Kentucky gazette (Lexington, Ky. : 1809). (Lexington, KY) 1836-11...

1
SEOT-WEEKL- 7 From the New York Evening Post. The financial storm long since predict-- l od hj this journil has at last commenced in good earnest, and begins now tobe severely felt, "or a considerable time past a piesi.ure for money has been ex-- . penenced in this metropolis, and within a sew dd) it has increased to a degree which has"'made it the subject of general conversation and complaint. Men now perceive that their projectssustained on the airy basis of too widely extended rredit, are in danger ot sudden ruin . A, sense of general insecurity is awakened, and alarm and consternation are taking the place of that foolhardy spirit of specu-lajio- n, which, but n little while ago. kept' hurrying on from one mad scheme to an- - other, as is it possessed the fabled art of turning all it touched into gold. A com- mercial revulsion has commenced, and, we sear. Will not terminate, till it has swept like a tornado over the land, and marked its progress by the wrecks scat-- l tered in its path. It 15 nlvrnya to bo oxpectpd jn thlS country, when anything occurs to create' extensiye dissatisfaction, that newspapor writers, on one side or the other, will strive to turn it to the uses of part) ; and we accordingly find, in the present in- stance, that the opposition journals seize' the subject of the financial difficulties as a theme for declamation against the gov-- , ,errtment, and ascribe all our pecuniary embarrassments to the Hon of public affairs Some, with singu- lar contempt for the understanding of their readers, deal in mere generalities, t and, in ull the worn out commonplaces of the political slang vocabulary, de- - nounce the administration as composed of a set of ignorant "linkers of the ," or fraudulent speculators, who interfere with the financial arrangements' of the country, for the purposes of pri-- ' vate gain, perfectly regardless of the' wide spread ruin they may occasion. In the saqie spuit they call upon the mer- chants to close their stores and counting rooms and go out into he streets as polit-- l ical missionaries, devoting themselves exclusively, for the next twenty days, to, the business o electioneering, wilh a view of putting down a corrupt adminis tration, wli ch is lorever try mg high hand- ed experiments with the currencv, and obstructing the sources of commercial prosperity. The day has been vv hen the mercantile men of this community suffer ea tnemselves to bo inflamed by such ap peals, and acted in pursuance of such ad vice. But we trust that day is past, ne ver 10 reiurn. Another portion of the opposition pa- - lera, wmi more respect tor the intelli- gence of their readers, endcavoi to fortify their chargea-ngnin- he abministration by explainingMhe mode in which they conceive 'Ube the author of the pres- ent 4 difficulties. By some of these, all the embarrassments ot the money market are traced to the order of the Treasury Department, requiring pajment for pub- lic lands to be made in specie. This may do very well aB a reason to be urged by those wise journalists who are ever ready to shape their political eeonomy to the .exigencies of party ; but will hardly sat- isfy readers ot so much intelligence as to demand that the cause shall be ade quate to tho effect. Any one who will gire the slightest attention to the statis- tics of the land sales, and who wilLreflect what a vast amount of purchase an in considerable sum in specio will pay, in! its necessarily constant and rapid circu lation trom the land office to the neigh- boring bank, and from the bank baclfto tne land office, must be perfectly satisfied that the regulation in questiun cannot have had any perceptible efTect in pro- ducing tho general financial pressure now experienced. There is a third class of opposition writers who, like the others, imputing nil the difficulties lo the administration, yet find out all entirely different and much more adequate cause. These impute ill entirely to the Tieasury orders, issued to various banks in diffeient parts of the against the public funds collected on deposite in the banks of this city. By! tho natural couiso of tiade. New York is the great' money market and storehouse' of bullion fur the entire confederacy. At' this port, sour fifths of the whole revenue of the country arc collected, and would here accumulate, affording a substantial, basis of credit and reciprocal accommo- dation to those who pay it, were it not for that "tinkering with Ihe currency'" v Inch subvorts the ndturnl order of things. To this extent we sincerely go with those v.ho are declaiming against the govern-- ' merit. Wo agiee with them that the con-- ! dilion ot affairs, as established by ihe laws of trade, 13 deranged by government in- - teiference, andlhatthe tieasury orders) which have the effect to cause a sudden dispersion of the public funds accumula-- l ted in thiscil), and to drain the specie' from the vaults of our banks, sending it1 hither and thither, and for a time, ent"re- - ly destroying its use, as a foundation of, commercial credit, are the immediate, cause of the prevailing distress. So far the opposition writers have ourconcur- - lence; but not one step beyond, because, t further than this, thev are not supported1 by tiutli. Let U3 look c ilmly at the facts,' and see where justice must attach the1 ulame. The complaint is, that Mi. Woodbury, directed perhaps bvTthe Executive, issmps Treasury Orders to banks at various dis-- f tant points, which they present to the banks in this city, m many cases de- manding specif, thus compelling those s su.i.Kniy to retrench, nndjj "spreading consternation and ruin among the merchants The banks themselves, it is further affirmed, is payment of these orders should continue to be demanded in specievill soon be exhausted of every metahc dollar, and obliged to suspend the redemption of their notes. We very much sear that there is no exagoration in all this. But where lies the blame? Wo are not content to slop at Mr. Woodbury, and shower undeserved obloquy upon him. We cannot charge it to General Jackson; for we havo no warrant for be- lieving he would assume such a fearful responsibility. We go further than this: we go to those enactments which make it obligatory on the Treasurj Department to act as it is acting, which leave U no discretion; which compel it to derange the currency, to break up theloundations of commercial credit in this great city, and create all the widespread distress which, in tho end, must result from the proceeding. One slop further will show us the origin of those laws; and there we, behold the very men who are now the loudest and angriest declaimers against these consequences ; the very party which is endeavoring to convert them into a fa-- , .tal weapon against their opponents. To the act regulating the deposites of public monoyT and more particularly, to the sup-- , plementary act, passed on the last legis- lative day of the session, v,c impute all the mischief. Both these acts were couceived, and matured, and cairied into effect by the opposition, aided by such administration members as they could deceive with the illusory promises of advantage which the measures held out to the spuit of sec- tional rapacttj. They considucd their carrying them a great party triumph. They had public rejoicings on the occa- sion, with discharges of artillery, bonfiies, ana an the etceteras ot such electioneet-m- g pageants. They now bch )!d the lt or rather the commencement of the end. The lruit is of the tree of their planting- - is it is bitter, thej have them- selves to thank. Bad as it is, we sear that worse much worse is jet lo come. We assert that the Secretary of the Treasury cannot possibly act otherwise than he is now acting. lie dotibtles- sees, and knows, and laments, the con of the ordeis isued fiom his de- partment; but ho has no power to with- hold them. The Piesulent ot the United tes has no power to forbia their being lied. It jsdone in plain pursuance of e positive provisions ot the denosite law and its supptementaiy udei laws devised by the anstocracyr carried by the- aristocracy, lejoiced at by the aristocra- cy. Fain would the President have in- terposed his veto, but they were made to assume such a shape as obviated the con-- 1 stitutional objection, and, in the delusion of thr moment, too many of the democrat-- ) ic party had joined their opponents to render such a stop of any avail The bills were signed signed with a stron-- l or nthpr a clear foresight of the evils they would occasion; and The event attords another forcible illustration1 of the sagacity of that great man whom tlie people,, in a happy hour, selected to guide the affairs of state. Other warn-- ' mg voices foretold the ruin that would en sue, ihe views ol Hi. Van LJuren wore well known at tho tune, and were imme- -' diately aster very clearly expressed. In the House of Representatives Mr. Catn-brelen- g raised his admonitory voice, and predicted the very st.Uej3jhirigs which now exists. But all lnjptn. The op- - position drowned remonstrances with clamor. They won to their side section al politicians by the hopes which they excued of local advantages. They car- ried the measure; and now they expe- rience