COUNTRIES. Pork, (pickled), bacon, lard Statistical view of the commerce of the United States, exhibiting the value of imports from, and exports to, each foreign Flour 10,143,615 Value of Indian corn 338,333 Domestic Foreign Total. Entered from the the U. from the Indian meal 705,183 Rye, oats and other small Prussia grain and pulse $234,856 $934,625 $1,169,481 Biscuit or ship bread 428,988 Swedish West Indies Potatoes 54,524 Denmark 57,545 98,710 3,610 102,320 1,655 2,203 139 Rice 1,942,076 12,717 17,849 38,177 42,324 15,587,657 Holland 511,046 3,856,310 15,133 31,747 3,986 11,929 Dutch East Indies 817,897 202,552 $18,593,691 Dutch West Indies 396,479 Tobacco Cotton 9,883,957 Dutch Guiana 63,870,307 Belgium All other agricultural products— England Flaxseed $120,000 Scotland 132,751 335,303 2,364 1,828 370 485 6,214 5,729 9,435 19,507 582 7,667 368,772 388,512 128,001 129,213 8,729 Hops 11,235 Brown sugar Indigo 45,940 Ireland Gibraltar 217,762 965 10,799 12,865 10,433 11,312 877 $177,384 Mauritius 510: Cape of Good Hope 160 Household furniture 295,844 British Guiana British African ports France Spirits from grain, beer, ale French West Indies and porter 128,330 17,572,876 18,919,327 2,922,227 21,841,554 190,466 3,943 5,049 1,353| 1,708 6,349 5,288 1,233 Snuff and tobacco 813,671 3,177 Bourbon Hayti Linseed oil, and spirits of tur- Spain Teneriffe and other Ca- Cordage 43,510 naries Iron-pig, bar and nails 147,397 Castings 115,664 All manufactures of 450,251 841,394 Spirits from molasses Cuba 283,707 121,516 20,663 967 2,818 1 Sugar, refined 1,214,658 Other Spanish W. I. 799,628 40,822 22,559 713 Chocolate 2,048 Portugal 3,851 2,365 952 587 Madeira 3,963) Copper and brass 86,954 Fayal and other Azores 1,089 122,387 Cape de Verd islands $5,279,317 Italy Cotton piece goods- 17,622 1,006 4,578 3,176 Printed and colored Ionian islands $398,977 Greece Trieste Turkey All other manufactures of 192,728 Morocco $3,549,607 Flax and hemp- 937,072 281,199 4,175,001 969,938 1,545,403 2,515,341| 1,355,166 554,267 229,605 Cloth and thread 7,114 217,382 57,922 77,329 Bags and manufactures of Central America 1,128 189,021 Brazil Wearing apparel 152,055 32,588 34,189 5,578 1,764 Combs and buttons 40,299 Argentine Republic Cisplatine Republic 494,402 Chili 1,616,859 230 356,575 1,728,829 4,862 7,414 Peru Umbrellas and parasols 9,654 438,495 Leather and morocco skins not sold Republic of Ecuador 28,685 per pound 19,557 S. America, generally Printing presses and type China 17,105 Fire engines and apparatus 6,317 Europe, generally Musical instruments 12,199 Asia, generally 284,452 Books and maps Paper and stationery 29,632 Africa, generally 372,537 Arabia 76,957 96,042 262 14,771 3,360 900 Paints and varnish 34,631 Sandwich Islands Earthen and stone ware 10,959 Atlantic Ocean Tin N. W. coast of America 7,501 Pewter and lead 15,296 Marble and stone 35,794 Total Gold and silver and gold leaf 107,141,519 113,895,634 18,190,312 132,085,946 1,576,946 1,647,009 712,363 706,486 1,965 STATEMENT OF FOREIGN EXPORTS IN 1840. Gold and silver coin 2,235,073 on Total The different detachments detailed for the Ever230 glades expedition are moving from Tampa bay to their designated positions around the Big Cyprus. You may soon expect to hear thunder from that quarter, and I hope the capture or surrender of Sam Jones and the prophet. We have nothing new Pilatka, Nov. 17, 1841. from the red men. It is stated that a schooner under the command of lieut McLaughlin, belonging to the Florida squadron, had come into the Caloosahatchee with the yellow fever an board. Some of the crew had died. It was feared that the troops would be infected. Severe fevers had broken out at 7,211/1,576,546 70,011 2,993 4,571 712,363 40,980 746 11,782 2,289,309 110,991 3,739 some of the posts. ENLISTING ALIENS. Important decision.. During the late term of the supreme court of Norfolk county, Virginia, George Cottingham was brought up, on a writ of habeas corpus, directed to col. FANNING, the commandant of Fortress Monroe. By the return to the writ, it appeared that Cottingham was a soldier under col. FANNING's command, and had been regularly enlisted in the army of the United States. He was born in Dublin, was at the time of his enlistment a subject of Great Britain, never having been naturalized. Judge Baker, after mature consideration, decided that the enlistment of an alien was illegal, and that therefore the petitioner was entitled to his discharge. The case will probably be carried to the court of appeals, on a writ of error. [Sentinel. from that. The ordinary expenses of the state go- The indebtedness of others of the states is be- VERMONT. BOUNDARY. The legislature of this state have just passed resolutions, declaring that it is the duty of the general government to prosecute the settlement of the northeastern boundary question without any unnecessary delays. We understand that the company has borrowed a further sum of about $250,000 for the purchase of boats, cars, horses, and to open mines. This we