Detroit Free Press from Detroit, Michigan • Page 2

LEGISLATURE OF' MICHIGAN. DETROIT DAILY FREE PRESS. LEGISLATIVE DOCUMENT. In Senate, 13,1839. removed by an applicationjm-ide by the bank to the Chancellor.

From the circumstances which induced the previous application, and from.thn partial examination lately made, the imperative obligations of duty demand the. recommendation, which is here made, that the legislature should authorize a committee to examine into its operations and condition. The Saginaw City Bank has been enjoined on the ground of insolvency. It numbered among its assets, as specie, a certificate for $15,100, deposited in the city of New York, in Small Pox. It is said by the Buffalo Journal, that the small pox exists to con sideraulo extent and is rapidly spreading.

Steam Seventeen years ago a steam ship was making her trips between New Or. leans and Havana. She was built at the citj New York, and was called the Robert Fulton She is now'a ship of war in the navy of Brazil. Peakls. Three valuable pearls ivo heei taken Irom Delaware oysters.

One wort! 140. UIDII WIU. VV1B. Ki.l, ivnm af.vnr.,litf vofarrati f-rt Mmmulul una. The; Speaker announced a with accounts, from the stale geologist, whfcSrS were relerred to tue committee on claims.

Mr. Adam, from the committee fa'wSSCSSb ciarv, to whom was' referred 'a' rceoWtioffrelaSfl live thereto; reported a exemption of certain priyate arid libiaries from Mr. Gibbs, cliairinan of tlie judiciary com. mittee, also introduced the following bills, which were placed upon the general order, an'd'firecU''! ed to be A bill to provide for an increase of the ngnji' 3 hers of masters in Wayne." "'it A hill relative to the records; of the probate for the county of Cass. Mr Mack, from the committee on ways au: means, to wborti was referred the John Bagg, state printer, reported a bill makiag appropriations to John S.

Bagg, state printer, for printing, binding, and materials Tor the revised statutes, laws, journals, docuniiili, and other printing therein specified," which was" 'i on motion of Mr Mack, made the special order for Wednesday, and ordered lobe printed. Mr Livermore from the select commjtte. to whom was referred the subject of alizing congress relative to the United States military roads, reported a memorial and resolo' lion, which were referred to the committee, of the whole and ordered to be printed. i The Speaker announced the following com- tnunicalion from the auditor general, which Waft laid upon the table and ordered to be printed. Auditos Genekal's orncs, Detroit, 2dih Jan.

1838. To the Hon the Speaker of the house of representatives); In compliance with a resolution of the -boose-of representatives transmitted to me on the 25ih inst. relative to the securities given by the Ypsilanti and Tecumseh rail road have the honor to state that said company haw filed in this office bonds and mortgages on-qn. incumbered real estate, approved by. the alter; ney general, to the amount of mortgage on the rail road, and also, a bond ii'.

the penal sum of $200,000. A wMUkM. mortgages with a certificate thereunto affixed'" was signed and approved by me and left office unintentionally by Mr Blanchard person interested, intending to procure the'GiTj ernor'ssignature, but it was not done. respectfully your most ob't nrrrV. 1 i Robert Auditor KESOLrjTIONS.

ifc.l On motion of Mr Patterson, Resolved, That the judiciary committee instructed to inquire into the -pi opriety of w4 pealing all laws authorising tbo sale of property; on mortgage without redemption, and reportby bill or otherwise. Shorts laid the following resolution on table: Resolved, That the tommtitee on banks and incorporations be, and they are instructed to enquire into the causes which have led to the rail? ure of the Bank of Vpsilanti tor rcdVem its billf in circulation, and into the general conduct, of said bank its corporate existence, and that said eo'mmiuee be authorized in the proeer cution of said investigation, to send for person and papers and to proceed therein On motion of Mr Adam, Resolved, That the committee on the jaiU ciary be instructed to inquire into the propriety of making provision by law for placing thereme- dy on all contracts entered into prior to the tak-' ing elfect of the revised statutes, as near as mayi be! on the same footing as existed at ihe tiine'of the making of said contracts, and of extending the time allowed lor the redemption of mortga; ges. executed prior to the taking effect of said cututes, to the same time as was allowed by law at the time of the execution of said mortgages. Mr. Copeland gave notice that on some future day he wou'd ask leave to introduce a bill io charter the Merchants Bank of Jackson at Brooklyn.

