.. ...._ -o-._.~o..-t... c EA izstzibiiosd’ 1823; I , nnnwc nnnnnne” JQEBMAE, AME commandant. AEVEBEEEEE. Charlottetown, Prince Edward Island, 7 Wednesday, April 13, 1853. GAZET Fl New Series. No. 24. Honna.rd’e Gendbte. ' . - GEDIGB To HASZ IID, Prupaoeur III Publisher. p ' nu .Wodesnlnp‘ seal fletndoy inoretegs 0flicn,South side P-I7-Itllfllr T_JEIl5—AIIutIll _3t|Ilqcltpfl0fle 1.5- Discount 51! will in a vunce. TIRII or save fiiirtto. (‘I ’ n then 0 incl, .-8—d>liussp:°8.s.—lIlin¢s. IiI.—U lines, In.- Por the first in-trtloh itichialingfid, Bl--".‘“|3*s.‘- 3,, |hcs,dsi—-N lines. 4» _ _ mum, us. 6d.—&linos lie. 2. . fiireacli additional line. One fourth of the above for each contiuuunce. - ' ' ‘ ‘ ' ‘-0 n willbecoutinued Sal.- until forbid- UNCLE 'roM's CABIN. _ crur. xvii. . The Free Mii.n'e Defence.-—A.ntioiputed Freedom. --Sleeping with one For opcn.—lleo ‘a De- terminn.tion.—Phineita i'lel:cher.—-'I'he Words of Inspiriif.ion.—--'I‘he Flight. Tiritiui was a gentle bustle at the Quaker house, as the afternoon drew to ecloea. Rachel llalliilay moved quietly to and fro. collecting from her household stures eueh llodfillflllll’ as could be ar- ranged iii the smallest compose, for the wendercrs who were to go forth that night. The afternoon shadows stretched eastward, and the round red sun stood tliouiihtfully on the horizon, and his beanie shone yellow and calm into the little bed- room where George and his wife were sitting. He was sitting with hie child on hie knee, and his wife's hood in his. Both looked thoughtful and serious, and traces tears were on their checks. " Yen Eliza," said George, "I know ell you say. is true. You are a good child--a,great deal better then I Am; end I will try to do as you say. l’ll try to act worthy oie free men. I'll try to feel like a Christian. God Almighty knows that I’ve meant to do well~tried hard to do well- wheo everythin has been against me; and now I'll forget ell the past, end put away every herd and bitter feeling, and read my Bible, end learn to be a good risen.” - “ And when I get to Canada,” said Elias, “I can help you. I can do dressmaking very well; and I understand line washing and ironing; end between us we can find something to live on." “ Yes, Elisa, so long as we have each other end our boy. 0 Elisa, if these people only knew what a blessing it is, for a men to feel that hie wife and child belong to Iiirn! I've often wondered to see men that could call their wives end children their own, fretting and worr ing about anything else. Why, I feel rich so strong, though we have nothing but our bare hands. Ifcel es ifl could eeorcely ask God for any more. Yes, though I have worked hard every day till I am twenty-five years old, and have not a cool of mo- ney, nor a roof to cover use, not a spot of land to callers own. yet iftlisy will only let me alone now, will he setiefiod—theokfuI; I will work, end send back the money for you end my boy. As to my old master, be has been paid five times over for ell he ever spent for me. I don't owe him enythiug." “ But yet we are not quite out of danger,” said Eliza; " we are not yet in trade." " True.” said George; but it seems, as if I smelt the free air, end it makes me strong.” At this moment voices were heard in the outer spartiueat, in earnest conversation, end very soon a rap wee heard on the door. Elise started and opened it. 4 Siesoou lisllidoy was there, and with him a Quaker brother, whom he introduced as Phineas Fletcher. Phineas was tall end lethy,red-haired, with on expression of great ecutenseeend shrewd- ness in hie face. He hed not the placid. quiet, unworldly air of Simeon Hellidey ; on the centre- ry, a particularly wide-awake and nu-foil ep e- rance. like a teen who rather pridi-s himscl on knowing what he is about, end keeping a bright look-out ahead; peculiarities which sorted rather oddly with his breed brim end formal pliraseology. " Our friend Phineas hath discovered something of importance to the "newest of thee and thy par ty, George," said Simeon; “ it were well for thee to hear it " "That I have,” sold Phinouo,“snd it shows the use ofs man's always sloc ng with one ear open, in certain places, as ‘vs always said. Last night] stopped ate little lone tavern, back on the mod. Thee remembers the place, Simeon, where we sold some apples, last year, to thstfst women with the great ens-vin . Well, I was tired with herd driving ; and, tar my su stretched ua eelf down on a pile of bags in the cor- MP.-Uid pu led a b overuse, to wait till my I woe,reedy; end what does lilo, but get fast as an .' . ‘_‘ ith one our open, Phineas I” said Simeon, quisll . " leol I slept» use end all, for an hour or two, I0” W“ _P'‘“‘ HUI tired; but when learns to infill“ Wits ‘found nrat those were some men In {50 |’00mr UNI‘ round a table, drinking end “"008 1, I“ I ‘bU“.