believe is added to the permanent debt, making the cost of the whole improvement a little more than FINANCES. We learn from Walton's Daily Jour-two millions and a half of dollars. nal, that the report of the auditor of Vermont shows Of the debt of the company $800,000 is for stock that the expenditures of the state, for the year end-issued by the state of New York, and the other in The West India squadron is still at Norfolk. The paid, and the balance of the preceding year of ing September 30, including all expenses, interest | company loans, as follows: Levant left Pensacola for Norfolk some time since,9,539 33 against the treasury, were after having suffered much from the yellow fever. Why then does the squadron still linger? [N. Y. Star 19th. The U. S. sloop of war Levant is expected home in about a fortnight. THE NAVY. The U. S. scooner Dolphin is expected home in a few weeks. Receipts, annual interest. $25,000 13,500 17,040 $81,128 06 $500,000-5 per cent. payable after 1846, Balance in favor of the treasury $3,794 81 The apparent state debt is $156,619 81. Of this THE CONSTITUTION AND HER CREW. We have seldom seen a finer looking or more orderly set of men than the crew of the United States frigate Constitution. Nearly the whole of them have been paid off, and unlike some of those who have heretofore been discharged from United States vessels, their conduct as they pass along our streets is respectful and decorous. There is no quarrelling or fighting among imaginary. them; they appearing to act towards each other as a GEOLOGICAL SURVEY. The committee appointed band of brothers. Their deportment too, towards by the Vermont legislature and instructed to make the officers of the ship, has been, as we learn, re-inquiry and report on the expediency of a geological spectful. As an evidence of their good conduct, we can state, that they thoroughly dismantled and survey of that state, have made a report in its favor. The committee say: cleansed the ship in two and a half days after her arrival at the navy yard. [Norfolk Beacon. Deficiency to 1,773,519 393,500 "They believe that no state, in proportion to the extent of its territory, has so much to expect from such a measure as Vermont. Accident has already brought to light many rich sources of wealth to the farmer and manufacturer; and probably still greater and more numerous sources, if left to accident to their discovery, may lie hid ages to come, in our mountains and valleys, which might be developed by a systematic and scientific survey, and be forthwith rendered productive of individual and public prosperity. A bed of shell marl has been recently, by accident discovered in West Alburgh, covering a tract of at least fifty acres, aud appears to be nearly inexhaustible. No person can now estimate with what beneficial result this material may be used, as a manure, through the whole agricultural region bordering on Lake Champlain. A few other beds of the same material have been discovered in other places; and by a careful examination, under the authority of the legislature, other similar beds may be discovered, which may be immediately applied to enrich our soils, and thus increase our agricultural wealth. do. The New York Express says, "we learn that the probable sales of coal by the Hudson and Delaware Company, will this year reach 200,000 tons, which at a profit of $2 50 will yield a revenue of half a million of dollars." There were employed by the company in 1833, in the mines, upon the rail road, canal and wharves, eighteen hundred and sixty laborers, and three hundred and eighty-six horses. There are now employed more than three thousand laborers, and six hundred horses. In 1833, the site on which Carbondale is built, contained but one building, and Honesdale was a wilderness. They are now large and flourishing towns. The stock of the company cost $100 per share. In 1839 it sold for $48; per share; it is now rated in New York at 108; nearly 9 per cent. above par in these times of depression of stocks. We have related the foregoing particulars not only to give our readers information in relation to an im"A large majority of the committee, which is portant public work, on which annually is carried to itself numerous, have come to the conviction that it market Pennsylvania products to the amount of more is time for the legislature of this state to adopt a than a million of dollars; but to show the certain vameasure which many of our citizens think has alrea-lue of our canals and rail roads, when completed to 348,954 dy been two long delayed. The people of this state our coal fields. Here is a rail road carried sixteen 754,000 must always look principally for their wealth and miles over a mountain, with eight inclined planes 732,430 prosperity to agriculture and manufactures. And and five stationary steam engines-a transhipment the committee believe that the resources of the state into a canal with a capacity of only thirty ton boats, 400,000 should be brought, as soon as may be, within the one hundred