mm
xult
'character is as important to states as it is to individuals; and the glory of the state is the common pkoperty of its citizens.
H. I. HOLMES, Editor ana Proprietor.
FAYETTEVILLE, SATURDAY, NOVEMBER 30, 1839.
TERMS.
50 per annutifpaid in advance ; S3 if paid at
the end of six months ; or S3 50 at the expiration
rtfcp vear Advertisements inserted at the rate
nf sKty cents per square, for the first, and thirty
t for each subsequent insertion,
rourt aovwtisements and Sheriff's sales, M ill be
Ja o Der c -nt hi "her than the usual rates,
advertisements sent for publication should
. Lr.mber of insertions intended marked upon
iC'SSthey will be inserted until forbid,
anTaJ,WS oXine-connected with this estab
jcyLcttcrs ta "s'",(lrc!;edH. L. Holmes, Edi
'7&X allcases'post-
rjaid
W " R l
ENTERTAINMENT.
THE SUBSCRIBER, having been satisfactorily
en-aged for more than three years in attending
10 a Boarding House,
Feels ereonrared to say to the public that her
IIOLT-E and S t'ABL'iS are w ell tarnished tor the
reception and accommodation of those who may be
pleased to call.
All the STAGES arrive at, and depart from my
House, where seats are secured, and no exertions
spared to arive se eral satisfaction to passengers.
Mr residence is on the corner of (jillespie street,
the lot formerly occupied by Mrs. Barge, convenient
to the market," and near the State Bank.
Mrs. E. SMITH.
Fayetteville, Au-riis 24, 1839. ?6-tf
f'Cr-The Raleish Register, Wilmington Adver
tiser, Cheraw Nnzette and Salisbury Watchma:i,
will insert the above 3 months, and forward their ac
counts io this office.
PIANO FORTES.
AVarie'y of Piano Fortes are opened nt the Fe
male Seminary, for sale on com r.ission. They
are fro n the best manufacturers in New York, and
warranted. They can be well boxed for s fe con
-revance to any part of the country. The prices vary
fro n 15 to "330, and can be had on a credit of
four months, for s-wd negotiable notes. Apply at
the e ninarv, or to Col. S. T. Hawley.
jP;twviue,Oct. 1 139, 33 tf.
WATCHES, JEWELRY,
&.e. &c- &.C-
I'll VJE subscriber has just
Jl received a large asort
PffS. v ment of GOLD and SILVER
LLOPATEVT LEVER, Lepine
i- Xa !s?2t and plain Watches of various
Jr. qualities, fine and common
x&k?:tti fafhio able Jewellry of every
's2S2Sjffc, description, tog ther with a
-splendid assort-ne -t of -SILVER and PLATED
ware, sueh as Table, Tea, Desseit, Cream, Mustard
4-w!Sait Spoons. Su:rar Tonss, Cups, Cake Baskets,
Castors. Wine Stand?, Oandlesti ks, Snuff -rs.
Trays Butter and Fruit Knives. Every article in
the MILITARY" line, Swords, Epauletts, Buttons,
Lace, Stars, t lu.nes, Sashes, Drums, &c.
ALSO
A -variety of other article, viz: Block Tin and Bri
tannia Tea and CofFje Pots, German Silver Table,
Dissert, Tea and --alt Spoons and Forks, Brass And
irons, Shovels, Tonus, and Candlesticks, Rrass and
Wire Fenders, Astral and Mantle Lamps with
P crops, Gia.ss-s and chimneys, Larire and Small wai-
tars, l en an A t'octf-t knives, LariPann mall ocis
fcors, K.azors and liazor Straps Hair Cloth, Crumb,
Tooth, Fles'i and Hearth BRUSHES, Doubl and
Single Birrel Shot Guns, Game Barrs, chot Po:ichPs,
E Powler Fsks, Percis ion r'aps. Cani'tT Powder,
I Patent Wir2 Cartri l?es, Pocket Pistols Dirks. Vio
1 iin. Flutes. Pla-r-ol-fts. Muse Box-s Fif?-. Piano
an t Fluff f usi Perfu nry of -verv kin ' Valkinjr
Caia. Drill and Silver Evd Xeedl-s Ever pointed
Pencils, Tooth-nicks, Tweezers, Smokin? Pip"s,
Fancy Box's, Battledores, Chssmn and Boards,
Silv-l-i-rl Steel Spectacles, Sh' I! Side, Pock t and
fVasji Co nbs, Steel Pens. Mathematical Instru-n-i-
it?, PjH Chains, '"urvvor's CompassesT Th"r
rm nTrs, Do? Collars, Paints. Purses. Pot-ket
Books, Co'-al Necklaces, Card Casis, Guitrs, &c.
