North Carolina Newspapers

i, THE NORTI - AKOONIAN. h 4?- 'M 1 I ! I J " V l V. 4 i 1 ll ) Ml f. POLITICAL. JttY. f. . Holmes; The moat condensed, forci ble, complete and well marshalled argument, I have ever seen on the comparativementa of the two adver sary systems of keeping the public moneys, the Sub Treasury or Banks, appears in the Raleigh Standard, of the 18th inst. I be? you to publish it, as it is there published, in opposing columns. THE BANKS OR The Democrats icar.t a JYational Trea sury to keep the People's Money in. 1. Where it will be in the vault3 and iron chests belonging to the people. 2. Where it will be under the care of of ficers appointed by the President and Senate. 3. Where the offi cers who keep it will be obliged to give security in double the amount they are al lowed to have on hand for safe keeping. 4. Where, if an of ficer touches a dollar of it illegally, he shall be liable by law to pay a heavy fine, and be sent to the State prison for two years. 5. Where an end will be put forever to individuals specu lating with the money of the people, because not a cent of it can be drawn without an ap propriation from Con gress. 6. Where, as the money cannot be used except for the purpo ses for which it was raised, there will be nobody interested in collecting more reve nue than is wanted for Government ex penses. 7. Where,if a tem porary surplus be yond five millions should arise, it will be immediately in vested in productive state government sto cks, and kept there till wanted. 8. Where the mo ney of the people will be under the control of the people, and used only for the pur poses for which it was raised. 9. Where the mo ney of the Govern ment, separated from the business of the banks, can be used when required, with out the cry of "war on the banks." 10. So that the bu siness of banks may be kept spearate from politics. 11. So that there may be an end to all inducement on the part of banks to buy up political leaders and newspapers and corrupt the halls of legislation. 12. So that there maybe no more com plaint of the Govern ment making war up on the banks, or the bank3 making war upon the Govern ment. 13. So that Bank and State may here afterhave no conflicts, but each let the other alone. 14. So that in case of a foreign war, the funds necessary for the defence of the country may be at the command of the Go vernment. 15. So that a sud den pressure in the money market may not affect the opera tions of Government, nor drive us to the necessity of contract ing usurious loans. 16. So that the Na tional Government may always have the mean3 of support -without asking the banks for it. 17. So that we may have no more stop page of specie pay ments. 18. So that we may have no more shhv- pla3ter eras. 19. So that , the banks .may in future, learn to mind their owa business. Jdnio? SUB-TREASURY. The Federal WlUs, want a National Bank to keep the People's Money in. 1. Where it will be in the vaults and iron chests belon?in;r to. the Bank. 2. Where it will be under the care of offi cers appointed by the Bank's Directors. S. Where the bank gives no security at all for its safekeeping, but leaves the public to depend upon its credit and good faith. 4. Where the bank shall have the privil ege of loaning it out, and making interest on it for the profit of the Bank a stockhold ers. 5. Where the bank's officers directors, and favorites, officers of the Government, members of Congress, and politicians, can get it out at any time in exchange for their promissory notes. 6. Where it will be the interest of the Bank's stockholders and borrowers to raise more revenue from the people than the Government requires, so that they may have the surplus to use themselves. 7. Where a large surplus can be got, it will be loaned out to inflate credit, occasion speculation, and re sult in pressure, dis tress, and ruin. 8. Where the mo ney of the people, be ing loaned out to the Bank's customers, can only be had at such times and in such amounts as will be convenient for the Bank. 9. Where, if the Government wants the money faster than the . Bank is willing to repay it, it can stop payment and shelter itself behind the cry of 'waronthe banks.' 10. So that the bank may still have a deep pecuniary interest in supporting the party that supports itself. 11. So that party men may continue to receive pay for party services and have good fat salaries as presidents, attorneys, or agents of the bank and its branches. 12. So that there may be trials of strength from year to year between the bank and the people at the polls, and all the evils which at tend them. 13. So that we may have a perpetual scene of contention about who shall use - the public money. 