us effects Not they only, un- fortunately; but those who opposed the mad, corrupting scheme. The whole people feel the effects, and are doomed to feel them with far greater intensity be-fo- ie many months are pas'. The supplementary law to which we have alluded lenders it the dtitv of thn Secretary of theTieasury to make "trans- fers from banks in one State or Territory to banks in another Siato or Territory,' whenever snch transfers i)iay berequircd, in order to prevent large and inconve-- l nient accumulations in particular places,' or in order to produce a due equalitii and just proportion, according to the provis ions oj sata act" namely, the JJeposi'e Act. The "due proportion and just equality" required by tho provisions of that act, is a division, on the fir.t of Jan uary next, of the surplus levenue ainono-th- e states in proportion to their respectiv e. representation in the Senate and House of Representatives of the United S'ates; and, in the meanwhile, the Secretin v of the Treasury is directed to mtkd ri in- fers from state to state, according to that scale of distribution, and not to sufTei to remain in any one deposite bank an a- - mount excoeding thiee-fourlhs- its capi- tal. Thus this wise law obliges him to stand in a posture of perpetual vigilance, and keep carting the public money about from bank to bank, the moment the course of business places in any .nstiiution a single dollar bejond the limitation of the' law. The evil, then, springs from thej law and those who made the law, and not, Irom tho Secretarvof tho Treasury, As for the fact that specie is demanded of the banks in New York in payment of, the Treasury orders, the opposition have again only their own party to thank. It is a notorious fact that 11 rnmn.itsr r iU several directors of nine-tenth- 's of the banks in the United Statps are membeis of tho opposition. The Treasury ordors are issued in the usual form, and 11 is lest entirely discretionary with ihe banks in whose favoi they are issued to make such arrangements with the banks on whirr. Ihe orders are drawn as shall be mnsi v.- uie convenience and interest of all ties which the Secrctaev of tho Treasury hay,' of right, nothing lo do He is bound to act according to the invariable usage of the Department; and is the opposition di- rectors of a distant bank choose to de- mand specie of a New York bank, for the purpose of embarrassing the institution, crippling its means of accommodating its customers, and thus spread Confusion and panic through the community, we know of no way in which Mr. Woodbury can interfere to prevent the result He but obeys the provisions of a law which clear- ly prescribes the mode in which he is to act. That he has every disposition so to discharge his imperative duties as to mitigate as much as possib'e the hardship of their necossain effect on the morcaii tile community, ho man can cntutaina reasonable doubt. He has expressed himself, as we see stated in the Journil of Commerce of this morning, ready to arrange the disttibutionof toe surplus revenue in any manner, consistent with thejjavv, v hich sha'l best subserve the in terests of trade, and promote stability in the money market. That paper sjjs, ' no more drafts will he issued atpiesent, and some alieady issued and transmitted to distant places, will be countermanded. It devolves on the deposite bauks hereto to point out to the Secretary the manner by which, in their opjnion, the objects of the law can be most conveniently ac- complished." But the immediate caufce of the financial embarrassments is in the law itself, and the Secretary of the Treasury, execute its provisions in what mode he may, cannot prevent commer- cial distress. In the meanwhile, lh- - con- dition into which the community are thrown by a sew drafis upon our binks for specie, is a forcible illustration, added to tho many which had been previously af- forded, of (he beauties of that banking systom of exclusive privileges by which the people have so long suffered them selves to be oporessed. But the first, great,, and all important cause of the pecuniary distress-lie- muih deeper than any which the opposition papeis assign- - It is neither the Treasu- ry order in lelation to the public lands, nor the Treasuiy orders on depoMte banks. These last have, at the very worst, but precipitated an evil, whicli-- , had no such oiders been issued, or no transfers in any way made, could by no possibility have been long averted. It would have come next vvintei, and with a pressure Sreatl) augmented bj the de- lay . It would have fallen, like an ava- lanche, at the very season when revul sion is more fatal, because then j he larg est ammounU of payments afo to be made. The distribution law takes ofiect in Januaiy,atld had not the necessity of complying with the conditions ot the sup- plementary bill given the present harsh, but salutary check to speculation, the amount of credit, now so prodigiously in- flated, would have been still further ex- tended, and the shock of a sudden explo- sion would have been far more fearful and disastrous. Without the- - distribution bill, even, a, dreadful commercial revulsion could not long have been avoided. We were ruh ing on madly at a rate which could not long be continued. The gist obstacle must have thrown us from our course, and dashed us to pieces. Look at the present state of the countiy- - When did it ever before present such a spectacle of prodigiously distended creditj. When did such a sever of speculation madden the brains of whole communities? When did all sorts of commodities bear such enormous pi ices T And when, at the same time, was there- ever such vast consumption such prodigality, wasteful ness, and unthinking profusion? Is the treasury order the cause of this? Alas, it is one of its remote consequences What filled jour treasury to such over slowing,- that some cunning politician was prompted by a consideration of the exu- berance to devise-th- schemo-o- f distribu- tion? Speculation. What excited that spirit of speculation? The sudden and enoimous increase of bank capital, and the corresponding inflation of bank cur- rency. In the last eighteen months alone nearly one hundred millions of bank cap- ital have been added to the previous Examine the following bank s, derived from sources believed to bo accurate, and see how prodigiously and rapidly our system of bank- - credit has been swollen Agg egatc capital of the banks in the United States. s In the year 181 llhetnul amoun' was""52,600,000 1815 6t,200,000 181G 8tt,eoo,ooo 182(1 k .UUJ; 1 00,000 - 1830 110,200,010 183 jV& a&,950,000 1S3G (August) 2rJJ250 000 Increase in mneyears preceedingl8,20 19,500,00,0 Io lenycars 1830 8,10(f,000 Do. snyearf 1836181,050,000 Who can look at this statement, and not feel convinced that the cause of the picsent finaucial distress lies deeper than treasury orders, whgther in relation to public lands or public deposites? This enormous increase of bank capital in tho sixty years has been accompanied by a commensurate extension of pi iv.ate cred its- - 1 he bunness of the country has been stimulated into most utivvholesome and fatal activity. Circumstances, un- - looked tor, have- occurred to aggiavate the epidemic frenzy. The government has obtained a payment of long delayed indemnities from foreign powers, and new forrrigd corporations have contracted large load's abroad. These sums, added to tho product of our staples, havo been exhausted by the excessive importations Domestic speculation speculation in the products of home consumption, in land, in .town lots, in houses, in stock enterpuses, 11 every ining, nas Kept for pare, step par- - step, V.lh the inordinate increase I his is a matter w,th trade. What eign is to pay all this xast accumulation of debt? It must come at' last out of labor. It must come from the products of industry We have been bor-- l rowing largely of the suture, and have at last arrived at the point where vye must pause and wait for the farmer, the me chanic, and patient hewer of wood and drawer ot water to relieve us from our difficulties. Reader, take home to your bosom this truth, and ponder well upon it, it is thn bank sj stem of this country, our wretch J ..