Mr. Paittrson called up the following resolu-' lion, which, being amended by Mr Acker, was1 adopted. Resolved, by the senate and house of reprei; seniativesof the state of Michigan, That bur' representative be requested and our senators tie instructed to introduce and support a bill for the abolishing ol imprisonment for debt, upon1 all judgments obtained in the courts of the Uni-etd States, upon contract. Air. Durocher called up the following resoloV lion, which was adopted Resolved, by the senate and bouse of repre tentative, of the state of Michigan, That, our' senators in congress be instructed, and our representative be to use their best efforts to procure an appropriation and authority from the gencal government to cause to be constructs) a steam revenue cutter; oi sufficient magnitude and capacity to be furnished and manned as the necessity of the case may require to navigate lake Erie, St.

Clair, Huron and' Michigan. Resolved, That bis excellency the Governor; be requested to transmit a copy of the foregoing" resolution to tue president ot tne senate, speax-er of the house of representatives, and to each' ol our senators and representative in congress; Mr Fitzgerald called up the following joint' resolution, which was adopted Resolved, That our senators and representative in congress be requested to procure an examination of the account of the superintendent and assstant superintendent of the harbor at St Joseph, and the manner in which the funds' entrusted to their charge have been used, and' expended, and whether these officers have manifested a due regard for the public interest, and that the secretary of slate transmit to each of our senators and representative a copy of this resolution. On motion of Mr Goodwin, the bill authorizing an assessment to be made in a certain school district in the township of Plymouth, in the comity of Wayne," was taken up, the rale suspended, read a third time and passed. On motion of Mr Smith, the house Tkk Lightning Telegraph. Ah associa-' lion has been started in New York and Philadelphia to establish a line of the Electro Magnetic Telegraph, invented by Professor Morse, between those two cities.

The distance the wir' is lo he laid is 100 miles. The association are' In pay professor Morse 8200 per mile, or 000 fur the exclusive right between the two cit-' ios which is to be surrendered to the United States, if during the present session Congress shall assume the exclusive right of establishing the Telegraph from Washington to New The expense of laying the wires is estimated at' 9320' per mile, amounting to which' with the purchase of the right, will make the whole coat keeping the Telegraph in: operation, which will require two managers at each end and contingencies, is put down at 000 per annum. Professor Morse estimates the power of the Telegraph equal to communicating 45 letters per minute, or 32.4C0 per day, which, at one' cent a letter for postage, would yield $138,000 per annum, deducting one half the 000, if nut one fourth the capacity is The average number of letters in the ordinary words of the English language, is a telegraphic communication of ten words would cont seventy ccnls. Acapitslof $72,006 is-too WEDKESfcAY-'MOJISING; JANUARY 30. SCr Seethe circuhrof.

Ihe Collector of this port in anoihor column. Bank Commissioners' RfjobtWo com mence to-day, the publication of the report of bank commissioners, which we shall com plete to-morrow. The following is a recapitulation of the resources and liabilities of Ihe banks in operation at the time of that examination, (Dec. last,) with the exception ef the chartered banks of this city. CHAUTKRED.

Not including Detroit bunks. Liabilities. Capital paid in, Pills in circulation, Due odl-tr Uatikp, Hue doposilnra, Nyll uruliuou bund, (in 45130 (II) H7 108.12I 18 411,1139 52 St $87,013 80 119 29,751 73 1,034,1142 3 1 211 110,570 211 r.eitouret. Specie on hand. Bitlrt ofnllK-: ImoSs of tills Mate, nil's l.f oilier lianlla elsewhere, Hills tlisumnih-ii, Itrnl mid i'im'iiI nutate, l)ejiuite in oUlei liiuikH, SAF ETV FUND.

Liabililic. Capilnl paid in, Billtj ill circulation, Due otli'-r hie rit'ioinirn, Nell pruliui on hand, 57 $414,046 RT I3S.4KU 00 04 45 12,045 36 8882,373 72 00 IIO.IKIB 2 13,715 30 CO 42.202 45 30,4.15 00 3S.270 73 Rcrttttreet. Rpecie on hand, iil'mtier luniks of litis stale, Hills nl'otln-r luniks elsewhere, nilldi5tuuled, Heal and personal estate, Stock in Dey-ailes In olber hanks, 4802,373 12 We shall publish to-morrow Ihe statement of thecondi'ioti of the Michigan State Bank and the Bank of Michigan. The State Bank. Col.

