exertions which were intended to rescue Englishmen from the disgrace of abetting slavery. But the punishment of burning is no more, and Africa is free. No resistance, no vote of this night, shall prevent my appealing to the good sense and good feeling of the legislature and of the country. If I live another year, I will renew this bill, with the bill for repealing the punishment of stealing a few shillings; and whatever may be my fate, the seed which is scattered has not fallen upon stony ground."

Romilly is represented, by his biographer, as uniting the greatest modesty to the highest merit; as being laborious, but social; as devoted to his profession, but most disinterested in his services to the poor and unfortunate; and in all his conduct, both professional and parliamentary, distinguished for high-minded rectitude and punctilious honour.

Such was Samuel Romilly: a man whose faith, under the guidance of our holy religion, led him to elevated studies and noble acts, and anxious only to assuage the ills of humanity, and to purify it from the taint of meanness and error, he has enrolled himself in that band of great and superiour spirits, who have been called, "The salt of the earth,"

"The virtuous few

Who season human kind."

If we go from the illustrious of another land, to the celebrated men of our own, we shall find that the garland of fame is more likely to retain its perfume and verdure from the virtues, than the abilities of its possessor. The purity of character which marked the judicial and social careers of Chief Justice Marshall, of the Supreme Court of the United States, that great man who may be called primus absque secundo; of Judge Washington, of the United States Court for this circuit;-and of Chief Justice Tilghman of the Supreme Court of Pennsylvania; will preserve and brighten, if

it does not survive the recollection of their eminent talents

and profound learning. Of the lamented William Rawle, late of this Bar, we may emphatically use the fine language applied by Warburton to Bayle,-that "he had a soul superior to the attacks of fortune, and a heart practised to the best philosophy." In the noble course of this lawyer, we see much to shield our profession from the injustice of general censure and the stigma of indiscriminate reproach.

To a list, which might be extended by so many additions from the ranks of "the mighty dead," let me point you to the seats of the living. At the risk of inflicting pain, I must marshal one or two names gathered from the roll of our own records. These gentlemen, having, for the most part, retired from the active struggles of the Bar, no reason exists why we should be silent, when silence is injustice as well to them, as to ourselves. They belong to us and our community. The Philadelphia Bar, who witnessed and participated in their triumphs, may claim to assert the honours of their membership, and the benefits of their living example. It is to the high and unblemished integrity of a Du Ponceau and a Binney, of a Sergeant and a Chauncey, that we are indebted for the acknowledged pre-eminence of the Philadelphia Bar over the Union. In the homely phrase of an ancient legal writer, these gentlemen knew of "what stuff a right worthy lawyer was to be made." They well knew, that though legal learning and general knowledge were alike necessary for chamber practice and forensic display, yet that without an elevated honour, their reputation, like the Prophet's gourd, would wither in a night. They knew they would be like a ship at sea, without ballast or a compass, fearlessly exposing herself to the elements, which seemed to waft her to her port, but which were only conspiring their forces for her ruin. They knew, by the unaided exertions of their eminent talents, that "they could rise like the rocket," but without the sustaining arm of a superior power, "they must fall like the stick." It is at once a proof of the existence and effect of the principle which I have feebly attempted to illustrate, that these eminent men, though engaged for a long series of years, in nearly all the important causes which were tried in this city, and though frequently on opposite sides, all the collisions of the forum have not impaired their respect for each other, nor disturbed the intimacy of their early friendship. This certainly is a spectacle worthy of all

admiration. And I am unable to express a higher wish for the personal and professional success of the members of this Academy, than that, like them they may win a deserved renown for goodness as well as greatness; that in the evening of their days they may find warm hearts in the bosoms of their early friends and co-labourers of this institution; and that honoured themselves, and conferring honour on others, they may descend to the rich blessings of a well spent life.

Banks, Usury Laws, Penny Postage.

We have received a letter dated January 18th, 1840, from an intelligent American merchant now residing in London, upon the above subjects, from which we make the following extracts-showing the views of one who from an extensive practical acquaintance with the business of both countries, is well qualified to form a correct opinion.

