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the conduct of South Carolina, cannot be doubted. A “ Compromise" on the subject of the Tariff was effected; which “Compromise,” whether it regards Free Trade, or Nullification, the time being or the future, must be considered as a triumph, by the Republican or non-Federalist party.* Nor is this their only triumph. The strong-nerved policy of Free Trade stands


more solid ground, and will shortly annihilate in every quarter of the Globe its powerless and imbecile rivalthe prohibitory system. I am the daughter, wife, and mother, the sister and friend of merchants; in the atmosphere of Commerce I was born and nurtured ; in the principles of Free Trade I was instructed from my youth upwards; and I rejoice,


* I copy from a publication on the United States the following note:—“In connection with this subject, we quote the following

remarks, as expressive of the opinions of a large class of the people at this time:- It will be seen, by reference to Mr Calhoun's letter, “and the speech of Governor Hayne and General Hamilton, that an “ exercise of the ‘Right of Nullification' by the state of South

Carolina, having caused the recent adjustment of the Tariff, is “hereafter to be held as the “rightful remedy' in either of the twenty four States, for the redress of any real or imaginary evil arising out of the laws of the United States, or the decisions of “the Supreme Court. And though Nullification has not been ' formally acknowledged in Congress as the “rightful remedy,' it

certainly has been respected as an efficient one.” --Niles' Register.

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though a woman, to see them at last triumphant, beyond the power of Tariffs, and Prohibitions, and Imposts, which a few years more must consign to the grave of all the Capulets.

These two great doctrines are identified with the name of Mr. Calhoun. To prove that time and continued reflection, and additional experience have only contributed to attach him more and more strongly to each and both of them, I will mention two remarks which this extraordinary man made to me personally; the last was uttered on an occasion to me most memorable, during a farewell visit which I received from him on the morning I left Washington.

“I cannot describe to you,” said he, “I cannot express the indifference with which I regard the “ Presidential Chair, compared to the honour and

the usefulness of establishing this great measure 6 of Free Trade.”

And the second :

“If you should ask me the word that I would “ wish engraven on my tombstone, it is NULLIFICATION." The course pursued by Mr. Calhoun on the

various questions arising out of the Bank and Currency arrangements, was still the same unreserved adherence to true republicanism. He has never shrunk from denouncing the union of the Government and the Bank; from opposing the establishment of a National Bank, and the contraction of Loans; and of State Debts, “which " are,” says he,“ little short of frauds


the « Public. My aversion to them is deep and 6 durable.” Economy in every branch of the Administration, and no surplus revenue, have been always the recommendations of this incorruptible appreciator of the value, and the power, and the evil of money. No man more truly fears the embarras de richesses, and the tyranny of an Oligarchy.

With regard to the Currency, the words of Mr. Calhoun himself will best explain his views.

“ I intend merely to throw out suggestions, in 66 order to excite the reflection of others on a sub“ject so delicate and of so much importance, “acting on the principle that it is the duty of all, “in so great a juncture, te present their views “ without reserve.

“ It is, then, my impression that, in the present "condition of the world, a paper currency, in some “ form, if not necessary, is almost indispensable in “ financial and commercial operations of civilized “and extensive communities. In many respects “it has a vast superiority over a metallic currency, “especially in great and extended transactions, by “ its greater cheapness, lightness, and the facility “of determining the amount. The great deside“ratum is to ascertain what description of paper “has the requisite qualities of being free from fluctuation in value, and liability to abuse, in the

greatest perfection. I have shown, I trust, that “the bank notes do not possess these requisites in “ a degree sufficiently high for this purpose. “farther. It appears to me, after bestowing the “best reflection I can give the subject, that no “ convertible paper, that is, no paper whose credit rests

upon a promise to pay, is suitable for cur“ rency. It is the form of credit proper in private “transactions between man and man, but not for “ a standard of value to perform exchanges gene“ rally, which constitutes the appropriate functions "of money or currency. The measure of safety in

I go

“the two cases are wholly different. A promissory

note, or convertible paper, is considered safe so “ long as the drawer has ample means to meet his “engagements, and, in passing from hand to hand, “regard is had only to his ability and willingness “ to pay. Very different is the case in currency. “ The aggregate value of the currency of a country

necessarily bears a small proportion to the aggre"gate value of its property. This proportion is “not well ascertained, and is probably subject to “ considerable variation in different countries, and “at different periods in the same country.

It “may

be assumed conjecturally, in order to illus“trate what I say, at one to thirty.

“Assuming this proportion to be correct, which probably is not very far from the truth, it follows, “ that in a sound condition of the country, where “the currency is metallic, the aggregate value of “ the coin is not more than one in thirty of the “ aggregate value of the property. It also follows " that an increase in the amount of the currency, “ by the addition of a paper circulation of no “intrinsic value, but increases the nominal value of “the aggregate property of the country in the same

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