Clock and Watch
It "pairing and other work in the line, thankfiillv re
ccifpd and strictly attended to W. PR1 R.
Fayett .-ville, October 19th, 1S33. 3!-tf
HOUSES AND LANDS
FOR SALE.
HE subscriber being anxious to re
move t the West," off jrs for sale
46 acres of laid, with two rood dwelling
houses, and other improvements; the land
is better than common sand-:ill land, so d water,
and a situation very desirable for a summer resi
dence. I" i -it tat -d on J nvle ivi-st of Fivi-tt! ville.
It will bs sold in one tract, or divided info lots to
suit purchasers. DAVID GEE.
October 12, '8J9. 33-tf
TRUST SALE.
IN conformity to the provisions contained in a
Deed of Trust, made to us by John McLeran,
e will expose to public sale on the 19th day of
December next, at the plantation of the said Mc
Leran, the following proparty, viz: a quantity of
corn, fodder and peas, farming utensils, stock, &c.
ALSO, all the interest, right and title of the said
John McLeran, in and to the following pieces or
parcels ol Land, viz: one Tract containing 70 acres,
on the VV. side ofC. F.;ar River, joining Buie, Dew,
and others, and a large portion of which is cleared,
nd in a Sfate f cultivation. ALSO, one other
Jjact containing 66 1-2 acres, lying on McKay's
Creek, and near the above mentioned. And on the
tollowing day, at his residence, one negro man, all
nis household and kitchen furniture, one set of black
'Willi's tool?, one Wagon and Gear, Lumber at
we Saw Mill, Sheep. ALSO, his right as above,
in and to three othe- tracts of land, containing six
hundred and eight acres, joining John Colvin and
others, on Juniper Creek, whereon said McLeran
now lives, and on which there is a Saw Mill in
good repair.
ftZJTerms liberal, and made known on day of
"a'e. JAMES McKKTHAJi,
JOHN McNEILL, $
Trustees.
At the same times and places, I will offer for sale
my interest in the lands described in the above ad
vertisement. MARY McLERAN.
November 3, 1830. 37-5t
FOR SALE.
IT ARGE Maps of Mississippi and Alabama
JLi shewing the Public and Indian Lands, Indian
Reservations, Land Distrcts, Townships, &c. en
graved from the Government surveys and plats in
the General Land Office. Washington City, by E.
Gilham, draughtsman in the General Land Office.
F. Taylor, book-seller, Washington City, has
just published (and secured the copy right accord
ing to law) the above Maps, which will be found
infinitely more complete and accurate than any
heretofore published. They are published on sep
arate sheets, each containing nearly six square feet,
and will be found especially useful and valuable to
Ihose interested in the lands of either State as they
show every item of information which is in the pos
session of the Land Office relative to water courses,
township lines, Indian land and Reservations, land
districts, &c. and will be found perfectly accurate
and precise in those points. They can be sent by
mail to any part of the United States, subject to
single letter postage. PRICE two dollars, or three
copies of cither will be sent by mail for 5 dollars.
A liberal discount will be made to travelling agents,
or to any who will buy to sell again.
ICZEditors of newspapers, any where, who will
give th ; above advertisement (including this notice)
one or two insertions, shall receive by return mail a
copy of each map, if they will send a copy of the
paper containing it, to the advertiser.
November 2, 1839. 36-4t
COFFEE,
SUGAR, MOLASSES & SHAD.
HI
SOBa?s Rio, 1
25 Bairs Cubn, lr
t0 Barrs Lauuira, fee
10 Bags Old Java, J
10 Hhds. Sugar,
10 Hhds. Molasses,
5 Barrels of Sliatl.
For Sale bv GEO. McNEILL.
November 9. 1339. 37-tf
E.J.&L.R. CLARK.
Respectfully inform their
friends and the public, that
they have opened a TIN,
SHEET IRON and COP
PER' WARE
JNIanufactoiy,
5 doors southof the Market
House, on Gillespie street,
- - - where they will keep, con
stantly on hand, a full assortment of plain and Fan
cy Japanned Tin Ware.