"I am more and more convinced of the absolute necessity of having but one source of supply for a circulating medium in any country. In our country where there are 830 banks, all issuing as much paper as the gullibility of the people will induce them to take, it is impossible that there can be any thing but the most violent fluctuations of value of all kinds of property throughout the country, which are destructive of all prosperity, and all sober and regular mercantile operations. Let there be but one source of supply, and this given out without any profit to the issuer (more than will pay the expenses ments of business will be met, and our people will be encoursay per cent., or 1 per cent.) and then the regular requireaged to carry on an honest and straight-forward business. Most sincerely do I wish that our country could have this blessing conferred on it.

adopted from this country into the United States. The first There are two other measures I wish most sincerely to see is the universal penny postage on all letters when pre-paid, and not exceeding ounce in weight-the other is the abolition of the usury laws as far as regards bills of exchange and notes of hand, not having more than 12 months to run. The first will be attended with the most important consequences in a moral, intellectual and commercial point of view, from a single measure. The other has been tried now for that has ever occurred in this or any other country, flowing six months, and the improvement that has taken place in without resorting to the 'pound of flesh men' is very great." making money more abundant and more readily procurable,

"I am convinced from reasoning and common sense, that to restrain the rate of interest was the same piece of folly as to restrain the price of a barrel of flour or a pound of cotton, but that probably ever was experienced in London, and having now having gone through the most fearful pecuniary pressure not only watched the operations of the money market most narrowly myself, but having inquired of the most experienced and intelligent men here what their opinions are, I am constrained to say, that never were the arguments of the free trade people (as regards unlimited rate of interest) so completely borne out by facts and by experience as has been the this centre of the commercial world. Why should our Penncase in regard to money transactions in the last six months in sylvania Legislature pretend to restrain the rate of interest? they might as well pretend to stop the sun in his course! why then have a law that is broken every day, and which causes the poor borrowers of money to pay higher for it, than if there was an open market for money resorted to by honourable competitors, who would be restrained from demanding more bona fide worth. Pray make a stir about a modification of for their merchandise (which I consider money) than it is the usury law, at least to the extent of the English improvement. Our people will never regret the change.”

Fraud-The Cincinnati Republican mentions an instance of a lot of flour barrels in that city which weighed thirty-one pounds instead of eighteen, the usual weight.It states that the same game is carried on to a great extent in the tobacco kegs of Kentucky.

The following is the resumption resolution as it passed both houses of the Legislature of Pennsylvania, and having been approved by the Governor has become a law.

The Banks & Resumption. Resolution providing for the resumption of specie payments by the banks, and for other purposes.

laws in relation to banks whose charters have been forfeited. Provided however, That the said banks be liable for the fulfilment of all contracts and engagements previously made,and entered into by it,and except, also that the trustees whose appointment is provided for by this resolution, shall have power to use the corporate name of said bank, and capable of compelling the fulfilment of any contract or engagement entered into with said bank previously to said forfeiture.

That the several incorporated banks of this commonwealth are hereby required, on, from and after the 15th day of Jan. in the year of our Lord one thousand eight hundred and forty-one, to pay on demand all their notes, bills, deposits and other liabilities in gold and silver coins, except such as may have been made and created under a special agreement, under the penalty of the forfeiture of the charters, to be declared forfeited, as hereinafter provided, of any and all banks refus-viction, shall not be less than one nor more than six years. ing so to do. Provided; That any person or persons, from the passage of these resolutions until the said above mentioned day, may proceed to cover and collect, in gold and silver coin, the liabilities of and the penalties recoverable from any of said banks, according to the common law in force in this commonwealth and not otherwise.

