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Regulation of Coins.

IMPORTANT REPORT.

́HOUSE OF REPRESENTATIVES-JANUARY 26. Mr. LowNDEs, from the committee appointed to enquire whether it be expedient to make any amendment in the laws which regulate the coins of the United States, and foreign coins, made the following report:

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That the laws of the United States make all gold and silver coins issued from their mint, and Spanish dollars, and the parts of such dollars, a legal tender for the payment of debts. The gold coins of Great Britain, Portugal, France, Spain, and the dominions of Spain, and the crowns and five franc pieces of France, are also declared to be a tender, by an act passed on the 29th of April, 1816. These coins, excepting the five franc pieces, had been made legal by two earlier acts, which had been allowed to expire, and their renewal, with slight modifications, must be attributed, not to a disregard of the inconveniences which the use of coins so various and unequal in their purity must produce, but to the exigencies of a country endeavoring suddenly to recover a specie circulation. The act of 1816 was accordingly past but for three years, and will expire on the 29th of April, 1819; after which, no foreign coin but the Spanish dollar will, under our present - laws, pass current as money within the United States. The act for establishing a mint was passed in April, 1792, and it was then expected that foreign coins, including the Spanish dollar, might be disused after three years. But, neither an examination of the laws which regulate the currency of American and foreign coins, nor the observations of the effects which they have as yet produced, will justify us in expecting that a continual reliance upon them will enable us to dispense at any time with foreign coins.

is to be made to the United States, the coins of half of Europe serve the purposes of money here as well as our own. This variety of current coin results, indeed, from a temporary law; but while the dollar of Spain, and that of the United States, are of exactly the same value within the United States, and of nearly the same value in many of the foreign countries to which our remittances of specie take place, it would be unreasonable to expect that the merchant should not often make them indifferently the subjects of exportation.

It is, however, true, that in Canton, and many parts of the East Indies, the Spanish dollar is valued much higher than that of the United States, or than any other coin, in proportion to the quantity of pure silver which it contains. In many parts of the East Indies, indeed, no other coin is current. But, in such as have mints of their own, as in the British possessions, our coins are estimated at their real The annual exportation of silvalue, or nearly so. ver from Canton to British India, is known to be very large, and this circumstance can hardly fail to raise the price of American silver, even in Canton, slowly as customs and opinions change there; at any rate, we cannot calculate on the preference of Spanish dollars leading exclusively to their exportation; while of the articles which we import from the East Indies, including China, nearly one half is drawn from countries in which our coins are all valued nearly in the just proportion of their purity and weight; and such was the proportion in our importations, at least during the year 1817..

The equal proportion between the legal and intrinsic value of American and foreign coins, which tends to produce their indiscriminate exportation, has also an unfavorable effect upon their use in manufactures. The difference between the quantity of pure silver in the American and Spanish dollars, is not such as to form any obstacle to the employThe gold or silver bullion carried to the mint by ment of the former, by the manufacturer of plate. individuals is coined; if it be of standard fineness, Fortunately, however, an objection to it is frewithout charge or seigneurage, and if it be below the quently found in the quality of the alloy, which standard, the expense of refining it only is paid by makes it more difficult to be worked. As to our them. All foreign gold and silver coins received by gold coins, they are employed with as much advanthe treasury, must be "coined anew, previously to tage by the manufacturer as any foreign coins, and their being issued in circulation." These are the with more advantage than some of those which are only provisions which the law has made for supply-made current by law. Nor is the quantity of gold ing the mint with gold and silver; and the last pro-and silver annually employed in the manufactures vision is without effect, since banks have become the only depositories of public money.

The silver which is most frequently brought into the United States, in the common course of commercial business, is the Spanish dollar. But indivi duals have no inducement of interest to send this coin to the mint. Within the United States it has an equal value with the American dollar, and in many foreign countries a much bigher value. The mint, however, has been employed in converting Spanish into American dollars; but it has been employed by banks, not individuals. The American dollar and half dollar, have been found not unfit for exportation, and the bank of the United States has made large importations of the five franc pieces of France, which it prefers, because it supposes them less likely to be exported than other coins.

The legal value of the American and foreign coins which are current in the United States, is so nearly proportioned in each to the pure metal which it contains, that, where a remittance is to be made in specie, the foreign and national coin will be sent to many countries almost indifferently, except that coin of the nation to which the remittance is to be made will be preferred, whenever it can be procured. On the other hand, if a remittance in specic

of the United States, now an inconsiderable one.