JOB WORK done at the shortest notice.
1CP Orders fro:n the country, would receive
prompt attention. "June 8. 15:6m
HATS!
HA T S!
Wholesale and Retail Dealers in Hals,
H A V E just received their SPRING
Slock, and lontmin- to manufacture Silk mid
Fur Hats, at the north east corner offc Market
Square, Fayettevil le
Also, a full supply f Hatters' Trimmings.
N. B. Hi-zhest price given tor Fur.
April 6, 1839. C-tf
7f 1C Ii. COPSE.
MERCHANT TAILOR,
)EGS leave to return thanks for the liberal pa
B9 tronage he has received, and also to inform his
fiicnds and the public generally that he still continues
tocarryon the Tailoring Business in all its branches.
He has rec ivrd the lafst fashions for the SPRIN t
and SUMMER of 1339, and is always ready to exe
cute orders with natnrss and despatch.
P. S. All thos' indi-bted to the subscriber either by
note or account, will pi- ase call ana settle tnc same ira
mediately, as cloths cannot be bousht without cash.
May 4, 1S39. 10-tf ' W. L.C.
Ti'n!ei iiifl dumber Agency.
T1 H E subscriber will attend to the sale o
TIMBF.lt. LU V1BKK, &e. i : Mi. Town f
Wilmington, North Carol'na, for all porsons who
may lavor In in with t heir commission. He pl-clges
himself to procure for them at all limes thf highest
i rices tor sueh articles as thev may trus1! to hi
management. Fie is i n no wav connected with the
S'eam Mills, orthfir Agent; and will ;?iv the best
security for t he faithfu 1 ilis:harge of his duties as
Agent. iVI IL.K U( l 1 Ii .
"Vil.nintr.n . C . F.b. 3, I f?9 l-f
FAY ETT EVILLE
FEMALE SEMINARY.
njpupils are cha-geil fiom timeof t-ntrance to close
jL of session. N.' deduction lor absence, except in
case of sickness.
The Academic year commenced on the 14th of
October, and closes on the lath ot July tollowing.
The year is divided into two Sessions of twenty
weeks each.
TERMS IN ADVANCE.
E'ementary Department or 2d Class, 88 per Session
First Class, 16 "
French Language, 10 ' "
Drawing and Painting, 10 "
Music on Piano Forte, accompanied
by the voire, 25 " "
Music on Guitar, 25 '
Use of Piano, 3 " "
Incidentals, 50 cents.
November 23, 1839. 39 tf.
Til T T E R
And Buck Wheat Flour.
firkins Mountain Butter,
OIF 600 lbs. Buck Wheat Flour.
For sale by Geo. McNEILL.
Nov. 23 1839. 39 tf.
BLANKS
For Sale at this Office
NEW GOODS.
WE have received and opened our FALL and
WINTER GOODS, which comprise a
large and extensive assortment of
DET GOODS,
Hardware and Cuttlery,
Boots and Shoes, Fur and Wool Hats, Fur and Seal
Caps, Cotton and W ool Cards, Tuscan and plain
Straw Bonnets, Writing, Letter and Wrapping Pa
per, Drugs and Patent "Medicines.
Also
BL
U fVIIhds. Porto Rico Sugar,
JLW 80 Bags Rio Coffee,
30 Boxes Raisins,
Loaf and Lump Sugar,
Col'ins' and King's Axes,
5 hhds. Crockery,
75 Kpjs Nails,
50 Sides of Sole Leather,
Which are off red at very low prices for CASH, or
on lime for approved paper.
NOTT &. STARR.
November 23, 1839. 39-tf
FALL & WINTER
GOODS.
THE Subscriber has iust received his FALL
AND WINTER GOODS, co:.sis!ing of a
large and general assortment of
Groceries and Cuttlery,
Crokery-Ware, Hats, Shoes, Bon
nets, &c. &c.
Which he will sell at the LOWEST PRICES for
CASH, or on time to pu ctu d customers, at his
old Stand, South East corner of Vlarket Square.
PETER P. JOHNSON.
November 23, 1839. 2U-tf
NOTICE.
TAKEN up and committed to the
Ja 1 of Ciimbeihind County, on
Thursday the 21st instant, a Ne
gro woman, tvhoc alls herself Ruthy
and says she b-lons to Loui?