3. Resolved, That the wilful and deliberate false swearing by any officer or agent of any bank, or any person to or in relation to any statement or statements required by law to be made, or other duty enjoined by law shall be deemed perjury in law, and punishable as such, and the confinement within the penitentiaries of this State, which is hereby required to the part of the sentence in each such case on con

2. Resolved, That if any bank within this commonwealth shall at any time after the said fifteenth day of January, A. D. eighteen hundred and forty-one, refuse to pay on demand, its notes, bills, deposits or other liabilities in gold or silver coin, except such as may have been made and created under a special agreement, its charter, shall, for any such refusal, be declared forfeited, as herein provided. And it shall and may be lawful for any person or persons, or the agent of any body corporate, who shall have been refused gold and silver as aforesaid, to make an oath or affirmation before the court, of common pleas of the county in which such bank is situated, or, in vacation, before the president judge thereof, of the fact, and upon such oath or affirmation being made, it shall be the duty of the said court, or in vacation of the president judge thereof, to appoint the tenth judicial day hereafter, as the time and the room where the court of common pleas of such county is held, as the place, for the hearing of the said information, and it shall be the duty of such said court of common pleas, or in vacation of the president judge thereof, to give or cause to be given at least eight days notice thereof to the president or cashier of such bank, and also to give or cause to be given reasonable notice thereof to the deputy attorney general for such said county, whose duty it shall be to attend and prosecute the same one part of the commonwealth, and in case that officer should neglect or fail to appear and prosecute the same, the person or persons or body corporate, making information as aforesaid, shall be authorized to employ counsel to prosecute the same, and the court of common pleas of such said county, or in vacation the president judge thereof, shall reduce to writing the evidence given on the part of the commonwealth, and also the evidence which may be given by or on the part of such said bank, to disprove or rebut the evidence on the part of the commonwealth, and if the allegation or information charged shall be substantiated by the testimony, to the satisfaction of such said court, or president judge, as the case be, the said court or president judge thereof, the money being unpaid, shall immediately cause the same to be filed in such said court, and on the same being done, the charter of such bank shall be absolutely forfeited, and the said court, or in vacation, the president judge thereof, shall thereupon issue a writ directed to the sheriff of the said county, requiring him to close said bank forthwith, and deliver over to three such trustees, appointed by the said court or judge, and named in said writ, who shall not be stockholders in said bank, or in any wise concerned, directly or indirectly, therein, full possession of the books, moneys, keys, property and effects of said bank, which said trustees shall give a bond to the commonwealth before the issuing of the said writ in such sum and with such security as the said court or in vacation, the said judge may direct, for the faithful performance of their duties, and shall be severally sworn or affirmed faithfully and truly to discharge the duties herein required, and the said trustees shall proceed to settle up and close the affairs of any such bank, according to the provisions of the present existing

4. Resolved, That the several banks of this commonwealth which have, on, or since the 9th day of October last, suspended or refused the payment of their notes, bills, deposits or other liabilities, or which shall suspend or refuse the payment of the same on or before the said 15th day of January, A. D. 1841, in gold or silver coin, are hereby required to loan and pay to and for the use of the commonwealth, in a pro rata proportion to their capital stocks, within the period of one year from the passage of this act, if required by instalments in such sums, and at such times as the wants and exigencies of the commonwealth shall require the same, such amount and sum not exceeding in the whole the sum of three millions of dollars, at an interest not exceeding five per cent. per annum, which shall and may during the session of the present legislature be appropriated by law, and directed to be applied to the payment of any deficiency which there may be in the funds pledged for the interest on the State loans, to the debts and damages now due and owing by the commonwealth, to the repairs of the public works, to the continuation and completion of the public works already commenced by the commonwealth, to the expenses incident to the same, and such others as may be directed to be commenced; and to such others of a public character as it may be deemed advisable to apply the same by law, for which said several sums when paid, certificates of stock shall be issued in such sums as the lenders thereof may require, and be transferable in such manner as the governor may direct, reimbursable at such time not exceeding twenty-five years from the date thereof, as may be agreed upon between the governor and the banks taking such loan.

5. Resolved, That until the fifteenth of January next, the banks of this commonwealth shall be authorized to issue their own notes, and make and declare new loans and dividends not exceeding six per cent. per annum, in the same manner as if the said banks during said period, continued to pay their notes, bills, obligations and deposited moneys owing by them in gold or silver.

