A letter from Arkansas, says, "If the Choctaw boring bank, must bow itself before this thing of treaty is ratified, this country will be completely its own creation! Like produces like. The indicut down-it cedes the best part of the territory. vidual who borrows money to meet his current The land which is to be given to the Choctaws expenses, without "laying an anchor to windward" extends from about 150 miles above this place, back to return it, would be thought in a desperate con. to the Rocky mountains." dition, and soon lose (as we shall, if we pursue our present course) his credit. The period of the loan has also an unpleasant aspect-it shews us at once, that all the fine prospects lately held out are dissipated, and that to be in debt has become a part of the present system. The treaty has been ratified; and if a territory containing so large a white population has been transferred by the United States, it is, doubtless, because settlements upon it were unauthorized, and hence could not be considered in an arrangement of so much importance to the general welfare. It is the true policy of the government of the United WAYS AND MEANS. We now publish a second States to keep our population as compact as possi-report from the committee of ways and means, on ble, compatible with what shall appear to be the the subject of the finances. It appears, that much real wants or rightful wishes of the people. Land information must have been obtained about these offices, we think, ought to be opened in every dis-matters in the short space of twenty-two days, for trict to which a regular emigration presses; but the constructions of the two reports are materially settlements upon the public lands, except on a different. Take the following items by way of spe purchase of them, should be restrained. We sin- cimen: cerely pity the poor people who are thus to be driven from their abodes; but they cannot complain of it, and the example will be salutary. The Osages and Cherokees are at war-the former appear to be the aggressors. It is understood that the Shawanees and Delawares, now on their | way from Indiana to settle in Arkansas, will join the Cherokees, and it is supposed probable that the Osages will be driven off, as it is the intention of the Cherokees to possess themselves of their country. ESTIMATES. Feb. 6. Feb. 26. 261,463 800,000 Available in the treasury, Jan. 17,155,328 16,355,328 expenditures in do. 17,004,017 15,457,117 3,079,094 3,634,228 Yet the bill passed to, borrow five millions-not seven, as twice recommended by the secretary of the treasury; and whether the latter would have been too much or too little, we cannot even conjecture, except so far as a notion may be entertained from the doings of last year. There is one item in the "amount of appropriations for the year 1821," as given by the committee of ways and means, which we should like to see explained-it is this: THE LOAN. An act to authorize a loan of five millions of dollars, for the service of the year 1821, having passed both houses of congress, and the bank of the United States being empowered to lend the said sum or any part thereof, we see that the friends of that institution are already on the alert to obtain the whole loan, which is not reimbursable until after the year eighteen hundred and thirty-five--several years after the time when, if certain reports had turned out to be prophecies, we were to have been out of debt! The duration given to this loan, in the present distracted state of things, makes it an object to the bank to obtain it, and it will probably get the whole of it, though individuals might be willing to take it upon better terms. The affairs of the treasury are every day becoming more and more connected with those of the bank, and in less than four years, we expect to see a "holy alliance" existing between them, unless the former is arrested in its novel manner of meeting the public expenditures-that is, of We are far from designing to impeach the inteborrowing money without even recommending anygrity or undervalue the talents of the respectable provision to repay the debt: and the time may committee of ways and means; but there is evidentcome, when this proud republic, like a poor wretch ly a want of understanding as to the matters referbe-devilled by the lords in conclave of some neigh-red to them. This is clearly proven from the facts *New York, Feb. 28. There never was, in the recollection of our oldest merchants, such a state of mercantile embarrassment among capitalists as at this time. We daily hear of men of business taking up their bonds months before they are dueothers loaning money at five per cent. per annum, and buying stocks at such high prices, that cannot, in all human probability, yield more than about four per cent. per annum. Our bank capital is principally locked up, and the vaults of our banking institutions are literally crammed with precious metals. At such a time, nothing could be more acceptable than a revival of commerce, which would give employment to the laboring classes, and put into circulation the immense capital which is now of little use to the community. For PRINCIPAL and interest of the public debt, Dols. 5,477,776 Now, how much is this amount of 5,467,776 dol. lars more than that which will be due and payable in the year 1821, for INTEREST only? Is it contemplated to redeem