*bfnro I made much mus- tor. I’ I-600 '50! Our were up to, especially a-_l heard them -v -o-out about the Quakers. ‘ 30.’ Mil 000- ' ‘M7 IWIIDI Ihedeoker nettle- moul. no doubt.’ -in M Vllssnot--iisisnsvi with both ears, and I found they wsshl min.‘ .5”, this very potty. be I lay and hsidtlsfi’ y of d ell their plans. This young men; they-ju ;yg. to be sent back. to Kentucky to his niesser;~n'i,. was going to make an exarnpte of Min, as k on niggers from.r_uuning swey ;- and his wifd, to - est concern. Simeon looked profoundly thought- ful; Elias had thrown her arms around herbusband end wee looking up to him. ' clenched hands end glowing eyes, and looking as any other men might look, whose wife was to sold by auction, end son sent to a trader, ell under the shelter ofa Christian netion‘e laws. “ What shall we do, George I" said Elise, aintly. “I know what Iehell do," said George, as he stepped into the little room, and began examining his pistols. “ Ay, sy,” said Phineas, nodding hie heed to Simeon ; “ thou eeesl, Simeon, how it will work." “ I see," said Simeon, slghing; “I pray it come not to that. “ [don't want to involve any one with or for me," ssid George. “If you will lend me your vehicle and direct me, I will drive alone to the next stand. Jim is a giant in strength, end breve as death end despair can make him, end so am I." H Ah, well, friend,', said Phineas, " but thee'll need a driver, for all thet. Thee's quite welcome to do ell the lighting, then known: but I now a thing or two about the road that then doesn't.” “ But I don't want to involve you.” said George. " Involve!” said Phineas, with a curious and keen expression of face. " When thee does in- vulva me, plesse let me know." " Phineas is a wise and skilful man,” said Si- meon. “ Thee does well, George, to abide by hie judgment: and," he added, laying hie hand kindly on Georgc’s shoulder. end pointing to the istols, “ he not over hasty with thsse—-young hood is oi.” “ I will attack no man," said George. “All! ask of this country is to be let alone, end I will go out peaceably; but”-—he paused, and hie brow darkened end his face worksd—“ I've had a sie- ter sold in that New Orleans market. I know whet they are sold for ; end em I going to stand by and see them take my wife end sell her, when God has given me a pair of strong arms to defend her? No;God help me! I'll fight lo the last breath, before they shall take my wife end son. Can you blame me!” “ Mortal men cannot blame thee, George. F leeh end blood could not do otherwise," eeid Si- meon. “ Woe unto the world because of ofl'encss, but woe unto them, through whom the ofl'cnce comsth. “ Would not even you sir, do the same, in my piece f” "I prey that I be not tried." said Simeon; -‘ the flesh is weak." "I think my flesh would be pretty tolerable strong in such a case.” said Phineas, stretching out a pair of arms like the sails of a windmill. “ I an’t sure friend George, that I shouldn't hold a fellow for thee if thee had any accounts to settle with him." . “ If men should ever resist evil," said Simeon, “ then George should feel free to do It now: but the leaders of our people taught a more excellent way ; for the wrath of men workcth not the righteousness of God ; but it goes sorely against the corrupt will of man, end none can receive it save they to whom it is given. Let us prey the Lord that we be not tem ted.” “ And so I do ," said Phineas; “ but if we are tempted too much-éwliy, let them look out, that s all." " It's cite plain thee wasn't born a friend," said Simeon, smiling. " The old nature hath its way in thee pretty ntrong as yet.” ‘ To tell the truth, Phineas had been a hearty two-fisted backwoodsmen, a vigorous hunter, end a deed shot at a buck ; but having wooed a pretty Quekercss, had been moved by the power of her charms to join the society in his neighbourhood. end though he was an honest, sober, and cflicient member, end nothing particular could be alleged against him, yet the more spiritual among them could not but discern an exceeding lack of savour In hie develo ments. " I-‘riend hineas will ever have ways of his own,"ssid Rachel Ilelliday, smiling;“ but we ell tpink that his heart ioin the right place, afier , . 