6. Resolved, That so much of any law as is altered or supplied by the foregoing resolutions, is hereby repealed.

- OFFICIAL.-TREASURY NOTES. Treasury Department, April 1, 1840.

.....

Amount of Treasury Notes issued under the provisions of the acts of Congress of the 12th October, 1837, 21st May, 1838 and 2d March 1839,.. $19,567,086 22 of this amount there has been redeemed.. $18,144,530 58 Leaving the amount outstanding........ $1,422,555 64 LEVI WOODBURY, Secretary of Treasury.

The UNITED STATES COMMERCIAL AND STATISTICAL REGISTER, is published every Wednesday, at No. 79 Dock street. The price to subscribers is Five Dollars per annum, payable on the 1st of January of each year. No subscription received for less than a year.— Subscribers out of the principal cities to pay in advance.

PRINTED BY WILLIAM F. GEDDES,
No. 112 CHESNUT STREET,
Where Subscriptions will be received.

COMMERCIAL & STATISTICAL

REGISTER.

VOL. II.

EDITED BY SAMUEL HAZARD.

PHILADELPHIA, WEDNESDAY, APRIL 15, 1840.

Memorial of Legislature of Louisiana. “To the honourable the House of Representatives of the United States, in Congress assembled:

No. 16.

That the nett product of the same crop, at 5 cents, and 18, would be $2,480,000, or 4 76-100 per cent.

That the nett product at 5 and 17, would be $2,096,000, or 4 per cent.

That the nett product at 4 and 16, would be $1,460,000 or about 2 80-100 per cent.

From which it is evident that Louisiana, with its uncertain climate and expensive operations, cannot produce sugar under 5 cents; while in the West India Islands with their genial climate and cheap operations, Muscovadoes can be produced, so as to yield a fair remuneration, at 2 a 3 cents.

That under these circumstances the enormous investments of capital in the cultivation of sugar since 1816, would not have taken place, had not a continuation of the revenue tax, The Legislature of the State of Louisiana beg leave to then laid upon foreign sugar, been implicitly relied upon. state, that in the year 1816, a general tariff was adopted, the government to destroy a branch of industry involving a capprimary object of which was declared to be, "of raising by ital of 52 millions of dollars, particularly when it is considered duties" on imports and tonnage, the proportion of public re-that this industry owes its great extension to the tax of 1816, venue "which must be drawn from that source.'

That a large portion of our planters on the faith of this
tax, which they considered as permanent so long as a reve-
nue was necessary, were induced to invest an enormous cap-
ital in the cultivation of the cane and manufacture of sugar.
That from 1816 to 1828 the annual production increased
from 15,000 hhds. of 1,000 to
45,000 hhds.
That in 1828, the capital invested and the power used, in
this branch of industry, was estimated as follows:
308 estates, .

Manual power, about 21,000 hands.
Animal, about......12,000 horses and oxen.
Mechanical, about... 1,640 horse power.

.$34,000,000

That from 1828 to 1830, 383 new estates were undertaken, which required a further outlay of about $16,000,000. Making a total outlay for 691 estates of about $50,000,000.

That under the tariff of 1816, the State of Louisiana was already supplying one half of the sugars required for the consumption of the United States, and was bidding fair soon to meet the entire consumption.

That before these 383 estates could be brought into full operation, the tariff of 1834 was adopted; that 156 estates have already been compelled to abandon their sugar works, under the effect of this act; that its further action cannot fail to annihilate this important branch of national industry. That the sugar estates yet in operation, number 525. That the power used thereupon is estimated as follows: Manual, about.... Mechanical,...

.....

.40,000 hands.
10,000 horses.

That the annual expenses of a well regulated plantation are computed at $50 per hand.

That these estates, with their increased machinery, have required at a low valuation, a cash investment of at least $52,000,000.

That the annual average crops do not exceed 70,000 hhds. on 70 millions of pounds of sugar, and 350,000 gallons of molasses.

That the product of such a crop at 6 cents for sugar and 20 cents for molasses, would be $4,900,000.