Fitzgerald, chairman of the committee on banks and incorporations in the House, is, we understand, busily engaged in preparing a bill for a Stale Bank, in pursuance nf Ihe instructions of the committee. The "cnoral features of the system, which wo understand meets the views of a majority of the committee, arc similar to the Indiana State Bank materially differing from that, only, in giving the sliot- more control of the affairs ol the institution. The bill, we arc informed will probably be reported to the House in the course of next week. Radicalism. Ii has become a very common saying that tlie worm is governea too The fact is admitted by all but the federal aris tocracy, who wish to elevate themselves by legislating away the rights of the people.

But is there not reason to apprehend that tins' notion that civil government in this country should he brought inlo a narrower and more reslricted sphere, will be productive of more evil than good We are not ihe optimists to believe that human nature in the 19th century will he so far perfected that a lax system ol" legislation will become expedient or safe. The grea' objects of I ho constitution are to promote Ihe general welfare of the people. Its provisions are the fundamental laws of the nation, and not oiio of them is productive of evil all are necessary to the proper action of such a gov. eminent as the wants of the people are eve-likely to demand and the laws made by the iii mi ic aci-oru'ance with the true meaning of the constitution, can never be injurious to the interests of individuals or the mass. Where laws are in operation which grant exclusive privileges to the injury of the community, litre, it can properly be said, is too much government; but where such a grant 6ccurcs the greatest good of the great-est number," the legitimate end of all government is attained, and that is a blind radicalism which weult! oppose it.

There are eight branches of the University established in this state, five of wliich have been organized and are now in operation, viz at Do. troit, at Monroe, at Pontiac, at Kalamazoo and at Niles. The aggregate number of students is 161. The ruBLic lands. In the debate in the U.

S. Senate, upon the graduation bill which has passed that body, Mr. Calhoun contended that the true policy of the government was to cede the public lands to the new states, upon the condition of the payment to the United States of the half of the annual proceeds of the sale of the lands. The star of Henry Clay begins to rise over that of Harrison. During the last six or eight months, the friends of the latter have been pro-claiming that he was the only available whig candidate or the presidency.

But the friends of Mr. Clay, who were then passive, are now sounding tlie praises of their favorite. Column iiflcr column of some of the leading whig presses is now filled with articles asserting the claims of Mr. Clay upon the whig iny, for a nomination as thoir candidate for the presidency. The re-election of Daniel Webster, to the U.

S. Senate, by the Massachusetts legislature, for 6 years from the 4th of March next is an- ncunced. Free hanking in Pennsylvania. In the Scnale of Pennsylvania, on Wednesday last, Mr. Frailey, of Philadelphia, intrnducen a bill "to authorise the incorporation of companies for banking purposes." The Sandusky Clarion publishes a report that a negro has lately been lynched at Huron, Ohio, for a rape committed upon a German woman.

The punishment inflicted by the mcb, is said to have been emasculation and whipping, from which, the negro died the next day. Notice was also given for all persons of color to leave the town or suffer the penalty of lynching. Costly Intelligence. Professor Morse receives 20,000 for the exclusive privilege of usitigi.be electro-magnetic telegraph between New York and Philadelphia. The average cost of transmitting intelligence will be about seven dollars for a hundred words.

Magnetic Geometer. Dr. Sherwood's new instrument for determining the latitude and longitude has been tested and found to be no less valuable than it has been pronounced. It was used with perfect success on board the Repeater on her passage from New York to i IN SENATE. January 2S, 1839.

Prayer by lit. itcvi Jiishop Mc t-osKry. Mr Kinrsiev presented the petition of Phoebe P. Brown of Washtenaw county, for indemnification: which was referred to committee on The senate on motion Of Mr Eerclreyal, grant ed leave of absence one day longer to Mr Cur- tis and Mr Wing. The President announcer) a message from the house of representatives by their clerk, Mr Ro berts, in the following words: House of Representatives.

January 25th 1839. To the President of the Senate; Sir: I am instructed by the house of repre sentatives to return to tin senutu tbo ''bill to a- uiend art third, title first, chapter third 01 tue revised statutes" with amendments thereto; and respectfully ask the concurrence of UlO senate therein. E. J. Roberts, Cleric.