- -- ..J-- . .. .' r uu unequal, uiiuumocrauc sj s cm 01 spe- cial privileges, which occasions the diffi culty we now begin to feel. It is not pre- tended that Under the free trade system of credit, or under any system, commer- cial revulsions would not sometimes, and to some extent, take place. They aro incident to the n iture of man. Prosperi- ty begefs confidence; confidence leads to rashness; the eqample of one is imitated by another; .and the delusion spreads un- til it is suddenly dissipated bs some of those rude collissions, which aic the penalties of a violation of the laws of trade. But such fearful and fa- tal levulsions as maik the eras of the commercial history of this countrj , vv ould not, could not,, take place under a free trade system of banking. It is when ignorant legislators pretend to define by law the limits of credit and shaking at one time with "unnecessary trepidation refuse to enlaige them to the wants of tiade, while at another thej ex- - tenb themfarbeyoud all reasonable Scope it is wlicn such ' lamperers with the curiencv" attempt to contiol what is in its nature uncontrollable, and should be fiee as airr that rebulsion, panic, and commercial prostration necessarily en- sue. While we have restraining lows. and especially chartered banks, vvc shall have periodical distress in the money market, mere or less severe,, as the pe- riod has been hastened 01 delaved bj' ac- cidental causes. Partv writers miy at one timo lay every disorder to the remo- val of ihe depos.tes, and at another to a treasury oider; but whatever ordoisthe Tieasury may isMie, the alternate irifla. ttons and contractions of tho paper cur rency incident to such ,1 pernicious sys- tem as outs wilt" continue to produce thqir inevitable consequence, unwholesome business, followed by piostration, sudden and disistmus. Wc have exhausted our spaco for the present; but shall have moie to say on this subject another day. There are some-propheti- passages 111 the speech of Mr. Chambielengon the distnbution bill, last winter, to which vvc shall take an early occasion to ask the attention of our readers. FROM FLORIDA-OPENIN- G OFTHE CAMPAIGN. The Apalachicol.a Gazette of the 8th 111st. brings the following inte iigence, from which it appeals that hobti'c move- ments have been commenced 011 the western side of Florida, with considera- ble spirtf. From Tamfa Bay. The- steamor Merchant, which lest this port on the 28th tilt, with a detachment of regulars and friendly Indians under the command of Col. Lane, fur Tampa Bay, return ed 10 our wharf again this morning. We learn that Col. Lane, on Ins arri- val at Tamp 1, lost not a moment in com mencing operations, but with his usual activity, dashpil into the enemy at once They were enab ed to land their fotces at Tampa on the morning of the 30th; and having learned thatapaity of the hostilcs had burned a. house near that plice the night before-- , Col. Lanerwith a party of 19 mounted men, and about 100 friendly Indians on footrset off the same afternoon in pursuit of them Aster a very rapid march of about 12 miles, the enemy were discovered on the opposite side of the Indian river.- - Col. Lane and his sew mounted men, who were considerably 111 advnee of the friendly Indians, made a most vigorous and gallant charge upon the enemy, du ving them down the river to a large hammock ; where, from the great dispar- ity in numhers, they deemed it prudent to await the arrival of the friendly In dians, who were under the command of Majoi Watson, of Columbus, Geo. A brisk sire was however kept up by Col Lane, and the enemy, held in check till the reinforcements arrived. As soon as the friendly Indians came up, a very animated sight across the river ensued, which lasted some fifteen minutes; when Major Watson ordered a charge, was himself the first to cross the rivei, and foremost throughout the sight. The hostites soon gave ground, though slow- ly at first, nni1 sought with desporotton for a mile'nnd a half, when Ihe rout be- came general. They were pursued b Col Lane and his nfpuuted menr till night came on. Colonel Lane wis much exposed, du ring tae action, and Ins h e was at one time probably sived by a Mr King, of, the regulars, who seeing an Inaain ta- king ami at the Colonel, threw himself before his officer, and receiv ed the ball in his own body! Majoi Watson has since been piomo-lo- d, and the Colonel speaks in high terms of his conduct. Lieut. Leonanl was also conspicuous for his bravery ' hai ing had his horse shot under him. 'l The loss of the whiles was onlv inn wounded. The enemy's loss not known, as night came on and prevented an exam- ination. The number of the enemy could not be accurately ascertained, though esti- mated at from one to two hundred. Soon aster, this affair, a diplomatic corps was sent out, and until, their re- turn, operations will ceaso. - At the annual meetine oftl.r. Forr.,iQ Orphan Soce.y of the city of Lexington, held in the Court Houae on Tuesday the 7th inst.at three o'clock P.M.Mr Will- iam Richardson was called to the Chair, and Rev S. V. Marshall vvaB appointed Secretary. The meeting was opened with prayer by the Rev. Mr, Leacock. "The annual Report of the Board of Man- agers was read, and, on motion of Rev. N. H Hall, seconded by Rev. S. V. Mar- shall, was unanimously received, ap- proved and is as follow?: REPORT OF THE MANAGERS OF THE ORPHAN SOCIETY, November, 183G. Kach revolt in year, which adds another to the age of an Institution that okps iU foundation and support lo a benevolent rnininunil)', brings pleas- ure and anxiety to us manager. They rejoire again rn the good feelings whirb gave it being, and are again desirous its fiiends and patrons should know and approve it 9 management rl o visit and relieve the fatherless is an injunrunti of Holy Writ, one mark ol "hue lelig on and undefiled, and we mrmply pray our heavenly rather 10 bles those, who, from cbedience and tenderness, sound ed and sustain this charity, an earnestly entieat ill to unite with us in returning trunks 10 "Him from whom cometh every good Bud perfect gilt for Il'sproterlroitof this hllle family riming the past j ear In this as)lum, eighteen children aie sheltered frpm Ihe dangeis anil privations of an orphan state Willi one exception, which was of shoit duration, they have eujnyed uninterrupted health They have been decpntly and properly clad through each season, their moral jnd intel- lectual culture unceasingly attended to; tiabiU of industry carefully formed; personal neatue:., so necessary to ami cumloit, smelly enjninel, anil a tender nurse provided to put the rule in practice, and perfnim oilier duties connected .villi her station . All under the supervision ot a ju dicious matron, who sees executed the wishes of the ..Managers, and to whose firm, jel mild admin- istration of the las, mcch of the sucee of the institution ma be attubuted. 'I he Treasurj 's Report exhibits the sum ex- pended for the suppoit of the family during the year lc36, ami the limited means remaining to provide for them tnrough the winlsi: they are in sufficient; but the IManagers, from a knowledge ol the untiring benevolence of their fellow citizens, feel encouraged 10 solicit them (or assistance- To increase ihe number of annual subscribers Ihe earnest wish of every member All acknowledge thai in enrouragmg surh a charity, they are pro- moting a most ricligh'ful means of good, with which no evil is mingled and from whi"h it cannot be extracted by any eaithly perversion of its ob- ject. Every woman's heart must glow with pleas- ure when the reflects, that lo the assylum which she aids in maintaining, she tan direct the eye of the lndignent- dying parent, whose children are to be lest desolate, when she llilnks of the balm which slows to their hearts when they hear, that those they leave nvpoverty overwhelming , will he saved from misery an I Vice, sheltered frooi the storms of life, when they can no longer counsel and piotect '1 hey are- ministers of mercy 'vho can thus uV rect, and the departing will bless them, and ex- claim, "the bitterness of death is past'" By order of t le Board,. M. C. GRATZ,,S(c B MOS The annual Report of the Treasurer of the So- ciety, was then read and on motion, was unani- mously received and approved. TitEAStnu r's Report, From Oct. 4, 1GM5, to JVou. 1, 136. Monies received 111 yearly subscriptions and donations, StflGL fllonevat Interest, 500 lotal. 1561 MOMES JCjOMDED, In Wood, SI 27,00 House Expenses, 698.2G Salaries jf Matron and Assistant, 3J4,12 Total, Si 058,39 Balanre remaining, . 501.1121 L Balance in the Treasury, S'iG2J BdltAH VVAKUf Treasurer of tlie Orphan Society, October dl, It)3(i. On motion of Robert Wirklifle Sen. E'q, seconded by Rev. N. II- - Hall, Jluolvcd, Thai the Reports of the Managers and l ieasuier of ihe bocietv, together with Ihe proceedings of this meeting bfc primed, and lhat the Eriiiois of the several newspapers in this city, be respectful!) requested to insert the same 111 the columns of their papers. On motion of Mr J . M. .Hewett, seconded by uev us risuoacK, lie$oued, 1 hat a committee be appointed te visit ell the wards and ihe citizens thereof, to so. lieu and obtain annual subscriptions and donations, either 111 money, clothing or piovisions; and that ea-- of the clergymen of the veveral denomina- tions of this city and county, be requested to take up a, public collect mi once a J ear, and use other means, leaving ihe lime and manner with them- selves, in aid of the funds of iho Society of tne Orphan Asylum. Messrs R. Wicklifle Sen , N. II Hall and Dr Jb ishback, each addressed the Society 111 a highly interesting and apDronriale manner. Jlesolvtd, lhai the number and designation of. me committee oe lelt to the Hoard oT Managers. On m .tionof Rev S. V. Marshall, seconded by 11. 