Evans of New Hanover County.
Saiil Nej;ro is about fifty yrnrs of
arre, small statute, dark" complect
ed, thin visage, about five feci
hii'h, and had on when committed, a Line home
spun frock.
The owner is requested to tome forward, prove
property, pay chars' s, and take her away, or she
will be dealt with as ihn law din-c-ta
ALEXANDER JOHNSON, Shff.
Psov. 23, ISo9. 39 tf.
'J. & J. ETIaS.
nAVE Jut received a larsre a?rtmpnt ol
Anker Bo!tinr Cloths. Which bo sold
cheap. April 19, 1S39.
NOTICE.
THE further Sale of Property conveyed to me
bv Wm. S. LATTA. is postponed' until Sa
lurdav the tl. Deci mber next.
H. BRANSO.V, Trvttee.
November 20th, 1339. 39-3t
GENERAL SELECTIONS.
From the Buffalo .llverltser.
THE PRUSSIAN IMMIGRANTS.
These immiirrants continue to excite at
tention, and their prolonged staj' in our city
has led some to think that they would re
main during the winter, anil hecome a tax
upon us. No fears of that kind need be en
tertained. The party now here are from
Prussia Silesin, and number about 700. In
a few days they expect to be joined by 300
more, next spring by 1200, anil during the
next summer by perhaps 1 or 2. 00 of their
countrymen, making in all not le.ss than 3
thousand. They sire Protestants ol the Lu
theran Church. A new organization of the
religious establishment in Prussia bavin"
been effected, the king ordered all his sub
jects to join it, threatening certain penalties
for non-conlbrmity. This being in many re
spects repugnant to the feelings of the old
establishment, the most firm anil thoughtful
refused obedirnee to the royal commands.
Imprisonment, confisca tiou of property, and
persecution in various forms were the conse
quences. I? imling they could no longer re
tain their homes in comfort, numbers of the
old school, among whom are those now here,
petitioned bis majesty for leave to quit the
country. After more than a year of fruitless
exertion, they were at last permitted to de
part; and with lighter hearts than they had
experienced for years before, they left their
native land foreve knowing that, afar off,
there was another land in which they could
worship God according to the dictates of
their own consciences.
People who would thus sacrifice long
cherished associations, anil abandon the land
of their fathers rather than do what their
consciences forbade, are not likely to become
a burden upon any community. But we learn
that Mr. W. A. Thompson, hardware mer
chant of this city, who nets as their agent,
has been put in possession of a sum of mo
ney sufficient to place them on their lands in
Wisconsin, and feed them there for eight
months if necessary, independent of the
original purchase of the soil.
The greater part of them will leave this
week for Milwaukee. Some of the laborers
will remain in this vicinity till next spring.
For the support of these last, a sufficient
sum is provided if it should be found neces-
sary. We congratulate Wisconsin on the
prospect of 'this valuable addition to its pop
ulation, and to our own city it is a matter of
no small moment to have the west filled up
with such hardv industrious settlers.
O. 40.
GOOD SENSE.
A North Carolinian, now living at St.
Lcuis, in Missouri, has written a series of
letters to the editor of the Greensborough,
(Jf. C.) Patriot, in one of which we find the
following paragraph, which speak3 volumes
in favor of "letting well enough alone:"
"It is the rankest folly for any man who is
doing well in North Carolina, to go west for
the purpose of bettering his condition he
cannot do it. If he has nothing there, he
may probably (and it is only probably) get
something by going west, but even then the
cha.ice are against him. Every kind of bu
siness is overstocked, except farming. There
are more mechanics of all kinds than there is
employment for, with the exception perhaps
of some few favored spots. There are more
lawyers, doctors and preachers, than can find
the means of obtaining an honest living; and
there are alsi more "speculators" than there
ought to exist in the whole Union. As to
farming, it miy be made profitable any where;
and if a mar cannot make at it in Carolina,
he may as well despair of doing so in the
west for depend upon it, corn won't grow
without working in the west as little a3 it
will any where else. Then if he can enrich
himself where he is at home, among friends,
what necessity is there for his removal?
Let every one ponder upon these things, be
fore determining to forsake a certainty for an
uncertainty."
Whales on Shore. The St. Johns, N. B.