And the senate did concur in the amendments to said bill by the house, and ordered the same lo be engrossed. On motion of Mr Hawkins, Resolved, Thit the judiciary committee be in structed, to inquire into the expediency ol so a mending the law establishing ihe courts of pro-bale in the several counties in this state, as to make it a misdemeanor for any judge of probate to receive money as such judge and refuse to pay the same over on demand lo the person liav ing the lawful righl to the same; also requiring the judges of probate in the different counties, to give bonds in the sum of thousand dollars, to answer any person aggrieved, by retaining money so received and not paid over, and lor any otner official misconduct and upon due conviction belore the circuit dourt of said coun ty, (before a jury if demanded by 6aid judge,) his olnce shall ue oeciarea vacant, anu me oatu court shall have power to order a new election in (ill said vacancy, by giving the Usual notice. Mr iiawhiiis gave notice, that at soinu future day he would ask leave lo introduce a bill to nnivide the mode for settling claims for the flow ing of laud by the erection of mills, on the dif- ierent rivers creens, k.c. in mis state. Dm motion Mr.

Greenly. Resolved, That the committee on the judiciary be instructed to enquire whether any, and what alterations are necessa in the act in relation to justices' courts and that tiiey have Lave lo report by bill or otherwise. On motion of Mr Bradford, the senate then went into committee of the whole, Mr Kingsley in the chair, on the bill to abolish imprisonment for debt; and alter a time spent thereon, tlie iTininiti.ee rose and throunh their chairman re- poi ted progress, and asked and obtained leave to sit again. On mo ion of Mr Harrington, the senate then tvi.nl imo coinuiiiloe of the whole Mr McCamly in the chair, on the bill to amend lit 'i part 3, revised stalules. and alter a liuit: spent thereon, the committee rose and through their chairman reported progress, and asked and obtained leave to sit again.

Mr rfuinmcrs submitted the following joint rneiolntion. Whereas the east part of the Clinton and Kalamazoo canal is now under contract. partiai-lv constructed nil is expected to be finished, ready for navigation in the course of Ihe ensuing summer or fail and whereas without the appropriation hereinafter mentioned, it is believed that great and serious injury will result to ihe interests of this stale, as well as to the interests of commerce and navigation in general, for want litrhi-house and the necessary impro-'e- meiils at the mouth of ihe Clinton river, which is the port of entry and the natural point of ccminuiiication with said canal, by means ol sain r.r... Therefore Resolved, By the senate and hounc of representatives of the state of Michigan, that our senators in congress be instructed, and our representative be requested to use their utmost endeavours lo obtain the congress of the United' States at the present session of that body, an appropriation of thirty thousand dollars, for tire purpose of creeling a light-house at the mouth of flu: Clinton river, on tlie north side thereof, at Macomb county, Michigan, and of building a pier, and otherwise improving the harbor al said piaCe. MrUtheridge moved to lay (he same on the table, wliich tnotioli was lost and thereupon the joint resolution w.is adopted.

Mr Summers offered the following resolution: Resolved, That Ihe president of the State Bank, be requested to furnish the senate with a detailed statement of the amount furnished lo public officers naming them, specifying Ihe a-inouut to each, and by what authority and upon what security; also the amount advanced to contractors and others, naming them, and upon what authority, the amount to each, and upon what security. Mr Bradlord moved to lay Ihe same on the table which motion was lost. After some explanation, the motion to lay said resolution the table wis renewed and was agreed to. On motion of Mr Hawkins, the senate went into executive session, and when the doors were opened, I in motion ol Air Hawkins, The Scnale adjourned. HOUSE OF REPRESENTATIVES.

Prayer by the Rev. Mr. Badin. petitions. By Mr Goodwin.

Five petitions of 300 citizens of Branch, Calhoun, St. Joseph and Ber rien county praying for the improvement of the St. Joseph river anu the survey 01 a canal. Referred to committee on internal improvement. By Mr Gibbs.

Of D. L. Mahony and others, same as above, with like reference. By Mr Acker. Four petitions of sundry inhabitants, same as above, with like reference.

By Mr Hammond. Of Samuel Dexter and others, for a charter for the construction of a canal, to be called the Dexter Branch Canal. Referred to the committee on internal improvement. By Mr McKee. Of John Ferdon and others, for state road from Owasso lo Rochester culony.

Referred to committee on roads and bridges. By Mr Gibbs. Of E.B.D.m forth and others, inhabitants of Ingham county for a state road. Kelerreu to comimllee on roads anu bridges. By Mr Gibbs.

Of I). Johns and ollwrs praying for the establishment of courts nf special sessions, for Iho irinl of petty offences and misdemeanors. Referred lo Ihe committee on the judiciary. By Mr Copeland. Two petitions hy sundry inhabitants of the village of Jackson, praying for an act lo incorporatn said village.

