penditures were twenty-seven millions. This year each Cadet was required to be an actual resident of showing that out of about two hundred and twentyone graduates during the worst periods of the Florida war, one hundred and seven had gone into civil life, while of the others, many had resigned. Mr. R. disavowed any desire to injure the academy but rather to preserve it by placing it on a footing of eco nomy. Mr. Granger was suprised that a proposition should be offered which would be denying to the poor and needy the same advantages with the wealthy at that institution. Why had the feelings hostile to this academy so widely increased and why are they daily augmenting? Because its expenses are daily augmenting and every new board of visiters seemed to vie with its predecessors in recommending some new and costly improvement. Another reason of complaint had been that the places in the school had been occupied by children of the influential and the rich. He thought this very proposition tended to renew that evil and complaint. Mr. Mallory believed the institution to be a good one and he should be the last man to injure it in public estimation; but he thought it was on too large a scale and ought to be reduced. Unless its friends consented to reduction, he feared it would break down of its own weight. He considered the board of visiters a humbug which ought to be abolished. Mr. Charles Brown opposed the amendment; be cause he considered the pay indispensable to prepare a poor boy for admission. Mr. B. however was altogether opposed to the whole plan as contrary to the genius of our republican government, which never was intended to educate citizens for public posts of any kind. When the government needed officers or engineers, let it select the best to be found, and there would always be enough without West Point to meet every demand. Mr. B. referred to the numerous resignations, and also to the resolutions of the Tennessee and Connecticut legislatures, &c. in favor of the total abolition of the academy. He thought, should that take place, there would in all the states, establishments spring up, as there had done already in Virginia and South Carolina and elsewhere, that would furnish men in abundance for every branch of the public service. This establishment acted as an incubus against the spontaneous growth of others. Place all our youth on an equal footing, and instead of its two hundred, there would be five hundred or five thousand young men prepared to serve the country as well as any of those West Point graduates. Mr. B. referred to the history of the country and rejected the idea, that this academy could not be better despensed with than preserved. This institution is as good a point to begin retrenchment as any other subject. Mr. Holmes opposed the amendment as having an aristocratic tendency and vindicated the list of its graduates, the resignations of whom had been paraded, but not the achievements of those who still stood and others who had died in Florida. He considered such views as one sided and partial, and hoped the country would be spared at least some measure of military science. The committee then rose and reported the bill and amendments to the house. And the main question on concurrence being ordered, the house on motion, adjourned. TUESDAY, JAN. 31. School lands. Mr. Casey, from And the question being, "shall this bill pass?" the duties it imposes! If we appropriate to the amount of 20,000,000 this year, it is most probable we will have to borrow. He thanked the secretary of war for his reductions last year. This bill is something like $1.800,000 less than the bill of last year, yet Mr. T. believes it may be reduced a million more. Mr. Granger said he regetted this attempt to create the impression that there was a wasteful extravagance in this bill. How had it passed yesterday? Not even was there a call for the yeas and nays. Yesterday, during its duscussion and on its passage the gentleman not only had not thought it worth bis while to oppose it by argument, but had not even asked an opportunity to record his vote against it! Yet now, when it is about to go to the senate, the gentleman rises to find fault with somebody. He assumes that the whole body of the house has been trifling about the public interests, and yet he had been himself so entirely asleep as not to record his vote. Mr. G. could not suppose that the gentleman had made his speech to create a little capital at home. He supposed him to be above that. The army is requir ed more for the protection of that portion of the country whence the gentleman hails, than for his own (Mr. G's) and yet the gentleman has risen to read us a lecture on prodigality. The gentleman was excessively alarmed for the credit of the government. Mr. G. had himself at the last session, though a high protective man, voted in favor of a duty on tea and coffee, and stood up manfully to take the consequences for so voting. That would have given $4 000,000 to the treasury. The free trade gentlemen had not done as much. The gentleman (Mr. F.) had refused to vote a duty on tea and coffee. Mr. G. thought however that the expenditures of this government can be cut down to $22,000,000, and that our tariff, if left on its present basis, would give sufficient revenue to meet it. The gentleman was exceedingly alarmed for the credit of the union. Whatever it might be, it had never yet denied its debts, and Mr. G. trusted it never would. If this debt shall however not be paid, if the responsibility of direct taxation is a little unpopular, why then repudiate! and then the debt is paid! Behold too the immense advantages of this simple proThe army bill was then resumed, and the following cess. If overgrown aristocrats or perchance some amendments of the committee of the whole were foreigner has invested his money on the faith of this concurred in, viz: Hereafter in all cases of appoint- government, can there be a more equitable mode ments of cadets, the individuals selected shall be in the world for the distribution of the money of the actually residents of the congressional districts of worid among all the people of the world. Would the states or territories from which the appoint- not this meet the hearty concurrence of every pament proposed is made. No board of visiters to triot and well-wisher of his country? [Laughter.] West Point shall be hereafter appointed except by He was for carrying out this principle of "democra congress-yeas 109, nays 51. Hereafter the number cy" to a point where it would wear. of cadets shall be limited to the number of delegates and representatives in congress, and each congresssional and territorial district shall be entitled to one cadet. The bill was then read a third time and passed. Mr. Stuart, of Illinois, said the gentleman from Michigan, (Mr. Howard), was entirely mistaken as to the whole subject. He (Mr. S.) argued that this was no innovation on the land system of the United States; but, on the contrary, this had been the practice of every new state, and congress had given the power to Ohio and other states to sell these sixteenth sections. As to the state of Illinois, if there was a bright spot in her legislation or her history, it was her school system. Mr. S. urged the necessity of the passage of the bill. The question arose