and seven miles long, and requiring control of these two great interests. another transhipment into vessels for the New York or Albany market-so that coal passing over such an improvement with two transhipments, must be carried two hundred and fifteen miles from the mines to the city, and yet the work is profitable and yields seven per cent. to the stockholders, besides leaving a surplus fund! Total, To this state indebtedness of 200,491,157, add the surplus revenue deposited with the states, 28,101,644 dollars; city debts of New York, Boston, Philadelphia, Baltimore, Albany, Troy, Cincinnati, New Orleans, Mobile and Charleston, a total of $22;372,441; and we shall have, as the total of state and city debts, $250,965,142. The states that owe no debts are New Hampshire, Vermont, Connecticut, Rhode Island, North Caroli na and Delaware. The above statement is probably erroneous in many particulars. The debt of the state of Maryland, for The rail road extends from the mines in Carboninstance, is set down at the amount authorised, which dale over a mountain_ to Honesdale, where it termiexceeds the amount actually incurred by several mil-nates on the canal. It is sixteen miles long, having lions of dollars. The Trenton Gazette contradicts eight inclined planes, five of them ascending planes from the mines and worked by stationary steam enthe statement as to the indebtedness of New Jersey, gines, and three of them descending planes acting by and says that state "is not only out of debt, but has a gravity. The rail road is wholly in Pennsylvania. permanent fund of $129,000, besides a school fund of The canal extends from Honesdale, in Wayne $336,000. The surplus revenue distribution, amount-county, twenty-three miles down the Lakawanen creek to the river Delaware; thence seventeen miles ing to $779,000 was apportioned by the legislature to down the Delaware; and thence sixty-seven across the counties, so that the state received no benefit the state of New Jersey and New York to Rondout A rail road can be constructed from the first mines of the Swatara or Pinegrove region to Harrisburg, through the Swatara gap without any ascending grade, and the distance will not exceed thirty-five miles. Three hundred and fifty thousand dollars will make the whole road, and Harrisburg may be the shipping place for a million of tons. Harrisburg is but 71 miles above tide water, and a good canal for boats of 75 tons burden all the distance. [Harrisburg Chronicle. Do. on lateral canal debt, to meet the interest on any additional debt, or other contingent charge, or else to be applied directly to the cost of construction. the union. notice to the stockholders of the declaring of such | ments are in progress and with so much spirit that a [U. S. Gazette. promising token is afforded of the brilliant success dividend.” COAL TRADE. The Philadelphia American remarks of the whole affair. Virginia, Maryland and SouthThis estimate of Mr. Verplanck's was attacked by that the coal trade of Pennsylvania can scarcely beern Pennsylvania will take care that there shall be upon the spot an array of troops, gallant and soldierthe Van Buren men in the legislature, and the mem-estimated in dollars and cents, and adds: bers of assembly from this city joined in the panic The supply is so vast, and the demand so constantly like, not to be equalled by any other encampment in [Balt. Amer. cry, to injure the credit of the state and retard the increasing, that calculations of the ultimate value of GREAT POWDER MILL. The Pittsburgh Gazette reprogress of the public works. The effect of this was the trade can hardly be made with any degree of acto reduce the appropriation for a loan this year, from four millions, as proposed by Mr. Verplanck, to curacy. Judge Banks has spoken well on this subject. cently contained a particular description of an extenHe says that the coal trade is but in its infancy. It sive powder mill just put in operation two miles three millions, as consented to by more timid whigs; is destined to a constant and great increase. In many above the city on the banks of the Monongahela. It is but even this last amount was voted against by our Van Buren city members. Now let us see how the places it is now the only fuel used for a variety of erected on new and perfectly secure principles, and calculations of the friends of internal improvements purposes, and will soon be used for all purposes to belongs to Mr. Andrew Watson. It embraces eleven which fuel is applied. Notwithstanding our great spacious buildings, a boiler, store and engine house, are sustained by results. abundance, coal is imported from England in large mill, pressing, grinding, glazing and drying houses. quantities, and our colliers are compelled to compete It is an extensive and most perfect establishment. with the labor which only costs ten cents a-day. This The Gazette adds: Eleven buildings are now completed. The princithe greatest injustice to this valuable portion of our citizens. The value of anthracite coal is