11. nan, Jiesolied, Ihatthe Boaid of Managers-- whoso term of service has just epned, be continued in oflice during another year The Society then ariruured ufieruravei hv ihe Rev N. II. Hall. S. V. MARSHALL, Secretary of the Meeting. From the London Courier, Sept 10. ASCENT Or THE GREAT BALLOON. On no previous occasion in the annals of cero station Ins publip curiosilj been so strongly excited as on that of the ascent of the stnpnndou9llRoy-a- l Vauxhall Balloon," hich took place yester- day from the above iishionable gardens. Allho" ihe price of admission had been menased to hall a Clown, long before the doors wen opened, which was 1101 until half pasi one o'clock, a latge num- ber of persons were in waiting for admission On the doors being thrown open, the Indn was sound to he already two thirds inrlated, the process from the extraordinary size of the machine, having commenced as early as ten o'ciock. About two o'clocl,a sudden change took plate in Ine weatn-er- , and from thalhour until half past it rained incessantly , but the ardor of tho lovers of cerostatics, appeared to be nothing daunted by the untoward occurrence, for thev flOLked mm il. gardens regardless of the " pelting of the punless storm,'' many elegantlj dressed women not even opening their parsols to shield them from the rain. -- .. U. ".muiibj meir view 01 ine balloon, bhortly aster sour o'clock, a favorable change ap- peared on the fece of hevsven, at which Ihe balloon ussumeu tne lorm ol an immense pear. About half pat sour o'clock, the rajn having subsided, preparations for the ascent were commenced; they, however, occupied nearly iwo hours, ihe power of the balloon several tunes ra.s.,,. a i... part of ihe L. division of police,, who had holt of . . ..c.mig.rom me ground, notwithstanding near "" """u'eu weigius werw also attached by .op 10 ine stupendous machine. Al Bve u'clock .aige pariy 01 the nobility were admitted by tickets within the arena, where the inflation took Place. Among them were the Doke of Rrn Lord I almerston, the Earl of Coventry , with a party of ladies Lord and Lady CharUville, Count d'Oesay,StrV,ll,am Abdy, Colonel and tlie Hon L. Stanhope, Captains- - While, Ogle, htopforri, 4c. Shortly afteivvards inerar. wwi. on account of the weather, had been stripped of is splendid purple velvet covering and gilded ea tln . to which the ropes at thfnhiting'nad baan fastened'. Twenty sour baflasts, each weighing fourteen pounds, w ere put within it, as ere also six carrier pigeons, and a number of other articles At 30 minutes to si o'clock, every thing being Uien" ready, the following persons then entered the car. Mi and MrsCharlhs Green, Mr J. Green, cap- tain Cnrrir, Mr Er'win Gye, one. of the proprie- - etors of tie Gardens,another gentleman connected wilh the Gardens, and iwo other gentlemen, of the names of Sheel and Holland, as we are in- formed. Two strong ropes were then attached, one on each side of the car, which were each held by upwards of fifty persons, on which Mr C. Green commenced trying the power of the balloon, when he soon discovered ne had got loo mucngas Alter letting a considerable quantity escape, he called his ry Ann Green, daughter of the late Mr William Green,, who immediately, and appaiently verygladlyv Obeyed the summons, and jumped into the car,; making the ninth adventurous spirit within its already crowded interior. The word was then given for Ihe ropes to be loosened, but before that could be done, Ihe rope acioss the 'loop by which the neck of the balloon is fastened, broke with a loud snap. The damage was, however, scon re- paired, and aster Mr Green had allowed soaie.Qt the gas 10 the signal gu 1 was sired, and exactly quarter past six the magnificent machine quitted te-i- a firnia. amidst Ihe spontaneous cheers us Ihe assembled campany, the hand playiue "God save the King.rr At this moment the the scene was most intense; every sptc-tat- by his cosntenance the anxiety which he felt for Ihe situation of the rerorauts. No pmset-a- be too great for the coolness ahft preseure of mind displayed by MrGre-- n 111 this somewhat tryu g situation. He gave his direct tions in thai irspned ihe crew of his. comparatively frail vessel With confidence -l his. management, and, as it were, millcipaled their; ' security from Hccideut and dargcis. The ascend was most magnificent, directly tha wordi was given to cast oil the fast rope by which Hie ball, y loon was retained it shot w.uh velocity from hv earth, and mounted high in mid air, in the direc- tion us l'unbri 'ge, shifnrig Us couro front east to southeast. '1 he shouts of the multitude, snn ihe clang of ihe muniments of tlie military bamt which was stationed 111 the, grounds, accompanied us fl glu, 'Ihe scronauts waved their hats and flags, and continued rapidly to rise. A grander sight can hardly be conceived. This balloon is really and truly u hit it lias been slated td be by the proprietors of the gir dens-'- 'a oeauliful and stupendous balloonv"' The diniennons of 11 are enormous, it is 157 feet 111 circumference; the height rs 80 feet, his composed of 2,000 yards of silky crimson and wniie, which is exceedingly throH m the fabric, and wove in a particular mannei. Tlie gores are united by a cement invented bj Mr Gieen, 01 a nature so tenacious as to prevent all chance ot separation It contains 70,000 cubic feet of gas. The inflation was under the direction of Mr Hutchiueuu. This alone is said lo have cosf 70. '1 he peculiarly heavy slate of the atmos- phere produced a weight of condensed arr upon. Ine surface of the balloon of neatly half a ton, hut so highly ranfied was the gas, that the was sufficiently buoyant to have taken people. '1 he ronauts all displayed tne greatest intrepidity, anil were greeted with thr lou I cheeis us the crowds assembled." The interestwhicll the announcement "that a balloon would ascend, with from eight to ten per- sons," hacj createe,was almost universal, and is ihe day had only held up sine, according to tha pioinise of the morning, there can be but little' doubt that the number of visitors on the occasion would have vastly exceeded any which before assembled within the limits of these gar- dens A? it was, the thiong in the gardens to many thousands, but the numbers, within bore no proportion 10 those which had as- sembled without. Every point from which a view of the gar ens could be commanded was complete- ly crowded , and many of the streets in the neigh-boiho- od were for a time wholly impassible. On Vauxhall Bridge, JIJTillbank and the adjacent, streets and roads, thousands were waiting for hours 1.1 hl ado ds a strong indication of the deep aud interest which is taken by the public lv 111 the cause of scientific discovery, 'JTliur is-- , is we mistake not, the largest machine of the kind tlial'ha-- s ever been constructed, andi tne only one, with a single exceptiSi,-i- n winch-mor- e than two or three persons hive ventured themselves from tena ffrtna- - 1 he balloorn in wqich the Duke of Chatties and three other individuals (iwo of whom were brothers, mined Robeils,) asi ended op the 15th July, 1784, fiom the Pailt of St . Cloud, measured 55 feel in length, an i 34 111 diameter. JDtsicnlof tlie Balloon. The balloon, with-H- e nine passengers, descended near Cliffe, at. naif past seven. Mr E Gye, with immediately proceeded to Gravesenn itr a cart,4nd having despatched a man to ihe spot where thv machine lay, came up to town in a pojtchaisc without delaj, leaving. Mx Green,, with the other passengers, in charge as the bal- loon. Dr. SAM. B. RICHARDSON PROPOSES to the Medical Class now course of iustruction-upo- u " Topographical and Comparative Anato- my and Operative Surgeryr during the regular session of 183G-- 7. This Willi consul of lectures and demonstratiopsand are de- signed tobeauxilliary to ihe regular course of le- e- tures 111 the Medical Depa.lment of the Universi- ty, An Intrnduclorj Lecture explanatory of proposed, wi'l be delivered at the close of the week of regular inlroductories in the Universi- ty of ihe time and place rius notice will be giv- en. Lexington, Nov 3, 1836 69-2- ti FALL AND WINTER-NE- W GOODS. ' Great Bargains at Wholesale and Retail' JOSEPH IL JHERVEY, Opposite the Court House MainSttLcx-rogton,Ky'- MAS just received and 15 now opening a vcrj assotlment of Merchandize fori Fall and Winter Sales. Among his Stock ofT Dry Goods are Cloths, Cassimers and Sattinetts, of all color and qualities; Mohair and Pilot Cloth r Flushing and Petersham; a splendid assortment Row, .Mackinaw and Whitney Blankets; English, Frenoh and German PUm, Damask and Gro p Mennoes, (an elegant assortment,-- ) a large. stock, new style Prints; 4-- 4 French Chintz; slam and rich figured Satins, black and faucvr colored do de Swiss, Dro de Grain and other Italian suns; needle worked Capes, and Collars; plain and embioideied Meiino, Thibet and other; Shawls; Ladies' anil Misses' Gum Elastic Gloves and Hosiery, (a. sine assort nent;) rur ivapes, men and Hoys' Fur and Seal Caps. Ingrain, Siair and Passage Carpeting; Gilt and. Mahogany Frame Glasses; Brass Andnmis,, Shovel and Tongs; a large assortment Shoes and Boots; Ladies' and Gentlemen's. Saturated, Over Shoes, do Water Proof Gaiter Boots, do Fur" I'limmed Kid Shoes, do Gaiter Prunell and Seal, Boots, do My, Lasting and Kid Slippers, &c. A:c. HARD WARE AND CUTTLCRY. A large slock; Glass, Queensware and China, &c. ic. Alrnf which were selected with great care by htmtelf m tlie Eastern Cities, and wil be sold either at Wholesale or Retail, at a ususlly small advance He invus all who desire tu pur- chase GOOD and CHEAP bargains to give him, a call, confident tint no one will he dissatisfied with their purchases Come and lr), II. IJERVEYi Nov 7 r ; 5 i I r M.