whether the states had the power to sell these lands without the assent of the general government; and all that this bill asked was that assent. By yeas 70, noes 61, the bill was passed. Mr. Pearce, of Maryland, from the majority of the judiciary committee, made a report adverse to the refunding of general Jackson's fine. Ordered to be printed. This being a day set apart for the purpose, the house proceeded to the consideration of business connected with the territories. A bill providing for the payment of the Iowa militia for defending themselves and their country while maintaining their boundary line, rejected at last session, was on motion of Mr. Dodge, taken up, advocated by him and then passed by yeas 89, to noes 48; and the house adjourned. WEDNESDAY, FEB. 1. Mr. Foster introduced to the house the hon. G. W. Crawford, member elect from the state of Georgia, (vice R. W. Habersham, deceased), who was qualified and took his seat. Mr. G. trusted in God that the representatives of this people, confiding in the resources, the ability, and the character of the seventeen millions of the American nation, would go forward and make such appropriations as should sustain every arm of our national defence in a manner worthy of the people and of the government. The question to reconsider was then taken, and by an overwhelming affirmative was laid on the table. The Somers. Mr. Snyder asked leave to offer the following resolution, which was read for information: Resolved. That the committee on the judiciary inquire whether Samuel R. Betts, district judge of the United States for the southern district of New York, refused to entertain a complaint of murder alleged to have been committed on the high seas, upon the ground that he had other business of a civil nature to occupy his time; and to report to the house the proper proceedings to be taken on the occasion. Objection was made and the resolution was not received. Mr. Cushing introduced a resolution to limit debate on the bill to provide indemnity for claimants from ancient French spoliations. Lies over till tomorrow. Mr. J. R. Ingersoll defended the academy and the Army appropriation bill. Mr. Thompson, of Miss. pay of the Cadets on the ground that they already moved to reconsider the vote passing this bill, with a while Cadets formed an integral part of the army.— view to have it recommitted to the committee of Gentlemen had as well propose to abolish the pay ways and means with certain instructions. This bill, of all other officers of the army and navy. Mr. 1. said he, appropriated an amount of nearly $5,000,000 Mr. Winthrop presented petitions from 2107 of the referred to the cases of Dade, Izard, and other gal for the next succeeding year. Last year we had voters of Boston in favor of the exchequer scheme. lant men who had graduated at thir school, and borrowed 14,000,000; the secretary of the treasury Mr. Pendleton from military committee reported a also that many of those who had resigned had car-proposes to borrow $5,000,000 for the first quarter resolution withdrawing the call upon the secretary ried their acquirements into the service of their coun-of the ensuing year; he estimated the accruing re- of the navy for a copy of lieutenant Wilkes's retry in promoting their roads, canals, and other civil venue from customs at $16,000,000; and it was now port on his examination of Oregon territory.improvements. believed it could not exceed 12 or even 10,000,000. | Adopted. The land receipts, estimated by the secretary at 2 700 000, Mr. T. docs not believe will exceed 1,500,000. It is true as stated in this morning's paper, we have now sold the residue of the public bonds amounting to over $5,000,000; but unless we empower the executive to borrow, the deficit of the year will be some 7 or 8 millions of dollars. We had attempted to borrow and had failed. We have finally succeeded at home, but had been disgraced abroad. Mr. T. trusted we should no more make The house then went into committee on the conany appropriations which will compel us to borrow.sideration of territorial bills and after some time Last year a tariff bill was passed, which it was es-thereat chiefly on protecting lake harbors and for timated by the committee which reported it, would Florida improvements, rose and reported progress. yield $26,000,000. The prospect now is, it will not Two executive communications were received and raise more than $10,000,000. And yet no proposi-referred to the committee on Indian affairs, and the tion had been made to amend this tariff by reducing house adjourned. The hour limiting the debate having expired, the amendment offered by Mr. Roosevelt was rejected. The following amendments were then 'offered, viz: by Mr. Mallory, to limit farther appointments of Cadets after 1st July next unless otherwise ordered by congress; by Mr. C. Johnson, to reduce the number gradually to one hundred; by Mr. Aycrigg, that any one paying his own expenses may be educated at said academy; &c. by Mr. Calhoun, that no officer of the army educated at the military academy shall hereafter be placed in command in any manner over citizens; by Mr. Irwin "or foreigners;" all of which were severally rejected. The number of Cadets, on motion of Mr. Everett was limited to the number of representatives and delegates in congress; and on motion of Mr. Dodge Mr. Adams made another effort for the passage of resolutions of enquiry about the Monterey business. After some discussion by Mr. Wise, the morning hour expired and cut off its further present consideration. CHRONICLE. Currency. The legislature of Michigan have caused to be destroyed all the state scrip in the treasury, and all the sheets not signed. They have also ordered the plates in the hands of the engraver to be destroyed, which requisitions have been complied with. BANK ITEMS. The Farmers and Mechanics' bank of Steubenville, Ohio, has taken steps towards winding up, their charters having expired and the legislature refused NAVAL. The Army and Navy Chronicle of 2nd into renew. Twenty-five per cent is required immediate-stant announces the appointment of commodore A. J. ly to be paid from those indebted. Dallas to the command of Pacific squadrou; of captain F. A. Parker to the command of the East India squadron; of commander H. H. Cocke to the command of the ship St. Louis; and of lieut. A. E. Downes to the command of the schooner Grampus. A bill has been introduced into the New Jersey legis lature by Mr. Irons, of Monmouth, to repeal the charter of the Monmouth bank. The bill winding up some of the Alabama branch banks passed the legislature of that state, by a vote of seventy-nine to three. It provides that after the resumption of the state bank, the notes of the banks put in circulation, shall bear an interest of six per cent. Judgments to the amount of $30,000 have been rendered against the Planters' bank of Natchez, Mississippi, at the late term of the Lawrence county circuit court, upon the ground of the bank extorting usury. MR. CLAY was to have left New Orleans on Monday last for Mobile, expecting to reach the latter place on Tuesday. rent to the tax payers of this state. in the sales made by SURVEY OF THE LAKES. This extensive and highly important duty, under the charge of the bureau of topo graphical engineers, is being pressed forward