The southern press. [volume] (Washington [D.C.]) 1850-1852, 1852-07-27


Of the Convention ratified the nominations Of
Scott and Graham. but the minority refused to
give in their adhesion. Col G. Il. Ward was
nominated for Governor and Hon. Edw. G. Ca
bell for Congress Col. Ward however declined
TO accept, for three reasons, one Of which was
that no had received letter from Mr.. Cabell, of
such character az would prevent him from rum
ming on the same ticket with that gentleman.
Cabell's letter WAS then read, in which he says
that, under no crcum stances, will he support
Scott and that the Wings ought to make no
effort to carry the State, except for their cand
dates for Congress and State officers. The Con
venton af erwards sat an hour with closed doors,
and re-nominated Col. Ward for Governor.
The Presidential Electors are Col. Sanderson.
Judge Thomas Randall and Major ]. ]. Finley.
ApPORTIoNMEsT OF REPRESENTATIONS nder
the act OF Congress, which was finally passed
last week, the whole number of representatives
will BE- two hundred and thirty -four, distributed
as follows, viz Maine 6, New Hampshire 3,
Vermont 3, Massachusetts IL, Rhode Island 9
Connecticut 4. New York 33. New Jersey 5,
Pennsylvania rs, Delaware l. Maryland 6, Ohio
81, South Carolina 6, Georgia 8, Florida ! ). Ala
.bama 7, Mississippi S, Louisiana 4, Virginia ! g.
North Carolina 8, Tennessee 10, Kentucky 10
Missouri 7, Arkansas 2, Indiana III, Illinois 8
Michigan A Wisconsin 3, Iowa Q, Texas 9, CAL
ifornia 2. Total 234. The whole number of
Presidential elec;ors--adding the 81 Senators
will therefore be 206, making lao necessary to
choice
ABUNDANCE OF MoNEy.--Our readers will re-
member that early in the present year wenoticed
the indications of increased prosperity, and ex-
pressed belief that the reign of panic and dis
trust was over for the season. In spite Of the
sneers OF some contemporary writer's, who could
see no tokens OF encouragement, and thought US.
altogether too sanguine, predictions have been
fully realized. In all of our principal cities on
the Atlantic seaboard capital is offered in abun-
dance at TO per cent for short loans, and prime
business paper is readily sold by street brokers
at Al per cent per annum. The applications
to the banks for discounts are so light that all of
those institutions, not having large circle Of
regular customers, are compelled to purchase of
the brokers, and even then have a difficulty in
investing their funds except at low rates. This
not SOW the seeds of future trouble. In the first
place, it dmnishes the legitimate income Of the
banks, and leads them to improper investments,
in order to keep up their large sem-annual divi-
dends. 1t was once point Of honor with the
conservative portion Of these institutions to man
age their affairs prudentIy, and keep the even
tenor Of their way, regardless Of outside influences.
Of late there has been unusual competition to see
which should make the largest dividends, and
many of the sound maxims and judicious cautions
once strictly regarded, have been lost sight of in
the exciting race for large profits. 1t thus hap
pens that instead of regulating and restricting the
course Of the extravagant, they directly encourage
it, and then assist in the final disaster When
the future seems bright they encourage borrowers,
and expand their accommo iations far beyond the
limits Of prudence the moment cloud appears,
they are obliged to contract their business, and
this precipitates the evil anticipated, The true
course would be undoubtedly the reverse of this,
but then what would become Of or 10 per cent
dividends This course is fraught with SO much
danger, that we should not be surprised if
remedy were adopted in some Of the States, pro-
hlbiting by legal enactment, the division ofprofts
in any ore year of more than the usal rate of in
terest Hunt Merchants Magizene