Transcript of Kentucky gazette (Lexington, Ky. : 1809). (Lexington, KY) 1836-11...

Page 1: Kentucky gazette (Lexington, Ky. : 1809). (Lexington, KY) 1836-11 …nyx.uky.edu/dips/xt7cnp1wdz5c/data/3467.pdf · 2012. 6. 4. · SEOT-WEEKL- 7 From the New York Evening Post. The

SEOT-WEEKL- 7

From the New York Evening Post.

The financial storm long since predict-- l

od hj this journil has at last commencedin good earnest, and begins now tobeseverely felt, "or a considerable timepast a piesi.ure for money has been ex-- .

penenced in this metropolis, and withina sew dd) it has increased to a degreewhich has"'made it the subject of generalconversation and complaint. Men nowperceive that their projectssustained onthe airy basis of too widely extendedrredit, are in danger ot sudden ruin . A,sense of general insecurity is awakened,and alarm and consternation are takingthe place of that foolhardy spirit of specu-lajio- n,

which, but n little while ago. kept'hurrying on from one mad scheme to an- -

other, as is it possessed the fabled art ofturning all it touched into gold. A com-

mercial revulsion has commenced, and,we sear. Will not terminate, till it hasswept like a tornado over the land, andmarked its progress by the wrecks scat-- ltered in its path.

It 15 nlvrnya to bo oxpectpd jn thlScountry, when anything occurs to create'extensiye dissatisfaction, that newspaporwriters, on one side or the other, willstrive to turn it to the uses of part) ; andwe accordingly find, in the present in-

stance, that the opposition journals seize'the subject of the financial difficulties asa theme for declamation against the gov-- ,,errtment, and ascribe all our pecuniaryembarrassments to theHon of public affairs Some, with singu-lar contempt for the understanding oftheir readers, deal in mere generalities,

t and, in ull the worn out commonplacesof the political slang vocabulary, de- -

nounce the administration as composedof a set of ignorant "linkers of the ,"

or fraudulent speculators, whointerfere with the financial arrangements'of the country, for the purposes of pri-- 'vate gain, perfectly regardless of the'wide spread ruin they may occasion. Inthe saqie spuit they call upon the mer-chants to close their stores and countingrooms and go out into he streets as polit-- lical missionaries, devoting themselvesexclusively, for the next twenty days, to,the business o electioneering, wilh aview of putting down a corrupt administration, wli ch is lorever try mg high hand-ed experiments with the currencv, andobstructing the sources of commercialprosperity. The day has been vv hen themercantile men of this community sufferea tnemselves to bo inflamed by such appeals, and acted in pursuance of such advice. But we trust that day is past, never 10 reiurn.

Another portion of the opposition pa--lera, wmi more respect tor the intelli-gence of their readers, endcavoi to fortifytheir chargea-ngnin- he abministrationby explainingMhe mode in which theyconceive 'Ube the author of the pres-ent 4

difficulties. By some of these, all theembarrassments ot the money marketare traced to the order of the TreasuryDepartment, requiring pajment for pub-lic lands to be made in specie. This maydo very well aB a reason to be urged bythose wise journalists who are ever readyto shape their political eeonomy to the

.exigencies of party ; but will hardly sat-isfy readers ot so much intelligence asto demand that the cause shall be adequate to tho effect. Any one who willgire the slightest attention to the statis-tics of the land sales, and who wilLreflectwhat a vast amount of purchase an inconsiderable sum in specio will pay, in!its necessarily constant and rapid circulation trom the land office to the neigh-boring bank, and from the bank baclftotne land office, must be perfectly satisfiedthat the regulation in questiun cannothave had any perceptible efTect in pro-ducing tho general financial pressurenow experienced.

There is a third class of oppositionwriters who, like the others, imputing nilthe difficulties lo the administration, yetfind out all entirely different and muchmore adequate cause. These impute illentirely to the Tieasury orders, issued tovarious banks in diffeient parts of the

against the public funds collected ondeposite in the banks of this city. By!tho natural couiso of tiade. New York isthe great' money market and storehouse'of bullion fur the entire confederacy. At'this port, sour fifths of the whole revenueof the country arc collected, and wouldhere accumulate, affording a substantial,basis of credit and reciprocal accommo-dation to those who pay it, were it not forthat "tinkering with Ihe currency'" v Inchsubvorts the ndturnl order of things. Tothis extent we sincerely go with thosev.ho are declaiming against the govern-- 'merit. Wo agiee with them that the con-- !dilion ot affairs, as established by ihe lawsof trade, 13 deranged by government in- -teiference, andlhatthe tieasury orders)which have the effect to cause a suddendispersion of the public funds accumula-- lted in thiscil), and to drain the specie'from the vaults of our banks, sending it1hither and thither, and for a time, ent"re- -ly destroying its use, as a foundation of,commercial credit, are the immediate,cause of the prevailing distress. So farthe opposition writers have ourconcur- -lence; but not one step beyond, because, t

further than this, thev are not supported1by tiutli. Let U3 look c ilmly at the facts,'and see where justice must attach the1ulame.

The complaint is, that Mi. Woodbury,directed perhaps bvTthe Executive, issmpsTreasury Orders to banks at various dis-- f

tant points, which they present to thebanks in this city, m many cases de-manding specif, thus compelling those

s su.i.Kniy to retrench, nndjj

"spreading consternation and ruin amongthe merchants The banks themselves,it is further affirmed, is payment of theseorders should continue to be demandedin specievill soon be exhausted of everymetahc dollar, and obliged to suspend theredemption of their notes. We verymuch sear that there is no exagoration inall this. But where lies the blame? Woare not content to slop at Mr. Woodbury,and shower undeserved obloquy uponhim. We cannot charge it to GeneralJackson; for we havo no warrant for be-

lieving he would assume such a fearfulresponsibility. We go further than this:we go to those enactments which make itobligatory on the Treasurj Departmentto act as it is acting, which leave U nodiscretion; which compel it to derangethe currency, to break up theloundationsof commercial credit in this great city,and create all the widespread distresswhich, in tho end, must result from theproceeding. One slop further will showus the origin of those laws; and there we,behold the very men who are now theloudest and angriest declaimers againstthese consequences ; the very party whichis endeavoring to convert them into a fa-- ,

.tal weapon against their opponents. Tothe act regulating the deposites of publicmonoyT and more particularly, to the sup--,plementary act, passed on the last legis-lative day of the session, v,c impute all themischief.

Both these acts were couceived, andmatured, and cairied into effect by theopposition, aided by such administrationmembers as they could deceive with theillusory promises of advantage which themeasures held out to the spuit of sec-tional rapacttj. They considucd theircarrying them a great party triumph.They had public rejoicings on the occa-

sion, with discharges of artillery, bonfiies,ana an the etceteras ot such electioneet-m- g

pageants. They now bch )!d the lt

or rather the commencement of theend. The lruit is of the tree of theirplanting- - is it is bitter, thej have them-selves to thank. Bad as it is, we searthat worse much worse is jet lo come.

We assert that the Secretary of theTreasury cannot possibly act otherwisethan he is now acting. lie dotibtles-sees, and knows, and laments, the con

of the ordeis isued fiom his de-

partment; but ho has no power to with-hold them. The Piesulent ot the United

tes has no power to forbia their beinglied. It jsdone in plain pursuance ofe positive provisions ot the denosite

law and its supptementaiy udei lawsdevised by the anstocracyr carried by the-

aristocracy, lejoiced at by the aristocra-cy. Fain would the President have in-terposed his veto, but they were made toassume such a shape as obviated the con-- 1

stitutional objection, and, in the delusionof thr moment, too many of the democrat-- )

ic party had joined their opponents torender such a stop of any avail Thebills were signed signed with a stron-- l

or nthpr a clear foresightof the evils they would occasion; and The

event attords another forcible illustration1of the sagacity of that great man whomtlie people,, in a happy hour, selected toguide the affairs of state. Other warn-- 'mg voices foretold the ruin that would ensue, ihe views ol Hi. Van LJuren worewell known at tho tune, and were imme- -'

diately aster very clearly expressed. Inthe House of Representatives Mr. Catn-brelen- g

raised his admonitory voice, andpredicted the very st.Uej3jhirigs whichnow exists. But all lnjptn. The op- -

position drowned remonstrances withclamor. They won to their side sectional politicians by the hopes which theyexcued of local advantages. They car-ried the measure; and now they expe-rience us effects Not they only, un-

fortunately; but those who opposed themad, corrupting scheme. The wholepeople feel the effects, and are doomed tofeel them with far greater intensity be-fo- ie

many months are pas'.The supplementary law to which we

have alluded lenders it the dtitv of thnSecretary of theTieasury to make "trans-fers from banks in one State or Territoryto banks in another Siato or Territory,'whenever snch transfers i)iay berequircd,in order to prevent large and inconve-- lnient accumulations in particular places,'or in order to produce a due equalitii andjust proportion, according to the provisions oj sata act" namely, the JJeposi'eAct. The "due proportion and justequality" required by tho provisions ofthat act, is a division, on the fir.t of January next, of the surplus levenue ainono-th- e

states in proportion to their respectiv e.representation in the Senate and Houseof Representatives of the United S'ates;and, in the meanwhile, the Secretin v ofthe Treasury is directed to mtkd ri in-

fers from state to state, according to thatscale of distribution, and not to sufTei toremain in any one deposite bank an a- -mount excoeding thiee-fourlhs- its capi-tal. Thus this wise law obliges him tostand in a posture of perpetual vigilance,and keep carting the public money aboutfrom bank to bank, the moment the courseof business places in any .nstiiution asingle dollar bejond the limitation of the'law. The evil, then, springs from thejlaw and those who made the law, and not,Irom tho Secretarvof tho Treasury,

