haul; should bo laid under a tetupnrury iu junction, and with that view has cited it lo bliow causo why u Receiver should not be appointed. The Hill holders nro again assured that the ability of'lin Hank to meet all its liq bililies eventually, is believed lo bo beyond doubt; und ilia; the demand for its bills, created uy mo necessily lor an immediate 60,000 112.31S 12,933 S39.23 11,66,12 Washinotok, April G The adminii tration is overwhelmed by the nows from Connecticut. But thrco days ago, Mr. Van Dureti declared tho moat perlcct con. fidenco in the success of tho hard money doctrines in Connecticut, and predicted success for tho loco focos in the city of New Vork, at least with rospect to tho majority ofthe wards. Several of tho administra tion party in (lie house, linvc this morning avowed that it is in vain to contend any longer against public opinion. Two of tha Connecticut Representatives will now vote against the sub treasury bill. Van Huron is powerless In Congress, and the adminis tration is virtually blown up. CONNECTIC UT "ELECTION. Whir GuvEK.Non, Sknate Twenty ffhigs; One Loco Fozo House Jilort than 2 Whigs to I Loco Foco; Wmo M.woiuTY 501)4 Whig oain 7981 ! Such is the result of the election' just hold in our sister Si ate ; sister now in principles no less than in position. Three1 towns only remain to be heard from throughout the Slate, and tho glorions result such as is announced above. Never was there a more complete, a moro thor. uiigli regeneration ; never did an insulted; people speak to their unworthy rulers in more terrible voice. Il will bo seen that the rout of loco foco ism has been complete i that Agtarianism. has received its death blow in Connecticut,. We confess wo wore nol prepared for such, an overwhelming victory. True, we bad no fears for the final result. Where State after State was thundering from tho polls tho voico of an indignant people against the profligacy of government ; when even Aeiu Hampshire had aroused like a strong man, and almojt broken the chains of loco focoism, how could wo think that the State, whose virtue and intelligence has gained her tho name ofthe "land of steady habits," would longer giv her support to the cor. ruptiou and profligacy winch has reduced this Country from unparallellcd prosperity to universal distress. ID" The House of Representatives is composed of 200 members. Wo have heard from all the towns in the State. Tho result is the Loco Focos have chosen 42 members; Conservatives 7; Whigs 148; and in G towns entitled to 9 members, there is no choice Ellsworth, 20,258 Beers,. (Loco Foco) 20,425-Pbelps, (Conserva tive) 1,333. Ellsworth's majority over all, 4.500; Lasl year the Tory majority was 2,297. Net gain for Ihe Whigs, 6,797. Mains. Wo have received complete returna of tho voles for n member of Con gress in Lincoln district,- Maine. Hon. EmvAnn Robinson, the Whig candidate, is elected by a majority of 160 over all tha opposing candidates Robinson; 4113; Mc. Crate, (Loco Foco.) 3-120 ; Farley (WhiM 294; Scattering, (Loco Foco,) 204'.- Total' Whig vote, 4400: Loco Foco, 3624-; To- tal Whig majority, 782. It is now six months since tho election' of last fall, which terminated so disaitrously for the adminislratton. Then the Van Burcn men declared that the whole was a pasmodic action, which would soon cease. and that in a few mouths there would be a re-action : and wo do not hesitate to say, that while wo never entertained a fear that the re action would be entire, we certainly did not hope that tho spirit of reform would continue to operate with the entire effect which we now eo it prodocing. Connec ticut has scaled the promises made last autumn, and confirmed the higbet hopes of the friends of reform. The march' is onward, and nothing can slay its progrees. JC I X E P O O K . Tho physicians of this town aro supplied with fresh kine pock matter. It is hoped all persons ho have nut been vaccinated, wilt attend to it now. The poor will bo attended gratit. i) i i: d i""1 In West I5raintn:o, Mass. on the 21st March, M'3' Vuw 'd, aged OOyears. In this town ,on tho 10th insl. Georce R. j n"WM' so" of Samuel K 1Jf0"'n' aSed 19 years Truman liurrilt's lOstate. ST.'ITt: OF rEIiJIOJfT, i UI-TIUCT 01' CIIITTENOKN, SS. The h-mnrable the Probate Court fur the Dixtrict of Chittenden, In all person eon-. cerned in the Ihtate uf Truman Burritt, late of Ihnttburgh 'in taid' rented ( SrilIJItRAS, Iho ndinintftrator ol tho Estate of said deceased propojes to render an account of his administration, and present his account against said estate for examination and allowance at a session of llio Court ol Probate, to bo holden at Registers office iu Ilurlington on the Slat dav"of April instant. Therefore, you nro hereby notified to appear before said Court at the time anil place aforesaid, and shew causo, if any yon have, why the account aforesaid ibould not be allowed. (Jtveii under my band at llurltnglon this lllh day of April A. W- nu- Wm. WESTON. cgur. Suirai' Beet Seed, bv J, & J, II. Peck & Co,

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