14. So that the Bank, consisting of a majority of foreign stockholders, may de termine on what oc casions Government may be permitted to defend the nation. 15. So that when money is scarce, the Bank may refuse to pay up the deposites, and compel the Gov ernment to borrow money of the rich, at their own prices. 16. So that the Bank may determine when the people shall have the means of supporting the Gov ernment and when not. 17. So that when deemed necessary the public may be con, vinced 'by sufferings' of the utility of a Na tional Bank. 18. So that paper may hereafter be the only circulating me- dium. 1- So that the Bank may hereafter regulate the people's affairs. - 20. So that the people may henceforth live in peace. 20. So that we may hereafter submit to Bank dictation or "take the consequences." w From the Globe. In addition to these proofs that the lead ing Federal journals in Virginia are ready to succomb to Abolition dictation, and take Harrison, surrendering their favorite, Mr. Clay, we find the Richmond Whig quoted in the Boston Atlas, giving in it adhesions to the late harmony movement of the lately recu sant Abolitionists of Pennsylvania, who re fused to enter the Harrisburg National Con vention of Whigs until they had assurance that Mr. Clay's pretensions were surrender ed. The following is the pregnant proof of submission to the Abolitionist, quoted by the Boston Atlas, from the Richmond Whig. Pewnstlvahia. A Convention of Whigs numerously attended, was held at Harrisburg on the 4th inst. for the purpose ot uniting and harmonizing the Opposition to the re election of Martin Van Buren. The follow ing among other resolutions were adopted, and 37 members appointed to attend the Na tional Convention to carry said resolutions into effect: "Therefore Resolved, That while this Convention entertain the belief that no other candidate for the Presidency but Gen. Wil liam H. Harrison of Ohio, can unite the Anti-Van Buren party, and by that union res cue the country from misrule, they feel en tire respect and admiration for the great ta lents and public and private virtues of Henry Clay, of Kentucky, and they cannot believe that he, who ha3 already made so many sa crifices for his country, will now permit his name to be used to divide and distract the Anti-Van Buren party, and thus consign to hopeless ruin our Republican institutions Resolved, That we confide in the known patriotism of Henry Clay, and beiieve that he will not deceive our confident expectation, that he will add another to his many claims upon the gratitude of his country, by mag nanimously withdrawing his name as a Pre sidential candidate, and thereby ensure a cer tain victory to those ''imperishable principles" which he has so long and so ably supported. "Resolved, That it is the unanimous sense of this convention, that General William H. Harrison is the only candidate for the Presi dency, presented to the people of the United States, whose popularity can secure the end designed to be accomplished, by the organi zed opposition to Martin Van Buren, and the pernicious principles and measures of his Ad ministration." The Whig remarks on these resolutions: "Much might be 6aid upon the conclusions of the Convention; but we prefer to waive all comment, and refer the whole matter to the decision of the National Convention, where the voice of Pennsylvania will no doubt be heard and respected as it may deserve to be. If, upon a full consultation and interchange of opinion between the members of that body, coming from every section of the Union, and advised of the sentiments of their respective regions, it shall be thought that either of the three distinguished men spoken of shall have the fairest prospect of success and nominate him as the Whiff candidate, we cannot doubt but that that decision will command the gen eral, if not universal acquiescence of the Whig party. While we have a preference, we are, and always have been prepared, as we believe the Whigs of this Commonwealth are, to surrender that preference for the good of the common cause. We feel that the cause, and the cause alone, should engage all our thoughts. The monstrous assump tions of power, and still more monstrous practices of the reigning dynasty, leave no room for the indulgence of personal partiali ties. They appeal to every patriot to sacri fice every personal feeling to the vindication of the public liberty. By a private letter from Kentucky, dated 16th of September, (since Mr. Clay's return,) we have information