To preserve the coins which are issued from the mint from being melted and exported, the laws must give them some advantages in interal coramerce over foreign coins of equal purity and weight. In respect to the gold coinage of the U. States, the mint depends for its supply of bullion upon banks or individuals, as it does in the coinage of silver. But there is a difficulty in the operations of the mint, which is peculiar to the coinage of gold. The felative value of gold to silver is fixed by our lay at 1 to 15, which is much below the relative value which is assigned to it in all those countries from which we In Spain and might have expected to procure it. Portugal, the legal value of gold is.to that of silver as 1 to 16; and in that colony of Spain with which our intercourse is most frequent and valuable, (Cuba) its price in commerce is at least 17 for one. Hence, we are not only precluded in the common course of trade from obtaining gold from these rich sources of supply, but the little which finds its way into the country from other quarters, is drawn from us by the higher estimate which is there placed upon it. In France, the legal value of gold is to that of silver nearly as 1 to 15 1-2. In most parts of In England, silver Italy, it is somewhat higher.

coin is only current in small sums; but if a specie But although the mint regulations may affect the circulation shall be restored in that country on the proportion of American and foreign, or of gold and basis of its present mint regulations, the relative va-silver coin, in the country, it seems difficult to suplue of gold to silver will be about 1 for 15 1-5. The pose that they can reduce the general amount of exaction of a seigneurage on its silver coins makes specie below the quantity which our business really the comparison less easy; but the merchant who requires. And yet, there is no complaint more geshall carry bullion to the English mint, will obtain nerally made, than that of a want of specie, in any very nearly the same amount of current money for shape.

one ounce of pure gold or 15 1-5 of pure silver. What, then, are the circumstances, which pro In Holland, the relative value of gold to silver is es-duce this acknowledged difficulty of retaining gold timated (if there have been no recent changes in and silver coin in this country? We are told of the respect to it) at 1 to about 14 34. In Germany, immense amount of our foreign importations, and and the north of Europe, the value may be stated it is plain enough, that if we do not import from as rather below an average of 1 to 15. The West other countries, we should not export silver or any Indies, which are probably our most considerable thing else. But we retain, and employ in our serbullion market, estimate gold in proportion to silver vice, among all the articles which we produce, and very little, if at all, below an average of 1 to 16,-all we traffic in, whatever suits our wants, conveAnd this is done, although some of the most consi-nience, or taste. Warehouses enlarge, and shops derable colonies belong to powers whose laws as-multiply, to the measure of the augmented demand; sign to gold a lower relative value in their European and even gold and silver, in every shape but that of dominions. This estimate, which was forced upon money, are imported from abroad, or manufactured many of the colonies by the necessity of giving for at home, and lose their migratory character whenegold the price which it commanded in their neigh-ver they become plate, and cannot be exported borhood, and particularly in the countries which without loss. The want of gold and silver coin formed the great sources of their supply, seems to cannot, therefore, proceed from an inability on our indicate the fair proportion between the metals in part to buy, or in other countries to supply our the West Indies, since it is believed to have been, wants. in most instances, confirmed by the colonial laws, There is, however, one branch of commerce Father than introduced by them. The difference which seems obviously connected with the disapestablished by custom in the U. States, between pearance of specie, and which must be admitted to coined gold and silver, before the establishment of exert a strong disturbing power on the whole sys the present government, seemes to have been near-tem of our currency.-The trade of the East Indies ly as 1 to 15.6-10. The difference proposed by con-has, in all ages, carried to those countries the silver gress, in their resolution of the 8th of August, 1786, of every part of the world which consumed their was nearly 1 to 15 1-4; and the reduction in the valu- produce, and the United States have a very large ation of gold, by the act of April 12th, 1792, to the share of this trade. The whole amount of our curproportion of 1 to 15, may be attributed to the belief, rent coin is not probably more than double that which was expressed in the report on which that which has been exported in a single year to India, act was founded, "that the highest actual propor- including China in the general term. Will not an tion in any part of Europe, very little, if at all, ex-exportation as great as this, go far to account for ceeded 1 to 15; and that the average proportion was the deficiency of silver in our circulation? And yet, probably not more than 1 to 14 8-10." The difficul- a direct trade with India, if it encourage a lower ty of obtaining correct information upon points of consumption of her produce, gives us that prothis kind, makes it not improbable, that there may duce at a much lower rate; if it carry from the have been some error as to the state of the mint country a great amount of specie, probably adds regulations of Europe at the period of the report-by an equal sum to our sales in foreign markets. But, be this as it may, the principle which seems to be assumed in it, that the valuation of gold in this country should be higher than in Europe, would lead to the conclusion, that the present valuation of 1 to 15 is too low.

