Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1843-05-16

more abundantly rewarded
One Of the most potent arguments formerly urged /,
in favor of the establishment of National Bank.
that such an institution was indispensiblv nee
essary, to regulate the exchanges of the country,
between the east and the west, the north and the
south. 1t was contended that remittances could
not be made and business transacted between sec
tons of country widely distant from each other,
without great nconvience and pecuniarly losses
This argument however speclous it may have ap-
peared in theory. is entirely demolished, since
1t has been practically demonstrated that National
Bank Is OF no benefit whatever In facilitating or
cheapenlng the business of exchanges The fact
should be distinctly placed before the minds of the
people, that at period during the existence of the
/ United States Bank, were exchanges effected at as
! low a rate they are. The rate of exchange
between New York and the cities of the west and
! southwest, are actually lower than they were
during the most prosperous days of the great bank
regulator. The New York Journal of Commerce,
a Wing paper, of many years standing, has made
the announcement that it has no longer any use for
its table of exchanges, the publication of which has
hitherto been kept up since the establishment
of the paper; the reason is, that exchanges upon all
parts of the country nearly at par, that the
table no longer useful. This is far better COM
mentarv than volumes written to prove the utter
worthlessness Of United States Bank TO regulate
exchanges; which instead of regulating them al
ways deranged them by its artificial and unnatural
expansions and conractions. When the plenty or
scarcity of money is made to depend upon the will
or caprice of a mammoth banking institution, having
the power to control the monetary affairs of the
country, permanency in business matters cannot be
expected. A bank of the United States, for the
purpose of regulating the business of the country,
will in few years be cassed with obsolete ideas,
and exploded theories and it will be difficult to
find man who will acknowledge ever having been
the advocate of such an institution.
Notwithstanding experience has proven the utter
uselessness of National Bank, Mr.. Clay in his
recent stump Speeches, seems as much as ever dis
posed to make the Bank question the issue on the
approaching Presidential contest. Although the
people have scarcely yet recovered from the over
wheIming embarrassments and prostraton of bust
ness, occasioned by gigantic banking in stitution
sill 1Ir. Clay would have the people make another
fearful experiment. The age we trust has gone by
when the people Of the United States can be induc-
ed to consent to the establishment of a National
Bank, the legitimate result of which is only to make
the r.ch richer and the poor, poorer-to encourage
wild and chimercal speculatjon-to contamnate
the morals of the people, by inducing frauds, and
70 du3c the unwary and unsuspecting, by creating
fictitious and unstable values ofproperty.
Our exchanges contain an unusual quantity Of
runors, relative to contemplated changes in the
Cabine at Washington. Some assert confidently
that all the present members are about TO retire
others, that arrangements have been perfected to
have The cabinet remain as it present constituted
WHEAr CEop-Accounts from Ohio and Indiana
are mostly untavorable to the wheap crop now on
| the ground. From the best information we have
been able to gain, the wheat now on the ground in
Wisconsin, looks as promising as at any former
s7rinr season of he year, since the settlement Of
TIE Territory The Michigan Farmer, published
at jacksonville, Michigan, represents the wheat
prospect IA that state the present season to be very
fatcrog.
- The Legislature Of Alabama, have recently
dstrcJed the state into Congressional districts, ma
king the free white population alone. the basis Of
the appoIlonment The constitution Of the Uni
ted States declares that The free white Inhabitants
and three filhs of all otter persons (meaning
slaye~) shall constitute the basis of representation
This procedure Of the Alabama Legislature, has
created me sensation in the southern states, being
regarded as dangerous Innovation on the institu-
ton Of slavery, as well as violation of the ex-
press pro. sions of the constitution.
u Tie Treasurer of the village of Auburn ~
Y has ab5conded The funds of the Corporation
to the amount of 100000 and sums belonging to
individuals to the amount of $4,000 are missing.
u The New York Express says there were
thiry-six arrivals at that port principally foreign
within the space of eighteen hours on the ODD ut
II A Fourier Association has recently been
| formed in he city of Rochester n Y. several
! prominent individuals have taken an inte rest in
the organ "a ton.
MlRKrrs.-The Chicago Citizen of May I1th
quotes as follows, -Wheat per bushel go to IS cts
Flour sup-rine $500 to $780, Butter 6 to cts;
1 Cheese to cents: Oats per bushel % to % cts:
Potatoes per bushel 20 to % cents
BurrALo, MAY % Wheat 20 to 75 cents; Flour
! sos per Darrell,
| BREACH IN THE ERIE CANAL.-Tt has (
| been reported in several of the Eastern
! papers, that breach had occurred in the
Canal at Tonawanda, which could not pro-
badly be repaired before the first of June
The Buffalo Economist of May Sd says,
that the repairs have already been made,
and that no hindrances to navigation need
be apprehended at that point
Some diversity of opinion appears to ex-
iSt in the several states as TO fixing the time