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No. 3—From lord Cochrane to capt. Biddle, dated,
Valparaiso, Dec. 28, 1818.

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This is a public affair; but imagine sir what were my personal feelings, when I find that you add, in the same letter, that "when a government vessel enters a foreign port, the salute is merely a matter of courtesy-it is entirely arbitrary-that it is at times practised, and at others omitted."

SIR-I have received the letter with which you favored me in answer to mine of yesterday, and beg permission to observe, that being ignorant of the rules of the American government as respects the number of guns with which its commanders are au- Conceive, sir, I repeat, what are my particular thorised to fire, in answering the salutes of foreign feelings, when I compare your last communication vessels of war who enter their ports, if you will give with one of your former ones, in which you state, me your word of honor that the American comman- that "when a vessel of war arrives in a foreign port, ders uniformly, without considering the compara- it was customary to fire a salute." When I comtive rank or the locality, to answer with an equal pare this with the offer which you made to the gonumber of guns the salutes of all foreign men of war, vernor on your arrival in January, to make the cusI will give new orders that your salute shall be an-tomary salute, if it would be answered with an equal swered in the same way. Moreover, as in all other number of guns-when I compare this with the services with which I have had communications, it is knowledge I have (and which is incontrovertible) customary that the admiral's vessel should answer that in no part of a civilized nation, the power which with two guns less the salute of the foreign vessels is sahuted, never answers with an equal number of of war, which do not bear the insignia of a corres- guns. ponding rank; my instructions, until this moment, have been conformably thereto.

The alteration of the usual mode of procedure, in similar circumstances (as respects the United States) must be regulated by the communications which you made me upon this subject.

I have the honor, &c.

No. 4-Capt. Biddle to lord Cochrane, dated on
board the Ontario, Dec. 28, 1818.
SR-I have had the honor to receive the com-
munications with which your lordship honored me
this morning. The object of my former letter was
to excuse myself entirely from making the salute,
and consequently it is not necessary to know whe-
ther the salute of the Ontario shall be answered with
an equal or less number of guns. When a govern-
ment vessel enters a foreign port, the salute is a
inere matter of courtesy, and entirely arbitrary-it
is sometimes practised and at others it is omitted.

As respects the affair at Gibraltar, which I mentioned in my letter, I have not erred in fact, altho' I may, perhaps, have been mistaken as to particulars of no importance.

I plainly perceive the very unfavorable predicament in which you are placed; and you cannot feel it more sensibly than I do. But this will deprive me of doing that, which, before the receipt of your last letter would have given me great satisfaction, and that is, of returning your visit, which I cannot now do consistently with my feelings, until an explanation conciliates the apparent contradictions which exist in your public letters. Yours, &c.

No. 6-Lord Cochrane to captain Biddle, dated De

cember 30.

In consequence of the respect and consideration which, in your first letter, you manifested for the Chilian government, and the amicable intercourse With respect to what your lordship informs me re- which subsists, and which I hope will long continue lative to the U. S. frigate Essex, I beg leave to in-between the United States and this country, I have form your lordship, that your statement is errone- to request of you, in the event of your intention ous; for com. Truxtun never commanded a squadron soon to leave the port, to be pleased to postpone in the Mediterranean; and I am persuaded that my your departure until after the sailing of the squadron, friend captain Bainbridge, who commanded the Es-which is on the point of going to sea. Yours, &c. sex in 1802, would not have suffered himself to be ordered to leave the port in the manner you state, I have the honor, &c.

Capt. Biddle to lord Cochrane, dated December 30. In answer to your lordship's letter, I have the honor to inform you, that although I am anxious to put to sea without delay, and notwithstanding I had it in No. 5-Lord Cachrane to captain Biddle, dated Val-contemplation to sail this morning; yet, as I am de

paraiso, same date.

vernment; and, to speak the truth, as my object is
to double Cape Horn, it seems to me that my depar
ture cannot be in any way prejudicial to the views
of the squadron.
I have the honor, &c.