with much zeal and abilty. The length of American coast embrac ed in this survey is nearly equal to that of the Atlantic; and we are glad to see that the government is at length becoming sensible of the importance attached to this sur vey, in affording facilities for harbor improvements, which are so much required for the protection of the commerce of the northern Lakes. From the Army and Navy Chronicle. Constantinople, October 2, 1842. On Tuesday last (September 27,) Mr. John Reeves of New York, launched a steam frigate, of three hundred horse power, which he had constructed in the arsenal of this capital. Her dimensions are as follows-Length between perpendiculars, 196 feet; breadth between paddles, 35 feet; tonnage, 1,045 tons; she will carry on her lower deck, twelve 32 pounders; on her up per deck, ten 24 pounders; and forward and aft, two 84 pounders. This being the first steam frigate ever built in the Turkish empire, and the Sultan taking particular Mr. A. Bourgeat, of Pointe Coupee, at a Fair at Ba-interest in her construction, more than usual ceremony ton Rouge, took occasion on meeting with Mr. Clay to was displayed on the occasion of her launch. He gave of Southport, Racine, Milwaukie, and in part, Wash The survey for the past season embraced the harbors present him with a very handsome cotton-stalk walking her the name of Essiri Jadid, or the "New Sign" of im stick with the following speech. Mr. Clay: I was in provement in naval architecture. The "lucky hour" for ington, or Sac Harbor. It is expected that the operaLouisiana under the iron rule of the Spanish govern the launch, chosen by the royal astrologer, was one P. M.; the mouth of Green Bay to Chicago, embracing the hartions of next year will complete the line of survey from ment, and I was in this state under the hickory rule of and at half past 12 o'clock the Sultan arrived at the arse-bors of Washington and Cheboygan. Andrew Jackson. Accept this cane, with the anxiousnal, in his splendid barge of state, where he was receiv hope from the giver that he may live four years under the ed by all his ministers, the Grand Vizier at their head.cotton stalk rule, wielded by yourself. His royal tent, or pavilion, was pitched near the steamer, CORPORATIONS. The legislature of New Hampshire and the ground from the wharf to it, covered with rich have adopted the principle of individual liability in all carpets, lest his imperial feet should be soiled by contact corporations in that state, banks and all. This is some- with his mother earth. Our minister, commodore Porter, thing new in this country. Let us see how it will work. was present, having been invited by the Sultan, through Our notion is, that it will make corporations very scarce the Capudan Pacha, to witness the launch. One of the government steamers was moored near the steamer for wherever adopted. his convenience, and one of the officers of the admiralty attended to him. The launch went off beautifully, and the frigate took the water in splendid style. On visiting her new element for the first time, she was saluted by a band of music, the guns of the vessels of war lying at an anchor in the arsenal, and the plaudits of thousands of admiring spectators. The success of this ship has gained quite a reputation here for our countryman; and he will no doubt be well patronized by the porte. The Sultan has ordered him a decoration in diamonds, and is so much pleased with his first ship, that he ordered him forthwith to commence another of four hundred horse DEATHS. There were 2,426 deaths in Boston last year, of which about one half were under 20 years. There were 307 victims of consumption; 245 of scarlet fever; 139 lung fever; typhus 65; inflam. of lungs 42; old age 64. Deaths in Baltimore city during the year 1842-Official report. Months. Males. Fe'ls. Total. Cold. Free. Slaves. January 101 February 97 March 118 91 195 59 49 10 76 173 46 40 6 101 219 43 39 4 Of the above, 173 were stillborn; 666 were under years of age; 315 from 1 to 2; 263 from 2 to 5; 106 from 5 to 10; 157 from 10 to 21; 225 from 21 to 30; 221 from 30 to 40; 191 from 40 to 50; 109 from 50 to 60; 93 from 60 to 70; 66 from 70 to 80; 49 from 80 to 90; 10 from 90 to 100; one white female each aged 100, 105, 108 and 110; and two colored females, one aged 105, and the other 110. Of the whole 95 are reported as having died of old age, 430 of consumption; 83 of convulsions; 195 of cholera infanturn; 22 of apoplexy; 67 bilious fever; 117 of catarrhal fever, 7 of congestive fever; 12 of gastric fever; 14 of intermittent fever; 27 of scarlet fever; 19 of typhus fever; 5 by suicide; 18 by intemperance; 6 by mania; 55 casualties, &c. The population of the city in 1340, was 102,513, of which 17,950 were free colored, and 3,212 were slaves. FLOUR. Prices have undergone very little variation for the last few weeks. Good qualities in the Baltimore market command $4 as store prices. Wagon price in Alexandria, D. C $3 50. power. NEW YORK. Arrivals The total number of vessels NEW YORK CITY TAXES. From a report to the corpo- SPECIE. The arrivals of specie at New Orleans from September 1st to Janury 12, amounted to $4,619,851 TEXAS. The last intelligence from the country is of a disastrous nature. The forces that hastly assembled in the west to repel the late Mexican invasion, crossed the Rio Grande in despite of the judgment and inclination of their commander, for the purpose of retaliating for the late injuries done by the invaders. General Somerville felt himself compelled to proceed also. It is rumored that he has since returned with a portion of the forces, and that the remainder under Col. Fisher, continued on their hazardous course, and were finally surrounded by overwhelming numbers, and all killed or captured at Mier. The N. O. Bulletin of the 21st ult. publishes the following letter which seems as yet to give as authentic a summary as any that can be relied upon. Galveston, January 15, 1543. $999,000 SIR: Under cover I send you an extra containing the 660,000 latest accounts from our little army. My private infor 50,000 mation convinces me that the worst therein stated is true. 25,000 whilst the better part (killing 400 Mexicans) is untrue, 237,000 There can be no doubt but that Col. Fisher's division has 59,000 been captured. We are all in confusion here-doubt hangs on the minds of all as to future events. The pru dent and business portions of our community believe that we shall be invaded both by land and sea in a short time. The fall of Yucatan will be the signal for this form your own opinions. We are in a bad way, and I event. You have all the papers by this boat, and can am sorry to proclaim it. Distrust pervades all classes of our community. Business is suspended. We have no money in trade-none in the national treasury. No cre dit abroad, and it is utterly impossible for us to obtain any relief any where in case we are invaded by a pow ILLINOIS. James Semple, Richard M. Young, and John M. Robinson, have been elected justices of the Supreme court of Illinois. Of the two last, the first now is,tures for the current year is estimated at $1,226,300-erful force. Many will continue to remove to the United and the other lately was, a Senator of the United States. from which, deducting the amount of revenue, estimated States, as