Morning Herald

MORNING HERALD.
FRIDAY, SEPTEMBER 15, 1837.

Important from Washington—Union of the Conservatives and Locofocos—Probable defeat of the Whigs.

The Administration are rapidly presenting their measures to Congress. Thus far, there is no appearance of the Treasury scheme on any different footing from the mode now in operation. The repeal of the October instalment—the extension of the suspended bonds, and an issue of Treasury notes are probably all the measures that will be presented.

We learn privately that an arrangement has been made between the Locofocos and the Conservatives of the House, stipulating that if no further harsh measures are proposed in relation to the banks, the Conservatives will vote with the administration on those already proposed. The deposite banks, by this course, will remain as they are, ready to resume specie payments as fast as possible, and continue to be the fiscal agents of the government.

The Whigs will, thus, be entirely defeated. On the other hand, Mr. Calhoun intends to make a direct proposition to separate the government and banks, and it would not surprise us to see the Whigs trying to carry that very measure before the session closes.—

Every thing is in confusion, and the devil himself is delighted with Congress.

[From our Correspondent Rothschild.—No. XIX.]
Washington, Sept. 13, '37, 2, P. M.

In the Senate, this day, the Committee on Finance reported two other bills. one to issue ten millions of Treasury notes, and the other to extend the time on merchants' bonds six months from the time they fall due. I understood from the reader, who, by the by, is unfit for his duties, that this extension applies to all bonds from the 1st of October up to a certain date, and to those bonds which have already been extended to the 1st of October, six months more. I will send you details by this evening's slow mail. The Senate adjourned to wait the further action of the Committee.

In the House a bill to issue 12 millions of Treasury notes in sums not less than one thousand dollars each, without interest, for a year, and bearing five per cent thereafter, until paid, was submitted by the great Cambreleng. It has been referred to the Committee of the Whole, and made the special order for tomorrow. The House is now disputing about adopting the resolution of Mr. Adams, calling on the President for information relative to an application of the republic of Texas for admission into the Union.

The great question now before both houses of Congress is the postponement of the transfer of the fourth instalment to the States. It will be debated simultaneously in the House and the Senate. They who eagerly passed the act of June, 1836, will find a storm bursting round their heads when least they expect it.

Disclosures of motives will be among some of the good deeds to be effected by the debate upon the repeal of that odious law. I would not be in some men's shoes for the world.

As a question of expediency, it is certainly incumbent on Congress to decide in favor of the executive recommendation. But as a matter of justice to the States which have most unwisely calculated upon this fund as belonging to them de facto, it becomes Congress to weigh this subject well, before it is determined to decline the fulfilment of a contract proffered by the general government and accepted by the States.

I know that justice opposes but a feeble barrier to present wants. Money must be had to pay the public servants. Here is a fund of nine millions, in justice the property of the States, till called for. It is not yet transferred. Now it is wanting, and the public exigency calls for it. What are the States to do that actually built up contracts upon this money? They must suffer in a contest with the more powerful body.

This is narrowing down the question to its real limits. The lion and the fox in their dispute for the goose which the king of beasts had in his fancied wealth given sly Reynard, furnishes an apt parallel to the true position of the general government and the States.

You gave me the goose voluntarily said the fox.—

I know I did, said the lion, but now I want it and I must have it.

What will be the real effect of the postponement of this law? Will it affect the already suffering credit of the States? In Maine the surplus is divided among the towns to be loaned to individuals. Wherever this is the case, the non-payment of the last instalment will do no harm. It will be very apt, however, to operate powerfully upon the political opinions of those who calculated reasonably upon coming in for a share of the spoils. The administration, in this respect, will lose a great number of votes, for after all, it is interest, and interest alone that influences our suffrages more or less.

In those States were these monies were applied to the furtherance of internal improvements, greater inconvenience will be felt. Laborers will find that their bread has been stopped, for the heaviest works in many States will be arrested, if the law be repealed.

Into every department of society will the influences of the postponement of this last instalment be extended. Here again is the party in power destined to suffer a loss of popularity.

All that the opposition has to do, is to firmly resist the temptation to bring in any measure whatever, and to throw no obstacles in the way. Defeat to the present charlatans in power, will be the sure consequence. But the lover of his country must be content to suffer patiently a year or two longer. Let, in the language of Mr. Calhoun, every patriot stand upon his arms and wait the signal for action, with an eye solely to the good of the country. And when the hour for action shall arrive, let a bold and steady blow be given to the corruptions of power. Then will the credit of the nation be reconstructed on a firm basis by hands not itching with the desire of self aggrandizement. By them will a currency, uniform for twenty-six States, be provided. All this can only be done by patiently waiting the hour when patriots can be lifted to power.