The annual exports in American vessels from the United States, and all other places, to China and the East Indies, can hardly be estimated at more than twelve millions of dollars, and it cannot be doubted that our sales of East Indian articles in This conclusion is confirmed by the circumstance Europe, exceed that amount. The value of mer of the contract made not long since, between the chandise from China and India, annually consumed bank of the United States and Messrs. Baring and in the United States, is probably equal to five mil Reid, for the supply of specie. Under this contract, lions of dollars; and if this be so, the consumption of gold and silver were to be furnished, if it were prac-East Indian articles by the United States, is paid for ticable, in equal amounts, according to the Ameri- by the mere profits of the trade. A branch of in. can relative valuation of one to fifteen. Upwards of dustry in which three thousand men (for this is 2,000,000 of dollars of silver have been accordingly supplied but not an ounce of gold.

about the number of seamen in the India trade) add $5,000,000 to the annual produce of the country, As the committee entertain no doubt that gold is would be worthy of protection even if it were not estimated below its fair relative value, in compari- connected with considerations of naval defence. son to silver, by the present regulations of the mint; These views may make us doubt whether the India and as it can scarcely be considered as having form- trade tends to diminish the average quantity of siled a material part of our money circulation for the ver in the United States. Its effect in the nations last 26 years, they have no hesitation in recommend- which have engaged in it before ourselves, has been, ing, that its valuation shall be raised, so as to make generally, to increase their specie circulation as it bear a juster proportion to its price in the com-well as their naval strength. And it seems reason. mercial world. But the smallest change which is able that it should have done so, No man supposes likely to secure this object, (a just proportion of that Holland, by supplying the rest of Europe with gold coins in our circulation) is that which the com- spices, left her own wants unsupplied. Nobody apmittee prefer; and they believe it sufficient to re-prehends that our market must be destitute of teas, store gold to its original valuation in this country, because we export millions of pounds annually, and of 1 to 15 6-10. why should the dealers in silver, rather than in

spices or teas, make no provision for the home der which that trade must cause, if the banks which mand? When Genoa, Venice, Portugal, Holland, issue paper would redeem it by specie whenever carried on an extensive trade in East India articles, it is presented. On this supposition the merchant and had no paper circulation, they were the deposi-will make no effort to prepare the bullion or the tories of the silver of Europe. When the states of Spanish dollars which he wants for the India mar America had no trade to the East Indies, but a full paper circulation, they were destitute of silver. whenever the trade has existed without the paper, specie has been abundant, and scarce always where the paper has existed, either with or without the trade. We must conclude that when the precious metals become scarce, while the price of foreign and domestic productions continues high, their scarcity results not from the country being unable to procure or retain them, but from its choosing to em-seem to require it, the best limitation upon the isploy a substitute for their use.

ket: the bank collects them without charge; he will draw from that reservoir, and avoid the risk and trouble of the double operation. But the banks do not always pay specie promptly and willingly when it is required for the India trade. Their resistance indeed must be often ineffectual, although it costs something to the merchant and gives some profit to the broker. But if a combination of banks can close their vaults whenever the public interest may

sue of paper is destroyed, and the stability of our currency, and the execution of contracts, have no higher security than the public spirit and disinterestedness of their directors. While our coins are such as it is the interest of the merchant habitually to remit to India, the apology for evading' their engagements will be sometimes made by the banks and encouraged by the people.