heretofore, but a large majority will remain and at $236,300, the sum of $990,000 will be left to be raised prove victorious or die in defence of their country and LEGION OF HONOR. This body consists of 49,678 mem- by taxes, for city purposes exclusively. homes." bers, of whom 21,622 enjoy pensions. The population of France is about thirty-five millions. It follows that PRINCE LOUIS NAPOLEON. Has presented to Dr. Brew- UNIVERSITY BURNT. The Mercer University at Penone in every seven hundred and four of the whole nun- ster the eminent American dentist a splendid gold snuff-field, Georgia, was entirely destroyed by fire on the 25th ber-men, women and children,--enjoys the decoration box, with an admirable likeness of the emperor Napoleon ult. No insurance. Supposed to be the work of an inof the legion. Nearly 6,000 crosses were distributed on the cover, as a mark of the high value he has placed cendiary. during the year 1842. on Dr, Brewster's services during his recent professional visit to Ham. MISSOURI. The Relief party have triumphed in the legislature of this state. A law has passed, giving an indirect but effective stay upon all executions for twelve months. The majority in its favor was large. It commanded nearly the full vote of the Van Buren party. PENNSYLVANIA RELIEF NOTES. The bill providing for the cancellation of the relief issues, has passed both houses of the legislature of Pennsylvaia, by large majorities, and now only wants the signature of the governor, to become a law. It makes it the imperative duty of the MICHIGAN. Nullification Rebuked. On the 23d ultimo state treasurer, to cancel $100,000 within two days after the House of Delegates of the state of Michigan very the passage of the act, and $100,000 every month until promptly and decisively rejected a proposition to nullify the whole of this currency is taken out of circulation. the act of congress requiring the election of representati ves to be made by single districts. The proposition was RAIL ROAD. The Tonnewanda rail road is now in offered in the shape of an amendment to the bill for di- operation. The communication from Boston to Buffalo viding the state into congressional districts, and obtained is now complete, and the channels of trade to the former but fourteen votes in the whole house. Though a large city will deepen and strengthen at the expense of New majority of the house are good "democrats," as the phrase York. is, they are not democratic enough to set themselves in opposition to the constitution of the U. States. [N. Int. FIFTH SERIES.-No. 24.-VOL. XIII.] BALTIMORE, FEBRUARY 11, 1843. THE PAST-THE PRESENT--FOR THE FUTURE. [VOL. LXIII.-WHOLE NO. 1,637. PRINTED AND published, EVERY SATURDAY, BY JEREMIAH Hughes, EDITOR AND PROPRIETOR, AT FIVE DOLLARS PER ANNUM, PAYABLE IN ADVANCE. The bombardment of Barcelona, and the events connected with it, form the principal, and indeed the absorbing topic of interest connected with Spain. The bombardment commenced on the morning of the 3d Dec. and continued until midnight. 817 projectiles were thrown into the city. The loss of life was not great. The number of persons killed is stated to be about 100, and the number of houses destroyed 60. Fires broke out in many places, but the public edifices suffered little. vernment to which his sovereign had accredited EGYPT. The accounts from Alexandria state that Mehemet Ali was still in Lower Egypt, and not expected to return to Alexandria for some time. His son, Ibrahim Pacha, had arrived at Cairo. It was said that the ex-captain Pacha, who delivered the Ottoman fleet into the hands of Mehemet Ali, had obtained his pardon from the sultan, but was not permitted to reside at Constantinople. The mortality continued among the cattle. The Pacha intended to purchase the Great Western to convert her into a steam frigate. TEXAS. MONTEREY. The National Intelligencer has lately published a translation of the official Mexican details of the Monterey affair as given in the "Diario del Gobierno" of Mexico of December 14th ult.It includes a despatch from Manuel Micheltorena dated at Angeles Upper California November, 1842, to M. Tornel secretary of war, detailing his proceedings, and enclosing copies of the various official papers that had come into his possession or been issued by him, and distinguished by affixed numbers. In his despatch, Micheltorena says "in no part of a coast which extends for more than eight hundred leagues, has a single violation in property or person of the citizens of the United States, much as they abound upon it, tarnished the honor and well merrited name of the hospitable and magnanimous Mexican nation, as is proved by documents Nos. 21 to 27. Every inhabitant of it will acknowledge from this exposition, that but for the activity, address, and foresight of our well deserving president, General D. Antonio Lopez de Santa Anna, and the illustrious generals, the minister of war D. Jose Maria Tornel and chief of the staff D. Gabriel Valencia, in the parts which they respectively had in the prompt march, organization, and embarkation of the valiant expedition under my command, the department of the rich California, as extensive as a third part of the republic, and without exaggeration more fertile than the whole of it, would this day be of double the cost and difficulty of recovery that Texas will be". There was a period when Espartero was assailed by the British press with the same rancor that now animates the French against him. Between them both, we cannot but believe at this distance, that he is the very man for his country. The exiled Carlos in Spain, and Christina, in Paris, have as yet intrigued in vain, and while the French consul Lesseps deserves all encomium as well as the legion of honor for his humanity in shelteriug under the protection General Van Halen summoned the city to surren- of the French flag the refugees at Barcelona of whatder on the 4th, and he gave the inhabitants six hours ever party, yet we have but little faith in republican to consider his proposal. A meeting of the notables revolts whose chief stimulus is the breath of the was held, at which it was determined to give up the agents of such exiles. Louis Fhilippe is connected city, and to disarm the insurgents. Van Halen and to that Christina and his penchant for royalism has his troops entered on the afternoon of the 4th.