Courierof the 24lh ult. publishes the following
extract of a letter from a respectable gen
tleman in Shediac to his friend in that city:
"On the morning of Sunday last were
found lying on the shore at Reedish, in this
Parish, 64 whales, the largest one twenty
three feet and a half in length, from which
was taken about 350 barrels of oil. Of this
species, &c, I am un-ib!e to state; and as
the weather for some days previous has been
uncommonly calm and fine, no opinion can
be formed as to the cause of their haying
run asrround.
EBONY AND TOPAZ.
The North American of this city tells the
following tale, which develops an operation
relative to "exchanges" which scarcely comes
under the financial head:
A carriage containing two ladies, who re
presented themselves as mother and daughter,
stopped at the outer gate of the Alms House,
over the Schuylkill, on Thursday last, when
the youngest informed the keeper that her mo
ther was anxious to obtain a white child, an
infant, if possible to adopt as her own, she
having lately lost one. She was shown sev
cral, aud at last made a selection that pleased
her, and requested permission to shew it to
her mother who was in the carriage, and if it
suited her, they would obtain an order from
ihe Guardians of the Poor, and call in a day
or two for it. The child was wrapped up in
his cradle clothes and taken by herself to the
carriage, and after a few minutes delay she
returned and placed the babe where she found
it, staling that they would call next day and
take it way. The carriage was then driven
off, and nothing further was thought of the
transaction, until it became necessary to re
move the child for some cause, when it was
discovered that the white child had been ta
ken by the persons in the carriage, and a
black cue left in its place!! Pennsylvania)!.
NEWLY DISCOVERED POWER IN
PROJECTILES.
A late London paper furnishes particulars
of a successful experiment, which is look
ed upon as of r"eat value to their Navy. A
I a pre and strong buiit boat was ihe object of
the experiment; Ihe distance was left to choice,
with tile single proviso, that the object fired
at should be in sight. The inventor, Captain
, launched with his own hand the
destructive missile, which, reaching the water-line,
exploded, fairly heaving her up, and
scattering the planks into shivers. One
plank alone of the whole retained a breadth
of about three inches, and, perhaps, two feet
in length: the rest, and the kefl itself, as they
fell, after the lapse of some seconds, into the
water, presented a mere mass of floating
splinters to the eye, and portions of the wood
were carried into the neighboring fields some
distance. The whole destruction was effect
ed bv the agency of two and a half pounds
of combustible matter, projected byaninstru
ment of perhaps, ten or a dozen pounds
weight. There wa3 no recoil whatever, nor
any smoke or noise until the shell itself ex
ploded against the vessel; anil then the per
cussion of air was tremendous, as it threw
down the nearest spectator, and was felt at
a still greater distance, like the discharge of
an ei'Thiy pounder, at least. At Kingston it
created great commotion, as the explosion
was attributed to the powder mills at Houn
sovv and since the fact has become known,
the excitement has greatly increased. No
vessel of the line, probably, could have re-
SlSteu tne snoCK, or cntapcii iwiui utoii uiiuii
from even the small quantity of combustibles
experimented with. The most singular cir
cumstance perhaps is, that not the slightest
discoloration was visible on any of the frag
ments.
VrtrthniinLr. A letter from India eives
an account of a dreadful earthquake with
which the city ot Ava was visitea on tne 2dd
of March last. After some preliminary par
ticulars the account proceeds:
"The earth was rent in several places into
7ir1 obnsms and fissuries, from ten to twenty
feet wide, from which deluges of water had
gushed, and a large quantity of grey earth was
thrown up, covering the place around several
feet deep, and emitting a sulphurous smell.
The rapid current of the Irrawaddi was even
reversed at the time of the shock, and ascend
ed up its bed for a while. The old cities of
Ava and Tsagain, with their numerous pago
das and other edifices, have also been reduced
to heaps of ruins, aud their walls shattered
and thrown down. The towns and villages
above and below the capital have likewise sui
fered, and it is tpted that some have even
been swallowed up, and others destroyed by
inundation. The number of persons that
perished here, and in the surrounding towns
and villages, amounts to between 2 and 300,
which number may of course be expected to
swell as reports arrive from more distant pla
ces." English paper.