Referred to- couiiuiiteu on hanks mid incorporations. I)y Mr Brown. Memorial and affidavit in the matter of Win. II. Wandi'll's claim, hy preemption, to certain parcel of land in Kalamazoo county.

Referred to select committee consisting of Messrs. It, own, Ilainmoiiilaiid Patterson. Hy Mr Finney. Two petitions of sundry inhabit mils and settlers on public lands north of Grand River, praying for a release of state se lections. Referred to select committee having that subject under consideration.

By Mr Brown. Of R.W. French and others respecting certificates of titles to purchasers of school and seminary lands 'vhich, on motion of Mr. Goodwin, was laid upon the table. Hy Mr Mack.

Claims of Oliver Marsb, BANK COMMISSIONERS' REPORT. TV the honorable the Senate and House of Re-vresentalwes of ihe stale of Michigan. The undersigned, the bank commissioners of the stale of Michigan, in obedience to tlio pro- vicinn nf ihe nineteenth section of the act lo create a iund for the benefit of the creditors of certain moneyed corporations, by which it is made their duty, in the month of January in each year, lo report lo the legislature tlie manner in which they have discharged the mi-posed upon them and to accompany such report, by such abstracts from the reports tnade to them, and bv such other statements as they may deem needful," have the honor, conformably thereto, to present the following RETORT: The manner in which they have discharged tKt. duties imposed upon them, being ine first hnm-h of their Dreeont dutv, will claim a brief attention before entering on the subject mutter their reuort. The peculiar embarrassments which they htve had to encounter, and Ihe weighty respon-nihilitim component thereupon, clothes this du tv with a new character.

It becomes an act of justice to themselves, and lothose who have honored them with so important a trust. At the period the commissioners entered upon their labors, every portion of the state was flooded witn a paper currency, issuetl by the institutions created under the general banking law. New organizations were daily occurring, and the public mind was everywhere agitateu with apprehension and distrust. The stale was in the midst of the evils consequent upon an ex cessive and doubtful circulation. Rumors of the most frightful and reckless frauds were daily in-orcein o-.

In this cmenrencv, prompt and vgo- mm ai-rinn was imperiously demanded, as well tho nnhlic. voice as the unroot necessity of t.ie case. Upon a comparison of opinions, the commissioners united in the conclusion, that thmr was of a two fold character. The first. and most obvious one, was to tak- imraediatt and decided measures in ascertaining and in.

affairs of cverv institution sus pected of fraud, and closing the door against the evil without aeiay. i ne kiw far nmre difficult and delicate a nature, and in volving the assumption of a deep responsibility. The public interest seemed to require that gome distinction should be made between cases of wilful fraud, and 'hose ol a mere violation ol the law. The first class could proceed but from one motive; the second might arise Horn mis-snm-ehension of the law, inflated views, error, and various other causes, not the least of which were the pressing necessities of those, who being largely indebted, seized ttie opportunity of present relief, with the expectation that a' short delay would enable them to realize the means of redemption. In those cases where the commissioners could induce securities to be given, and excite vigo rous efforts, with any prospect of success, to withdraw their excess of circulation and render certain the final redemption of all liabilities, they considered it their duty to the pub ic lo overlook toriner irregularities, ana allow anu encourage the banks to sustain themselves, and those engaged in them to preserve their honor and character.

Tins conclusion was based upon the fear of the dreadful consequences which would ensue, should the vast amount of paper money in circulation be left suddenly in the hands of the community, with no prospect of re demption but through the tardy aid of the laws. Witb these considerations, the commission, e's commenced their labors and traversed the state in every direction, where public anpre hension, or private information pointed at fraud. The result of their first efforts was placed in the hands of the legislature, and is on the tiles of your honorable body. The second branch of their labors has anx-inuslv and painfully occupied them until this time. How far the gradual withdrawal and re demption of a vast amount of the circulation- the valuable securities obtained, by inducing compliance with the amended laws in many 111-Bt tutions which they have subsequently found it necessary to enjoin, have justified their iu'er-pretation of their duties, and the responsibilities they have assumed, is confidently submitted to a candid consideration.