becom- pal range front 400 feet on the Monongahela, and are ing every day more fully known. Soon all our steam bedded at the rear and ends in a high bank of earth engines, whether on land or water, will use no fuel excavated for that purpose. They stand about 100 but coal. Here is a vast field for its consumption. feet apart. The front and roofs are of wood, the back Its successful use in the smelting and refining of iron and end-walls stone two feet thick, so built against the ore is now certain. Its general application to the earth that in case of explosion its force may be spent purposes of art will increase its demand and augment towards the river, removing the wood work and leavits trade, so as to make the minerals of Pennsylvania ing the rear and end walls unharmed. There is a rail transporting the materials and the manufactured artinot only a source of wealth, but even a blessing to road along the whole front of these buildings, for cles from one building to another in the progress of the manufacture. The tolls on all the canals this year, up to 1st August, amount to $911,966 27; last year during the same period, $716,370 01; the remainder of the year, the tolls, in 1840, amounted to $,159,377 50. We may therefore safely estimate the total amount of tolls for 1841 at $2,200,000, against $1,775,747 in 1840; which will leave a surplus of $763,000 towards future interest on loans, or $326,000 more than the estimate of Mr. Verplanck. What now becomes of the ridiculous puffing and blowing of the Albany Argus and Mr. Ex-Comptroller Flagg about a forty million state debt, and all the sage calculations of Mr. Michael Hoffman, in his miDority report of the committee of ways and means, which was adopted by the Van Buren members of the assembly as the text-book of the party? We shall have more to say on this subject; but, in the meantime, we may remark the estimates of the canal board, in their celebrated report in April, 1840, of the future revenues of the canals, bid fair to be realized by the results of this year. The aggregate canal revenues during the ensuing six years, on the estimate will be $13,595,165, giving an average income of $2,265,860 annually, and leaving, at the end of the six years, an annual income of about 2,600,000 dollars. How long will it take the additional trade from the Wabash and Erie canal, the Ohio canals, and the state of Michigan, to bring our tolls up to the latter amount. [New York Express. PENNSYLVANIA. is the nation. POTTSVILLE AND READING RAIL ROAD. The Potts- The Reading Journal says: It will be gratifying to For some time past coal has been taken from this AN ANCIENT AND VALUABLE DISCOVERY. Our friend It is found that Hugh Maxwell, esq. exhibited to us the other day place to Philadelphia by the cars. the original charter of this city, supposed to be irreco-coal may be taken from the boats here, carted to the verably lost, but which has been found and is now depot and placed in the cars, and deposited in the about being properly secured. It contains the signa- coal yards in Broad-street, at a saving of 50 cents ture of George Thomas, the lieut. governor under per ton. George II. in the 15th year of his reign, and is dated The arrival of the steamboat "Edward Coleman," May 1, 1742, now nearly one hundred years old. It was recorded in the recorder's office of the county of at Lancaster, is thus announced in the papers of that Lancaster, book B, page 75, on the 27th of September, city. The incident may well cause exultation, as it 1744, and is signed Thomas Cookson, recorder." forms a new and important era in the prosperity of There is a plan annexed of the city, containing all the streets and alleys, as they exist at present, laid down with a nicety of precision that is best known to those who have grown up in our old town, and know all its divisions and sub-divisions. It is quite a curiosity, and has borne the finger of time very fa[Lancaster Journal. vorably. VIRGINIA. DISMAL SWAMP CANAL. The Norfolk Beacon states that the tolls received upon this canal for the fiscal year ending the 30th September last exceeded by 40 per cent. the average receipts for the last five years. The increase, it thinks, is owing, in a considerable degree, to the improvement in agriculture, and the increase in productions in North Carolina. GEORGIA. INAUGURAL ADDRESS OF Gov. McDONALD. The flattering evidence afforded me, fellow-citizens, of the continuation of the popular confidence, in being called for a second term to the administration of the state government, renews and strengthens my obligation to the people to use the power they have confided to me for their exclusive benefit. To this I now pledge myself. But I can accomplish little without your co-operation; for the period at which I enter difficulty. The state treasury is exhausted; the reupon the discharge of this duty, is one of no ordinary that city. Port of Lancaster. Arrival of a steamboat on the venue now about to be received, not sufficient to reimburse the expenditures of the political year just Conestoga!