While, however, the India trade has probably no tendency in itself to lessen the average amount of specie employed in the country, it produces, under the present mint and bank system of the U. States, the most inconvenient effect on the currency. The general demand of the commercial world for the material of which we make our money, is useful by giving stability to its value. But if a state of Whether we are to have banks or not, however, the things be supposed in which one country has a con- principles which would proscribe the India trade, stant demand for this money, taking from us no-are incompatible with fair and wise legislation; but it thing else, while we are obliged to keep up our is desirable that the regulations of the mint should be quantity of importations from other states, it is ob- such as may prevent that trade from alternately vious that a demand and supply like this, instead filling and draining the circulation of the country; of making our circulation equable, or proportioned such as shall not encourage the merchant to make to our wants, must produce that very instability its coins the regular subjects of foreign exportation. in the value of money which the precious metals The inconveniences which have been attributed are employed to remove. Undoubtedly a nation, to our present system of coins, would in a great like an individual, if it owe a debt must pay it; and measure be removed, if gold should be made the if it have no other means of payment, must even only legal tender for all debts above a moderate export its coin for the purpose. But, although this amount. In favor of such a provision, it may justly exportation cannot be prevented, when a general be said that there has been less variation for some balance exists against the nation, it is still true, that centuries in the value of gold than of silver, and the coin or money of the country should not be the that it would avoid the embarrassments which are object of regular remittance in any foreign trade.inseparable from a mixed circulation of both metals. Nor is it so with any commercial nation but the U. The balances of payments between different states States. would be settled with more ease than if our coins But the inconvenience of making the coin or mo-were principally silver, and the traveller would be ney of the state the object of regular remittance relieved from the loss and imposition which he frein a foreign trade, is greatly enhanced in a country quently suffers when he carries with him bank notes, which, like the United States, has a mixed circula- the value of which must vary with the course of tion of specie and of the paper of banks of discount.trade, because their transmission cannot extinguish While these banks remove a large portion of coin, a debt, though it may change its form and its parwhose place they supply by their notes and credits, ties. But, whatever may be the advantages of a they give a new character to that which remains.— Their obligation to pay specie upon demand, makes it the most important office of the precious metals, to regulate and restrain the issue, and to support the credit of bank paper.

A prosperous condition of trade, an abundance of native products, and a foreign demand for them, which requires a large circulation, produce an increased issue of paper on the part of the banks. This very prosperity is the incentive to a trade to India, which not only abstracts very largely from the silver coin of the country, but obliges the banks to withdraw a still larger amount of their paper. Under this system, indeed, the importation of what the laws make current coin, is encouraged, as well as its exportation; but the quantity of our money and its value fluctuate with the seasons and the winds. The banks are obliged to contract their discounts, not only by a general or durable state of exchange, but from temporary causes, and from the condition of a particular trade.

But the India trade, under the present system of our coins, produces another and, ultimately perhaps, a worse effect upon the operations of the banks. We have spoken of the inconveniences

circulation, consisting principally of gold, we have been two long accustomed to consider silver as the principal measure of value to make it prudent, or, indeed, practicable, to supersede its office. To attempt by law to prevent the currency, or to decry the value of a metal which the public consider as the standard of value, would be much more futile than the enterprize of giving legal value to a substance intrinsically destitute of it. There have, indeed, been countries in which the use of silver, in large payments, has been abolished, and gold substituted, but it is believed that in those instances, law has only confirmed the change which has been made by custom.

We may conclude, that, in any amendment which may be made to the laws respecting the coins of the United States, those of silver must continue to be a tender in payment of all debts.

An advantage may be afforded to American sil. ver coins in internal commerce over foreign coins of equal purity and weight, either by assigning a diminished value to foreign coin, and particularly to Spanish dollars, or by reducing the weight of the American dollar.

The first is impracticable. The Spanish dollar,

whatever our laws may be, will be received by the banks and the people.

ment of the precious metals, if a paper not convextible into specie is supported by law or public opinion. It may indeed well be questioned whether a sound circulation can be obtained with an amount of bank paper as large as we had, even at periods subsequent to the late war, and whether the amount can be permanently diminished unless the present bank capital of the country be reduced. But these questions do not fall within the province of the committee appointed to report on the laws "which regulate the coins of the United States, and foreign coins."

In all civilized countries (except China, in which there is no mint) it has been considered as the office of the government to ascertain by its stamp, the weight and fineness of the metals which are used as money. In some countries, and these the most enlightened and liberal, the state exacts no duty upon this stamp or coinage, so that the individual receives from the mint, in coin, the exact quantity of pure metal which he has deposited in bullion. This is the case in France, in Britain, in respect to her gold coins, and it was so until recently in re- In a fair exposition of the effects of a seigneurage spect to her silver, and in the United States. In upon coins, it must be admitted that, where itis exFrance and Great Britain, however, no foreign coin acted, coin will be generally, but not always, more is allowed to be current. Under this system, the valuable than its weight in bullion. While, then, merchant is encouraged to carry to the mint what-it is believed that, in the United States, it would ever bullion he receives; the circulation of the coun- tend to make the value of our money more uniform, try is increased or diminished without artificial it is not denied that an opposite result may someimpediments, as the state of its trade may require, times, and, where the seigneurage is high enough and the value of the coin is made to depend upon to make it a resource of government, may often be the general value of the metal in the commercial produced by it. world. It is believed that, beth in France and England, however, it is made penal to export or melt the coin.