Had the commissioners confined their sense ofdutvtothe strtct letter of the statute, their task would have been comparatively easy, put in no jeopardy their characters and reputation, and restricted their efforts to a less expensive and 1 tss arduous service. The injunctions obtained within the last few months have been numerous. This arises from the fact that the public have ceased almost en tirelv to receive the money of the safety fund banks credit being withdrawn, their notes have accumulated in large sums in a few hands, and coming home in masses, they have lost the ability, which might have been maintained if presented in small sums, to redeem thern, their exertions have been paralyzed, indifFeience lias been manifested in making any provision for them, and the annual instalments have been neglected. The reasons, therefore, which induced the commissioners to second their efforts have no longer room for exercise a disposition is manifested to escape liabilities the dangerous responsibility resting on the commissioners therefore, no longer demanded, and the safety of the public, in whose hands the irredeemable paper lies, has satisfied them (hat the assets and si-cunlies should te plucvd in less interested hands. The difficulty of maintaining an impartial action has led the commissioners to the adoption of the rule, that the first information conveyed of the insolvency of a bank should be through an injunction, iiad the doubtlui condition which a bank presented upon investigation, been heretofore bruited abroad, it would have been vain-ly urged lo maintain its credit and now, when all but the notes of those of undoubted character, have ceased to be a currency, the proclaiming the disaster would have no erlect but that of enabling the vigilant, and those nearest to the source of information, lo dispose of them to their more careless or remote fellow citizens.

In obedience to the second requirement of the statute, quoted in the opening of this report, three documents marked and being copies of the several reports made to the execut.ve during the past year, arc herewith transmitted, together with an abstract of the statcineris furnished by the bunks, showing their liabilities and resources. Injunctions have been issued against the Goodrich Bank and the Bank ol Oakland. The manner in which the books of the farmer were kept, and the wish of the stockholders to close their concerns, dictated the course. Its circulation is very small, and will all be paid. The latter institution, having no available means lo redeem its circulation, and having failed to pay in the annual instalment reauired by law, was pro ceeded against for insolvency and infraction of the statute.

Its assets anu securities arc, it is believed, smplv abundant to cover all its liabili-tii-s. The Baiik of Ulica has been also enjoined, for similar reasons with those stated in regard lo the last mentioned institution, and the probability of its redeeming all its liabilities rests upon a similar footing. An injunction was obtained against the Oakland County Bank, which is a chartered institution, tor refusal to allow an examination lo be perfected, or to furnish a statement of its affairs. An injunction bad some time since been obtained against it, for an alleged violation of its cbar-I the hands of a highly respectable commercial house. On this certificate, the president and cashier have always insisted they authorized to draw.

Thiscertiricate'supplied the place of canital stock of Ihe bank, which had been loaned by the cashier of the Farmers' and Mechanics' Bank, throuph the instrumentality of the late cashier of the Bank of Clinton, to set- tue bank in operation, and had afterwards been returned. The high standing of the gentleman ntlirt hill Hin inillrA of this institution, and the respectable character of the certificate, induced rfunurinrn from the r.HStomnrV rul Ot UlR Commissioners, uot to recognize specie cerlifi- eaten. The assurances cf the president, as to lis availability in the redemption cf the circulation, were received. The conduct of the bank for some time justified this confidence. But at the last examination, it was still estimated as specie, to the amount of $13,339, whilst a large circulation was afloat, which Ihe bank had ceased to redeem on presentation at its counter it was not therefore deemed prudent, or safe any longer lo recognize as an available asset that which was practically useless.

The violation, also, of the provision o'f'the statute requiring the payment of the annual instalment, left no choice but the course adopted. The bank had furnished Ihe necessary securities required by the amended act, which with its other assets, should be sufficient to secure its liabilities. The Clinton Canal Bank is also under injunction. This bank was also put in operation by a loan from the same source, but subsequently passed into oilier hands, from whom abundan-. security was obtained for the ultimate redemption of its tnen liabilities.

The president, David Paddock, obtained the control of the bank, and furnished a most valuable part of the securities. Every assurance was received that immediate measures should be taken lo lessen its circulation; this, to some extent, was done, but untoward circumstances prevented the immediate fulfilment of the engagement. Subsequently the slock was transferred toother hands, without any information to the commissioner, who had relied upon the character of the president, Judge Paddock, who had given so strong a guarantee of good faith by furnishing valuable securities. Assurances, however, were given on application to the gentleman above named, that the purchaser, J. L.

Conger, was then absent to negotiate a loan for the reinstatement of the institution that nothing had been done, or would be allowed, injurious to the public interest and that he had ample security from the purchaser to guarantee its safety. The loan, however, was not effected, and it is In be apprehended, that a considerable amount nf the notes were abstracted and disposed of in a fraudulent manner. No imputation, however, is cast upon the integrity of Paddock, who cues not consider himself responsible li the acts ol the bank subsequent lo the disposal of his stock. lie has claimed from the Auditor General a release of his securities, by the substitution of those oliered by Conger, under the proviso of the sixth section of the amended tct of December 30. 1337.

