The Sun.
London, England, 1841-12-29 00:00:00

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1()RNIN(1 S

the receipt of individual's deposits of ;old and silver to
a limited amount; and the granting certificates of deposit,
divided into such sums as may be called for by the de-
positors. It proceeds a step further, and. authorises the
purchase and sale of domestic bills and drafts, resting
on a real and substantial basis, payable at sight, or
having but a short time to run, and drawn on places not
less than one hundred miles apart ; which authority, ex-
cept in so far as may be necessary for Government pur-
poses excluSively, is only to be exerted upon the express
condition, that its exercise shall not be prohibited by the
State in which the-agency is situated.
In order to cover the expenses incident to the plan,
it will be authorised to receive moderate premiums for
certificates issued on deposits, and on bills bought acid
sold, and thus, as far as its dealings extend, to furnish
facilities to commercial intercourse at the lowest possi-
ble rates; and to subduct from the earnings of industry
the least possible sum. It uses the State Banks at a dis-
tance from the agencies as auxiliaries, without impart-
ing any power to trade in its name. It is subjected to such
guards and restraints as have appeared to be necessary.
It is the creature of law, and exists only at the pleasure
of the Legislature. It is made to rest on an actual specie
basis, in order to redeem the notes at the places of issue,
produces no dangerous redundancy of circulation, af-
fords no temptation to speculation, is attended by no in-
flation of prices, is equitable in its operation, makes the
Treasury notes, which it may use along with the certi-
ficates of deposit, and the notes of specie paying banks,
convertible at the place where collected, receivable in
payment of Government dues—and, without violating
any principle of the Constitution, affords the Govern-
ment and the people such facilities as are called for by
the wants of both. Such, it has appeared to me, are its
recommendations, and in view of them it will be sub-
mitted, whenever you may require it, to your consi-
deration.
I am not able to perceive that any fair and candid ob-
jection can be urged against the plan, the principal out-
lines of which I have thus presented. I cannot doubt
but that the notes which it proposes to furnish at the vo-
luntary option of the public creditor, issued in lieu of the
revenue and its certificates of deposit, will be maintained
at an equality with gold aua silver everywhere. They
are redeemable in gold anti silver on demand, at the
places of issue. They are receivable everywhere in
payment of Government dues. The Treasury notes are
limited to an amount of one-fourth less than the esti-
mated annual receipts of the Treasury, and in addition
they rest upon the faith of the Government for their re-
demption. If all these assurances are not sufficient to
make them available, then the idea, as it seems to me, of
furnishing a sound paper medium of exchanges may be
entirely abandoned.
If a fear be indulged that the Government may be
tempted to run into excess in its issues at any future
day, it seems to me that no such apprehension can rea-
sonably be entertained until all confidence in the repre-
sentatives reale States and of the people, as well as of
the ,people: themselves, shall be lost. The weightielt
corisideraticeii of policy require that the constraints nOw
proposed to be' thrown around the measure should not,
for light causes, be removed. To-argue against any pro-
posed plan its liability to possible abuse, is to reject every
expedient, since every thing dependent on human ac-
tion is liable to abuse. Fifteen millions of Treasury notes
may be issued as the maximum, but a discretionary
power is to be given to the Board of Control, under that
anus, and every consideration will unite in leading them
to feel their way with caution. For the eight first years
of the existence of the late Bank of the United States,
its circulation barely exceeded 4,000,000 dol. ; and for
five of its most prosperous years, it was about equal to
16,000,000 dol. ; furthermore, the authority given to re-
ceive private deposits to a limited amount, and to issue cer-
tificates in such sums as may be called for by the depositors,
may so far fill up the channels of circulation as greatly
to diminish the necessity of any considerable issue of
Treasury notes. A restraint upon the amount of
private deposits has seemed to be indispensably neces-
sary, from an apprehension, thought to be well-founded,
that in any emergency of trade confidence might be so
far shaken in the Banks as to induce a withdrawal from
them of private deposits, with a view to ensure their un-
questionable safety when deposited with the Govern-
ment, which might prove eminently disastrous to the
State Banks Is' it objected that it is proposed to authorise
the agencies to deal in bills of exchange? It is answered
that such dealings are to be carried on at the lowest pos-
sible premium—are m ade to rest on an unquestionably
sound basis—are designed to re-imbarse merely the ex-
penses which would otherwise devolve on the Treasury,
and are in strict subordination to the decision of the Su-
preme Court, in the case of the Bank of Augusta against
Earle and other reported cases, and thereby avoids all
conflict with State jurisdietion, which I hold to be indispen-
sably requisite. It leaves the banking privileges of the
States without interference—looks to the Treasury and
the Union—and, while furnishing every facility to the
first, is careful of the interests 9f the last. But, above
all, it is created by law, is amendable by law, and is
repealable by law; and, wedded as I am to no theory,
but looking solely to the advancement of the public good,
I shall be amongst the very first to urge its repeal, if it be
found not to subserve the purposes and objects fur which
it may be created. Nor will the plan be submitted in
any overweening
:confidence is the sufficiency of my
own judgment,. but with much greater reliance on the
wisdom and patriotism c Congress: I cannot abandon
this subject, withoet urging upon you, in the most em-
phatic manner, whatever may be your action on the sug-
gestions which I, have felt it to be my duty to submit, to
relieve the Chief xectitive Magistrate by any and all
constitutional means, froni a controlling power over the
public Treasury. If, in th© plan proposed, should you
deem it worthy of your:consideration, that separation is
not as complete as you may' desire, you will, doubtless,
amend it in that particular. Fur myself; I disclaim all
desire to have auy control over the public mono) s, other
than what is indispensably necessary to execute the laws
which you may pass.
Nor can I fail to advert, in this connection, to the
debts which many of the Sates of the Union have con-
tracted abroad, and under which they continue to labour.
That indebtedness amounts to a sum not less than
:200,000,000 and which has been retributed to them, for
the most part, in works of internal improvement, which are
destined to prove of vast importance in ultimately advanc-
ing their prosperity and wealth. For the debts thus con-
tracted the States are alone responsible. I can do no
more than express the belief, that each State will feel
itself bound, by every consideration of honour, as well as
of interest, to meet its engagements with punctuality.
The failure, however, of any one State to do so, should
in no degree affect the credit of the rest; and the foreign
capitalist, will have no just cause to experience alarm as
to all other State stocks, because any one or more of the
States may neglect to provide with punctuality the
means of redeeming their engagements. Even such
States, should there be any, considering the great ra-
pidity with which their resources are developing them-
selves, will not fail to have the means, at no very distant
day, to redeem their obligations to the uttermost far-
thing ; nor will I doubt but that in view of that
honourable conduct which has heretofore governed the
States, and the People of this Union, they will each and
all resort to every legitimate expedient, before they will
forego a faithful compliance with their obligations.
From the Report of the Secretary of War, and other
Reports accompanying it, you will be informed of the
progress which has been made in the fortifications de-
signed for the protection of our principal cities, road-
steads, and inland frontier, during the present year;