any of the principal of the public debt in this year; and if so, why is it not pointed out somewhere? According to my calculations, when the interests are paid, very little, if any thing, will remain on account of "principal," which takes a front ground in this important item, as if indeed it was the principal matter in it. Let us see the light.". above stated, and from their strange report in April, 1820-when they calculated a balance in favor of the United States in that year of 1,037,220 dollars though the short period of eight months shewed a balance ofI do not exactly know how much, but according to the report of the same committee as now before us, of $4,794,902; which, added to the amount that it was supposed would be in our favor, makes an aggregate difference in calculation of $5,831,120-an amount equal to one third of the whole concern! There must be some extreme awkwardness in keeping the accounts, else it is impossible, we should suppose, that intelligent genfilemen could fall into such gross errors, if they examined for themselves, as it must be presumed that this important committee is accustomed to do. They have a right to call for or to inspect any books or papers that they please, and surely there was for their cultivation and transportation to the seatime enough for this at the late session of congress! ports.* There is one thing about cotton that ought In honest truth, I feel myself, as a citizen, at to be seriously thought upon: the consumption of once injured and mortified by the reports in gene-the article, from the cheapness of its manufacture, ral on the state of our finances. As yet, I have not has nearly reached the amount which the people of entertained the idea that any of them have been the world can or will use; whereas the power to promade out for the purpose of deceiving the people, duce it may be applied many thousand fold, and its but rather from a fear of telling them the truth: cultivation is every day rapidly extending. Yet, thus treating us like children, with may-be-so's and with these facts before us, most persons still look by-and-by's. I am somewhat warranted in the lat- to Europe for revenue, to be derived from goods ter conclusion, from a conversation which I recent-imported, though the means of paying for them ly had with a distinguished member of congress, a are passing away! It is doubtful if our exports very warm friend of the secretary of the treasury, for 1821, will exceed 40 or 45 millions, and, perwho gave it as his opinion, that the obscurity in cer- haps, the amount of duties actually receivable on tain reports from his department, was caused by a the importations of the year, will not exceed 12 belief that it was inexpedient to exhibit the real millions, if they rise to that sum. Exchange on state of the case! I pledge myself that this is the England is at 6 to 7 per cent. advance; not, as we true amount of the idea conveyed, if not the very believe, in consequence of a great demand for bills, words used by a member of congress to me when but by reason of the scarcity of them. We have last in Washington. If his name could be mention little to send to Europe by which funds can be deed, it would add much to the force of this obser- posited in London, as was the case formerly, when vation, but though I may use hints received in pri- almost every respectable merchant could draw upon vate conversations to subserve public purposes, some correspondent in that city. A few hope for a their sanctity shall never, in any manner, be know-war-are willing to wish for any thing that may ingly violated by me. restore us to our old ground. The escape of Napoleon with his safe landing in France and triumphant march to Paris, would be hailed with unbounded joy by those who piously offered up thanks because 2 or 300,000 of his soldiers perished by the MONEY. The state of South Carolina, as before noticed, has passed an act to authorize the issue of 800,000 dollars in state stock, bearing an interest of six per cent. payable quarterly, and not redeem-climate in Russia, &c. and produced his downfal. able for 20 years. Some parcels of this stock have been sold at 8 3-8 prem.--the average at 7 3 8. But there is no prospect of a war by which we ca We must Taxes, debt, &c.-The following brief extract from the report of the committee on manufactures, recently laid before congress, may well "startle" those who think about the present state of things: "It is not a matter of very great consolation to the committee to know, that, at the end of thirty years of its operation, this government finds its debt increased $20,000,000, and its revenue inadequate to its expenditure; the national domain impaired, and $20,000,000 of its proceeds expended; $35,000,000 drawn from the people by internal taxation; $341,000,000 by impost; yet the public treasury depen-in price almost as discouraging, from the amount of dent on loans." MANUFACTURES. Speaking of looms, the editor of the Democratie Press says "It is with great pleasure we state the fact, that a manufacturer of power looms lately informed a friend of ours, that he was unable to meet the demand for looms which were made upon him. For a considerable time he has made and sold seventy power looms a week! It is a fact of no mean value to ascertain that a single mechanic adds annually to our stock three thousand three hundred