A nation which employs both gold and silver as its legal money has an additional inducement to those which have been mentioned for establishing Upon the first establishment of a mint in the Unit- a seigneurage on one or both metals. The relative ed States, the question of a seigneurage upon the value of these continually changes; and a small coin was necessarily presented to the legislature. change, which, without a seigneurage, would make The secretary of the treasury, in his report on the it the interest of the merchant to export the one establishment of a mint, urges the propriety of and import the other, will not produce that effect commencing our coinage without a seigneurage, or if there be a seigneurage upon the undervalued with a small one. "It will be better to increase it metal. hereafter," he says, "if this shall be found expedi- The reasons which may be urged in favor of a ent, than to recede from too considerable a differ-seigneurage upon silver have not the same force in ence."

respect to our gold coins. There is no country to A seigneurage in the United States will produce which gold is the regular object of remittance from the effect which results in other countries, from fo- the United States; and a difference of valuation is reign coins not being allowed to be current. It will not necessary in order to give to the gold coin of cause the national coin to be more valuable at home the United States an advantage, in internal comthan abroad. It will prevent its being melted orex-merce, over other coin, because it is not impractiported while other coin can be procured, and may cable to exclude foreign gold directly from general thus effect, in some degree, by an application to the circulation. interests of the citizen, an object which the penal The committee submit to the house the following provisions of other states have been very unsuccess-provisions: ful in attaining. It will indirectly exclude foreign 1. That 14 85-100 grains of pure silver shall be coin from circulation, and thus make the quantity deducted, as a seigneurage out of every amount of and value of the coin which we employ more uni- 371 25-100 grains of such silver deposited for coinform. It must be considered, however, as princi-age at the mint, so as to make the dollar of the U. pally recommended by the character and amount of our trade to India, and it will be remembered that this trade had been scarcely opened at the period of Mr. Hamilton's report.

States contain 356 49-100 of pure silver, or 399 36100 of standard silver; and that the smaller coins shall contain proportional quantities of such silver.

2. That the eagle shall contain 237 98-100 grains. of pure gold, and 259 61-100 of standard gold, and the smaller coins proportional quantities.

3. That the provision of the present law, making parts of dollars less than halves a tender in payment of debts, shall be limited so as to apply only to debts below five dollars.

4. That an appropriation shall be made for enabfing the mint to coin a greater number of pieces than it now can.

If a small seigneurage be imposed upon the silver coin of the United States, and no other foreign coin but the Spanish dollar be allowed to be current, it is probable that silver, from the same countries and to the same amount, would be sent to the mint as if there were no seigneurage. Without a seig neurage it would be sent only when it was wanted for the circulation of the country; and it would be as valuable to the individual, for this purpose, after the duty was deducted, as if there were none. The 5. That the act making certain foreign gold and mint would not, in this case, receive Spanish dol-silver coins a tender shall be continued for 18 Jars, and it does not now. The banks would have months, so far as relates to the silver coins. an obvious interest in converting all their coin into that which would be least liable to exportation. The India merchant, unable after a short time to collect his cargo to advantage from the circulating money of the country, would prepare his silver for India, as he does his muslins for Europe. Neither this regulation, however, or any other, will retain in the country a quantity of coin disproportioned to the amount of property which it is employed in exchanging. It will not prevent the perpetual banish

Any plan which may be proposed for supplying the United States with coins of their own would probably be liable to considerable difficulties; but the inconveniences of the present system are not slight. An annual exportation of the current money of the country, to an amount much greater than our own mint can supply, perhaps half as great as our circulation employs; an irregular importation from other countries to repair the loss; the use of foreign money so various that our current coins are

now of at least seven different standards; a provision | States could have been brought to bear upon it:for a national mint, which was expected, after three years, to dispense with foreign coins, and which, after twenty-six years, has left the great mass of our coins still foreign; these circumstances seem to show that some change is necessary. The wisdom of the legislature must determine what that change

shall be.

Obligation of Contracts.

New-York, June 3. The late decision of the supreme court of the United States, respecting the provision of the constitution which prohibits states from passing laws impairing the obligation of contracts, has already given rise to discussions, relative to its extent and meaning, of considerable importance One point has been recently decided by the mayor of this city, which will be regarded by the friends of justice, humanity, and freedom, with no little interest.