which convinces us that Mr. Clay considers himself excluded from the competition, by the new current recently put in motion against him in the North. Mr. Bryan (one of his most devoted friends) has sold out the Lexington Intelligencer. Our correspondent states that Mr. Bryan "would not, it is believed, have disposed of the pa per, more than any other in the confidence of Mr. Clay, if he had not become satisfied that Mr. Clay was about to decline. This oc curred a few days after the return of Mr. Clay. It is not stated who Mr. Brown, the proposed editor, will support, but, coming from Ohio, the conclusion is, that the selec tion is made to favor the promotion of Gen eral Harrison." The impression at Lexington may justly be considered as that which Mr. Clay car ried home with him; and the sale of his friend's paper who had taken a stand for him against Harrison, is a strong corroborating circumstance. From the Mobile Commercial Register. MORE OF AMERICAN BANKING. We complete our compilations of facts in our last number in regard to the management of the Mississippi banks, with the question, whether any man in his sober senses could recommend those institutions a3 safe and ju dicious depositories of the public money. We how proceed to the Louisiana banks with the same inquiry. In December, 1837, and March, 1S38, a joint committee of both Houses of the Louisi ana Legislature made official communica tions to that body, from which it appears that the liability of the bank directory (172 in number) of the 16 banks in New Orneans, to those banks, was, as reported by them selves, seventeen millions eight hundred and seventy-five thousand five hundred and ninety-two dollars; the total amount of all the dis counts at the same time being a little the rise of fifty-two millions the directory having loaned to themselves about one third of the total of the discounts of these banks. We thus see a bank liability of about 400 direc tors in the two States of Mississippi and Lou isiana, amounting to thirty-eight millions of Dollars add to this the six millions and a half due by 150 persons, 90 of whom were di rectors to the State bank and branches in Alabama, and we have an aggregate hank liability of 660 persons in three State, of forty-four and a half millions. Mr. Walker then goes on to enow th the ruinous and demoralizing efforts of banking are not confined to the Southwest. He pants in proof, to the fraudulent failures of banis in Baltimore, Philadelphia, New York, and Bos ton, and the Wild Cat Banks of Michigan The history of the first three years of th U. States Bank is a history of acknowledged fraud, peculation, and stockjobbing. Mr. Cheves, the president of tho Bank, reported these enormities in April, 1S19. The Rank had then in its vaults $71,522 in specie, aud owed the city banks a balance of $196,418, and its circulation was $6,000,009. Its ex pansions of $10,000,000 in a few months, and its contractions of $8,000,010 in the pe riod of eight months, nre also adduced, thus "converting all business into a perpetual lot tery, dependent upon the secret and constant changes of the policy of the Bank of the U. States." We add one more fact, and leave the read er to the perusal of the letter, which exhibits this startling picture. "The loans now made by all the various banks of the Union, ex ceed, by the last official returns, five hundred and twenty millions of dolars, upon which, (exclusive of exchange and other shaving ope rations') is extracted, at the average rate of seven per cent, interest, an annual interest of thirty-six millions, seven hundred and fifty thousand dollars, being an annual interest nearly equal to all the specie in all the vaults of ail the banks in the Uuion, that being at the last returns $37,915,340; thus exhibiting an annual interest of one hundred per cent, upon all the gold and silver held by the banks." Such is the tax levied by the non-producers from the producers! From the Vermont Patriot. ELECTION RETURNS. The additional retains received since our last with those already published, make the following aggregate viz: For Jeuison 19422 Smilie 18107 In regard to the Legislature, if our returns and private letters cau at all be depended on, the relative strength of parties in the House will stand very nearly as follows Senate Dem. Whig 2 Bennington Co. Windham " Windsor " Ruthland " Addison " Orange " Chittenden " Washington Caledonia " Orleans " Frauklin " Essex Grand Isle Lamoilo 3 4 3 3 3 1 2 2 1 House Dem. Whig 10 7 12 7 7 5 14 6 15 13 9 4 5 2 10 i: 14 is 15 3 8 2 5 8 :o 4 3 12 18 119 110 110 Democratic majority 9 CXy" There