- -
together with their true state and condition. They will
be prosecuted to completion with all the expedition which
the means placed by Congress at the disposal of the
Executive will allow.
I recommend particularly to your consideration, that
portion of the Secretary's Report which proposes the
establishment of a chain of military posts, from Coun-
cil Bluffs to some point on the Pacific Ocean, within
our limits. The benefit thereby destined to accrue
to our citizens engaged in the fur trade, over that wilder-
ness region, added to the importance of cultivating
friendly relations with savage tribes inhabiting it, and
at the same time of giving
proteetbm-to our frontier set-
tlements, and of establishing the means of safe inter-
course between the American settlements at the mouth
'of the Columbia River, and those on this side of the
Rocky Mountains, would._seem to suggest the importance
may benf pthreacxticaarbyle.will
place
of carrying into effect the recommendations upon this
head with as littleof
present condition oetff•iahratt iwmipliorbte-
The Report thedel a aSecretarys
you iu possession of the
ant arm
,of the national defence.
_Every
efficiency', and 1 cannot.o too strongly
made to add to its
t that branch of
urge upon you, liberal appropriations
the public service. Inducements.
.or the weightiest it
n'• Our
maritimea-
ty-Ont:tier, calls
ractor exist for the adoption of tins course of p
extended and otherwise exposed
for protection, to the furnishing of which an efficient
naval force is indispensable. We look to no foreign
con-
quests. nor do we propose to enter into competition with
ocean ; but it is
any ocher nation for supremacy on the
0,
due not only to the honour, but to the security the
peo-
ple of the United States, that no nation should .be per-
mitted to invade our waters at pleasure, and subject our
Economy
in and villages to conflagration or pillage.
in all branches of the public service, is due from call the)
public agents of the people—but parsimony alone would
suggest the withholoing of the necessary means, for the.
protection of our domestic firesides from invasion, and
our national honour from disgrace. I would most earnestly
recommend to Congress, to abstain from all appropria-
tions, for objects not absolutely necessary ; but I take
Upon myself; without a moment of hesitancy, all the re-
sponsibility of recommending the increase and prompt
equipment of that gallant navy which has lighted up
every sea with its victories, and spread an imperishable
glory over the country.
The Report of the I ostmaster-General will claim your
particular attention, not only because of the valuable
suggestions which it contains, but because of the great
importance which, at all times, attaches to that interest-
ing branch of the public service. The increased expense
of transporting the mail along the principal routes, neces-
sarily claims the public attention; and has awakened a
corresponding solicitude on the part of the Govern-
ment.
The transmission of the mail must keep pace with
those facilities of inter-communication which arc every
day becoming greater through the building of railroads,
and the application of steam-power—but it cannot be dis-
guised that, in order to do so, the Post-office Department
is subjected to heavy exactions. The lines of communi-
cation between distant parts of the Union are, to a great
extent, occupied by railroads, which, in the nature of
things, possess a complete monopoly, and the Depart-
ment is therefore liable to heavy and unreasonable
charges. This evil is destined to great increase in fu-
ture, and some timely measure may become necessary to
guard against it.
I feel it my duty to bring, under your consideration a
practice which has grown up, in the administration of
the Government, and which, I am deeply convinced,
corrected. I allude to the exercise of the
ought to be
power, which usage, rather than reason, has vested in
the Presidents, of removing incumbents from office, in
order to substitute others more in favour with the domi-
nant party. My own conduct, in this respect, has been
governed by a conscientious purpose to exercise the re-
moving power, only in cases of unfaithfulness or inabi-