-Huzza. We find the following gratifying ended, cannot be made available for future exigenintelligence in the "Intelligencer" of yesterday: The steamboat "Edward Coleman," arrived yester-cies; the means at the command of the legislature, for carrying on the operations of the government, are day at 12 o'clock, from Philadelphia, via the Susque confined to the Central Bank, already greatly weakhanna canal and Conestoga Slackwater navigation, ened by the heavy drafts heretofore made upon it, and is now lying at Graeff's Landing! So that our to any considerable extent, without periling its indisChronicle mentions a late decision made by the court her native son, Fulton is about to be felt practically pensable responsibilities, and destroying its usefulness SUPREME COURT OF THE STATE. The Pittsburg ancient city is at last a port of entry! The genius of and upon which new contributions cannot be levied in session in that city, in the case of Hopkins, super- within her own borders! We learn that the "Edward Coleman" is a very to the people; a great public work, undertaken and intendent of the Cumberland road, against Stockton and Stokes. The action was brought in Fayette excellent boat, and has already towed several craft carried on half way to completion, and which is county to recover $6,000 of tolls, for stages passing across the dam, at "the mouth," now very nearly perhaps identified with the future prosperity of the on the road carrying the U. S. mail. The defence complete-performing her trips with perfect ease state, is to be sustained; the interests of education, set up was that the mail being the property of the moral and intellectual, are to be fostered; the public U.S. the vehicle transporting it was exempt from credit, upon which depend the pride and honor of the the payment of toll. Judge Ewing decided in favor state, is to be supported; a question difficult and embarrassing, is to be settled, by which the lives and of Stockton and Stokes, and the case went up by property of our citizens are to be protected from the writ of error to the supreme court. robbers and incendiaries of such of the other states, as by affording them a sanctuary and justifying their outrages constitute themselves accessaries to their crimes; the dreadful disorders of the currency are to be healed or checked; and superadded to these things we have to struggle under the pressure of the new policy of the national government; the gratuitous and unjustifiable distribution among the states of millions from the treasury, already reduced by the public necessities almost to bankruptcy; the enactment of a bankrupt law partial and unjust in its operation, and corrupting and demoralizing in its tendency, and a renewal of a system of duties and imposts upon a principle which but a few years since jeoparded the integrity of the union; these consideraBut according to the emergency must tions constitute this a time truly of difficulty and embarrassment. be the firmness and resolution to meet it, and on your aid, gentlemen, I confidently rely. U. S. BANK. We learn that suits have been instituted against Mr. Cowperthwaite; late cashier of the bank of the U. S. and also against his sureties, by the assignees of that institution. The suits are instituted, we presume, to recover the balance of Mr. Cowperthwaite's indebtedness to the bank, as reported by the stockholders' committee in April last. We furthermore learn, that suits have been instituted by one of our citizens, against a number of individuals who were members of the board of directors of the bank of the United States in 1839. The last dividend declared by the bank was in that year. The suits are understood to be instituted for the pur pose of recovering a claim against the bank under a provision of its charter, which is as follows: "If the directors of the bank shall make any dividends which shall impair the capital stock of said bank, the directors consenting thereto, shall be liable in their individual capacities to such corporation for the amount of stock so divided; and each director present when such dividend shall be made, shall be adjudged to be consenting thereto, unless he forthwith enter his protest on the minutes of the board, and give public and great despatch. This too was done, let it be MILITARY ENCAMPMENT. The Reading Pa. Ga- Whatever measures you may deem it necessary A suitable piece of ground, we understand, has been selected for the camp within a few miles of the and proper to adopt for the good of the state, not city-a beautiful spot forming a sort of natural am- repugnant to the constitution, and having a tendency phitheatre and in all respects well adapted to the to suppress evil and promote the interest of the peopurpose for which it is assigned. Other arrange-ple, shall have my sanction and cordial support. ✔ALABAMA. circulation of this union. ply proved, that they are not always the appropriate corps from which to select bank directors. The most fatal tendency of the