Daily National Intelligencer

WASHINGTON.
Wednesday, August 16.

Legislation of Tennessee.—The following article gives us an account of the result of the extra session of the Legislature of Tennessee, the object of which was to provide a remedy for hard times. The mountain has been in labor, and has brought forth, not a mouse, but a monster, the like whereof hath never been seen, but in imagination. Our good friend Homo has lived to see his theory reduced to practice, not to the extent he wished, indeed, but to an extent which he could hardly have hoped for, in his most sanguine reveries. That we have great apprehensions of the effect of this proceeding on the welfare of the patriotic state which has adopted it, we do not disguise; but, being adopted, we most earnestly hope our calculations may be disappointed, and that it will prove to be all that its advocates have predicted.

FROM THE EAST TENNESSEE PATRIOT.

Extract of a letter from a Member of the Legislature, dated Murfreesborough, July 26.

The Money Bill has become a law, but, as I wrote you before, it is termed a bank, and is constituted a body corporate, under the name and style of The Bank of the State of Tennessee, to issue a million of dollars, and has not a cut quarter in it. What a wonderful machine! I see no other than ruin awaiting us. The banks are authorized to merge in this bank in order to create capital. The whole plan is such a combustible of incongruities that I cant collect any of the features of it; but, if I can procure a copy of it, I will take it home with me. We shall leave this place on Monday next at farthest.