lity, or in those in which its exercise appeared neces-
sary, in order to discountenance and suppress that spirit
active partisanship on the part of holders of office,
which not only withdraws them from the steady and
impartial discharge of their official duties, but exerts an
undue and injurious influence over elections, and de-
grades the character of the Government itself, inas-
much as it exhibits the Chief Magistrate, as being a
party, through his agents, in the secret plots or opon
workings of political parties.
In respect to the exercise of this power, nothing
should be left to discretion which may safely be regulated
by law ; and it is of high importance to restrain as far
as possible, the stimulus of personal interests in pub-
lic elections. Considering the great increase which
has been made in public offices, in the last quarter of a
• •n!ttry, and the probability of farther increase, we incur
the hazard of witnessing violent political contests, di-
rected too often to the single object of retaining office,
by those who are in, or obtaining it, by those who are
out. Under the influence of these convictions I shall
ordially concur in any constitutional measures for regu-
ating, and by regulating, restraining, the power oPre-
moval.

I suggest for your consideration, the propriety of
making, without further delay, some specific applica-
tion of the funds derived under the will of Mr. Smith-
son, of England, for the diffusion of knowledge ; and
which have, heretofore, been vested in public stocks,
until such time as Congress shonld think proper to give
them a specific direction. Nor will you, I feel confident,
permit any abatement of the principal of the legacy to
be made, should it turn out that the stocks, in which
the investments have been made, have undergone a
depreciation.
In conclusion, I commend to your care the interests of
this district, for which you are the exclusive legislalors.
Considering that this city is the residence of the Govern-
ment, and, for a large part of the year, of Congress, and
considering, also, the great cost of the public buildings,
and the propriety of affording them at all times careful
protection, it seems not unreasonable that Congress should
contribute towards the expense of an efficient police.
Washington, Dec. 7, 1841. JOHN TYLER.
STATUE OF WASHINGTON.
WASHINGTON, DEC. 1, 1841.

The colossal statue of Washington was placed to-day
upon the pedestal erected for it in the Rotunda of the
Capitol, in presence of a large number of persons. It is
a magnificent piece of statuary, and the front view is
particularly imposing. It is all hewn from one piece of
marble. Washington is represented as sitting in his
chair of state, with his right hand pointing upwards,
and his left grasping the hilt of a sword inversed. The
statue (after the model of Jupiter Tonans) is eleven feet
in height. On one side of the chair is a carving repre-
senting Phaton in his fiery car, and on the other a young
Hercules strangling a serpent. On the base of the chair
is this inscription

Simulacrum istud
ad magnum libertatis exemplum
nec sins, nec sape duraturum,
Horatio Grenough
Faciebat.

The pedestal on which it stands is thirteen feet in
height, making 25 feet from the surface of the Rotunda
to the top of the figure. The likeness is recognized by
every one, as taken from the best pictures of Washing-
ton, with which all are so familiar—the profile has a
striking resemblance to General George Washington, of
George Town, the nearest living male relative, who was
present to-day. Some think the style of the statue too
Roman to suit American tastes, preferring him in regi-
mentals ; but these crude notions will wear away in time
It weighed thirty thousand pounds, and cost in all as
many dollars. Mr. Easby is the modern Archimedes
who raised it to its destined elevation. He was assisted
by a large force of seamen from the navy yard. There
is one objection—it takes too much space in the Rotunda;
and the light strikes it from above, instead of from the
side. The black bronze figure of Jeffemon has been re-
moved, and Capt. Levy can take it himself.