5' I _. — “ Well,” said George. “ isn’t best that we heeten our flight?” " I got up at four o'clock, end came on with ell speed, full two or three hours a head of them, if they start at the time they planned. It isn't safe to start till dark, at any rate; for there are some evil persons in the villages ahead, that might be disposed to meddle with us, ifthey saw our wagon, end that would delay us more then the waiting; but in two hours I think we may venture. I will go over to Michael Cross, and cngs c him to come behind on hie swift neg, end keep a right lookout on the road, end warn us, if any company of men come on. Michael keeps a horse that can soon get ahead of most other horses; end he could shoot ahead end let us know, if there were any danger. I am cing out now to warn Jim end the old women to be it readiness, an to see about the bone. We have a pretty fair start, end stand a good chance to st to the stand before they can some up ' courage. friend George; this isn’t the first ugly scrape that I've been in with thy people," said Phineas, as he closed the cor. 3 " Phineas is rstty shrewd,” said Simeon. " He will do the t that can be done for thee. I I ‘ " III I am sorry for," said George, "in the '0" If them woes going to run down to New Orlseadflo‘ -rlslr sell on. their own eocount, and the calculated to’ get sixteen er oightobn hundred ollsrs for her; a t . ‘ , i aid. was going to a trader who had bought him ; end then there was the boy Jim. and It’! mediu,:tlto were togo back to their masters in Kentucky. hey eeid, tlill there were bias, It s town a little piece s-head, to not 'etn-taken up, g woiuelwas to be taken linforos judge; and one of theifellews, who is sitisll and smooth-spokes. Ins.tn.snsss to her his ro- tten‘. sisdrgsi her dslvsssdtosss to clinic take Ion ._ .l‘|isr’_vo.gstaugas.notiss ortlie irsslr we are ‘Gulf,-hOf|I.III i. and six eszng. . _ , gsssp stained is versses attitudes, alter this ' tssis. were worth of n painter. R| whohediakee rhandssot of I uI._ tolsses the onwo,..esood with iitllenaitsdlnemsednithnhsonfthedssp l. ., .,,. ,_,, . '1 ,1! . sit ' friends, and houses, end suds,-o to . ‘ “ "Thho'll much obli e us, friend George, to say ‘Io more about that. bet we do we are consol- unco-bonstl to do - we can do no other way. And MW. mother,” said be, turning to Rachel, " bony tlons for these friends, for we must not ' them away fasting." And while Iltchsl and her children were busy making sermon and choking hem and chicken, and hurryingho the l cuer-us of the evening meal, George and is wlfeeht In their little room with their arms folded about each other, in such talk as husband and wife have when they know that a few hours may part them for ever. " Elise." said Geor a, "pen is that have Dfiflig and all s- 5’ ‘C those‘ things, can’! love as wndo, who eve no- thing bot such other. Till I know you,‘ Illa, no orssicre ever hed loved me. but mfg beari- hrolicvi mother and sister. M II that 0 running the trader carried her 0 . 8 the corner where I was lying asleep, and said, ‘ Poor George, your lost friend i go ng. What will become of you, poor boy!’ And I got u . end throw my arms round her, and cried and sub- bed. and she cried too: end those were the last kind words I got for the last ten long veers; and my heart all withered up, and felt as dry as ash- es, till I met you. And your loving me—whv it was almost like raising one from the deadl I've been a new man ever since; And now, Eliza, I'll give my last dro&of blood. but they shall not take on from me. hoover gets you must walk over my deed body." “ 0 Lord, have mercy!" eeid Elite, sobbing. “If he will only let us get out of this country together, that is ell we ask." - " s God on their side?" said George, speaking less to his wife then pouring out his own bitter thoughts. " Does he see all thsy‘dol Why does he let such things happen? and they tell us that the Bible is on their side; certainly ell the power Is. They are rich, end healthy, and happy; they are members of churches, expecting to "go to heaven; and they get along so can in the world, and have it all their own way; an poor, honest, faithful Christiena—Christi:ins so good or better then they—src lying in the very dust under their feet. They buy'em and sell’cm. and make trade of their heart’s blood, and groans, and tears—end God lets them." " Friend George." said Simeon, from the kitch- en, “ listen to this Psalm, it may ‘do then good. George drew his seat near the door, and Elisa, wiping her tears, came forward also to listen, while Simeon read as follows:— “ ‘ But as for me, my feet were almost gone; my steps had well nigh slipped. For I was en- vious of the foolish, when I saw the rosperity of the wicked They are not in tronb a like other then, neither are they plairued like other men. Therefore pride compssscih them as a chain; violence coversth them as a garment. Their eyes stand out with fatness; they have more than heart could wish. They are corrupt, and