-been evinced in the cases of Lafayette, of Poland, The national guards are stated to have fraternized, in the search question, and quintuple treaty, fully as well a very amicable manner. The conduct of the French as in his various family matrimonial alliances. consul, M. Lesseps, has given great offence to the Spanish government and the English people. It was asserted that during the troubles, forgetting his official, and therefore neutral, character, he became a warm The documents enclosed by Micheltorena were as partizan of the insurgents-entered into their resist follows, viz: Nos. 1, 2, 3, and 4, official letters that ance, and aided them by every means in his power; that emanated from Thomas Ap. C. Jones or Juan B. the French ships of war, by his orders, landed their enAlvarado, composing the demand for, proceedings. gines, and assisted the insurgents. The Madrid Gathereon, and surrender of, Monterey; Nos. 5, 6, 7, 8, zette of the 8th ult. charges M. Lesseps with getting and 9, the various documents and proceedings of up the whole affair, and the Barcelona Constitutional Micheltorena and other local officers, of California makes use of the following unmistakeable language placing the provinces in a state of defence and sumin reference to him: "The time is not yet come for moning its inhabitants to arms, and his dispositions to expressing an opinion on recent events. At a later The schooner Doric from Matamoras at New Or- repel the invaders; number 10, the articles of capituperiod we will expose the foreign hand, which, under leans confirms the rumor of the capture of the divi-lation of Monterey; number 11, the proclamation of the semblance of philanthropy, spreads gold to cor- vision of the Texian army at Mier. Thomas Ap. C. Jones to the inhabitants of Califorrupt the vile, to bribe traitors, and to direct the arms of misguided men against their country." On the 15th December, general Ampudia received nia; number 12, despatch from J. B. Alvarado to a despatch from general Woll, informing him that Micheltorena announcing the restoration of MonteThirteen soldiers, and a captain of infantry have the Texians, 800 or 1,000 strong, had taken Loredo, rey; number 13, note from the military commandant been shot; they are the only victims who have as yet and that he (General Woll,) had been compelled to to Micheltorena to same effect; numbers 14 and 15 fall back; that the Texian forces were taking the letters of explanation from Thomas Ap. C. Jones to Espartero has written to the French government northern route towards Matamoros. On the receipt Alvarado and Micheltorena; number 16, unofficial to recall M. Lesseps-whether it will do so remains of this intelligence General Ampudia left Matamo- reply of Micheltorena to T. Ap. C. Jones; number to be seen. But his conduct has been highly eulogis-ros with two battalions of sappers and miners, in 17, official reply of Micheltorena to T. Ap. C. Jones, ed at home, and the cross of the legion of honor has quest of the enemy, and reached Mier, fifty leagues and proposing a conference; number 18, articles been awarded to him. If the government will not distant, on the 228 December. A body of Texians, drawn up by Micheltorena which are to be presentrecall him, Espartero will withdraw his exequatur-under the command of Colonels Fisher and Green, ed to commodore Jones as the basis for a satisfactothat is, leave him without any official character. had, in the meantime, crossed the river and attacked ry settlement for injuries and damages; number 19, The process of collecting the arms from the insur- the town in the night. The Mexican troops station- such of the said articles as have been approved, but gents at Barcelona was proceeding quietly. The na-ed in the neighborhood, immediately went to the as- left blank because of the non-arrival of commodore tional guard at Saragossa had forwarded an address sistance of the city, when an engagement took place Jones at the departure of the enclosed despatches, to the regent, congratulating him on putting down which lasted seventeen hours. Every house and street and consequently of their non-approval as yet; numthe insurrection. was desperately defended. After the battle had been ber 20, reply of commodore Jones to number 17 and Seventy-four of the persons arrested for the Bar- maintained on both sides with determination and ob- his assent to the proposed conference; numbers 21 and celona emeute have been condemned to ten years' im-stinacy for such a great length of time, the Texians, 22 communications between the prefecture of Anprisonment; seven to six years; two to two years; and finding themselves surrounded on all sides, resolved geles, and Micheltorena, respecting the detention of fifty-five have been acquitted. Espartero had order to surrender and finally capitulated on honorable an American vessel, and reproof of the act by the ed that a coutribution of twelve millions of reals terms. It is feared, however, that the articles of sur-latter; number 23, commodore Jones to Micheltorena should be levied in Barcelona, to replace the material render will not be faithfully complied with on the enclosing the terms of retrocession of Monterey and which has been destroyed, and a portion to be applied part of Mexico. enquiring the place he may meet him for the proposto the use of the widows and families of the deceased The Mexicans report their loss during this engage-ed conference; numbers 24, 25, and 26, communicasoldiers. The whole amount to be raised within ment at 420 killed and 130 wounded. The loss on tions between commodore Jones and the authorities eight days of the issuing of the decree. 2,000 men the part of the Texians was eleven killed and ten of Monterey, clearing the former of all calumnious are working at the reconstruction of the citadel. wounded. This great disparity evinces the superior suspicions of improper motives or illegal conduct of On the 8th ultimo, the national guards of Seville skill of the Texians in the use of fire arms, and crew. Number 27, commodore Jones to J. B. Altook up arms for the removal of the garrison, but the surrender of the invading army after so slight a varado that he will hold Mexicans responsibe for faron martial law being proclaimed order was restored. loss would lead us to suppose that they only sur-ther hostilities. And lastly, M. Micheltorena's conThe conduct of the British consul in demanding rendered after having exhausted their ammunition. cluding despatch, dated Angeles, November 19, 1842, protection for British subjects, and the subjects of The success of the Mexicans, after suffering so seve- forwarded to Don J. M. Tornel, secretary of war other powers who might seek an asylum at his hands, rely, speaks favorably of their courage and perseve- and enclosing the whole of the proceedings, by the has been commented upon in the French papers.- rance. The consul had addressed a letter to General Van brig Trinidad which "is just departing for San Blas" General Ampudia returned to Matamoros on the and announcing that the vessel of com. Jones had Halen, in which he states that his object in so acting 7th January, and was received by the citizens with not yet then appeared. was to preserve neutrality, and that he gave no pro- great rejoicings and applause. He brought with tection to the insurgents. To do the latter, he says, him 212 Texian prisoners, including Colonels Fisher would have been "an act of hostility against the go- and Green. The Texians were to leave Matamoros suffered. Vol. XI-SIG. 24. The 6th article of Micheltorena's proposed agreement requires commodore Jones to deliver 500 complete suits of clothes to replace about one half of NILES NATIONAL REGISTER-FEB. 11, 1843-NATIONAL AFFAIRS. at was spoiled of the Mexican division by their ced march in continued rains to recover the port ich he had invaded. The 7th requires the payment by him into the naonal treasury of $15,000 expended in the general arm by his invasion, as well as for a complete miliry band of musical instruments rendered useless by e same cause. It appears from number 2 Mariano Silva's statement to governor Alverado, that the garrison of Monterey consisted of twenty-nine men, regular solHiers, and twenty-eight irregulars, the artillery of eleven