gentlemen Whigs, get away from that if you can. MAINE ELECTION. From the Portland Argus of Friday, we complete the following: RECAPITULATION. Cumberland, complete York, all but 1 town Licoln, complete Waldo, complete Kennebec, all but 1 town Somerset, 13 towns Oxford, 22 towns Penobscot, 36 towns Hancock, IS towns Washington, 21 Franklin, 14 towns Piscataquis, 3 towns Fairfield. Kent. 6160 5054 4704 3452 4254 43S1 4308 1S64 3584 6352 1326 1829 3484 1967 4076 3196 1114 1013 1154 1151 1581 1238 190 249 35,635 30,756 Fairfield's majority 30,756 4,879 From the Globe. FEDERAL SIGNALS. Yesterday's Globe presented extracts from the National Intelligencer, Noah's Star, and the Natioual (Bank) Gazette, showing the new and simultaneous movements for a National Bunk, in the three cities that give tone to Federal politics. These signals have an im mediate as well as a remote object to accom plish. The immediate object is to put the State banks in fear of the power of Federalism, which is again rallying publicly under the standard of the Great Bank, by whispers secretly in the ear of the State corporations, "unless you help us with your money in the coming elections, we will sacrifice you." When the banks suspended specie payments, Mr. Brooks, the mouthpiece of the foreign in terest in this countrv. nlainlv tnld thfm that unless they directed their efforts to the re- 1 - t . - . esiaDiisnmeut ot a Bank of the United States, the Federal party would onnose all banks. In the then prostrate condition of the banks of the Atlantic cities, this bulletin of a party able to wield the whole weight of foreign capital invested and seeking investment in this coun try, seemed equivalent to a death warrant. The desired effect was nroduced. Th hanks to a great extent, did dedicate themselves to ine political designs ot Whigery. But the ris ing indignation of the people was soon fol lowed by returning sanity on the part of the banks. They resumed specie payments in defiance of the behests of the Whig leaders. .-i.w.ttCT wo uuw see in ine .reuerai prints, induce the belief that they have still further defied the politicians who made them bleed in their cause, by withholding the requi red subsidies.- Not long since the Tallmadge bantling, the-New York Times' assailed the local bauks. This extraordinary course in a print set up avowedly to sustain tnem, was equivalent to an open declaration that they had ceased to sustain it. We called public atten tion to this striking fact. Now again, and cotemporaueously vitb the renewed cry for a National Bank, we have another State Bank organ, the Albany Evening Journal, renewing die attack on the ftate banks. This of itself speaks volumes for these institutions. It is the strongest assurance which could be given that they have abaudoned politics. The Journal of Commerce will expose the misrepresentations by which the discarded stipendiaries seek to reduce the State institu tions to their former condition of suspension and dependence. As the statements of the Albany Evening: Journal are shown to be ut terly untrue, it adds strength to our inferences. From the Jfeie Orleans Lottisianian. THE MONEY MARKET IN THE NORTH. The papers of Philadelphia and New York are filled with accounts of the financial con-, cerus of that part fthe country, which autho rize us to believe that frightful as our condi tion is, it is not worse than that of the citizens just named. The North American, a paper published . in Philadelphia, decidedly Federal in politics and with large pretensions to accu rate information and superior knowledge, con tains a piece written bj one of its correspon dents, which boldly asserts that a suspension of payment by the merchants in Market street, the principal business street in the city, would not be avery miraculous event, and intimates that such a measure vould be nothing more than an inevitable consequence of the con duct of the moneyed institutions. Such an opinion, uttered ty an individual or by a news paper, is of no anportance in itself. But we are persuaded hat a cautious, temperate journ al, like the North American, would not have hazarded it even in the shape ofa communi cation, if it were very extravagant or not participated by numbers of the persons enga ged in commercial affairs. The mere expres sion of it would excite surprise at any other epoch than the present, and we may justly in fer from this single circumstance, trivial as it may appear, that the trade of Philadelphia is reduced to the utmost extremity of dis tress. The traders of New York, if we may form an opinion from the tenor of the papers, are in a