As for the fact that specie is demandedof the banks in New York in payment of,the Treasury orders, the opposition haveagain only their own party to thank. It isa notorious fact that 11 rnmn.itsr r iU

several directors of nine-tenth- 's of thebanks in the United Statps are membeisof tho opposition. The Treasury ordorsare issued in the usual form, and 11 is lestentirely discretionary with ihe banks inwhose favoi they are issued to make sucharrangements with the banks on whirr.Ihe orders are drawn as shall be mnsi v.-

uie convenience and interest of allties

which the Secrctaev of tho Treasury hay,'of right, nothing lo do He is bound to

act according to the invariable usage of

the Department; and is the opposition di-

rectors of a distant bank choose to de-

mand specie of a New York bank, for thepurpose of embarrassing the institution,crippling its means of accommodating itscustomers, and thus spread Confusion and

panic through the community, we knowof no way in which Mr. Woodbury caninterfere to prevent the result He butobeys the provisions of a law which clear-ly prescribes the mode in which he is toact. That he has every disposition soto discharge his imperative duties as tomitigate as much as possib'e the hardshipof their necossain effect on the morcaiitile community, ho man can cntutainareasonable doubt. He has expressedhimself, as we see stated in the Journilof Commerce of this morning, ready toarrange the disttibutionof toe surplusrevenue in any manner, consistent withthejjavv, v hich sha'l best subserve the interests of trade, and promote stability inthe money market. That paper sjjs,' no more drafts will he issued atpiesent,and some alieady issued and transmittedto distant places, will be countermanded.It devolves on the deposite bauks heretoto point out to the Secretary the mannerby which, in their opjnion, the objects ofthe law can be most conveniently ac-

complished." But the immediate caufceof the financial embarrassments is in thelaw itself, and the Secretary of theTreasury, execute its provisions in whatmode he may, cannot prevent commer-cial distress. In the meanwhile, lh- - con-

dition into which the community arethrown by a sew drafis upon our binks forspecie, is a forcible illustration, added totho many which had been previously af-forded, of (he beauties of that bankingsystom of exclusive privileges by whichthe people have so long suffered themselves to be oporessed.

But the first, great,, and all importantcause of the pecuniary distress-lie- muihdeeper than any which the opposition

papeis assign- - It is neither the Treasu-

ry order in lelation to the public lands,nor the Treasuiy orders on depoMtebanks. These last have, at the veryworst, but precipitated an evil, whicli--,

had no such oiders been issued, or notransfers in any way made, could by nopossibility have been long averted. Itwould have come next vvintei, and witha pressure Sreatl) augmented bj the de-

lay . It would have fallen, like an ava-

lanche, at the very season when revulsion is more fatal, because then j he largest ammounU of payments afo to bemade. The distribution law takes ofiect

in Januaiy,atld had not the necessity ofcomplying with the conditions ot the sup-

plementary bill given the present harsh,but salutary check to speculation, theamount of credit, now so prodigiously in-

flated, would have been still further ex-

tended, and the shock of a sudden explo-

sion would have been far more fearful anddisastrous.

Without the- - distribution bill, even, a,

dreadful commercial revulsion could notlong have been avoided. We were ruhing on madly at a rate which could notlong be continued. The gist obstaclemust have thrown us from our course,and dashed us to pieces. Look at thepresent state of the countiy- - When didit ever before present such a spectacle ofprodigiously distended creditj. Whendid such a sever of speculation maddenthe brains of whole communities? Whendid all sorts of commodities bear suchenormous pi ices T And when, at thesame time, was there- ever such vastconsumption such prodigality, wastefulness, and unthinking profusion? Is thetreasury order the cause of this? Alas,it is one of its remote consequencesWhat filled jour treasury to such overslowing,- that some cunning politician wasprompted by a consideration of the exu-berance to devise-th- schemo-o- f distribu-tion? Speculation. What excited thatspirit of speculation? The sudden andenoimous increase of bank capital, andthe corresponding inflation of bank cur-rency. In the last eighteen months alonenearly one hundred millions of bank cap-ital have been added to the previous

Examine the following bank s,

derived from sources believed tobo accurate, and see how prodigiouslyand rapidly our system of bank-- credithas been swollenAgg egatc capital of the banks in the

United States. sIn the year 181 llhetnul amoun' was""52,600,000

1815 6t,200,000181G 8tt,eoo,ooo182(1 k .UUJ; 1 00,000-1830 110,200,010183 jV& a&,950,0001S3G (August) 2rJJ250 000

Increase in mneyears preceedingl8,20 19,500,00,0Io lenycars 1830 8,10(f,000Do. snyearf 1836181,050,000Who can look at this statement, and

not feel convinced that the cause of thepicsent finaucial distress lies deeper thantreasury orders, whgther in relation topublic lands or public deposites? Thisenormous increase of bank capital in thosixty years has been accompanied by acommensurate extension of pi iv.ate credits- - 1 he bunness of the country hasbeen stimulated into most utivvholesomeand fatal activity. Circumstances, un- -looked tor, have- occurred to aggiavatethe epidemic frenzy. The governmenthas obtained a payment of long delayedindemnities from foreign powers, andnew forrrigd corporations have contractedlarge load's abroad. These sums, addedto tho product of our staples, havo beenexhausted by the excessive importationsDomestic speculation speculation in theproducts of home consumption, in land, in

.town lots, in houses, in stock enterpuses,11 every ining, nas Kept forpare, step

par- - step, V.lh the inordinate increaseI his is a matter w,th trade. Whateign is to pay all this xast

accumulation of debt? It must come at'last out of labor. It must come from theproducts of industry We have been bor--lrowing largely of the suture, and have atlast arrived at the point where vye mustpause and wait for the farmer, the mechanic, and patient hewer of wood anddrawer ot water to relieve us from ourdifficulties.

Reader, take home to your bosom thistruth, and ponder well upon it, it is thnbank sj stem of this country, our wretch

J ..- -- ..J-- . .. .' ruu unequal, uiiuumocrauc sj s cm 01 spe-cial privileges, which occasions the difficulty we now begin to feel. It is not pre-tended that Under the free trade systemof credit, or under any system, commer-cial revulsions would not sometimes, andto some extent, take place. They aroincident to the n iture of man. Prosperi-ty begefs confidence; confidence leads torashness; the eqample of one is imitatedby another; .and the delusion spreads un-

til it is suddenly dissipated bs some ofthose rude collissions, which aic the

penalties of a violation of thelaws of trade. But such fearful and fa-

tal levulsions as maik the eras of thecommercial history of this countrj , vv ouldnot, could not,, take place under a freetrade system of banking.

It is when ignorant legislators pretendto define by law the limits of credit andshaking at one time with "unnecessarytrepidation refuse to enlaige them to thewants of tiade, while at another thej ex- -

tenb themfarbeyoud all reasonable Scopeit is wlicn such ' lamperers with the

curiencv" attempt to contiol what is inits nature uncontrollable, and should befiee as airr that rebulsion, panic, andcommercial prostration necessarily en-

sue. While we have restraining lows.and especially chartered banks, vvc shallhave periodical distress in the moneymarket, mere or less severe,, as the pe-

riod has been hastened 01 delaved bj' ac-cidental causes. Partv writers miy atone timo lay every disorder to the remo-val of ihe depos.tes, and at another to atreasury oider; but whatever ordoistheTieasury may isMie, the alternate irifla.ttons and contractions of tho paper currency incident to such ,1 pernicious sys-tem as outs wilt" continue to produce thqirinevitable consequence, unwholesome

business, followed by piostration,sudden and disistmus.

Wc have exhausted our spaco for thepresent; but shall have moie to say onthis subject another day. There aresome-propheti- passages 111 the speech ofMr. Chambielengon the distnbution bill,last winter, to which vvc shall take anearly occasion to ask the attention of ourreaders.

FROM FLORIDA-OPENIN- G OFTHECAMPAIGN.

The Apalachicol.a Gazette of the 8th111st. brings the following inte iigence,from which it appeals that hobti'c move-ments have been commenced 011 thewestern side of Florida, with considera-ble spirtf.

