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cious interference. My habit of thinking upon this subject has led me to a different conclusion. The General Government was formed by the States; it can only be altered by the States; it is responsible to the States for its action; it was constituted a trustee by the States, for the benefit of the people, in relation to such matters, and none others, as were specifically confided to it.
A National Bank.
The ingenuity of the friends of a National Bank, in Congress, was taxed to the last extremity in order to enable them to seem to evade, while they violated, the Constitution, and to incorporate some institution of this kind. Fortunately for the country, all these attempts were unsuccessful-not so much, it would appear, however, from a disposition to preserve the Constitution, as from inability on the part of the friends of a bank, (or fiscal agent, as it is now called,) to agree among themselves, as to the particular manner in which that instrument should be violated. And it is aston. ishing that the President of the United States should have vetoed two bank bills for constitutional reasons, without even alluding to the main reason why such an institution is un-sents a subject for the consideration, and possibly for the acconstitutional-namely, that Congress has no power to incorporate a national institution of any sort. This question, like the sword of Damocles is still suspended over our heads; and whether this state of suspense is to terminate in the ultimate triumph of the Constitution, or in the prostitution of that instrument to the influence of a sordid money power, is a question which belongs to the future. Unless, however, the indications of the times are grossly deceptive, the people are about to look to this subject, and to relieve the country for ever from the thraldom and corruptions of a National Bank. It is hoped that the Legislature will continue to protest against the establishment of any institution of this kind, by whatever name it may be called; and, in the event of its passing Congress in any shape, against the establishment of a branch in this State.
Proceeds of the Public Lands.
The act to appropriate the proceeds of the public lands and to grant pre-emption rights, (as it is styled,) is, in my judgment, the most extraordinary, as well as the most pernicious act of American legislation; and contains more of that subtle poison which is finally to naturalize the power and destroy the independence of these States, unless prevented by their constant vigilance, than any act passed by Congress since the foundation of the Government. This measure may, with truth, be said to violate every correct principle that could be embraced within its provisions. It violates the Constitution, by abolishing a permanent source of revenue belonging to the United States; thereby creating a necessity for increasing the duties on imports, which must operate unequally, and the weight of which must fall most heavily on the Southern States. It is no answer to this objection, to say that the act is not to operate if it violates the compromise of 1833-the compromise act is itself a violation of the spirit of the Constitution. It violates the articles of cession from the ceding States to the United States, by distributing that which was intended to be held as a common fund, for the benefit of all the States jointly, among the individual States. It is an act of wasteful improvidence to give away three or four millions annually, when the National Treasury is pennyless, and places Congress under the necessity of borrowing money, and taxing the necessities of life, in order to support the government. It involves the right of Congress to lay and collect taxes for the purpose of distribution among the States, in order to make them the pliant subjects of national ambition and national power-for there is no difference between giving to the States the existing revenue, thereby creating a necessity for additional taxes, and laying taxes in the first instance, for the purpose of distribution. It amounts to the same thing. Congress has no power to make donations when the treasury is bankrupt; and it is utterly unworthy the character of the States, under such circumstances, to accept them. This act is one of that series of measures intended to pave the way for the permament introduction of the miscalled American system, the ef
fect of which will be to fasten perpetual burdens on the people of the South, in order to protect and foster the productions of labor in other sections of the Union. If this law remains in force, it destroys all hope of reduction in the price of the public lands; a matter more interesting to the great mass of the people than any other, as it would enable every class, even the poorest, to provide homes for their wives and children at a very moderate expense. It is not to be expect ed that the price will be reduced while a majority of the States are interested in keeping it up, in order to increase the distributive portion to which each State is entitled. The true and wisest policy of this government, is to contribute, as far as possible, consistently with the Constitution, to the happiness and comfort of the people; and not, by exhausting existing sources of revenue, to increase the necessity for additional impositions, and diminishing their ability to become interested in the soil, by acquiring a home, which, after all, is the strongest tie which binds a man to his country. The foregoing are some of the objections which apply, with great force, to the law for the distribution of the proceeds of the public lands. The 17th section of this act pretion of the Legislature. It provides" that the two per cent. of the nett proceeds of the lands sold by the United States, in the State of Alabama, since the first day of September, one thousand eight hundred and nineteen, and reserved, by the act entitled "an act to enable the people of the Alabama Territory to form a Constitution and State Government, and for the admission of such State into the Union, on the same footing with the original States, for the making of a road or roads leading to the said State, be, and the same is hereby, relinquished to the said State of Alabama, payable in two equal instalments, the first to be paid on the first day of May, one thousand eight hundred and forty-two, and the other on the first day of May, one thousand eight hundred and fortythree, and quarterly as the same inay hereafter accrue. Provided, That the Legislature of said State shall first pass an act declaring their acceptance of said relinquishment, and also embracing a provision, to be unalterable without the consent of Congress, that the whole of said two per cent. fund shall be faithfully applied, under the direction of the Legislature of Alabama, to the connexion, by some means of internal improvement, of the navigable waters of the Bay of Mobile with the Tennessee river, and to the construction of a continuous line of internal improvements from a point on the Chattahoochie river. opposite West Point, in Georgia, across the State of Alabama, in a direction to Jackson, in Mississippi.'"