pieces, good for nothing and useless; and the fortification of the castle reduced to nothing and untenable. NATIONAL AFFAIRS. AMERICAN CREDIT. We should like to be furnished with a statement of the diminution of the capital employed in trade, and of circulating medium, which the people of the United States, in their several relations, as individu als, as associated in joint stock companies, as citizens and sovereigns of the respective states, and as members of the confederation, have endured since the year 1836. It is too early yet to obtain anything like an accurate estimate; yet a mere approximation to the amount would be useful. The various statements in relation to the condition of the banks in the seve ral states of the union, which occupy so much of this and of several preceding numbers of the Register, will aid our readers in forming some estimates upon the subject as to the difference of amount of circulating medium, between this period and that of the year 1836. Few people have an idea of the aggregate loss sustained by the country during the monetary revulsion of this period. The ag gregate will astonish the world. Europeans will hardly conceive it possible that any people upon earth could endure such an amount of loss, without utter, and universal ruin. We have endured it.Our credit has suffered somewhat, as well it may be supposed, but we are here yet, large as life-with a stock of native, inherent, recuperative energies, which, having been compressed far below their real value in public estimation, are now beginning to reassert their importance and retrieve our credit. The object for desiring such a statement as we That imprudent expansion of credit would be fol- lation-the life blood as it has been termed, of trade If we assume forty per cent. as an average of the loss on the capital of the remaining banks, it would amount to upwards of eighty millions of dollars! That a loss has been sustained, taking the present For the amount of diminution in the bank note cir- to And now let us look at the aggregate. The depreciation in the value of the stock of the existing banks, estimated at 40 per cent. $80,000,000 Finally, that a diminution of the value of real According to a still later report of the same offi- estate has taken place of at least three hundred milcer the amount of bank circulation had diminish-lions of dollars.* $115,995,342 ed, so as on the 1st of January, 1841, to amount only Since the latter period, according to a statement and capitals of which are stated at length. given in the Philadelphia Exchange and Trade Register, 161 banks have failed, the names, location, Depreciation of the Mississippi, FloTheir aggregate capital amounts to Their specie By deducting from the amount of bank Their circulation 1st January, 1841, was on the 1st January, 1841, The circulation of the 161 broken banks We have as the circulation of the banks that remain in operation, supposing said circulation to be the same as on the 1st January, 1841, rida, Michigan, and other such $72.584,788 35,000,000 132,000,000 20,000,000 100,000,000 Do. of joint companies and im provement stocks, 80.000.000 Do. of real estate, 300,000,000 Do. of personal estate other than stocks, 100,000.000 $847,000,000 But no one can doubt, that they have vastly reThis exhibits an amount of loss, which when addduced their circulation since that period? The cir culation of the banks in the state of Maryland on the 1st January, 1839, was $3,798,000. On the 1st Ja-ed to the amount of circulation shown to have been nuary, 1843, the circulation of all the banks in the withdrawn, would swell the aggregate to NINE HUNbanks of the state, was reduced to $1,242,397. From city of Baltimore, which constitute the principal DRED AND SIXTY-FOUR MILLIONS OF DOLLARS. this we may form some estimate of the reduction elsewhere. It will be admitted to be a moderate alculation since January, 1841, by the banks now lowance to say that the entire reduction of their ciroperating, would amount to $12,584,788, being about 17 per cent. on their entire circulation at that period. That the people of the United States have been able to endure such a depression in their monetary affairs and in the value of their property, of every occasioned, is matter of astonishment. description, without greater revolutions than it has It was necessary to exhibit some estimate of the This would leave as the amount of the present the country since 1836, in order to establish the poAMOUNT of the change in the circumstances of bank note circulation of the union only $60,000,000,sition that the revolution has been more violent than $149,185,890 ings have been beyond the proportion of our errorFrom the amount of bank circulation, 1st January, means to justify. In other words, that our suffer60,000,000 we mean in reference to men and things, not to divine dispensation, of course. and we very much doubt its being in fact that much: the original cause leading to it would seem by any Is it worth while to inquire what has led to this Shows a reduction since that period, of $89,185,890 We will very briefly state our notion of the causes This is predicated upon the supposition that the excess? The foundation of the revolution was laid in the existing bank circulation be estimated at par, whereWe will provisions of the compromise act, wherein the Ameas, a considerable portion of those notes are at a dis- of this revolution in the condition of the country. portionably increase the above amount. which was laid down under Washington's adminiscount. If we make allowance for this, it would proassume the total diminution as being, in round num- rican government departed from the true policy Sinking ninety millions, out of one hundred and tration, was re-asserted by Jefferson, and adhered bers, at any rate not less than $90,000,000. forty-nine millions of bank circulation, is but one to by every succeeding administration until that time, item of the losses which our people have endured we mean, the policy of demanding from every fosince 1837, on their circulating medium alone. It reign government a reciprocity of trade,-or of instrumentality or alliance of domestic disaffection, must be borne in mind that there were a great varie- righting ourselves whenever this was refused us. circulation, and which have since that period been American interests, to foreign cupidity-through the ty of other issues, which were extensively used for The compromise act surrendered this real citadel of entirely withdrawn. Without attempting to estimate the amount of such which had grown so formidable, aided by party assoA portion of as canal, rail road,--internal improvement,-insu- ciation, as to be able to impose a ruinous expedient such issues, that were for a time as current as bank means of averting a domestic war. rance,-life and trust, and a vast variety of other upon the best friends of the country, as the only notes,-or to conjecture the loss sustained by the the people of this country allowed themselves to be community in the depreciation of those, as well as deceived by specious theories and promises of "free lectively to "untold millions," we will assume only vinced, nay, many of them are not yet aware that $15,000.000 this "free trade," as it is called in the lingo of the of individual and corporation notes,-amounting