Foreign Articles.

sirous to accede to whatever may be agreeable to Sin-The letter with which you favored me this the Chilian government as far as it is in my power, I morning, and in which you inform me that your vi- have determined to remain in port during this day; sit was "in your capacity of officer of the U. S. navy, but it will be my indispensable duty to sail to-morand as a mark of your respect for the officer who row, and I hope that the delay of this day will be commands the naval forces of the Chilian govern-sufficient to accomplish the views of the Chilian goment," you leave me to understand that in omitting the salute, you could have no intention of failing in the respect you owe the Chilian flag; the more so, when in the sentence which follows, you plainly confess that you knew, "when a vessel of war entered a foreign port, it is customary to fire a salute; and that the knowledge of this circumstance induced you, when you entered this port in Jan. ultimo, to give formal advice of your arrival to the governor, and gave him notice that you would fire the customary salute, if it would be answered with an equal number of guns." Imagine, then, my asto-pect of very abundant crops. nishment! on receiving this evening, your written declaration in which you state, "that the object of your Jetter was to excuse yourself entirely from making the salute, and consequently it was not necessary to know whether the vessel under your command should be answered with an equal or a less number of guns."

GREAT BRITAIN AND IRELAND.

London papers of April 3.

Stocks-April 3. Three per cent. cons. 743.
The agricultural report for March, states the pros.

Much anxiety exists about the bank report. It was expected to be presented soon.

To a question asked in the house of commons,how far the hiring of transports in England to carry Spanish troops, was sanctioned by government? lord Castlereagh replied, that the parties engaged in t acted on their discretion, and at their own peril.

The seizure of gen. Gourgand in London, by order of lord Sidmouth, has been introduced before parliament. By his statement of facts, he was used most shamefully-but, audi alteram.

A wife of a man, whose wages is 10s. per week, has lately had four children at a birth.

A couple of fellows, countenanced and aided by many distinguished noblemen and gentlemen! lately met and boxed each other almost to death, for the gratification of the Austrian archduke, Maximilian, now in England.

We see two cases of crim. con. mentioned in one paper, in which the damages were each laid at 20,000. The parties were in high life-one of the ladies, the sister of a lord and sister of the famous Cockburn's wife. But though the jury in both cases were convinced of the facts charged, they only found damages, in one case, for 10007. and in the other for

15007.

The London Courier, of the first ult. acknowledges the receipt of New-York papers to the 10th March, containing the report of our senate on the conduct of general Jackson. On this document, the Courier obscrves

war.

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NAPOLEON BONAPARTE.

sion, THE LIFE OF NAPOLEON, WRITTEN BY HIMSELF, and that not more than two or three persons have copies of the original manuscript. it is added, "that Lucien often receives intelligence from his brother, but the channel of this correspondence is a profound secret."

In an account of Bonaparte, published in Sept. last, *These papers contain the report of the senate in the London Courier, and said by that paper to be upon the conduct of gen. Jackson, and the Seminole "widely circulated at Paris," we notice as most imWe will do it the justice to say, that it is portant, the concluding paragraph. "Itis confidentdrawn with great perspicuity, and, which cannot of-ly affirmed that Lucien Bonaparte has in his posses. ten be said of American writing, with considerable elegance of style. It coudems, as our readers already know, the conduct of general Jackson with respect both to engaging in the war at all,and the savage condemnation of Arbuthnot and Ambrister. So did the committee of the house of representatives, though the house itself afterwards decided, by a majority, not to confirm the opinion of that committee. Spanish agents have purchased in the French least, therefore, these recorded sentiments of his ports, particularly at Bordeaux, a light squadron, countrymen will remain-while in Europe only one consisting of two corvettes, two brigs, and four goelfeeling, a feeling of execration, exists upon the sub-ettes, which it is said are to form a part of the expcject." [Take the beam out of thine own eye.] dition to Buenos Ayres.

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SPAIN.

Dem. Press.