That deducting expenses therefrom, say $50 per hand, $2,000,000.

There would remain nett, $2,900,000, or 5 57-100 per cent. on the capital invested.

VOL. II.-31

That it never could have been the intention of the national

and that the reason then alleged for the laying of such a tax now exists with as much force as at that epoch, to wit: "the raising of a revenue for the purpose of carrying on the government."

That whilst the gradual reduction of the tax on foreign sugars, as required by the compromise tariff, is operating the ruin of the sugar interest in this state, the object of the compromise, to wit: a diminution in the current price of that commodity cannot be attained, if by that reduction the plan| ters of Louisiana are compelled to abandon the culture of the

.23a4

46

66

That owing to an early winter, the crop of Louisiana for 1835-6 was reduced to 25,000 hhds., and prices advanced to 11 cents.

That the crops of the West India Islands and Cuba had been at that period as large as usual; that yet Muscovadoes advanced in Havana to 6a7 cents, or nearly cent per cent. That the Louisiana crop for 1836 and '37 was an average one, and prices receded in Havana to 24a4 cents, and in New Orleans to 5a6 cents.

That the gradual reduction of the tax on foreign sugars is nothing else but a premium granted to foreign industry, which shall have to be paid by the consumers.

That Cuba and the West India Islands now draw from us the whole of their provisions. That were they, by a continuation of the most suicidal policy, to become our only

supplyers of sugar, they would not require a dollar more of
our exports, whilst they would draw from this country at
least 5 millions of specie to pay for the sugars necessary to
meet the deficiency that would be occasioned by Louisiana.
In conclusion, that we deem it our duty to lay before you
the just remonstrances of a large body of your constituents,
who can only be saved from actual ruin by the revival of the
tax of 1816 on foreign sugar-a tax under which they have
embarked their fortunes, and which they had a right to be-
lieve would have been continued so long as a revenue was
required to maintain our Union.
(Signed,)

A. BOUDOUSQUIE,
Chairman House of Representatives.
J. T. ARMANT,
Chairman of the Senate.

"Resolved, by the Senate and House of Representatives, in general assembly convened, That the Governor be, and is hereby requested to send the foregoing memorials to our senators and representatives in Congress, to be laid before their honourable body."

An Act

Further to amend the act entitled, "an act to prohibit the issuing and circulating of unauthorized bank paper," passed January 27, 1816; and to repeal certain acts and parts of

acts therein named.

Sec. 1. Be it enacted by the General Assembly of the State of Ohio, That it shall not be lawful for any company incorporated by a law of this state, or exercising any corporate or banking powers by or under any law of this state, or for any person or persons acting as an officer or officers, agent or agents for any such company, to directly or indirectly issue, pay, give or offer in payment, or in any way, directly or indirectly, circulate or put in circulation, or attempt to put in circulation, or to receive or cause to be received, or to redeem in any way, or to exchange notes, bills, checks, certificates of deposit, or any other description of paper, whatever, calculated or intended to pass or circulate as money or currency of a less denomination than five dollars, except to redeem from circulation such notes, bills, checks, certificates of deposit, or other paper as aforesaid, of a less denomination than five dollars, as have heretofore been issued and now remain in circulation; or to directly or indirectly issue, pay, give or offer in payment, or in any way circulate or put in circulation, or attempt to put in circulation in any way whatever, or to receive, or cause to be received, or to redeem in any way, or to exchange notes, bills, checks, certificates of deposit, or any other description of paper, whatever, calculated or intended to circulate as money or currency, which are made payable at any other place than at the banking house where issued, whether the place of payment be expressed in the body of such paper, or written, printed, stamped, inarked, or endorsed thereon; or which are made payable at a future day, or at any other time than on demand, or which are made payable in bank notes, currency, or in any thing else than gold and silver coin, except to redeem from circulation such notes, bills, checks, certificates of deposit, or other paper aforesaid, as have heretofore been issued and now remain in circulation; and all notes, bills, checks, certificates of deposit, or any other description of paper whatever, calculated or intended to pass or circulate as money or currency, heretofore issued, or which may hereafter be issued by any person or persons, association, bank, or body corporate within this state, shall be taken and held to be payable on demand, at the place where issued, in gold or silver coin, the value of which has been regulated by the laws of the United States.