and forty of the BEST looms!!!" *There was a considerable sale of good and wholesome flour in Baltimore, a few days since, which, after the cost of transportation and other incidental expenses were paid, yielded the owner only 125 cents per barrel. We have no manner of doubt that cotton will soon experience a depression it produced. We have been considerably amused by an article on this subject, in the "Charleston Patriot," wherein the writer, in part, attributes the diminished value of cotton to the late alteration of our tariff-as if Great Britain and France would receive more of our cotton, or rather, that a greater quantity of the commodity would be generally consumed, if we should purchase a greater quantity of British and French goods! This gives a credit for courtesy which is not due to the spirit of either of these governments-neither of them will any more buy a pound of cotton than a pound of flour of us, The increasing necessities of the people, with if they can help it, though we might now send to their diminished and diminishing means of paving England a large supply of the latter, fifty per cent. for foreign goods, are doing much for the establish cheaper than she raises it at home. Nor does it ment of manufactures. Those of cotton, from the appear that there are more naked persons in the great aid in its manufacture derived from machi- United States now than there was some years ago; nery, may be considered as on a permanent foot-and whether they are clothed in cotton manufacing. Those of wool, and especially the ponderous works of iron, may be secured, with a little assist ance from government, and furnish a home market to consume the surpluses which foreign countries will not receive of us. tured at home or abroad, I cannot see how that is to affect the common demand for the commodity. In. deed, the home manufacture has really increased its consumption, by causing it to supersede the use of goods inade of flax, as well as in its mixtures We cannot purchase more than we can pay for. with wool the coarse winter goods. Any person The prices of our chief staples for export, tobacco that has ever been in the neighborhood of a cotton and cotton, are declining; and the latter will, with- manufactory in the United States, must have noticed in a few years, become a drug in the market. Our a great change in the stuff's used by the people for bread stuffs are selling at prices that will not pay clothing and household purposes. MR. TOMPKINS took the oath of office, on his re-rely, and the points of law and fact intended to be election to the vice-presidency, at his own resi-presented at the argument." dence, near New-York, on the 3d instant. The obligation was administered by the United States district judge. March 10. Mr. Clay, as amicus cure, moved the court to suspend its judgment in the case of Green vs. Biddle involving the question of the constitutionality of the occupying-claimant law of KenFLORIDA. Gen. Andrew Jackson is appointed go-tucky, upon the ground that the interests of a vernor of Florida, by the president of the United great number of persons were involved in the deStates, and, it is understood, will accept the cision, and to give them a further opportunity of appointment. We are truly glad of this; well as being heard upon their claims. The court acsured that an observance of the laws of the U. S. cordingly suspended its judgment, and continued and especially those to prevent the importation of the cause to the next term. slaves, will be duly enforced, if the means are allowed. There has been a great deal of smuggling through Florida. The "National Intelligencer" of Thursday, contains the opinion of the supreme court in the case of Cohen versus the state of Virginia, touching the point of jurisdiction, which was decided, as On the 11th ult. Mr. Justice has been before noticed, against the state. The deSUPREME COURT. STORY delivered the opinion of the court in the cision was exactly such as we expected; for we case of the United States vs. Wilkins. This deci- presumed that that high tribunal would act consistsion settles an important principle on the con-ently-and, on the termination of the case about struction of the act of congress of March, 1797, the bank of the United States-McCulloh vs. the providing for the more effectual settlement of ac-state of Maryland-we had no manner of doubt counts between the United States and public re-as to the result of that first above mentioned, and ceivers, &c. The court determined that not merely that the state sovereignty would be taught to bow ·legal, but equitable credit ought to be allowed to to the judiciary of the United States. So we go. debtors of the United States; and that no claims It seems as if almost every thing that occurs had whatever, for any credits which have been disallow-for its tendency that which every reflecting man ed at the treasury are prohibited from being given deprecates, This opinion makes almost nine of the close in evidence at the trial. The act intended to allow the defendant the full benefit, at the trial, of any printed columns of the "Intelligencer:" and as we credit whatever arising cut of the particular trans-shall not feel it just to publish it without also preaction for which he was sued, or out of any distinct senting the able report to the legislature of Virgiand independent transaction