Newfoundland fisheries-For a considerable length Our readers will recollect that an entire Spanish of time, persons interested in the Newfoundland squadron, consisting of the fine frigate Maria İsabelfishery, have sent in memorials to government, com- la and several transports, with 2000 troops, from plaining of the unfavorable state of their trade, and Cadiz for Lima, fell entirely into the hands of the pointing out the impolicy of allowing citizens of the patriots of Buenos Ayres and Chili, except one vesUnited States any further privileges on this subject, sel, we believe, which was probably lost at sea. which, it is stated, would totally ruin the Newfound-The certainty of this has reached Spain, and excited land fishery. To these representations, ministers, it there a degree of alarm or terror rarely equalledis said, replied, that if, in the commercial treaty and of the most laughable character. Great care which was then about to be arranged with America, was taken to get over the "panic" before the unfor such privilege should be granted, government, by tunate news was allowed to reach the ears of the way of bounty, would allow 3s. per quintal on all king-and there was a mighty fuss about getting fish cured at Newfoundland, which would produce ready some 74's to convoy another body of troops, about 250,000l. a year. The treaty having been con- &c. &c. &c. It is hardly probable that any other cluded, a deputation waited on the chancellor of expedition against South America will ever leave the exchequer, who, in conformity with what was most miserable, and justly miserable, Spain. If any before promised, agreed to allow the sum above-does sail for the Pacific, it will only augment the mentioned. Courier. strength of the patriots; and all the men that she Constitutional question!—The Courier, of April 1, can send to Buenos Ayres would not effect any thing. says-A question of considerable importance occu-Indeed, it is believed Ferdinand's ministers are so pied the attention of the house of commons yester-frightened at the news above stated, as to have enday. It was whether the summons of that house to a tirely abandoned the project they have so much soldier, supersedes the authority of his officers over talked about against that country-which, however, bim. The declared opinion of the house was in the we always regarded as nothing. But the kingaffirmative. This involves so delicate a principle of aye, king Ferdinand, is to go to Cadiz, to inspect constitutional power, that we will not approach it the troops, and see that they are provided with every with any hasty or superficial enquiry. It may, per-thing needful to put down the "rebels!" haps, be said that the authority thus asserted by the A convulsion has long been looked in Spain. We house, would, if pushed to its extreme, embrace the trust, that the reign of Ferdinand and his abominacommand of the army; but, on the other hand, it may ble priests is nearly at an end. Away with the unalso be urged, that if an officer had the right to re-grateful and perfidious! fuse permission to a soldier to attend, then the legislature would be subservient to the military authority: The attendance of a soldier when summoned

It is reported that W. D. Robinson, esq. captured with a patriot party in Mexico, and sent to Cadiz, has been released upon his parole of honor.

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SOUTH AMERICA.

We have various details from Venezuela. They mention several affairs with the royalists, in which the patriots were successful, and present the happiest prospects of their complete triumph in the present campaign. Morillo, hardly pressed, has declared martial law, which is considéred as his last resort. Various expeditions of the patriots are spoken of-two frigates, with troops, are said to have arrived from England, and ten other vessels, and a ship of the line, were expected, with 4000 troops in all! Arms and munitions of war are abundant, and men do not seem to be wanting. The privateers are very successful, and the Danes, at St. Thomas's, admit them, and allow of a sale of their prizes:

congress opened their sessions, and the supreme director, brigadier general don Juan Martin de Puerreydon, delivered the following address:

"Most sovereign sir-It is with real pleasure that I this day fulfil my duty, felicitating your sovereignty on the opening of your sessions. The friends of the country expect from them that the vacillation on which the state fluctuates may have a speedy termination; and its enemies dread to see the day in which the order and the empire of the laws are forever consolidated: they therefore make use of those arts and exertions which despair inspires them with, in order to prevent its ever appearing to us, or at least to protract.

The different means to which they resort to des troy our peace and liberty, are public and well known to your sovereignty. Seduction, deceit, falsehood, conspiracies against the lives of the first authorities, libels to tarnish their fame, and the most vile pasquinades, are the weapons they daily em ploy to destroy that harmony in which the united provinces repose.

It is afflicting to the least sensible heart to have recourse to proscriptions and exiles, as often as the crimes of sedition require. Nay, it is against the reputation of the executive to see him constantly armed and always punishing the turbulent. Such a violent state of things is irksome, perplexing and disheartening, both to the people and to the govern ment.

When the authority becomes firmly constituted, and a law is established, both for those that command and those that obey, then shall that spirit of emulation, ambition, and rivalry, which so often caused troubles and disturbances in the state, be utterly destroyed. The executive will then have an unerring rule, all the energy and strength necessary, and will be released from the many snares which disturb him, and engages that attention which other more important business demands.

There have not been any late conflicts with Artigas-he retains his possessions on the north side of the La Plata. A letter from Buenos Ayres of the 28th Feb. giving an account of the late conspiracy It is therefore the first and the most urgent necesof the Spanish prisoners at San Luis, &c. says-"Se-sity to look for a remedy that may effectually anni ven of these assassins headed by a general officer, hilate the germ of the evils that are observed. attacked the governor of that town, by whom they There is no other but the completion of the constihad been treated as brothers, in his own house; but tution, which at present engrosses all your attention, he, no wise daunted by their superior numbers, and the anxious expectations of the people. alone forced them to retreat, after killing one with his own hands (a Spanish colonel). Twenty-seven of the conspirators were immediately tried and shot -the following is a list, viz: 1 brigadier general; 3 colonels, 2 lieutenant colonels, 6 captains, 1 brevet captain, 5 first lieutenants, 7 sub-lieutenants, and 2 commissaries. Here every thing is quiet, and little fear entertained of the Spanish expedition-and to quote the words of a Buenos Ayres patriot, "what few of them may be spared by pestilence and famine on the seas, will meet the fate of their countrymen who visited us before." The people here think it very hard that the United States does not acknowledge their independence, which they had calculated upon as certain--they ask, what North America would have done during the revolution, if the powers of Europe had remained unconcerned spectators, without proffers of assistance or wishes of success, by acknowledging them as a nation?"