present course pursued, both in legislation and the management of the banks, is, that it will inevitably place them under the control of their debtors. Let this state of things be once accomplished, and it requires no participation in the spirit of prophecy to foretell that the best directed legislation afterwards will be of no avail. In the administration of the affairs of the state, I would have been salutary in their operation, cannot, shall as heretofore, be regulated by a conscientious with certainty, be asserted; but that the course pursuregard for the public welfare; and, in discharging the ed by the legislature has been most disastrous in its solemn obligation I am about to renew, "to cause effects upon the banks, is unfortunately, no longer a justice to be executed in mercy," while the circum- problem. But for the settled conviction resting on my stances of each case presented for executive action own mind, that in the present state of society, a paper will be allowed their due influence, the safety of so-currency is indispensable, and can be only constituciety shall be with me the paramount consideration. tionally furnished by the states, and not by the geWe, fellow citizens, are servants of the people, and neral government, the discouragements I have exare not delegated to serve ourselves. Let us then perienced in endeavoring, so far as Alabama is con- "Transacting a large portion of their business on dismiss every sentiment of ambition, not identified cerned, to place the state banks on a better footing, long time, has also been a prolific source of evil to with the public good, bury the strifes of party, and would have induced me to abandon the present sys- the banks, and one, the effect of which, they cannot earnestly invoking the presence of Him who can tem altogether, and to have looked to some other ex-much longer withstand. It is, therefore, respectfully guide us aright in all things, proceed to the discharge pedient, within the purview of the constitution, as a suggested, that the banks be prohibited from discountof our respective obligations to our country. substitute. And I still think, with entire respect for ing any promissory note having more than four the opinion of others, that the state bank system is months to run, and not to be renewed in any case; susceptible of being rendered a source of incalculable and from purchasing any bill of exchange having LEGISLATURE. The two houses assembled at Tus-benefit to the people of Alabama. I believe further, more than six months, secured by two good endor caloosa on the 1st November. The honorable Na- that the state bank system is destined ultimately, un-sers, and drawn against shipments of produce, at least thaniel Terry, of Limestone was elected president of der some modification or other, to furnish the paper to the amount of the bill, or actual funds at the point the senate without opposition. where the bill is to be paid. The present amount of Extracts from Governor Bagby's message. "In reflecting upon such measures as would most circulation, which is about seven millions, is believed "The banking system of the state of Alabama con- likely tend to alleviate and improve the present con- to be entirely adequate to the sound business wants tinues to be a subject of increasing solicitude and dition of the banks, and enable them to regain a of the country, and ought not to be increased. It is anxiety with the community at large, and will, I trust, sound and healthy action, the following have occur- particularly recommended to enlarge the discretionacommend itself to the early and diligent attention of red to me as most likely to be productive of that de- ry powers of the directors in regard to the security the general assembly. This system has been in ope- sirable result; and they are, therefore, with becoming and collection of debts; and to enable each bank to ration eighteen years. In that time it has experienc-deference, respectfully recommended to your consi- appoint a marshal, with the same powers, in all cases ed all the vicissitudes of prosperity and adversity, to deration. Still satisfied, and even more deeply con- in which the bank is plaintiff, as are now exercised which a period of that duration, subjects human in- firmed than ever, in the correctness of the opinion, by the sheriffs of the respective counties throughout stitutions. It has passed through seasons of great that the present mode of electing directors is not only the state. The salary of the bank attorneys is enprosperity, calculated to develope and unfold its erroneous, but will prove fatal to the banks, if per-tirely too low, and ought to be increased by law; or abilities and usefulness; and it has experienced the severed in, I am of opinion that it should be chang-left to the board of directors within a reasonable limit, wintry gale of adversity to a sufficient extent to test ed, so as to make it the duty of the governor to nobeyond which they should not go. its energies, and the correctness of the principles