Sec. 2. That any company incorporated by a law of this State, or exercising any corporate or banking powers, by or under any law of this State, violating any of the provisions of the first section of that act, the charter of such company shall, from thenceforth, be null and void for every purpose for which it was granted, except so far as may be necessary to enable such company to close its business and settle its accounts; and in case such company be one exercising bank

ing powers by and under any law of this state, it shall forthwith be closed up, in the manner provided in the act entitled an act providing for the appointment of a board of bank commissioners, and for the regulation of banks within the State of Ohio," passed February 25, 1839, and any person or persons acting as an officer or officers, agent or agents of any such company, incorporated as aforesaid, or exercising corporate or banking powers, violating any of the provisions of the first section of this act, shall forfeit and pay for each and every such violation or offence, one hundred dollars, to be recovered by any person suing for the same in an action of debt, in the name of the State of Ohio, to be paid over by the officer before whom recovered to the treasurer of the county in which the suit may be brought, for the use of common schools, in said county.

Sec. 3. That it shall be unlawful for any person or association of persons, engaged in, or carrying on the business of a broker or exchanger of money, to directly or indirectly pay, give or offer in payment, or in any way circulate, or put in circulation, or attempt to put in circulation, or to receive, or cause to be received, exchange, or in any way redeem notes, bills, checks, certificates of deposit, or any other description of paper, whatever, calculated or intended to circulate as money or currency, of a less denomination than five dollars; or to directly or indirectly pay, give or offer in payment, or in any way circulate, or put in circulation, or attempt to put in circulation, or to receive, or cause to be received, exchange, or redeem in any way, notes, bills, checks, certificates of deposit, or any other description of paper, whatever, calculated or intended to circulate as money or currency, which is made payable at any other place than where issued, whether the place of payment be expressed in the body of such paper, or written, printed, stamped, marked or endorsed thereon; or which are made payable at a future day, or at any other time than on demand; or which are made payable in bank notes, currency, or in any thing else than gold and silver; and every person or persons engaged in, or carrying on the business of a broker or exchanger of money, violating any of the provisions of this section, shall forfeit and pay for each and every such violation or offence, one hundred dollars, to be recovered by any person suing for the same, in an action of debt, in the name of the State of Ohio, to be paid over by the officer before whom it is recovered to the treasurer of the county in which the suit may be brought for the use of common schools, in said county.

Sec. 4. That it shall be unlawful for any person or persons to pass, transfer, or circulate, or to receive, or redeem notes. bills, checks, certificates of deposit, or any other description of paper, whatever, calculated or intended to circulate as money or currency, of a less denomination than five dollars, unless the same shall have been issued by, and made payable at one of the incorporated banks of this state, or to pass, transfer, or circulate, or to receive, or redeem notes, bills, checks, certificates of deposit, or any other description of paper, whatever, calculated or intended to circulate as money or currency, which are made payable at any other place than at the banking house where issued, whether the place of payment be expressed in the body of such paper, or written, printed, stamped, marked, or endorsed thereon; or which are made payable at a future day, or at any other time than on demand; or which are made payable in bank notes, currency, or in any thing else than gold or silver coin, unless the same shall have been issued by one of the incorporated banks of this state; and any person or persons violating any of the provisions of this section, shall forfeit and pay for each and every such violation or offence, the sum of ten dollars, to be recovered by any person suing for the same in an action of debt, in the name of the State of Ohio, to be paid over by the officer before whom it is recovered, to the treasurer of the county in which the suit may be brought, for the use of common schools, in said county.

Sec. 5. That it shall not be lawful for the treasurer of state, county treasurers, collectors of tolls on any of the pub. lic works of this state, or any receiver of moneys for the use of the state, or any person or persons acting under their authority, or the authority of either of them, to receive as dues to the state, notes, bills, checks, certificates of deposit