We learn that the government of Buenos Ayres is indignant at piracies committed under their flag, and peremptorily ordered their regular officers to seize upon any vessel sailing under it, whose commission is not genuine, or if more than twelve inonths old.

Three of the principal caciques of the Pampas indians came to Buenos Ayres about the first of March, to inform the supreme director that they had made a prisoner of a cacique named Corripil, and would put him to death as a enemy of libertybut the director advised that, after a suitable admonition, he should be dismissed, hoping that the magnanimous act would secure his friendship. The "well know cacique Quintana," promised the director 1000 men and 3000 horses, if the Spanish expedition should arrive.

Legislature of Rio de la Plata-from the Buenos Ayres Gazette of Feb. 25. This day the sovereign

Your sovereignty knows the disturbed condition in which I found the country when I had the honor to be appointed supreme director.-Oblivion of former conduct, acts of beneficence, and other conciliatory measures, produced for some time the most salutary effects. Order revived, and its advantages were every where experienced. But some malicious ungovernable minds soon become discontent. ed, and I was obliged to repress them. The same intentions were repeated, and I was under the necessity of having recourse to the like measures. The agents of disorder have not ceased to appear from that time; and I could not omit to persecute and take them away, considering it as the first duty of my charge.

Such a train of sad and painful events has rendered me the object of the enmity, hatred and vengeance of men who, otherwise, might be useful to the cause of our liberty. This likewise demands the most efficacious and speedy remedy. I could present it in this very act by requesting my dismis sal; but I do not deem it expedient or convenient for the credit of the state abroad, or its direction at: home. The constitution will afford this powerful natural, and pacific measure.

Another man, without the personal compromises *The congress is so called.

absent from the seat of government, we should wait their return before we harbor an idea of the verity of the things stated.

Great news for speculators! The legislature of the new state of Illinois, has manifested a degree of wisdom and discretion that will long astonish the world!

in which I find myself, will neutralize those exalted passions to the advantage of the common cause; and with the book of the law in his hands, he will check and punish the evil, (should they appear) without fear of his justice being mistaken for malignity, and his rectitude, for personality. On the other hand, the Spaniards, our implacableThey have authorised the establishment of a bank, enemies, are with their utmost efforts, preparing at Cadiz, a strong expedition to subdue us. My soul tells me that we are invincible. However, it is necessary to make no common preparation, and such as shall augment the glorious opinion we have acquired. The measures must be commensurate to the danger.

These provinces must now assume a most warlike appearance; for which purpose they ought to have at their head a chief more inured to the field, and possessed more military knowledge than I have been able to acquire. I speak, sir, with that sincerity which the interests of our salvation demands

from me.

with a capital of four millions of dollars, two of which are to be subscribed for on behalf of the state, which has hardly ten cents in its treasury; and the governor of the state is the president of the bank! But, as there might be some difficulty in getting people enough in this new state to put down their names for such an amount, it has been considerately provided that the bank shall go into operation when fifteen thousand dollars, or almost a two hundred and sixtysixth part of its capital shall be paid in!-And it is further ordained that this bank shall not issue notes to a greater amount than eight millions! When we first heard of this, we supposed it was a piece of le gislative fun, but now find it to be a "true joke.”

There are several other banks in Illinois!--one at

On giving us the constitution, your sovereignty must likewise give to us such a person as our si- Shawaneetown, and another at a place called Edtuation requires. All these objects claim the ut- wardsville; the latter has a nominal capital of $300most speed; and I entreat you to redouble your ef-000, of which $210,260 were subscribed in Kentucky forts and attention to these important matters. -in which state there are not banks enough for the people to vest their spare money in!!-the stock paid in was only $30,000.