col- trade," and it was long before they could be conof Michigan, Florida, &c. 6,000,000 holy alliance, means just exactly, free trade for 6,000,000 them in American ports, and restriction in their the more official issues of Mississippi U. S. bank of Pa., post notes, And we have an actual diminution of And the above diminution of b'k. circulation 90,000,000 ports whenever, on whatever, and to whatever ex adhere to that, and minor evils will soon be sure the process of winding up; and likewise the circula- ing millions and millions from us to pay for articles selves with. Our credit was, unfortunately for us, which we could and ought to have supplied ourtoo good in Europe. There was scarcely a limit to their confidence. Every indulgence was given to extravagance. It was but to order, no matter what or tion of the State bank and other banks of Illinois, So much for the circulation. likely very soon to be under similar process. Taking this as a kind of datum, we may conceive *When the general assessmem law of Maryland was somewhat of the aggregate loss sustained by the failure of the banks that have failed, and by the depreciation in the value of the stocks of those that sur- under discussion in the legislature, the estimate of the par, the aggregate would be still considerably aug-300 millions. When assessed it was ascertained to be about were to estimate the value of those 200 millions. It assessed now it would probably fali Jum of that amount by 20 millions. mented if we vive. Immensely as that depreciation is now below value of assessable property in the state was made d And first-what has been the diminution of the circu-stocks as rated in 1836. imperfect resources at hand at the moment, let us at- what we have endured. to what amount; it came. In a little while the The excess of importations, over ex- Do. second term During Mr. Van Buren's term sorting to the French capitalists for aid, and which "These Yankees are our most troublesome competi Taking warning from the danger they had escap. From the above it will be seen, that the amount of our importations exceeded our exportations during the administrations of Jackson and Van Buren by $210,000,403-OVER TWO HUNDRED AND TEN MIL LIONS OF DOLLARS. Of that excess, over one hundred and seventy-five millions occurred during eight years ensuing the passage of the compromise act. Nothing would have enabled us to sustain such an enormous drain, but the unlimited credit which we had earned by fidelity to our engagements, and by exhibiting the immense resources of the country, as we had done, and which was demonstrated by our discharging the total amount of our national debt, and that too without resorting to extraordinary exactions. We paid in the course of a few years, two hundred and fifty millions of principal and interest on the said debt, without sensibly diminishing any of the resources from which that sum was derived. The next cause to which we attribute the reverse in our condition, and which indeed was attributable in a large degree to the existence of the cause already referred to, was the imprudent accumulation of banks, the expansion of bank issues, and consequent use of credit beyond the reasonable business capacities of the country. This disposition for accumulating banks and for resorting to bank facilities was manifested alike by all political parties, as is shown in the statement which we published page 308-9 of this volume of the Register. The expansion was officially urged by President Jackson through Mr. Taney his then secretary of the treasury. The number of banks during President Jackson's administration, or from January 1830 to December 1837, accumulated from 330 to 882, according to secretary Woodbury's official report upon the subject. The bank capital in 1830 was $145,000,000. The authorised capital in 1837 exceeded $440 millions, of which $331,250,337 is officially reported as having been paid in, in,1835, which latter sum was an increase of over one hundred and eighty-six millions in that brief period, being nearly one hundred and fifty per cent more bank capital than there was at the commencement of his administration. This immense accession of bank capital had, of course, its correspondent accumulation of banking facilities. Those were beyond the legitimate requirements of trade; speculation became the order of the day; and, disaster ensued. We are left to judge of their conclusions by the event. Brother Jonathan's credit, is systematically denounced on every money exchange in Europe, by the Shylocks of those boards, and by every editor under their influence there and here. We have travelled rapidly over the vast field and attempted to concentrate so as to afford a bird's eye view of what we believe to be the causes, and in our way have grouped some of the items of our lossesso as to exhibit a faint idea of their extent. This was perhaps a roundabout way to arrive at the conclusion we had proposed-which was in substance to prove that American credit had been allowed to sink far below what, in the utmost of our actual condition, it ought to have gone,-that the worst of the revulsion has been encountered, and that too, under every conceivable disadvantage on our part,--that we have lost all that that the causes of the revulsion can well make us lose,—and that now-no thanks to European capitalists or capitalists at home, no thanks to government expedients or any other political expedients, we are about to resume business, credit, and comfort, by the operation of our own native and inherent resources, and of which Europeans can not so easily deprive us. The extent of our accumulated disasters and embarrassments, they coolly looked upon not only with folded arms and frigid countenances, but we fear with concerted determination on the part of some of them, at least, to precipitate those evils in order to avert the possibility of a recurrence of the position of affairs from which they had just escaped, and, which they perceived no other certain method of averting hereafter. This may be an uncharitable suspicion. We shall be glad to ascertain it to be so. But the language of the European press in relation to American credit, and the failure of an American official agent of our treasury to obtain a single bid Having, in the hurricane engendered from the main all Europe for a six per cent. loan of a government terials which we have thus faintly shadowed forth, that does not owe over twenty-five millions of dol- lost our credit it seems in Europe if not altogether, lars altogether, and which has paid, as we before at least so far as such machinations can effect itstated, when we were less able to pay then we ought having lost so much of our capital, and of our cirnow to be, two hundred and fifty millions of debt in culation too, as brings us down to a hard money basis, the course of a very few years-that this govern- to which the price of every thing is now in fact rement, with its well known resources, could not ne- duced-having arrested almost every internal imgotiate such a loan in Europe, proves to our mind, provement operating in the country, for want of that an aristocratic conspiracy exists in Europe to funds-having been politically defeated in every atdepress American credit. tempt to relieve ourselves by the interposition of That