which would constitute nia on the subject, which is about the same length, -we must defer both to a season when we are a legal or equitable set-off, in whole or in part, of less pressed with matter than we are now. the debt sued for by the United States. March 8. Mr. Justice Story delivered the opinion of the court in the case of Green vs. Biddle, and promulgated a general rule of court, applicable to similar cases, and providing that wherever, pending a writ of error or appeal, either party shall die, the proper representatives of such party, in the personalty or realty, may voluntarily come in Why, in the name of common sense, are not these and be admitted parties to the suit: and if they do not thus appear, the other party may suggest the institutions pressed to pay their debts? Some of death on the record, and obtain an order that, un-them have passed away, and their fabrications are less such representatives shall become parties with-remembered but to receive the maledictions of in the first ten days of the ensuing term, the party injured communities, or are only called to mind by moving for such order, if defendant in error, shall recorded swindling impressed on a piece of paper, be entitled to have the writ of error or appeal dis- which was issued as money. And in the list below, missed; and if the party so moving shall be plain- perhaps, two or three of the banks may have been tiff in error, he shall be entitled to open the record, brought into their present disgraceful condition and on hearing, have the same reversed, if erro- by acts over which their directors had no controu! neous: Provided, that a copy of every such order-the bank of Kentucky, for instance, which lost shall be printed in some newspaper at the seat of its power to maintain its old respectability from government, in which the laws of the U. States shall the incorporation of the litter of independent banks be printed by authority, three successive weeks in that state. These and all others that have acted at least, sixty days before the beginning of the term of this court then next ensuing. Non Specie-Paying Banks. The following curious document was laid before congress last month. We preserve it to hold up the rag system to the execration of posterity, ás well as to accompany it with a few remarks. March 10. The court this day adopted a new general rule, which, as it is very interesting to the profession, and to parties having business in this court, we have thought it proper to publish. Heretofore the court has only required a written or printed "statement of the material points of the case" to be furnished by the counsel on each side of the cause. But experience having shewn that such statements were not sufficient, the court has now adopted the following rule; "February Term, 1821. After the present term, no cause, standing for argument, will be heard by the court, until the parties shall have furnished the court with a printed brief or abstract of the cause, containing the substance of all the material plead ings, facts, and documents, on which the parties with a reasonable share of honesty, should be tenderly dealt with, provided they will give rightful security to pay what they owe us;-but the most of them ought to be swept away, if there are any remains of them. In many cases, the directors should be seized by the throat, and be compelled to dis. gorge their ill-gotten gains. There is no penitentiary in the U. States that contains such deliberate knaves as some of these-cold calculating villians, who are rioting on the spoils of the honest and ho norable, and glorying in their shame. How has so great an amount been put in the vaults of the rag shop at Vincennes?-an institution which never had, that I know of, any thing like a reputation for plain dealing or common honesty! I am not informed on the subject, but I suspect that some public officer has had a hand in the thing-who has traded off the public money, and, at a pre It is not improbable that the sums deposited in Huntsville, and in the bank of Kentucky, will be discharged in current money, in the course of the present and ensuing years. I remain, &c. WM. H. CRAWFORD. To the hon. Speaker of the house of representatives. : : : : : O :: $19,865 25 2,463 00 61 00 198 00 35,105 00 1,835 00 mium, converted it into deposites in this bank. I suppose this to be the case, because I am satisfied that the public has been cheated in this way out of enormous sums. Are not the directors of this bankrupt-bank themselves greatly indebted to the money-making mill? Are they not rich and able to pay something? I do not know; but it seems to me that in this case, as in all others, it is the plain duty of the secretary of the treasury to examine into A statement of the "special deposites” standing to the the matter, and sell them out bag and baggage. credit of the treasury of the United States. He cannot be afraid of those who have kinged it in Elkton bank of Maryland villages. The process of the United States is sum- Alexandria society, Granville mary. It is often exerted against honest men-Owl Creek bank why then should these swindling institutions be spared? As to the bank at Vincennes, I will give a reward of two five doHar bills, "payable at the branch at Vevay!" for a history of it, for my own satisfaction-especially, how so great an amount of our money has accumulated