speak wicked- l concerning oppress on; they speak Ioflily. Therefore his people return, ahil the waters of a full cup are wrong out to them, and they say, How doth God know? and, Is there knowled e n the Most High?’ is not that the way thee eels, Geor “ It is so, indeed,” said could have written it myse " Then hear,” said Simeon: " ‘ When I thought to know this, it was too painful for me, nnti went onto the ssnctuar of God. Then under- stood I their end. Sure y thou didst set them in slippery pieces, thou castedst them down to dee- tructiou As a dream when one awaken, so‘, 0 Lord, when thou awakest, thou shal; despise their image. Nevertheless, I rim continually with o George, " as well as I If.” » .thee; thou hast holden me by my right hand. Thou shalt guide me by thy counsel, and after- wards receive the to glory. It is good for me to draw near ugto God. I have put my trust in the’ o . The words of holy trust, breathed by the friend- ly old men, stole like sacred niuslc over the harassed and chafed spirit of George; and after he ceased he sat with a gentle and subdued ex- pression on his line features. “ If this world were all, George,” said Simeon, “thee might, indeed, ask, Where is the Lord? But it is often those who have least of all in this life whom He chooseth for the kingdom. Put thy trust in Him, and no matter what befalls than here, He will make all right hereafter." If these words had been spoken by some easy, self-indulgent exhorter, from whose month they might have corue merely as pious and rhetorical flourish, proper to be used to people in distress, perhaps the might not have had much effect; in coining rom one who daily and calmly risked fine and imprisonment for the cause of God and man, they had a weight that could not but be felt, and both the poor, desolate fugitives found calmness and strength breathing into them from it. And now Rachel took Eliza s hand kindly, and led the way to the supper-table. As they were sitting down, a light tap sounded at the door, and Ruth entered. “ I just ran in,” she said, “ with these little stockings for the boy—three pair, nice, warm, woollen ones. It will be so cold, thee knows, in Canada. Does thee keep u good courage, Elisa!" she added, tripping round to Elinh's side of the table, and shaking her warmly by the band and slipping a seed-cake into Harry's hand. -‘I brought a little parcel of these for him," she said tugging at her ket to get out the package. " Children, thee nowe, will always be eating.” " Oh, thank you; you are too kind,” said l1.lir.a. " Come, Ruth, sit down to supper,” said Rachel. ’ , " I couldn't any way. I left John with the baby, and some biscuits in the oven; and I can't stay a moment, else John will burn up all the biscuits, and give the baby all the sugar in the bowl. That's the way he done,” said the little Quskeress, laughing. " So, good bye, Isa; good bye, George: the Lord grant than a safe journsy;" and with a few tripping stcfi Ruth was out ofths apartment. oonosnu. I.sn‘rs1..e'a'ustE.— LIGIBLATIVB COUNCIL CIIAIIBII, slat MARCH, 1858. “M ‘ii t.°'lt:.'.':.;"r.;*:.?u.‘r‘*- The Hon. Mr. Swsenr. It is now our duty to with the order of the day, and in moving the second reading of the BiIl,ontitled “an Act to autho- rise a farther issue of'I'rseoury Notes." I shell econ- py but littIo.of your tiinoiu prnlhninar rnienrks, but scntosrss . ltroaybsthougnihetlcoms befbrn our Honors in s new character, Inasmuch es_I sow advocate on Imus of ’I‘reosnryAI:i;:'s,wh e few to. up rh I ieve ssclisa nscssa ,yet,uttbeea stiruo.lsui awern,ihetthis lea wlllbemervritha lw I do not use terms a depreciating sense I been gaidd hy.t.h.om on too, he-' bit in have a correct principle ofeotlsn hiths yoerl ,mayhowvoeginlIl8. lthielsthste-U thingeoritireydopendeetlss pooitbnofeeeoowy; endtlissghis tees litres bi tnneeeenry ssraisse war roams-issisisnlurisssssitioisaiisiss I I that the considerations which had then rest weigllyt, have not the some weight now. And w y have i not.’ Simply because the country has not stood sti l ouso its financial character has altered. I would deriude the question of all that is irrelevant. There are two propositions to be considered; whether the flneuciel state of the country at this time justifies a fertile imue of Notes, and whether it is right to get rid of ying interest on paper that is afloat. There is a great difference, I would observe, in the financial state‘ ofthe country within these few years. In 1348, here his honor referred to the Journal of the is- lalivc Council, on the subject of a Bill for a for or issue of Treasury Notos).