Sensitive Hair. In the hospital of the
Royal Guards at Paris, was a private soldier
who had received a violent kick on the back
of his head from a horse. The excitement of
the hair produced was extreme, and could only
be kept under by almost continued bleedings,
both local and general. Amongst a series of
phenomena produced by the state of preterna
tural excitation, the sensibility acquired by
the hairs of the head was not the least remarka
ble. The slightest touch was felt instantly,
and cutting them gave exquisite pain, so that
the patient would seldom allow any one to
come near his head. Baron Larrey, to put
him to the test, gave a hint to an assistant,
who was standing behind the patieut, to clip
off some hair without his perceiving it. This
was done with great dexterity, but the soldier
broke out into a volley of oaths, succeeded by
complaints, aud it was some time before he
could be appeased. French paper.
Quarterly average of the weekly Liabilities
and Assets of the bank of England, from
the 23rd of July to the 15th of October,
1S39, both inclusive, published pursuant to
Act 3 and 4, William IV. cap. 93:
Liabilities. Jlssits.'
Circulation,
Deposites,
17,61-2,00)
6,734,000
Securities, 24,93,000
Bull.on, 2,522,000
27,455,10JZ
24,346,00
Downing st. October 13, 1S39
The return is more unsatisfactory than any
which has preceded it. The bullion contin
ues tO flow OUt of the banlt'-a collars, vcLich
cannot contain more than two millions sterl
ing. The return shows a reduction in the
circulation of 348,000; in the deposites of
l,047,tOU; in the securities of 997,000; and
in the bullion of 291,001.
POLITICAL.
THE SPECIE CLAUSE.
It appears, from a statement in the Albany
Argus of Nov. 1, that commencing with thV .'
Administration of Gem Jackson in 1839, in
the course of nine years, we have had a clear
nett gain to the country in geld and silver
coin, of more than sixty millions of dollar t.
The revenues of the General Government,
derived from Custom-House duties, and the
sales of Public lands, may amount to about
nineteen millions. This, then, is the amount
required for one year, by the Sub-Treasury,
tinder the Specie clause. But as this specie
is not hoarded in the Treasury, but passes
from hand to hand, it is probable that from
three to five millions of dollars will be quite
sufficient. Who can suppose that this small
portion of the amount of specie in the country
can affect its trade, under any circumstances;
and why should it when it is merely used for
circulation the money being constantly on
the move out of the Treasury to pay its de
mands, as well as into it in duties and sales
of lands? A. C. Standard.
Sources of Social Happiness. As regards
public happiness, statesmen and politicians
too often forget that though good political in
stitutious conduce to it, yet that they are but
one means to the attainment ot this end, and
that more than these are requisite to make
individuals and nations happv. The cultiva
tion of good will, kindness, humanity, aud all
the gentler affections, are far more influential
in the promotion of private happiness than
the justest balance of the political constitu
tion can be; so that though the value of civil
and religious liberty is great, and has a large
influence on national well being, still it alone
does not constitute happines; and therefore it
seems to me that those writers who devote
their energies to the task of endeavouring to
soften and improve the social affections, do
incomparably more to promote the benefit of
communities than those who have only in
view what is more strictly designated "the
public weal." Curtis on Health.
The Auditor General of Pennsylvania, in
reply to a letter from the editor of the Harris
burg Reporter, states lhat the United States
Bank has furnished no report on its condition
simce Nov. 183S, though required to do so
by law.
Flour. Sixty-six thousand eight hundred
and ninety-six bushels of wheat, and fourteen
thousand two hundred and thirty-eight barrels
of flour, were cleared from the office of the
canal collector at Buffalo, from the 14th to the
22d ult. inclusive.
Ti is stated in the Cincinnati Gazette of
the 26th ultimo, that the Franklin and La-,
fayette Batiks of Cincinnati, would resume
specie payments in a few days.
Old Prices Returning.-The Dayton Jour
nal states that a contract to deliver 1000 bar
rels of flour at $3,62 1-2 has been made by
a miller of that vicinity. The Middletown
(O.) Mail states that a lot of corn was sold in
Haniiltou last week at 25 cents per bu.-hel,
m.H thnt smother lot could not find a purchaser
ih-jt nrif-e. In the rich corn district of
Missouri. 12 1-2 cents per bushel is now the
standing price. Cleveland Herald.
The Sydney Argus of Nov. 4, says: "A
lai? nortiou of the banks of Ohio still con
tinue specie payments."