This section of the act relinquishes to Alabama the two per cent. fund arising from the sale of the public lands in this State, and which was reserved according to the terms of the act for our admission into the Union, for the purpose of making a road or roads to the State. It is not perceived that this provision in the act of Congress, would commit us to any extent to the distribution principle. If that is to be the effect of accepting it, I, for one should be for rejecting it without regard to consequences.
It is certain that the two per cent. arising from the sale of the public lands in this State, can never become the property, or form a part of the revenue of the United States without our consent; and, perhaps the most correct view of this part of the subject is, that we are equitably entitled to the benefit of it.
If the Legislature should acquiesce in the correctness of this view, the only remaining question will be, whether they will now or at a more favorable period, bind the State to furnish the additional amount necessary to complete the two works of internal improvement, contemplated in the act of Congress. The entire cost of these works may be estimated at five millions-the amount of the two per cent. at three hundred thousand dollars-hence the sum to be furnished by the State would be four millions seven hundred thousand dollars. A more intimate connexion with the sister States of Georgia and Mississippi, by means of a permanent work of internal improvement is certainly a most desirable object, if we have the means to accomplish it. And the connexion of the navigable waters of Mobile bay with the Tennessee
river is, in every light in which it can be viewed, a matter of vast importance. It would bring us into intimate connexion with one of the finest provision-raising countries in the world, by which we should annually save vast sums in the purchase of productions directly from the producers, which we now have to purchase in the first instance, in New Orleans; and the difference of exchange on the articles thus purchased would, in a few years, be sufficient to construct the work. A work of this kind would also have the effect of connecting the two great sections of the State more intimately; and what is of still higher importance, it would, in that emergency, from which the most pacific and enlight ened nations, cannot always be exempt, afford great facility in the transportation of troops, munitions of war, and pro visions from that quarter, to which in time of need, we should be compelied to look for them. The whole subject is respectfully submitted to the Legislature without a doubt that they will dispose of it with due regard to all the high and important considerations which it involves.
Retirement from Office.
In the memorial on the subject of the enlargement of the canal, published in yesterday's paper, it was assumed that in the year 1820 the water in the lake was at its lowest stage of depression. Such, we learn, is not the fact. From the years 1809 to 1814, inclusive, the water was two feet lower than in 1820, the trees between this and Fort Erie, now covered, were then entirely out of water, and on Bird Island, which for many years past had been almost wholly under water, buildings were erected. There is good reason to fear that a similar state of things may be experienced again.Its possible consequences are of the highest importance. If the Lake should fall as low as it was during the five years above mentioned, a canal constructed upon the plan adopted for the enlargement from this to Lockport, would leave the whole utterly useless as far as Montezuma. Between that place and Lockport it would require nearly, if not quite, the whole of the Genesee river to ensure an adequate supply of water. This matter, therefore, is of the highest interest to the whole State, and to Rochester its importance is incalcuThis is the last annual message I shall have the honor of lable. The foundation of that city's prosperity, that which submitting to the General Assembly. A few days will is requisite to its very existence even, may be necessarily terminate my connexion with the office of Chief Magistrate destroyed when least expected. We shall procure as speediof the State of Alabama, to which I may, with perfect sinceri-ly as possible, authentic information on this subject, and put ty say, I have been twice elected without solicitation on my it in such a shape as will, we trust, command the carliest atpart, by the people. In looking forward to the moment, now tention of the Canal Commissioners and the Legislature.almost at hand, which is to dissolve my official connexion Buffalo Commercial Advertiser. with the General Assembly, I should do injustice to my own feelings, if I were not to express the deep and abiding sense of obligation I am under to that body, for the uniform courtesy and indulgent liberality and kindness I have experienced at their hands, in my humble but honest efforts to administer the Government of Alabama. And permit me, gentlemen, through you, to avail myself of this public occasion, to tender to the great body of my fellow-citizens, the deep and lasting sense of gratitude I feel, and shall never cease to cherish, towards them, for the multiplied proofs they have given me of their kindness and confidence; and to assure them, that I shall carry into the retirement which awaits me, the same devotion to their interes's and happiness, by which I have endeavored to be governed in my public career; and that I shall never cease to supplicate Divine goodness, to continue to them the enjoyment of those rich and countless blessings which he has heretofore been pleased to bestow upon them. A. P. BAGBY.
EXECUTIVE DEPARTMENT, Tuscaloosa November 1st, 1841. S
Fruits of the West rn Railroad.
Among the merchandise at the Worcester railroad depot in this city, we notice a quantity of sole leather, for Messrs Spooner & Arnold, from the well known tanning establishment of Mr. Edwards, of Hunter, Greene co. N. Y. They expect, as we understand, to receive most of their leather, and forward their hides, over this road, which offers a direct
conveyance to all the tanning region of New York. This gives to the citizens of Boston great facilities, all the ycar round, for the prosecution of this trade-a trade unavailable to the city of New York, during the winter, while their noble
Hudson is ice-bound.