—In 1848 it was necessary to prevent the Legislature from rushin into meiisurce whic the than state of the country id not warrant. In l8t8,'thc balance against it was £2l.692. On the Slat Jsn., 1858, the balance against the Colony was £8,940. thus showing a difference of £12,158 in its favor between these two periods. The Revenue in I848 was £25,364, in I858, £31,283, which showed a difference of £8,0l9. The warrants then afloat amounted to £80,898, to these I have iidded the amount of Notes, viz.: £ll,b00 rneking the liabi- Iity of the Colony at that time, £41,193. At this moment the Warrants are £11,771, the Debentures £10,000, Notes £ll,500. The whole of the sums show that the financial state oftlie Country is in it for more flourishing condition than it was at the period I have coniparsd it with, showing that after deducting the debt of the Colony, there remain £28,353 to sanction the proposed issue of £13,500. In last year's appropriation Bill £500 were not open for interim. In I, £1000 were set a rt—in I8-I9, the enrn re- quired for interest was 1800. I have made these statements that the country may see, that its financial affairs have been managed in such a way, that we have a claim on its confidence. I think, that the pro- bable appropriation for the present year will be some where about £80,000. I think any one in the habit of considering such things at all, will see that there is _ no probability, that the revenue will decrease. Just as an instance to shew that something may be done as regards the fisheries, I may state, that I met the other day a man who had some time before applied to me for e Fishery Reserve. This same individual told me that he went last ear, to the very neighbour- hood of your Honor, (looki to the President) and purchased item the Fishing to to the amount of £1000 The benefit to be derived from the Fisheries does not altogether depend upon treaties. It depends upon the wants of the pee Ie of the United States, and with the increased facilities we have afforded to who trade with that country. I cannot conceive this country will go bsck—-it must go forward. There are, I bear, £9000 appropriated to carry out the Edu- cation Bill. Icanuct conceive it will cost the coun- tryso much. By statute,tbs Revenue will be in- c set! about £8000, by the Iarid tax for Education. And there will be Three or Four thousand pounds to meet contingencies, and that is it sum larger than will be called for. Those Notes will get about the coun- t.r and they will facilitate pecuniary paylments. one will be inconvenienced by them. T e lnw provtdesfcr‘ ,,,,'*_“_ ‘*‘_ ‘them to the Treasury; few if ar_;, however, have been brought to the Treasury to be funded under the terms of the Act, but I have known some approaching nearly to £800 brought to the Treasury for which the Troeeurwr found no dificulty to give cash. I shall he met by n great ineny observations, no doubt worthy of consideration, but the circumstances of the country have so entirely changed between I848 and the pre- sent time, that the objections which applied ut the former period will not now. The country is capable of sustaining its credit now, and if it is capable of do- ing so, why should we hesitate to relieve it from an unnecessary burden of interest. I move that the Bill be read a second time. The ljlou. Mr. Bnnrn. As I agree in the senti- rnetits that have been expressed by his honor, I beg leave to ascend his motion. The Hon. Mr. I-Ia:srsr.a:r. I have so often had occasion to address your honors upon the evil conse- quences of issuing any Notes for circulation which are mt bued upon a eufieiont reserve of the precious ysble on demand, that I am not only tired of the subject myself, but fear that your honors will receive rvetionn I am about to offer with something ti‘ tht woarineee which proverbially accompanies e twice told tale. Novertheless,I shall never cease to express in disapprobstion of at system which is condemned by all sound authorities, and the calemitous consequences of whic have been so fre- quently experienced. I had hoped, that all intention to resort to these issues had been entirely abandoned, and I confess myself much disappointed to find myself mistaken. There is hide a etsl infatuation con- nected with this subject which discards all the lessons of experience, and will not be convinced but by actu- al suflisnce of its evils. One of the pleas now put forth in favor of the measure is. that the country . ing in and having a surplus revenue, no evil is likey to.accruo to any party by the emis- sion t No hero is no pretext, your Honors, which the ingenuity of man can devine,which Ins not been put forward, at some time or another. to justify eimi sr ettem ts; but there iecne immutable