condition not a whit less deplorable. The Bank of the United States is shipping to Eng land every hard dollar that it can draw from the local banks, and the pressure of the dis astrous speculations in cotton, falls with grea ter weight upon them than upon those of any other port in the Union. They engaged with more avidity and recklessuess in those specu lations than any others, and the funds which were employed by Mr. Biddle and other gigantic speculators were chiefly furnished, directly or iudirectly, by them. The whole of the disasters by which the commerce of the country is now oppressed, may be traced to the monopoly of the market commenced by the United States Bank, and followed up with blind infatuation by other moneyed institutions and associations of spec ulators. What but the immense debt incurred iu Europe through those coiporations occa sioned the present stagnation of trade, and the forlorn condition of the money market? No nan who has the slightest pretension to com non sense, or the smallest degree of experi ence in mercantile affairs, will ascribe them U any olher cause; for though the manage neut of the banks, generally speaking, was narked by willfulness, ignorance, and utter cisrefrard of the public welfare, yet even if tleir disposition to do good were ever so inau Lest, they would be cramped by the ueccssi fes produced by those rash and fatal spwula- tons which have straitened their means, and compelled them to appropriate all tho small aiiount of available funds which their former misconduct had left them, to pay the Europe aa debt. At such a crisis as the present, mainly ef fected by the Bank of the United States, it would not surprise us to hear the Federal par ty raise their voices in favor of bestow iug a national charter upon that beneficent institu tion, in order that it might have an opportuni ty of extending the sphere of its usefulness. Pei haps this would be a fit occasion also for repeating the application of the Bank presi dent here for a few millions of the paper of that institution to be used as a circulating me dium in New Orleans. Mississippi. The Columbus Democrat of the 7th, anticipates "a most important and in teresting struggle in November. We have then to elect a Governor, two members of Congress, and representatives to the Legis lature, besides Secretary of State, Auditor, Treasurer, Chancellor and various couutry officers. The contest will be a severe one, but we have no fears as to the result. We shall re-elect McNuw by a large majority, elect Hrown and 1 hompson to Congress, and car ry a majority of the Legislature. Accounts from all parts of the State assure us of a glo rious Democratic triumph in November next." In the four states of North Carolina, Ten nessee, Kentucky, and Indiana, the late Democratic gain in Congress is eleven mem bers. Louisiana. "Mr. Gregory Byrne, has been elected without opposition, member of the legislature for the parish of St. Bernard, in the place Mr. Arthur Fortier, resigned. We congratulate the friends of correct principles on the result of this election, Mr. Byrne being a decided friend of the present administration of the General Government." Louisianian, kept, lb. Extract from a letter in the So. Carolinian. Mr. Hume, a leading member of the House of Commons, lately irave notice of his inten tion immediately to move for a select com mittee of that House, "to enquire into the pecuniary transactions of the Bank of Eng land, and to ascertain how far those tnni-. tions had tended to the embarrassments of commercial attairs in lJo, 1836, and 1837, and to enouire. whether, as the Rank nf V n r land is now constituted, there could be any stability in the currency, or confidence in the Commercial transactions of tW Journal House of Commons, JVIay 6, 1839. This is a most important enquiry, and if fully and fairly made, will, I have no doubt, 1 A Zn tkA AnZAaM .1 A ll D t a T1 resun " luciuuTimuu, uiaiuie nanKoi Eng land is no5 more able than a: National Bank here, (or the old United States Bank, or any other Bank or Banks,) to give "stability to the currency, or confidence to the commer cial transactions of the country.'' Honest Confusion. -the following is front the New Haven Palladium, a whig journal of some influence. 1. The embarrassments of the country have grown out of over-trading and over-spec ulaU ing- 2. The over-trading and over-speculating have been the necessary and unavoidable con sequences of over banking. 