For an interesting report on the periodical rise and fall of the waters of the Lakes, see Register vol. iii, page 225. En. REG.
On the 23d ult. a meeting of colored persons met at Warren, Trumbull county, at which it was resolved that the insettlement at some point where land is cheap and the laws terest of colored persons would be promoted by forming a not oppressive. It was also recommended that a convention of colored persons from this and the adjoining States be held at Massillon on the 1st day of December next, to consult on the subject; and that P. Brown, Wm. Pinn and J. Robertson be a committee to make the arrangement. [Ohio Repository.
Judge Baylies, surviving aid of Washington. "Col. Trumbull," says the N. Y. Commercial, “is the survivor of the Military Family of Washington." This is corrected by the editor of the Taunton Whig, who states that the Hon. H. Baylies, of Dighton, was an aid to Gen. Washington in the war of the Revolution. Judge Baylies is in his 86th year-resides but about 6 miles from, and is frequently at Taunton. He enjoys the blessings of a "green old age," health and activity.-New Bedford Mercury.
In an appeal to the city of Boston for aid to the sufferers by the late gales at Truro, the selectmen say :
The dreadful effects of the late gale on the shores of Cape Cod, are in general well known. The loss of property in this town is without a parallel in its former history, and the loss of human life is truly appalling. Forty seven of our townsmen have been swallowed up in the mightly deep, or cast lifeless upon our shores, leaving, almost in a single neighborhood, twenty-one widows, and thirty-nine fatherless children, many of whom are left in want of the most common necessaries of life—food, clothing and fuel.”
Per cent. 10,650,000 5.40 60-71 650,000 6.11 7-13 6,000,000 7.00 5-6
Amount. Per cent. $576,000 4.462-513 39,750 5.88 6-13 420,500 6.55
6,375,000 6.68 4-17
Per cent. Amount. Table I....$9,900,000 6.44 19-99 $637,750 15 II... 500,000 6 30,000 2 III.. 4,975,000 7.30 30-199 363,250|| 8 15,375,000 6.70 70-123 1,031,000'
$475,000 10,550,000 5.51 39-211 $581,500 $10,450,000 4.57 37-209 $177,750 38,250 650,000 6 39,000 650,000,6 393,000 426,000 6,750,000 6.79 7-27
17,300,000 5.98 171-173 1,036,250 5.23 146-173 $906.250 17,575,000 5.95315-703 1,046,500 $17,850,000 5.46 128-357 $975,250
It thus appears from the foregoing tables, that the aggregate amount of interest lost to stockholders during the last 10 years, in 15 banks, has been $677,675, or a little more than per cent. on the aggregate capital of $96,760,000; that in 2 banks there has been no loss; and that in the remaining 8 banks, the dividends have exceeded the interest by the sum of $370,500, or a little more than $6 70 per cent. on the aggregate capital of $55,250,000. This gain reduces the nett loss to $307,175, which is nearly 2 per cent. on the whole aggregate capital of $157.760,000. This loss of interest is nearly a thirtieth part of the amount of dividends received on the whole capital during the 10 years,
It may be observed here, that, in addition to the dividends abovementioned, the Suffolk Bank gave to stockholders a bonus of 33 per cent. of its capital, amounting to $250,000 of its reserved profits, on occasion of an increase of its capital to $1,000,000 in 1839. If we regard this sum as a dividend, it would reduce the loss of interest on all the banks from $307,175 to $57,175, which is only .37 1907-7888 of 1 per cent. in 10 years, and indicates that the dividends have averaged 6 per cent. per annum during these ten years, on 99.39 14129-23664 per cent. of the whole amount of the capital stock of all these 25 banks.
We may suppose that about half of the banks, with about half of the capital, have been carefully managed, and have met with good luck. The other half we apprehend have
not been watched over with that care which stockholders had a right to expect. In respect to loss of interest, little apology is to be derived from what are called the times, for the times, so called, are very much the creation of the careless management of the banks. Had all of them been properly managed, very few of them would probably have failed to have divided 6 per cent. per annum with entire capital.
We have said nothing of the depreciation in the market of a large portion of the stock, part of which has arisen from actual loss of capital, and a part from a distrust of this kind of investment, on account of past abuses, and from a preference, on account of supposed greater security, for other investments, particularly railroad stocks. Ten years ago, the market price, we presume, of all these banks then in operation, was considerably above par, and the stock was sought with avidity by those who had money to invest, and with full confidence that it would pay 6 per cent. per annum with entire capital, and that it would at any time command the price paid for it, with little or no loss, whenever the holder should wish to convert it into cash. This would probably have been the case down to the present time, had these institutions been managed with that care which a prudent man would have exercised in his own concerns. The idea of safety to the principal with interest, is the most important consideration with those who have funds to invest for themselves or for others; and if there was a confidence of such safety in these institutions, the stock would readily command its value in the market.- Boston Mercantile Journal.
Comparative Views of the Census of 1840.
On pages 232, &c. we published the general results of the Census of the United States, relating to the population. We are not yet in possession of any further documents on this interesting subject. In the present number we commence some comparative views founded on the tables already published, which we propose to continue as we have leisure to prepare them-they require much time and labor.