A man from Alabama, on the 2d of November last, purchased a colored woman in New Jersey, with a view to carry her to that territory. At that time the laws of that state permitted the transportation of slaves to other parts of the country. On the 5th of November, a law was passed by the legislature, prohibiting their removal from the state. Two days afterwards the purchaser carried this woman into Pennsylvania, probably to avoid the operation of the law of New-Jersey, and afterwards brought her to New York, for the purpose of transporting her from hence to Alabama as a slave. Upon application to judge Livingston, he gave the purch: ser a certificate of his claim to her service, under which he contended he had an indisputable right to remove her. She was brought by habeas corpus before the mayor, who decided, without argument on the part

By the law of New-Jersey at the time the woman was sold, the owner had a right to transport her. By the law of November 5th, that right was taken away. Had the woman remained the property of her foriner owner until the latter law took effect, he could not have transported her. It would be strange, indeed, if the sale could have placed Ra burgh in a better situation, in this respect than the man stood in froin whom he purchased.— Daily Jivertiser.

Foreign Articles.

GREAT BRITAIN AND IRELAND.

London dates of May 1.
Cotton-upland 11 1-2 to 13; sea island, 2 to 3&.
Flour 32 to 36s. James river tobacco 3 to 7.
The markets are very dull.

The prince regent was ill, but approaching to a convalescent state.

The duke of York lately tumbled down and broke his arm.

There is a rumor about divorcing the regent from his wife-an extra courier has been sent to Italy, supposed to have some relation to the subject.

The ambassador from Persia has reached London, and his Circassian is not surpassed in beauty by any female of the United Kingdom.

Lord Castlereagh has sent an extra courier to Italy with despatches.

Expresses reached London on the 28th of April, announcing the revival of trade in Rotterdam, and the demand for colonial produce in Germany.

It appears by the finance report of England, that the amount of excess in favor of last year, is 3,662,371 pounds.

A new loan has been subscribed for the British of the woman, that such a certificate was not con-government, by the London bankers. clusive on the personal liberty of a citizen. The A house lately failed at Manchester for 250,0007. act of congress on that subject, he considered as ap-sterling-and was not expected to pay 10 per cent. plicable to whites, as well as to blacks; and if the idea to its creditors. of its being conclusive in favor of the removal were to be allowed, the personal liberty of the most respectable persons, as well as that of the meanest, might be endangered--The certificate was prima facie evidence of the facts it contained, but not conclusive.

American stocks.-3 per cents. 62 to 63-New 6 do. 97 to 98. U. S. bank shares 25/ 10s to 241. Consols, April 28, 71 to 72. French bank stock, April 24, 1510f

Leeds papers notice the decrease of upwards of 240,000 pieces of cloth in the manufactories in Yorkshire, during the last year.

It is expected that the report about the bank will not be favorable to specie payments.

A lad, 16 years old, has been sentenced to death for issuing two counterfeit 17 bank notes.

The emigration from England is spoken of as being greater this season than at any former period.

It was then contended, that, as the purchaser of the woman had acquired the title to her under the Considerable shipments of cotton are made to the former law of New Jersey, which authorised her re-continent, and the progress of manufactures there moval, the law of November 5th, being made subse-is lamented in England. quently, impaired the obligation of the contract by depriving him of the power of removing her. The reasoning of the court on this point is conclusive.-The law that impairs the obligation of contracts, must operate on the contract. The only contract here is the contract of sale between the original master and Raburgh the purchaser. It is no part of the contract that Raburgh should have the right to transport the slave. The bill of sale has its full effect, that is to transfer to Raburgh all right of the original owner, subject as it was in the hands of the original owner, toall the regulations and restrictions which the legislature might apply to that species of property. The right to transport was not acquired under the contract, but under the law. A repeal, or alteration of the law, therefore cannot impair or

affect the contract.

By this decision, one miserable creature was redeemed from thraldom, and set at liberty in a community where the laws will hereafter protect her. It would have been a curious result from the circumstances of this case, if the constitution of the United

The following are the number of families and in dividuals, who have emigrated from the port of Belfast to America, during the last three years. Those who landed in the British settlements are included. 2,143 individuals, 239 families, to Jan. 5, 1817 2,811 do. 5,601 do. It is publicly mentioned in the Dublin papers that gen. D'Evereaux's legion, for the service of the patriots of South America, is nearly complete-almost wholly composed of veterans.

314 do.
727 do.

1818 1719

The total reduction of the British army since the peace is about 56,000 men.-70,000 yet remain in service.

The royal yatch which in 1688, carried William I, from Holland to England, is now a New Castle

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