The Auditor General, however, nailer the sanction of the commissioners, has refused to surrender the securities. As no entries were made of the lls abstracted, and as the slow-holders upon the discovery of the fact, burnt all the remaining sheets found in ihe bank, the amount of circulation is doubtful. Yet so as can be ascertained hv the receiver, from hills in his bands, and within his knowledge, there is reason to hope that ihe securities, if realized, will go far lo redeem the liabilities of the bank. The Bank of Shiawassee and the ink of Auburn have never gone beyond their organization, and are among the cases hereafter mentioned as requiring legislative interference. An injunction has been obtained against the Bank of Cokhvatcr, it having failed to effect the negotiation mentioned in document marked herewith transmitted, from which the ability was anticipated of redeeming its circulation.

Confidence, however, is entertained that it will be able to pay all its liabilities. Application has likewise been made for injunctions against the Bank of Allegan and the lierrien County Bank, and judicial proceedings are in process of institution through ihe Attorney General. In the case of the Bank of Allegan, the application is a renewal of one made by Ihe late commissioner, Thomas Fitzgerald, for violations of law and general insolvency. The condition of the Berrien County Bank, at its examination in July last, is exhibited in the report above mentioned, marked C. It will there be seen that the operations of the bank-were then suspended that certain requirements were then insisted upon, and that their moneys and effects were removed out of their hands, and beyond their control, until a lailhful compliance with these requirements were made.

A failure has taken place in Ihe full performance of these engagements, although much has been accomplished in the redemption or withdrawal of iis bills from circulation, and in the decrease of its other liabilities. This result proves the correctness of the policy adopted, of suspending the operations of the institution, instead of putting an abrupt termination to its action by a writ of injunction. No further desire, however, on the part of the bank seemed to exist, at all events no effort was made, further to betier its condition, and an injunction as therefore ap plied for, as above stated. The People's Bank of Grand River, located at Grand Rapids, which commenced operation in violation of law, was in consequence suspended by the Commissioner, as reported to the executive, in the document last relerred to. On a subsequent visit and examination, the bank, at the suggestion of the Commissioner, assigned all its effects and assets into the hands of trustees, satisfactory to him, for the benefit of its creditors.

This course seemed to be the only proper one to adop'. under the peculiar circumstances of the case. The requisite certificate of organization not having been filed according to law in the Secretary ot Mate otnee, the association was, in consequence, not cognizable as a corporate body, or within the jurisdiction of the Chancellor. All the indebtedness to the public with the exception of one or two hundred dollars, ha6 been already cancelled, and no loss will be sustained by the public. The Farmers' Bank of Homer, and the Bank of Battle Creek, have been allowed a reasonable time to effect negotiations of loans for the purpose of redeeming their circulation, which those having the conlrol of both these institu-lions are sincerely anxious to withdraw from the community.

The Commissioner believed it a duly, in the advancement of Ihe public interest, to second these endeavors, wliich without doubt are faithful and earnest, by affording them the opportunity to raise competent means to effect this purpose. This course was pursued under a conviction that the public could sustain no injury, but be materially benefitted by the measure, by receiving good and current funds for the notes of these banks, in from one to two months at farthest, instead of wailing the result ef a protracted process in chancery. jCOTMcd to-monjnv. Paper Mills. In England 700 employing 27,000, persons besides the paper makers Cn-iTOE Bank laws.

The legislation on the subject of banks in congress and the state legislatures has cost the people millions of dollars. Democuatic Rifle. "A hunter," says the Deraopolis Gazette, "is so infatuated with tin sub-treasury thai ho even calls his rifle a sub treasury rifle Another whig edilor. Prentice, savs "we should suppose there would be dan-oe'r ofils 'gnirns iff' too easily." It may also be stinmscd that he would not call it a "depos ile rile, as mere wouiu ue u.u6ii flashiig in the pan," nor a whig ritle, as men bo damrer of its kicking the huntei over vhile il missed the "game." Tub Massachusetts Press. In the ol Bay slate there are lifty-two whig papers and ami onlv seventeen democratic.