on minate double the number to be elected, and for the "I also consider it my duty, though I admit it is an which it is founded. Aided by the full light of ex-senate, or the two houses jointly, to select from that unpleasant one, to recommend that the banks be reperience and intimate observation, through a long number the directors for each bank. The presidents, lieved, at least for the present, from defraying the series of years, the grave and important questions should I think, be elected as at present, by joint vote expenses of the state government. It is a maxim, now presented for the deliberate consideration of the of the two houses. I am also of opinion, that the that to tax and to please, any more than to love and general assembly are, whether upon a full and can- number of directors should be reduced to two, and a be wise, is a difficult matter. But it is also true, that did review of the operation and effect of this sys-president for each bank; that they be paid a sufficient taxation in some form or other, is indispensable to tem upon the public interests, it has answered well salary to secure the best financial talents; and that the support of government; and my own reflections the ends and the objects of its establishment, by they be required to devote their constant time and long since led me to conclude, that if the amount was furnishing a circulation of steady, undepreciated attention to the business of the banks, until they are kept down to the actual wants of the government, value; affording a safe depository for the public in a condition to resume specie payments. It will the more directly it was paid the better. The funds-and furnishes a reasonable hope that it will, be proper also to adopt suitable measures to compel people are then constantly sensible of the amount of by the success of its operations, continue to pay punctual attention to their duties, and to punish them the contribution exacted from them for the support the interest on the capital stock; and finally to re- for negligence or malpractice in office. of government; and they take care that they never imburse that capital, for the payment of which the exceed the amount absolutely necessary for its supfaith and credit of the state are solemly pledged? port, administered on the most economical scale. However gratifying it might be to a just sense of Whatever may be the correctness of this view, I patriotism and state pride, to be able to give an afhave sufficient confidence in the patriotism and magfirmative answer to all these questions, candor imnanimity of the people of Alabama, exhibited on so peratively requires that most of them should be anmany occasions, to believe that they will submit swered in the negative. For, although it is with pleacheerfully to the payment of a sufficient amount to sure admitted, that the public funds committed to the defray the expenses of the state government; more custody and safe keeping of the bank, and forming a especially when, by doing so, they will avert evils of part of the capital; the payment of the interest and greater magnitude. Indeed, I feel fully satisfied, redemption of the stock, depending as they do, upon that the people will not, for a moment, compromit the sure foundation of our plighted public faith, are their high claims to magnanimity, by leaning on the beyond the reach of accident, it is no less true, that banks to defray the expenses of the state government, the present condition of the banks is not such as to when those institutions are not in a situation to reafford satisfaction and encouragement to the comdeem their own notes. It were superfluous to remind munity, either in regard to their past management or to inspire full confidence in their future success. safely affirmed, that no greater or more fatal error the most delicate operation of a free government, "And, even if it were otherwise, it may be the general assembly, that taxation is, of all others, The large amount of bad and doubtful debts-the has been or can be committed, in regard to the ma- and that in amount it ought to be kept down to an enormous sums due from individuals, most of which nagement of the banks, than that they ought to be economical standard; and be so regulated, as to opewill, in all probability, should the general bankrupt conducted on what are usually termed popular prin- rate with as much equality as is attainable in human law go into effect, be settled in the compendious mode ciples. The office of bank director certainly would affairs. of schedule and affidavit-and the fearful encroach-be, of all others, the most desirable, if the capital of ment already made on the capital stock-are consi- the bank was increased by being constantly used, derations well calculated to cast the most ominous and every man could be supplied with whatever conjectures on the success of the whole system. amount his necessities required, whether he was "Whether the failure of these institutions to rea- able to pay it or not. lize the reasonable