3. The over banking was altogether engen dered by the existence of a large surplus reve nue, which enabled the deposife banks to lend out forty millions of dollars more than they could have loaned had there been no. surplus revenue. COMMUNICATION. FOR THE NORTH CAROLINIAN. Pott Office, KenansvUle, Dvplin Co. JV. C. ) September 11, 1839. J Mr. H. L. Holmes: Dear sir, The fol lowing 13 an extract from an editorial which appeared in the Wilmington Advertiser of the 20th, which you will please publish to gether with the remarks I have made upon it, in the next North Carolinian. "We are daily suffering from the mail de rangement in this section of the country. Day after day, for the last six months, has subscriber after subscriber withdrawn from our list in consequence of inability to obtain the Advertiser. In some instances we are informed that the Post Office has been bro ken up, in others, that the paper is withheld by Amos's hirelings after it arrives at its des tined office. This is particularly the case in KenansvUle, Duphn County, one subscriber told us that he instructed the postmaster to say to us, that he was desirous of takingour paper, but he was obliged to discontinue it because it wa3 withheld at his office. Truly this is a pretty state of things, and is there no re medy. Have we nothing to hope from the incision knife of the Post Master General? Must we cooly sum up our losses and place them to the account of our political sins, Sic." This is such a high blooded affair (not Durham,) that it is hard to be understood, but I suppose the idea this smart editor wants to convey, is, that the Post Master at this place has been suppressing his paper for po litical effect. If this is the case, I pronounce it a poor pitiful falsehood, let it come from whatever source it may. I do not give my whole attention to the Post Office, the profits not allowing me to do so. I have a store and other business to attend to, and it may be probable, that I might have been called up on by some of the Advertiser's very particu lar subscribers for his papers at sometime, when I did not jump like a "hireling" (a3 this Mr. Hid calls the Post Masters of tHe country; he had better be a hireling of some sort, instead of devoting his time in writing such stuff, unless it had a better effect for his party than it does,) should do in his opin ion and a I tend to him at the moment he spoke; lor this, he might have become dis pleased, aud made complaint to Mr. Hill, who, I expect is somewhat soured with the Post Master here. Sometime ago, he had 6 or 7 subscribers here; now, he has none I have written him three times official, on the subject of stopping his papers, because the subscribers refused to take then. out. This, I suppose, is enough to make any big editor wratliy, to have one of Amos Kendall's "hirelings" presuming to trouble him on such subjects. In order that the commtmitv may see how I have managed this office, the following certificate will shew. Duplin County, Sept. 25, 1839. 0OWe, the. undersigned, citizens of Dup lin County, North Carolina, do hereby certi fy that we have been well acquainted with Isaac B. Kelly, Esq. Post Master, at Ke nansvUle, for some years past, that we have had frequent intercourse with him in the discharge of his official duties for the last two years, and have ever found him atten tive and obliging to ourselves and all others having business with him, JAMES DICKSON, JEREMIAH PEARSALL, DAVID GILLESPIE, O. R. KENAN, GEO. E. HOUSTON, JNO. E. HUSSEY, JNO. OLIVER, W. H. HANSLEY, H. SULLIVAN, KILBY BASS, WM. J. PRICE, THOS. J. KENAIR, ALSA SOUTHERLAND, CHARLES MclNTYRE, D. SOUTHERLAND, Jr. JAMES K. HILL, JAMES WILLIAMS, SAMUEL HOUSTON, JNO. J. HURST, Wm. COOPER, A. J. HURST, JAS. MAXWELL, D. S. HURST, J. BROWN, D. C. MOORE, E. J, CARRELL, J. B. MONK, JAMES CARRELL, A. KORNEGAY, DAVID SOUTHERLAND, ROBERT P. BUCKLEY, RICHARD BARKER, HENRY MOORE, CLEMENT GILLESPIE, R. S. STANLEY, JAMES M. MIDDLETON. These names include every man living in the -village, and nearly every person living in the immediate neighborhood, every sub scribers name to a Whig paper is here, ex cept two that live at such a distance that their signatures cannot be procured in time for this. Respectfully ISACC B. KELLY, P. M. NORTH-CAROLINIAN. Saturday Morning, October ft, 1839. REPUBLICAN NOMINATION. FOR PRESIDElfT. Martin Van Buren. Study makes the eyes weak aad the brain strong. Whig Economy fn Maryland. It seems that twenty-five thousand dollars!! were placed in the hands of a Mr. Merrick, by the Presidents of the Baltimore and Ohfo Rail Road Company, and the Chesapeake and Ohio Canal Company, to use his influx enee in the Legislature of Maryland, in ob taining a loan of six millions of dollars, for the benefit of