Finishing them, you will fulfil the desires of the people of these united provinces, and receive their gratitude, by so many titles due to you. For my part I will then descend from this post of bitterness, and show the nation that it is an easy thing to obey, but very difficult to command."

It appears from another paper, that the discussions on the project of a constitution continued, and that congress were busily employed in the framing

of it.

CHRONICLE.

The bank of St. Louis, about which many odd stories have been circulated, is said to have resumed the payment of its notes.

Counterfeiting goes on prosperously, and presents itself in so many forins that it is exceedingly difficult. to guard against it. We can hardly take up a newspaper without seeing some fresh evidence of the prostration of morals caused by the paper system.

In this respect, the bills of the bank of the United States have a decided preference. Their execution is so complete, in engraving and paper, as to put them out of the reach of common counterfeiters, at least, if any are able to imitate them with a reasona ble prospect of success. We have heard, however, that the denomination of a few of them has been changed. This, we presume, might have been ef. ficiently guarded against in forming the vignettes.*

The president. A Charleston paper of the 3d inst. speaking of the departure of the president, says, "In passing up Meeting street, he bowed to the ladies on each side, who crowded the doors and windows to take a farewell-view." Indeed!- -this is "glorious news!" In Europe, where a king so often forgets that he is a gentleman, this might pass for La Irresistible. It will be recollected that the crew something rare; but we do not think it astonishing, of this vessel, while she was lying in Margaretta, that a president of the United States should behave rose upon their officers and made their escape, to with common civility to his fellow-citizens and espe-do business on their own account. Glutted with cially to ladies, assembled to compliment him with

their best wishes.

The Ontario sloop of war has left Annapolis, and proceeded to Norfolk-the Congress frigate, with Mr. Graham and family, for Brazil, and the British frigate Forth, with Mr. Bagot, &c. for England, have also left the roads.

plunder, or weary of piracy, they brought the priva teer into the Chesapeake bay about a week since, and, anchoring off New Point Comfort, they all landed, except one or two persons, to make their escape. The revenue cutter was despatched down the bay, and has returned with the Irresistible and 22 of the mutineers in irons, who were seized on the neighboring shore. It is expected that many more will be arrested at Norfolk, &c.

In a preceding page, under the head of "Naval Salutes," a curious correspondence between capt. Biddle and lord Cochrane, is inserted. We regret Since their departure from Margaretta, these unthat there was any occasion for such a correspond-fortunate men seem to have acted the part of ence-the patriots of South America, in their own complete pirates. Among the vessels robbed by harbors, at any rate, should treated with every de-them, we learn was the Superior, of Baltimore, gree of courtesy compatible with the dignity of our hence to New Orleans, with passengers, several of fag. There is also, something said about the trans-them ladies, who were treated most rudely. It is portation of a large sum of money, and several per- also said that they plundered a French and an Engsons from Lima, to Rio Janeiro, via Valparaiso; and a rumor is abroad, as if capt. B. had departed from the latter with what the English sailors call "French leave"-nay, that the Ontario was pursued by the Chilian squadron, and escaped by superior sailing!We cannot believe this-Capt. Biddle has, no doubt, made a report of all things interesting in his cruise to the navy department; but as the president of the United States and the secretary are at present both

lish ship. It is reported that they had a large assortment of articles, among them female dresses, &c. to dispose of to the people near New Point Comfort, which they offered at very cheap rates.

More of it. A large schooner, carrying 14 or 16 guns, was recently seen off South Hampton Beach, Long Island, thought to be engaged in the honorable business of smuggling ashore the property which she had plundered at sea.

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NEW SERIES. No. 13-VOL. IV.}

BALTIMORE, MAY 22, 1819. [No. 13-Vol. XVI. WHOLE NO. 403

THE PAST THE PRESENT FOR THE FUTURE.

PRINTED AND PUBLISHED BY HI. NILES, AT $5 PER ANNUM, PAYABLE IN ADVANCE,

An extra half-sheet accompanies the present His most reasonable calculations about money-matnumber. It concludes the documents respecting ters for the last six months, have failed-the sum the bank of the U. S. and contains several other ar-now due him beyond the amount which be rightfully ticles; and is designed to succeed the first number expected could owing at this time, would render of the present volume, filling up the space that was him complete at dependent-but instead of that, left for it. he wants moneyke his neighbors, and has a full share of the gene ral inconveniency. Still, he says, CALL OF CONGRESS. We have had a variety of rulet reformation go on, that economy may be forced mors about the calling of an extra session of con-upon us, the "days of leather breeches" come into gress-but there seems to be no probability of its fashion, and a hardy, high-souled yeomanry take the taking place, nor perhaps, is it really desirable on place of petty shopkeepers and retailers, and speaccount of either matter which different parties de-culaters and manufacturers of paper-money. sire should be considered. . shall then be careful how we get in debt-and calculate that if we do we must pay, without borrowing. If it were only fashionable, we might live quite as well as we now 'do at less than 50 per cent. of the present cost of it. Fashion alone, costs more than necessity-perhaps, even more than convenience.