this conspiracy has had, and yet has its influ- fiscal agents, under whatever name-having renderence in depressing our credit far below what other-ed banks as odious as they well can be made, and wise it would have sunk to, we have no doubt;-upon consequently for the time being, of little use to the this subject we shall hereafter adduce sufficient evidence to convince those, who like ourselves, are reluctant to believe so disgraceful a fact. We have long suspected, have watched the developement silently, because to utter such a suspicion, if unfounded, would have been illiberal. We now utter the suspicion only because it has grown into a conviction, and we believe it is full time that Americans should be apprised of the fact. Well-they have had their triumph. American credit has been for a time utterly prostrated in Europe-and sufficiently crippled at home. pos public or to themselves, the circulation of many of them not equalling the amount of idlespecie in their vaults,-having depreciated the value of property of all kinds, and of all investments, so low that there ceases to be any idea of their going lower, what further losses are we now, even liable to, from those causes to which we have traced the revulsion? abroad. These causes have "done their do." Their bitter dregs have been drained. They have ruined individuals by thousands-prostrated associations, as if in wanton sport-comparatively impoverished all amongst us who had anything to lose-arrested the These influences were added to others more prevail- progress of every enterprize--attempted even to stiging at home-and amongst which, by the way, was a matize our state authorities with the base design of sort of by-play episode to the catastrophe, which al- resorting to repudiation, because under such accumu though very influential at the time, seems to have lated embarrassments, they have not in some instanbeen almost forgotten amid the ruins which it conces been able on the instant, to cash their obligations. tributed no little to strew around the scene. We All this they have accomplished-but here their The moment that the error of this immense accu- alude to the war of the money monarchs and stock proud waves are stayed. They cannot, and they mulation of banks was ascertained, every effort was jobbers of the rival exchanges, Wall street and Ches-shall not, make us untrue to ourselves or to honor, made by the then dominant political party of the nut street. In other words, the contest for the which constitutes the first ingredient of ourselves. country to throw the odium of the disasters that session of the national moneyed institution, between We now commence operations anew, and comwere inevitable, from themselves upon the banks; New York and Pennsylvania. The advantage which mence exactly right too, that is, by laying the axe at and as far as possible to identify their opponents the latter enjoyed by having the United States Bank the root of the evil-by recurring to an American with these banks, in the erection and management located there, was at first counteracted by contriving tariff, with a determination to give free trade only of which they had themselves at least, a full parti- to reduce the institution from a national to a state for free trade-and to meet foreign restriction by cipation. bank. A project was concocted to create a rival restriction whenever it is to American interest to do This political manœuvre had the tendency to con- bank at New York under a new charter, of some 25 so, and at all events, sufficiently to equalize within vert the bank question essentially into a political millions capital. This scheme was averted by the poli- proper limits the imports and exports-to insure that question; and to identify the credit and the fate of tical turn which the bank question was at this time what we sell abroad, shall pay for what we buy the banks of the country, in a great measure with screwed into. Banks were now systimatically dethe fate of political parties. Whatever country nounced by one party. Instead of creating new This policy has already begun to relieve the counpermits this posture of affairs to occur, must submit banks, their partizans were obliged to join the try. Specie is rapidly returning to us, through its to the most disastrous fluctuations of credit, so long hue and cry. But the war alluded to, continued friendly operation. The fact will soon be developas it endures, or, must abandon banks altogether. to rage-and some demonstrations were certainly ed, that this country at this moment owes Europe Whilst these influential causes were operating at made with the view of crushing each other. The less than is generally supposed-far less than it home, to depress credit and dishearten enterprize, legislature of Pennsylvania however terminated the frequently has done and nothing beyond what its we have had simultaneous and powerful influences contest against their own state, by obliging their banks resources, even under the disadvantages to which ending to the same result abroad. to attempt, and stake their very existence too upon the revulsion we have experienced has reduced us, The effect of the sudden accumulation of Ameri- sustaining the state credit, which was now deeply are amply able in a very little time to liquidate. We will not condescend to argue, or assert, the can stocks, the unlimited credit we had acquired in involved. This was soon decisive. The contest was We are Americans. Europe, the improved facilities in navigation, which over. The Pennsylvania institutions went by the disposition to pay what we owe. rought us within half the distance we had hereto- board. They were perfect wrecks with scarce a cent ore been from them, led to a more immediate iden- to divide amongst underwriters. ification of the money markets of Europe and Ameica. It was soon discovered that Americans were aying capitalists double the interest for money, that ey could obtain in London, Paris, or Hamburg. Besides the design of the capitalists of Europe to The consequence was, that capital was rapidly quit- save themselves from difficulties which they perceivng that side of the Atlantic, and seeking more pro-ed to be resulting from the approximation of their cable investment here; playing into our very hands, money markets with the demand for capital in Ames it were, according to our unfortunate lead. rica, was another motive in Europe equally influenThis current of affairs was soon perceived by the tial, the all absorbing consideration of its effects nsitive pulse of the directors of the Bank of Eng- upon American trade, as a rival of their trade. They nd. They found the bullion so rapidly leaving watch with peering interest every avenue by which eir vaults, as not only very seriously to alarm them, we succeed to any portion of trade. They dread it in spite of several temporary expedients, finally, our competition as a hungry boy dreads the loss of reduce them to the humiliating expedient of re-bread and butter. Their reasoning was simple. From these premises it will be seen, that American folly largely contributed to aid European design, in prostrating American credit. APPOINTMENTS BY THE PRESIDENT. Consuls. Samuel McLean, of Missouri for Cien James McHenry, of Philadelphia, for Londonderry. A. M. Green, of Virginia, for Galveston. |