From Tamfa Bay. The- steamorMerchant, which lest this port on the28th tilt, with a detachment of regularsand friendly Indians under the commandof Col. Lane, fur Tampa Bay, returned 10 our wharf again this morning.

We learn that Col. Lane, on Ins arri-val at Tamp 1, lost not a moment in commencing operations, but with his usualactivity, dashpil into the enemy at onceThey were enab ed to land their fotcesat Tampa on the morning of the 30th;and having learned thatapaity of thehostilcs had burned a. house near thatplice the night before-- , Col. Lanerwitha party of 19 mounted men, and about100 friendly Indians on footrset off thesame afternoon in pursuit of them

Aster a very rapid march of about 12miles, the enemy were discovered on theopposite side of the Indian river.- - Col.Lane and his sew mounted men, whowere considerably 111 advnee of thefriendly Indians, made a most vigorousand gallant charge upon the enemy, duving them down the river to a largehammock ; where, from the great dispar-ity in numhers, they deemed it prudentto await the arrival of the friendly Indians, who were under the command ofMajoi Watson, of Columbus, Geo. Abrisk sire was however kept up by ColLane, and the enemy, held in check tillthe reinforcements arrived. As soon asthe friendly Indians came up, a veryanimated sight across the river ensued,which lasted some fifteen minutes; whenMajor Watson ordered a charge, washimself the first to cross the rivei, andforemost throughout the sight. Thehostites soon gave ground, though slow-ly at first, nni1 sought with desporottonfor a mile'nnd a half, when Ihe rout be-came general. They were pursued bCol Lane and his nfpuuted menr tillnight came on.

Colonel Lane wis much exposed, during tae action, and Ins h e was at onetime probably sived by a Mr King, of,the regulars, who seeing an Inaain ta-king ami at the Colonel, threw himselfbefore his officer, and receiv ed the ball inhis own body!

Majoi Watson has since been piomo-lo- d,

and the Colonel speaks in highterms of his conduct. Lieut. Leonanlwas also conspicuous for his bravery '

hai ing had his horse shot under him. 'lThe loss of the whiles was onlv inn

wounded. The enemy's loss not known,as night came on and prevented an exam-ination.

The number of the enemy could notbe accurately ascertained, though esti-mated at from one to two hundred.

Soon aster, this affair, a diplomaticcorps was sent out, and until, their re-turn, operations will ceaso.

-

At the annual meetine oftl.r. Forr.,iQOrphan Soce.y of the city of Lexington,

held in the Court Houae on Tuesday the7th inst.at three o'clock P.M.Mr Will-iam Richardson was called to the Chair,and Rev S. V. Marshall vvaB appointedSecretary. The meeting was openedwith prayer by the Rev. Mr, Leacock."The annual Report of the Board of Man-

agers was read, and, on motion of Rev.N. H Hall, seconded by Rev. S. V. Mar-shall, was unanimously received, ap-

proved and is as follow?:

REPORT OF THE MANAGERS OFTHE ORPHAN SOCIETY,

November, 183G.Kach revolt in year, which adds another to the

age of an Institution that okps iU foundation andsupport lo a benevolent rnininunil)', brings pleas-ure and anxiety to us manager. They rejoireagain rn the good feelings whirb gave it being, andare again desirous its fiiends and patrons shouldknow and approve it 9 management rl o visit andrelieve the fatherless is an injunrunti of HolyWrit, one mark ol "hue lelig on and undefiled,and we mrmply pray our heavenly rather 10 blesthose, who, from cbedience and tenderness, sounded and sustain this charity, an earnestly entieatill to unite with us in returning trunks 10 "Himfrom whom cometh every good Bud perfect giltfor Il'sproterlroitof this hllle family riming thepast j ear In this as)lum, eighteen children aiesheltered frpm Ihe dangeis anil privations of anorphan state Willi one exception, which was ofshoit duration, they have eujnyed uninterruptedhealth They have been decpntly and properlyclad through each season, their moral jnd intel-

lectual culture unceasingly attended to; tiabiU ofindustry carefully formed; personal neatue:., sonecessary to ami cumloit, smelly enjninel,anil a tender nurse provided to put the rule inpractice, and perfnim oilier duties connected .villiher station . All under the supervision ot a judicious matron, who sees executed the wishes ofthe ..Managers, and to whose firm, jel mild admin-

istration of the las, mcch of the sucee of theinstitution ma be attubuted.

'I he Treasurj 's Report exhibits the sum ex-

pended for the suppoit of the family during theyear lc36, ami the limited means remaining toprovide for them tnrough the winlsi: they are insufficient; but the IManagers, from a knowledge olthe untiring benevolence of their fellow citizens,feel encouraged 10 solicit them (or assistance- Toincrease ihe number of annual subscribers Iheearnest wish of every member All acknowledgethai in enrouragmg surh a charity, they are pro-

moting a most ricligh'ful means of good, withwhich no evil is mingled and from whi"h it cannotbe extracted by any eaithly perversion of its ob-

ject. Every woman's heart must glow with pleas-ure when the reflects, that lo the assylum whichshe aids in maintaining, she tan direct the eye ofthe lndignent- dying parent, whose children are tobe lest desolate, when she llilnks of the balm whichslows to their hearts when they hear, that thosethey leave nvpoverty overwhelming , will he savedfrom misery an I Vice, sheltered frooi the storms oflife, when they can no longer counsel and piotect

'1 hey are- ministers of mercy 'vho can thus uVrect, and the departing will bless them, and ex-claim, "the bitterness of death is past'"

By order of t le Board,.M. C. GRATZ,,S(c B MOS

The annual Report of the Treasurer of the So-

ciety, was then read and on motion, was unani-mously received and approved.

TitEAStnu r's Report,From Oct. 4, 1GM5, to JVou. 1, 136.

Monies received 111 yearly subscriptionsand donations, StflGL

fllonevat Interest, 500

lotal. 1561MOMES JCjOMDED,

In Wood, SI 27,00House Expenses, 698.2GSalaries jf Matron and Assistant, 3J4,12

Total, Si 058,39Balanre remaining, . 501.1121

L Balance in the Treasury, S'iG2JBdltAH VVAKUf

Treasurer of tlie Orphan Society,October dl, It)3(i.On motion of Robert Wirklifle Sen. E'q,

seconded by Rev. N. II- - Hall,Jluolvcd, Thai the Reports of the Managers

and l ieasuier of ihe bocietv, together with Iheproceedings of this meeting bfc primed, and lhatthe Eriiiois of the several newspapers in this city,be respectful!) requested to insert the same 111 thecolumns of their papers.

On motion of Mr J . M. .Hewett, seconded byuev us risuoacK,

lie$oued, 1 hat a committee be appointed tevisit ell the wards and ihe citizens thereof, to so.lieu and obtain annual subscriptions and donations,either 111 money, clothing or piovisions; and thatea-- of the clergymen of the veveral denomina-tions of this city and county, be requested to takeup a, public collect mi once a J ear, and use othermeans, leaving ihe lime and manner with them-selves, in aid of the funds of iho Society of tneOrphan Asylum.

Messrs R. Wicklifle Sen , N. II Hall and DrJb ishback, each addressed the Society 111 a highlyinteresting and apDronriale manner.

Jlesolvtd, lhai the number and designation of.me committee oe lelt to the Hoard oT Managers.

On m .tionof Rev S. V. Marshall, seconded by11. 11. nan,

Jiesolied, Ihatthe Boaid of Managers-- whosoterm of service has just epned, be continued inoflice during another year

The Society then ariruured ufieruravei hv iheRev N. II. Hall.