The object of some, probably the first who started conversation on the subject, is, that congress at an extra session might legislate us into a paper currency-a something, any thing, to relieve the banks of the disagreeable necessity of paying their debts, and by which they may make larger dividends, &c. as well as get up a new speculation.

A call is advocated by others, that efficient aid may be promptly extended to reduce the amount of our imports to that of our exports, and thereby sustain domestic industry. Indeed, a petition for the purpose has been published at Philadelphia, which we have inserted in page 219.

We

And in respect to the latter-we are truly sorry to differ with the "Philadelphia society for the promotion of national industry" in any respect. We sincerely approve their motives and entertain a most exalted opinion of their judgment and discretion-yet, we differ with them, and hope that con gress will not be called for the reasons set forth by them. We are well assured that there will be a terAs to the former-if congress never shall meet rible smashing among the people-extensive bankuntil it meets to make paper money in a time of ruptcies among the merchants, and great sacrifices peace, we hope that it never will meet at all! If of the hard-earned property of the farmers and planthe question were left to us to have a king-illustri-ters. Again, we say, let it go on "seeing is believ ous as the prince regent of England, or as wise and ing, but feeling has no fellow." A large portion of magnanimous of Ferdinand of Spain, or a legal ten- the power of the people of the United States as re der in paper money, controuled by the government, presented in congress, is opposed to the principle of we should not hesitate an instant in preferring the domestic manufactures-any degree of encourageAesh to the paper: We are less afraid of the sword ment afforded to them is considered as a tax upon of a king than the razor of avarice. Corruption agriculture, and some of our merchants are also exwill be consummated, when any men or set of men ceedingly hostile to them-we are satisfactorily ashave the disposition of the circulating medium of sured that some of the directors of the great moneyour country. It is bad enough as things are now. making machine, have declared their determination But a most salutary purgation is taking place-per- not to grant accommodations to manufacturers, bedition to the speculators who would stop its course! cause they "would put down the importation of At the instant of writing this article, we saw a lot British goods."+ Both of the hostile classes are about of Spanish dollars sold for two per cent. premium-to become our friends, by the argument of feeling; they are fairly a matter of traffic, and were disposed and truth will be demonstrated to them with greater of as high as this before the idea was entertained clearness than Euclid ever managed a problem, prothat a bank would stop payment; when, to say that vided we suffer things to take their natural course. a man was "as good as the bank" had a sense and Before the meeting of congress in December, the meaning, lately lost by the multiplication of rag-price of a barrel of flour will, probably, be down to shops, but now reverting again. Let the good five dollars, of a pound of cotton to 15 or 20 cents work go on; when two hundred banks in the U. States have ceased to do business, and we have only one in the space which has held four of them, money will be four times as plenty as it is at this time, by its certainty of value and rapidity of circulation-for it on this last that which is called the plenty or scarcity of money mainly depends. Sacrifices must be made, and the people will suffer much, but who expects to get well of a raging fever without taking physic! And what would we think of a physician if, when the fever was at such an height that the patient's eve-balls seemed ready to start of his head, he should pour down his throat a gallon of 4th proof brandy? We have been delirious with speculation; the system of things must be reduced that we may recover our reason.

The writer of this feels the pressure of the times as much as any man engaged in a regular business. VOL XVI.-15.

*Numerous alarming failures have, already taken place in all our principal cities, and among them are some of the oldest, and what were thought the most solid houses, in America, and many others must go. There is no remedy--but the re-action is hard to be borne. The plain fact is, that wherever there is one bank that attempts to pay its debts, there must be great distress, but in those places where there are two or more-God help the people! The curse of borrowing-of suffering "paper to do our business," is falling heavily upon us. But it must be so; and to prevent a greater evil, the raising up of a monied aristocracy, perhaps, it is well.

The editor sincerely regrets that he has not the liberty to give the names of two persons who made this declaration. If the thing rested upon himse'], he would do it.

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