answer to a such ausibilities—-the necessity to resist, at all times a under all circumsteuces—espe- ciully in flnanclel mattsrs—theedmission of an unsound principle. The country in said to he prosperous, and to all e rsnces it is so; but who can tell how hol- low all | see a reason may prove? Who can say how soon all t is may terminate? As sure as night suesesdn to day, so sure do times of trouble and dith- cnlty succeed to times of ones and prosperity. Why, your enors, it is not many years since the Govern- ment ol this Island was obliged to step out of the line of its ordinary duties, to purchase flour and meal for the purpose of saving a rt of the distant settlers frcrn actual starvation: and or these supplies it was obliged to pay in “gold and silver; for the vo or of tho arti- cles won accept of no other iriodo of payment. Hap- ily there was about sufliclcnt at that time in the Treasury to meet the occasion; but had that state of things continued, and the circulation been flllnd—ae tho advocates for these issues would have filled it Ion ‘ego--with enorchengseblo paper, this Island would have tested some of the res calamities which attend eostithrned etuteof adverse exchange without any proper and odsqsfls preparations to meet it. no- tlinr of the arguments need in hvor of this Bill is the relief Mill! the burden of interest upon the debt which It would give to the Colony. Why. our Honore,ihat is an eqneiut which would bnnqnel egrooehln and convenient to every individual who has incurred a debt which he Is not deakons or able immediately to disebfisiufls, no doubt, would like to see his paper floating n tsocloty without beiu subjected to any ‘charge forlstersn upon it. But a mitouce the prin- ci s,thnt debt. and net capital, is to be the basis upon w Nstsssretsbslnescd,a weltendltotsook for or Australia gold-diggiugs for riches II . Aloud Id be sdl , hih wIil|wlt$braetoeIsh':s'f W PM I. ' ct _:'artelalyisseshsdolege as so or which would sweep away I n Idterlhe Iho It ...:".'."......' ............'°*'-".:.."..."......'-"°.'.:".t the Mother Country were to say: The National Debt ' enormous; it is a dreadful burden upon the industry and skill of the people; the payment of the interest upon it necessitates a heavy taxation, which obstructs the progress of the nation in every direction. What can we do to get rid of this ? We will turn the debt into Government Notes; rind thus we shall at ones get rid of this burden upon the people, and greatly expend the circulation. In there any one o Honors who doubts for one moment, that th queuces ofsuch an attempt would be the utter ruin of a country that hes vvithntood all the storms of war_eud commerce b its high principles and firm determina- tiou to hold set by that which is sound and jupt, let the cost be whet it may. And at, our Honors, this proposition is nothing more not use I it a similar pro- ceeding, upon an infinitely smaller scale. remembered, that that which has been done and jus- tified upon a limited field, will most surely be attempt- ed upon a larger extent, whenever the fit occasion shall arise. The theory of Government Notes is one of the most attractive, but at t e saute time one of the most delusive, and, in its consequences, one of the most destructive schemes that ever entered into the mind of a rational being. Why, your Honors have only within the last week or two ‘passed a Bill for the purpose of regulating the rate 0 Currency in which the rents are to be paid and received, thereby intend- ing to remedy some of the evils and misunderstand- ings which had their origin in the former issue of Notes not payable on demand; and now, on are pro- posing again to enter upon a career wliic some time or other will certainly create a similar confusion in the contracts between the parties, and subject the Colony to the same unhappy divisions which are sure to follow, as the necessary consequence of monetary disturbance. Uri former occasions, I have asked your Honors’ attention to the opinions of celebrated British statesmen upon this disputed subject. I will now, with your permission, read to your Honors the senti- ments of American etatesmsn—the statesmen of a country which formerly was but too prone to indulge itself in issues of conventional paper; but, having ex- pcrieuced its bitter results, biie renounced the power, and become the strenuous advocate for limiting the issues of paper within such restrictions as are consist- ent with sufety and economy. The first extract I present, is from the speech of Mr. Alexander Hamil- ton, e 986 of M‘Gregor’sCommcrcial Stet'ietics:— “ he emitting of paper money is wisely ohihited to the State Governments, and the spirit alum. pro- hibitiou ought not to be disregarded by the United I tates Government. Though per emissions. under a general authority, might have some advantages not applicable, and be free from some disadvantages which are applicable to the like emissions by the States nope- ratsly, yet they are of s. nature so liable to abuse- end it may even be aflirmod eocertsiu of beiugebused —tbat the wisdom of Government will be shown in never trusting itself with the use of no seducing and dengprous cu eipodient. In times of tranquillity, it mig t have no ill consequences; but in great and try- in emergencies, Users is almost a ntoral certainty ta its being mischievous.’ r. I-‘illmore, Chairman of Ways and Means, page 984, M‘Gregor’s Commercial Statistics: " All Government Banking, in all ages and coun- tries, has proved a failure. We believe that there is no exception to this rule. ' resort to the Aesignate of France, or the Imperial Bank of Russia with its paper rubles, or even the fur- famed deposit Bank of Amsterdam, which was under the charge of the Government of the city, annually elected by the citizens, and for whose fidelity the city itself was liable. All these, at different times a under different circumstances, d a common end. The Assignats, though based upon the avails of large estates which had been confiscated, and made a legal tender by severe penalties, gradually sunk in the mar- ket, in cons ueiice of excessive issues, until they became worth see. A similar fate attended the paper rubles of Russia; and the governors of the bank of Amsterdam, in violation of their olficiial duties and solemn oaths. secretly withdrew the specie that had been do ited in its veults,—-sud this fraud was not discovered for forty or fill cars. But the attempts in our own country, by dyillzrent States, to establish Banks owned by the States, have been equally unfor- tunate. I-‘ew, if any, have maintained their credit; and the Committee believe,that II:ul'9 is some inherent and insurmountable difliculty in Government Banking that cannot be overcome or o viated “ But even if these difficulties could be overcome, there is still another, which admits of no remedy, and against which you can provide no security; and that is, the arigsrous increase in the issues of such paper by legislative authority. It matters not, that you limit it by this Ad; ills next Congress has power to change i'i,—oiid having the power, s_'f there should be is defi- ciency in flu Revenue, it will be exercised. All ex- rience leads to this inevitable result. It was so in rnrice;—it was so in Iluseio;——it was so in this coun- try during the revolution, when conventional money was poured out,uutil it became worthless; and it was so during the last war, when Treasury Notes were increased until they were twenty or twenty-five per cent. below the par value of non specie-paying bunks,- aud even within a few months after this Exchequer plan was first recommended to Congress in a time of ofound peace, 'I‘rcasur Notes were issued until they fell five per cent. below par, and the credit of the Treasury was at last only saved, by promising to y six cent. interest on those otes semi-annuely, which converted them at once from eurrenc receiva- ble in public duos, into a species of stock or invest- ment. Even we con not sell a six-per-cent. stock having twnnt years to run, without a discount to meet these otes: and had they been issued under this Bach ear, the result must have been the seine. All these facts load to one conclusion. and thatssnrue irresistible, which is, that the Government night not to ‘engage in Banking; but that it should he left to private Corporations _cr Ccmpanios,—which may be effectually restrained in their issues by penal laws,for the violation of which they me he made amenable to the courts. Certainly nothing short of this can rent excessive issues. or ensure prom tredcmpliou; and even this has not elws e eflbctodt st ob‘ L" ’ disguised, whether a national bank, a flees agent, or an exch uer, either to be under the direct control of ‘Ibo Government or only con. nooted and Influenced by it? Are there not, as the Government is now ndministercd and as It bee for some yenrn been administered, too many sources of corruption nveileble to a larger clan of ppblic men, without adding to their num- Mr. M'G r, pit 950. 8d voI., “As our in Colonlnlnlsbto 8:. 1690 a pa r cur-rune; was circulated no er the defliylikfil of bills of credit. For the rcdern tiouof‘ these bills the Colonies which issued t pledged their pro- perty and revenues. This a made“; or at least plausible security or mninhlning the standard value forwhlchtbssepnpsrbillswsra a