S. V. MARSHALL,Secretary of the Meeting.

From the London Courier, Sept 10.ASCENT Or THE GREAT BALLOON.On no previous occasion in the annals of cero

station Ins publip curiosilj been so strongly excitedas on that of the ascent of the stnpnndou9llRoy-a- lVauxhall Balloon," hich took place yester-day from the above iishionable gardens. Allho"ihe price of admission had been menased to halla Clown, long before the doors wen opened, whichwas 1101 until half pasi one o'clock, a latge num-ber of persons were in waiting for admission Onthe doors being thrown open, the Indn wassound to he already two thirds inrlated, the processfrom the extraordinary size of the machine, havingcommenced as early as ten o'ciock. About twoo'clocl,a sudden change took plate in Ine weatn-er- ,

and from thalhour until half pastit rained incessantly , but the ardor of tho loversof cerostatics, appeared to be nothing daunted bythe untoward occurrence, for thev flOLked mm il.gardens regardless of the " pelting of the punlessstorm,'' many elegantlj dressed women not evenopening their parsols to shield them from the rain.--.. U. ".muiibj meir view 01 ine balloon,bhortly aster sour o'clock, a favorable change ap-peared on the fece of hevsven, at which Ihe balloonussumeu tne lorm ol an immense pear. Abouthalf pat sour o'clock, the rajn having subsided,preparations for the ascent were commenced;they, however, occupied nearly iwo hours, ihepower of the balloon several tunes ra.s.,,. a i...part of ihe L. division of police,, who had holt of. . ..c.mig.rom me ground, notwithstanding near

"" """u'eu weigius werw also attached by.op 10 ine stupendous machine. Al Bve u'clock

.aige pariy 01 the nobility were admitted bytickets within the arena, where the inflation tookPlace. Among them were the Doke of RrnLord I almerston, the Earl of Coventry , with aparty of ladies Lord and Lady CharUville,Count d'Oesay,StrV,ll,am Abdy, Colonel andtlie Hon L. Stanhope, Captains- - While, Ogle,htopforri, 4c. Shortly afteivvards inerar. wwi.on account of the weather, had been stripped ofis splendid purple velvet covering and gilded ea

tln.

to which the ropes at thfnhiting'nad baan fastened'.Twenty sour baflasts, each weighing fourteenpounds, w ere put within it, as ere also six carrierpigeons, and a number of other articles At 30minutes to si o'clock, every thing being Uien"ready, the following persons then entered the car.

Mi and MrsCharlhs Green, Mr J. Green, cap-tain Cnrrir, Mr Er'win Gye, one. of the proprie- -etors of tie Gardens,another gentleman connectedwilh the Gardens, and iwo other gentlemen, ofthe names of Sheel and Holland, as we are in-

formed. Two strong ropes were then attached,one on each side of the car, which were eachheld by upwards of fifty persons, on which MrC. Green commenced trying the power of theballoon, when he soon discovered ne had got loomucngas Alter letting a considerable quantityescape, he called his ry AnnGreen, daughter of the late Mr William Green,,who immediately, and appaiently verygladlyvObeyed the summons, and jumped into the car,;making the ninth adventurous spirit within itsalready crowded interior. The word was thengiven for Ihe ropes to be loosened, but before thatcould be done, Ihe rope acioss the 'loop by whichthe neck of the balloon is fastened, broke with aloud snap. The damage was, however, scon re-

paired, and aster Mr Green had allowed soaie.Qtthe gas 10 the signal gu 1 was sired, andexactly quarter past six the magnificent machinequitted te-i- a firnia. amidst Ihe spontaneous cheersus Ihe assembled campany, the hand playiue"God save the King.rr At this moment the

the scene was most intense; every sptc-tat-

by his cosntenance the anxietywhich he felt for Ihe situation of the rerorauts.

No pmset-a- be too great for the coolness ahftpreseure of mind displayed by MrGre-- n 111 thissomewhat tryu g situation. He gave his directtions in thai irspned ihe crew of his.comparatively frail vessel With confidence -l his.management, and, as it were, millcipaled their; 'security from Hccideut and dargcis. The ascendwas most magnificent, directly tha wordi wasgiven to cast oil the fast rope by which Hie ball, yloon was retained it shot w.uh velocity from hvearth, and mounted high in mid air, in the direc-tion us l'unbri 'ge, shifnrig Us couro front east tosoutheast. '1 he shouts of the multitude, snnihe clang of ihe muniments of tlie military bamtwhich was stationed 111 the, grounds, accompaniedus fl glu, 'Ihe scronauts waved their hats andflags, and continued rapidly to rise. A grandersight can hardly be conceived.

This balloon is really and truly u hit it liasbeen slated td be by the proprietors of the girdens-'- 'a oeauliful and stupendous balloonv"'The diniennons of 11 are enormous, it is 157 feet111 circumference; the height rs 80 feet, hiscomposed of 2,000 yards of silky crimson andwniie, which is exceedingly throH m the fabric,and wove in a particular mannei. Tlie gores areunited by a cement invented bj Mr Gieen, 01 anature so tenacious as to prevent all chance otseparation It contains 70,000 cubic feet of gas.The inflation was under the direction of MrHutchiueuu. This alone is said lo have cosf

70. '1 he peculiarly heavy slate of the atmos-phere produced a weight of condensed arr upon.Ine surface of the balloon of neatly half a ton,hut so highly ranfied was the gas, that the

was sufficiently buoyant to have takenpeople. '1 he ronauts all displayed tne

greatest intrepidity, anil were greeted with thrlou I cheeis us the crowds assembled."

The interestwhicll the announcement "that aballoon would ascend, with from eight to ten per-

sons," hacj createe,was almost universal, and isihe day had only held up sine, according to thapioinise of the morning, there can be but little'doubt that the number of visitors on the occasionwould have vastly exceeded any whichbefore assembled within the limits of these gar-dens A? it was, the thiong in the gardens

to many thousands, but the numbers,within bore no proportion 10 those which had as-

sembled without. Every point from which a viewof the gar ens could be commanded was complete-ly crowded , and many of the streets in the neigh-boiho- od

were for a time wholly impassible. OnVauxhall Bridge, JIJTillbank and the adjacent,streets and roads, thousands were waiting for hours1.1 hlado ds a strong indication of the deep aud

interest which is taken by the public lv

111 the cause of scientific discovery,'JTliur is-- , is we mistake not, the largest machine

of the kind tlial'ha-- s ever been constructed, anditne only one, with a single exceptiSi,-i- n winch-mor- e

than two or three persons hive venturedthemselves from tena ffrtna-- 1 he balloorn

in wqich the Duke of Chatties and three otherindividuals (iwo of whom were brothers, minedRobeils,) asi ended op the 15th July, 1784, fiomthe Pailt of St . Cloud, measured 55 feel in length,an i 34 111 diameter.

JDtsicnlof tlie Balloon. The balloon, with-H- e

nine passengers, descended near Cliffe,at. naif past seven. Mr E Gye, with

immediately proceeded to Gravesenn itra cart,4nd having despatched a man to ihe spotwhere thv machine lay, came up to town in apojtchaisc without delaj, leaving. Mx Green,,with the other passengers, in charge as the bal-loon.

Dr. SAM. B. RICHARDSON

PROPOSES to the Medical Class nowcourse of iustruction-upo- u

"

Topographical and Comparative Anato-my and Operative Surgeryr

during the regular session of 183G-- 7. This Williconsul of lectures and demonstratiopsand are de-signed tobeauxilliary to ihe regular course of le-e-tures 111 the Medical Depa.lment of the Universi-ty, An Intrnduclorj Lecture explanatory of

proposed, wi'l be delivered at the close ofthe week of regular inlroductories in the Universi-ty of ihe time and place rius notice will be giv-en. Lexington, Nov 3, 1836 69-2- ti

FALL AND WINTER-NE- W

GOODS. '

Great Bargains at Wholesale and Retail'

JOSEPH IL JHERVEY,Opposite the Court House MainSttLcx-rogton,Ky'-

MAS just received and 15 now opening a vcrjassotlment of Merchandize fori

Fall and Winter Sales. Among his Stock ofTDry Goods are

Cloths, Cassimers and Sattinetts, of all colorand qualities; Mohair and Pilot Cloth r Flushingand Petersham; a splendid assortment Row,.Mackinaw and Whitney Blankets; English,Frenoh and German PUm, Damask and Gro p

Mennoes, (an elegant assortment,--) a large.stock, new style Prints; 4-- 4 French Chintz;slam and rich figured Satins, black and faucvrcolored do de Swiss, Dro de Grain and otherItalian suns; needle worked Capes, and Collars;plain and embioideied Meiino, Thibet and other;Shawls; Ladies' anil Misses' Gum Elastic

Gloves and Hosiery, (a. sine assort nent;)rur ivapes, men and Hoys' Fur and Seal Caps.Ingrain, Siair and Passage Carpeting; Gilt and.Mahogany Frame Glasses; Brass Andnmis,,Shovel and Tongs; a large assortment Shoes andBoots; Ladies' and Gentlemen's. Saturated, OverShoes, do Water Proof Gaiter Boots, do Fur"I'limmed Kid Shoes, do Gaiter Prunell and Seal,Boots, do My, Lasting and Kid Slippers, &c. A:c.

HARD WARE AND CUTTLCRY.A large slock; Glass, Queensware and China,&c. ic. Alrnf which were selected with greatcare by htmtelf m tlie Eastern Cities, and wil besold either at Wholesale or Retail, at a ususllysmall advance He invus all who desire tu pur-

chase GOOD and CHEAP bargains to give him,

a call, confident tint no one will he dissatisfiedwith their purchases Come and lr),

II. IJERVEYiNov 7

r

;

5

i

I

r

M.