A committe of the Vermont House of Re
presentatives has reported in favor of making a
geological survev of the State proposiug an
appropriation of $2000 for that object.
A letter dated Providence, Nov. 12th, says:
"Some three or four of our Banks have voted
to resume, if enough will join them to make
a majority of the Banks, and I rather think
they will get a majority, but it is yet uncer
tain." Book Publishing, in New-York, has about
come to a stand, and many of the large pub
lishing firms are discharging their hands.
It is said that Mr. Brunei, the celebrated
engineer and constructor of Thames Tunnel,
has discovered a way of obtaining rail-way
speed at the rate of 200 miles an hour!
GEORGIA.
Governor McDonald was inaugurated on
the 6th inst. in the presence of an immense
crowd in the State House. His brief but
appropriate Inaugural Address will be pub
lished in our next. The Legislature had pre
viously counted the official returns of the
votes, and found that McDonald had 34634.
Dougherty 32S07 majority 1827.
A bill has been introduced into the Senate
to repeal the act authorizing general bank
ing and a bill is introduced "more effectu
ally to compel banks to redeem their paper
in specie. By this bill it is provdied, that
during the suspension of specie payments by
banks, those institution wiil be debarred from
commencing suits on any notes, bonds, &c.
due them. Where suits have already com
menced, they are to be continued to the next
term of the Court, &c. During the suspen
sion, the banks are prohibited from transfer
ring notes, bonds or drafts payable at and
discounted by such banks." The Charles
ten Courier publishes the following extract of
a letter dated Milleiigeville, November, 9:
"There is a strong feeling against the banks
here. There is but little doubt that they
will be required to pay specie before long or
lose their chartets. The Bank of Milledge
ville has been protested in 9L0 cases, and I
am told they will be sued on each in a Mag
istrate's Court. The Legislature is decided
ly Administration, and will cry aloud and
spare not, where banks are concerned."
From the Globe.
FRENCH BANKING SYSTEM OF
JOHN LAW.
The history of the French Bank of John
Law, affords one of the most impressive les
sons of the ruinous effects of paper money,
upon the interests of nations and of individu
als. This will be apparent, in tracing the
operations of this bank, from its origin to its
failure.
In the year 1716, the Regent Duke D'Or
leans, after the death of Louis xiv, conferred
upon John Law, a Scotchman by birth, the
privilege of establishing a Bank of circulation.
Its bills were payable at sight, in specie, and
the bank being, at first, able to redeem its
promises to pay, these bills were soon prefer
red to specie. In "the followingyear, Law ob
tained the exclusive privilege of a commer
cial company, called the Compagnie 'd Oc
cident, or West India Company, which had
been formed under Richelieu, in the preceding
reign. At this point, our Bank of the United
States, in its operations, presents a striking
similarity to John Law's bank.
This combination of banking operations
with commercial speculations, is, in its nature,
wrong. They are positively incompatible
with each other; the chances of trade must en
danger Ihe certainty of banking profits, or. at
least, render them doubtful. The credit of a
bank of circulation or discount does not rest
upon its capital, for the amount of its bills in
circulation must always exceed that capital.
Its credit will depend on the assurance or
general belief that its bills have been issued
upon sufficient values. But if the bank issue
bills upon commercial speculations, like the
United States Bank, its credit must be doubt
ful, because these speculations are, in their
nature, uncertain and frequently ruinous.
JL.awTs system ot banking was founded uuon
principles adopted at this day. It assumed
that specie was but a sign, representing
wealth in circulation. Gold, silver, copper.
leather, shells, notes upon his system, are but
signs for measuring real wealth. They are
signs of confidence or opinion, constituting
what is called credit. With this idea, it was
assumed by Law to be a matter of perfect
mninerence whether the representative of
value were a dollar, a bank note, or a cowry
shell.
The same arguments is still used by the ad
vocates of the credit system. The reasoning.
however, is fals,e, and the sophism is exposed
by the simple fact, that of the two representa
tives of property, specie has a positive value,
whilst paper money has none. The precious
metals are procured with labor, applicable to
a great variety of useful purposes, and cannot
be multiplied at pleasure; whilst paper money
- i . . ... . . .
is createa to any amount, at the wilt of me
institution issuing it, costs comparatively no
labor, aud has no iutiiusic value. .run
The credit system of Law was, in efiect,
what it now is, an assumption that paper is
as good money as specie. With this specious
M
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