expectation of the public, is ow- the capital being borrowed, no man ought to be perBut this not being the case, ing to defects inherent in the system, or is to be mitted to borrow unless he be able and willing to found in the manner of selecting the board of direc- pay. Equally delusive and ruinous to the banks will tors, and in which they have managed the affairs of be found the fanciful expectation of obtaining comthe banks, is the question now submitted for your petent talents to manage the laborious and multifacandid, deliberate determination. And upon the cor-rious concerns of a banking institution, already exrect decision of that question, depends the fate of the tensively embarrassed, ably and successfully without banks, and the circulating medium of Alabama. If adequate compensation. It may be remarked, as a the defects are in the system, and are radical; they general rule, both in regard to public and private afare admitted to be without remedy, and the system fairs, that those who are willing to labor for nothing, onght to be abandoned, at least as soon as a proper fall, must usually, under the denomination of hard substitute could be provided. And I have no hesita- bargains. This remark does not, of course, refer to tion in declaring it as my settled opinion, that if the offices which confer great political distinction, which present mode of electing directors is to be continued, are doubtless sought, in many instances, even at an bank debtors, are believed to have been salutary in "The various laws now in force for the relief of the sooner the state bank and branches are wound up entire sacrifice of every thing like pecuniary emolu- their operation, and while they continue to be prothe better. If, on the other hand, the defect lies in ment, from a love of honest fame and the more en- perly applied and enforced, need no alteration. the manner in which the directors are elected, and nobling feeling of patriotism. But so far as our in which the affairs of the banks have been conduct- banks are concerned, experience furnishes ample tes-submitted may appear unreasonable, and that some "It is not improbable that some of the views I have ed, it becomes the indispensable duty of the legisla- timony to the fact, that their present embarrassed of the measures I have recommended may seem to ture to apply the corrective, and to adopt such mea- condition is owing in a great measure to the election, be harsh and rigorous. They have been reluctantly sures as will insure their better management here- in former periods, of directors, who accepted the extorted from me by the condition of the banks, and after. It has been my misfortune to differ with a situations without any stipulated compensation suf- a deep sense of the high and solemn obligations of majority of the legislature, in relation to the manner ficient to compensate a man of ordinary capacity, official duty. And permit me to add, in conclusion of electing bank directors; and in relation to many with the fixed determination to compensate them- on this subject, that if the legislature, in their wis important points of policy in the management of the selves. Volunteers certainly answer admirably in dom, should be able to devise any other plan, more banks. Whether the measures recommended by me some departments of service; but experience has am- likely to effectuate the objects which I feel satisfied "No doubt it will be objected to the proposition to reduce the number of directors, that it is aristocratic to take power from a large and bestow it on a smaller number; and that the proposition to increase the compensation, is anti-republican in its tendency. These objections sound loftily in theory, and are strictly correct in practice. But the mistake, the entire mistake, consists in their application to the present case. Who ever heard of a man seeking the appointment of a bank director either from patriotic motives or for the distinction it confers? On the contrary, the accounts of many of the directors, from 1834 to 1837, prove that they were under the influence of a much more powerful motive than the love of country or the love of fame. the valueless sixteenth sections, operates most inju "The law setting apart $200,000 annually, in aid of riously on the interests and business of the banks, and ought to be repealed. It is admitted that the approdable and desirable object; and if the banks were in priation of this sum is directed to a most commenthe full tide of successful operation, I should not advocate the withdrawal of this appropriation, from an object dear to every patriot, and deeply interesting, if judiciously applied, to a part of the rising generation. But to be just before we are generous, is a maxim that holds as good in political, as in moral or legal, ethics; and, in the present condition of the banks, it is a departure from the straight pathway of common honesty, which is always the best policy, to require them to perform acts of individual accommodation or public munificence. |