those corporations respectively; and also ten thousand dollars!! to other co adjutors to carry the bill3 for said loans through the Legislature. The disclosure of this transaction, was occasioned by a contest between Mr. Merrick and Mr. Johnson (both Whigs) for a seat in the United States Sen ate. The proof, is contained in a published let ter of one McCullock, in whose hands the money was placed, to employ Merrick and others in the above "unpleasant service," as Mr. Merrick himself calls it, in a letter to McCullock; all these worthies (presidents and agents,) are Whigs; and it is given as an instance of Whig management in the State of Maryland. Finances of New York and Pennsylvania More Whig Economy From the Albany Jlrgus. The Comptroller's (Flagg's) report esti mates the maximum of debt which can be sus tained by the present actual revenues of the state at $15jt00,000. Mr. Ruggles estimates that the revenues of 1336, are equal to the interest at 5 per cent, on a debt of $12,643,0X0. And Mr. Verplanck estimates (Senate doc. No. 96 of 1836, p. 8,) that the revenue of 1S38 is suf ficient to pay the interest on a debt of $13 OUO.COO. In Mr. Paige's report, (Senate doc. 101. 1839, p. 3,) it is stated that "taking the aver age surplus revenues for six successive years, and the amount is only sufficient to pay the interest on a debt of about $14,000,L(JU at 5 per cent. The Comptroller's statements in regard to the present revenues ot the stale, ate thus ad mited to be substantially correct both by the reports of Mr. Ruggles and Mr. Verplanck; and yet the latter puts his name to an address i hargi;:g the Comptroller w ith having present ed to the legislature "a labored misrepreseu' tntiou of the resources of the state and the re venues ot' the canals." Gov. Seward (Whig) and his finaiuitrs coiitead th:.t a debt ot tVoin FORTY TO FORTY-SEVEN MILLIONS OF DOL LAStS ti.ay he coatrat ted and upheld by the revenues oi ihe state. T he late Comptroller coutends that such a deht would inevitably lead to oppressive taxa tion, or. utter destruction to the credit of the Slate. The following statement taken from official documents, shows the receipts into the Trea sury and the payments out of it, on account of the ordinary operations of the Treasury, exclusive of the receipts and disbursements on the canals for the last seven years, viz: Received. PaiiL Deficit. 8231.777 80 8417,072 57 8193,295 49 312,262 G3 405,991 65 93,728 57 287,393 00 493,583 03 207,195 03 433,772 74 239,487 75 539,038 66 293,711 75 749,895 42 332,466 24 900,486 63 594,372 45 1332, 1833, 1834, 1835, 1836, 1837, 1833, 194,234 99 240,326 91 417,429 13 306,114 IS 81,973,583 02 3,939,845 70 1,961,257 63 The State tax was discontinued in 1826, and siuce that time the annual revenues of the general fund have not been equal in a single year to the expenditures for the support of the government. Until the general fuud was ex hausted, these deficiencies were annually made up from the capital of that fund,- aud the deficiencies which have arisen since the ex tinguishment of the general fund have been supplied by borrowing; and this operation has created a debt against the Treasury, distinct from the debts for canals, of $1,948,032 43, being about equal to the total amount of the deficits in the last seven years, as given in the preceding table. In the following statement all the ordinary receipts and expenditures on account of all the finished canals, as well as the receipts and payments for the support of the government, are brought together, and the surplus remain--ing after paying all demands, is shown in' a separate column. This table exhibits at one view the total amount of all the receipts and expenditures of the State Treasury: Revenue. Expenditures. SuYplu- 81,665,785 81,155,973 85)9,812 1,234,663 1,210,919 1,227,538 1,306,335 1,481,040 1833, lo34, 1835, 1836, 1837, 1833, 1,641,234 1,680,050 1,848'098 1,744,210 1,787,716 406,571 469,131 620.560 437,875 306,676 82,750,625 The average nett surplus for each year is $45S,437. This is equal to the interest at 5" per cent, on a debt of something more than, nine millions of dollars. The surplus of 1838 is only sufficient to pay the interest on a debt ofa little more than six millions of dol lars, beyond the existing canal debt. To bring this matter into a still narrower' compass, and to show the total amount of debt for internal improvements which the surplus revenues of the state would have sustained for the last six years, without taxation, we nave' taken the total sum paid for interest on all the canal debts in each year, and- added this turn