The federal aristocracy in that 6tate use much of their wealth for the purpose of diffusing their anti democratic principles, knowing that wheji they cast their bread upon the waters it will return after many days. Texas. President Lamar, in his inaugural, takes an elciralcd view of the future prospects of the country that has honored him with the direction of her executive consents, and speaks ihus of ihe extent of her dominions, her extra. ordinary natural advantages, and the question uf her annexation to the united Sttaos: When I view her vast extent of territory. strelchiii" from lie Sobme lo thu Pacific and awav to the South West as for as the obstuia.

cy of Ihe enemy may render it neCessafyfor the sword to make the boundary; embracing the most delii'litful climale and the richest soil the world, and behold it all in a state of high rnliivalion and improvement her mountains ol minerals yielding their vast treasures to the touch nf industry; her luxuriant pastures alive with flocks and herds, and her wide helds wln-louiiif wilh a staple commodity, in the production of which she can have no rival Willi Ihe whole world for her market: and then consider the noble purposes to which this immense and exhaiistlcss wealth may lie applied, in adoring and beautifying the country, providing for its safety ami defence, endowing institutions for the spread of virtue, knowledge and the arts, and carrying lo the door of every enizen of the Republic, peace, plenty and protection, I cannot regard I ho annexation of Texas to the American Union ir, other light than as the grave of all her hopes ot happiness anil groatiftss. l'KOM WASHINGTON'. nn: siwut-nvtiin' committke. Trow aciirri-ftiioiidL-mofllie Albany Are.u?, dated OK I. Kl'K S'TVn VES, I Jan.

M. "The (ustion on Laintireleug resolution is jf; io he ap pointed oy tiOUUl i Itnieen i eiippuseii appointed. Tin: result of the haHo', which ha; int lieon had. is. I that Wise, Daw sou, Curtis, Harlan, Ellniorc, Jluhley.Cushman, Hopkins and SSmitli, compose ine committee Wise is no doubt ulec.ed so he prepared lor the worst cfn'rts and scenes of '3(5.

"9 P. il. His now ascertained that tlie persons above namc-d, are elected, at least such is the opinion. "Mr. Duncan has made a most effective speech.

He carried the war into They winced under his eastigation." Corrwponteici' ol lira New S'ork Caicttc. Washington, Jen. 12, 1S39. I am afraid old Mr. Adams is becoming quite lnifcrioh.

notwithstanding his new suit. He is never in his seat of late, except on abolition days, and he seems to have given up all atteutioii'lo the public business. I remarked him yesterday, and again to-day, loafing ahou: the hall every where but in his own place, the and gossiping wilh every one he could find as idle as himself. Since he took up abolition, liu has dropped every other subject appertaining to his legislative duties, and. of course, finds himself quite out of employ ment.

1 regret this, for I rely upon him for more than half of all the fun or excitement of a session alio I certainly regard him as the most finished, and powerful orator, as well as the most learned man, in the House of Representatives. Next week, as Mr. Canihreleng has notified the appropriation bills will be taken up. These well may occupy some time and what time is to be taken for the vastamount of public business before them 1 Some fur public revenues, which the administration are particularly anxious for, may be brought up, at the tail end of the session, ami pushed through. The chief business done in Congress is cari Cilure.

making. Il is, perhaps, a belter mode of argument, and a betier channel of information, than speech making. Some of the mem bc-rs have succeeded very well in this new line of congressional duly. Bui, the chief reliance of the House is upon one of their veteran reporterswho finds caricature drawing, quite as acceptable and more profitable than that most thankless and ledious operation of writing out. The introduction of the Marquis de tiuashi- as minister extraordinary from our sister Hayti, to the President, was shown ill manuscr'ipi lo the members, and dashed the Hay-fion di.hfiie.

Mr. Adams laughed very heartily it 'ind he and his abolitionists felt the satire. Navigation of Lake lilictlKAN. The Chi cago American of the 19th, notices the arrival at that Port of the schooner Virginia, laden with salt from Grand River. Harbor clear of ice.

Banking. Bv tin: report of the Secretary ol the Treasury and Ihe supplemental documents, the following view of hanking operations for the last two years is obtained Near Jim. 1S37. Near Jan. 1K18.

Loans. Specie, 35,181,113 Circulation, 49, 1 Depositcs, 17,397,185 From partial relurns Ihe loans about Ihe first of Jan. 1639, are estimated at specie belonging to the banks circulation depusilus Col. Joseph M. White is announced in the Flurida papers, as a candidate lor lioveruur.

Col. Downing, the present member, is also an nounced lor re-election. The lead mines in Rossic, St. Lawrence have yielded during ihe past year, 3,347,453 puunds, which, at live cent per pound, amount to 8.167.373 00..