there. I can account for that at Huntsville, from the late madness of the people in purchasing lands, at 50, 60 and 70 dollars an acre-but there has not been any such excite-Juniata bank of Pennsylvania : ment in Indiana. The debt appears to have been accumulated very deliberately; and I must think Huntingdon bank of Pennsylvania with a view to the present result, until I am better Lebanon Miami banking company Bank of Muskingum informed. Bank of Washington, Pennsylvania Cumberland bank of Alleghany : Farmers' & Mechanics' bank of Pittsburg Warrington Company Urbana banking company Farmers' bank of Canton Bedford bank of Pennsylvania Union bank of Pennsylvania Bank of Zanesville TREASURY DEPARTMENT, Feb. 12, 1821. Sir,-In obedience to a resolution of the house of representatives, of the 16th of January last, directing the secretary of the treasury to lay before the house of representatives "A statement of the precise amount of special deposites to the credit of the treasury of the United States, which is referred to in his supplementary report of the 28th ult. as not being available the current year, stating particularly of what such deposites consist, if depreciated bank paper, the bank or banks which issued the same, with the amount by each, and the present current specie value thereof, and the year or years respectively when the same was received" I have the honor to submit the annexed state ment, which contains the detailed information required. Western bank of Virginia, Parkersburg : : : 95 00 10,900 00 : : : 10,121 00 1,375 00 : 3,217 00 2,839 00 The whole amount is due by banks which have suspended specie payments. The several sums designated in that statement, with the exception of those marked A, and part of that part marked B, were received during the general suspension of specie payments, and the latter principally in the (B) Farmers' and Mechanics' bank of years 1818 and 1819. In most cases, the notes received during the general suspension of specie payments have been deposited in the banks by which they were issued and certificates taken, in which the payment of interests has generally been stipulated; and where it was practicable, collateral security has been obtained. The sums marked A, and part of those marked B, consisted, at the time of deposite, of specie, and of the notes of specie paying banks. Since the deposites were made, the banks have suspended specie payments. Information of the suspension of specie payments by the bank of Vincennes, has been received since the date of the treasury report, referred to in the resolution. This occurrence has augmented the amount of special deposites by the sum of $214 808 56, I have no means of determining the current value of special deposites. From the report of the agent employed, in 1819, to call upon the several banks for payment, there is reason to believe that the greatest portion of it will be coverted into current money in the course of three or four years. ville Cincinnatti : (A) Banks of Kentucky and branches : : : 69,077 87 214,808 56 : 138,860 25 67,549 00 88,729 00 1,703 71 : 7,779 18 Bank dividend by the same 350,000 Post office receipts from debts of banks, and other inci dental receipts 100,000 16,355,328 Estimated amount of mean s available 1. Permanent appropriations, viz: Principal and interest of pub lic debt $5,477,776 Gradual increase of But if the estimate of the secretary of 1,005,328 $4,639,556 The committee, under all these circumstances of difficulty and doubt, submit a bill authorizing a loan for four million five hundred thousand dollars. The house will perceive a difference between the present report and that of the 6th of February, arising out of the expenditures being bottomed in the one as estimates, and the other as the actual sums appropriated for the service of the present year; and in the estimate of receipts for land during the year 1821, the committee have, in their present report, assumed only one half the amount of their former, which was taken from the estimate of the treasury. The committee do not pretend to much personal knowledge on the subject, but, from conversation with well informed gentlemen from the west and south, and a correspondence with the secretary of the treasury, they were induced to believe that it would be unsafe to rely on a larger sum than eight hundred thousand dollars to be received for land during the present year. The house will, also, perceive a difference in the available fund arising from the default of the bank of Vincennes. Retrenchments in the public expenditures. Those for 1821, amounted to $2,130,000 $2,209,093 For the military 4,936,451 Civil department 1,517,352 Public buildings 90,445 Private claims, esti. mated at 200,000 2,317,155 Total amount of retrenchments in the annual public expenditures during the $4,447,155 sixteenth congress It will be perceived, by the preceding view, that the expenditures for the present year are less than fifteen and a half millions. The committee are of opinion that those of the next year will not exceed fifteen millions, for, during that year, the whole effect of the reduction of the army will be felt; that reduction has reduced the expense of the present 214,808 year $561,000, and will reduce that of the next, nearly one million. The revolutionary pensioners 4,793,902 will cost in future $200,000 less than the sum ap |