able at the place of purchase. Commercial transactions, and the consummation or pecuniary engagements, naturally concentrate themselves in places where the currency is good. There is no remedy against this concentration so sovereign as the supplying of a good currency everywhere.

A safe system of exchange, though no more extensive than is contemplated by this bill, will be of great use to the commerce of the country in other respects, besides furnishing the means of keeping a good currency in circulation. The more direct advantages flowing from it are not inconsiderable. Although its object be not to supply capital or credit for purposes of trade, or to make advances, and although the whole system is limited to exchanges, strictly, yet it cannot fail to afford very important facilities, and to be productive of much general benefit.

The power or faculty of reaching to funds already accumulated in a distant part of the country, and of bringing them home immediately, and without loss, is a power or faculty of no mean importance, in the hands of those whose business leads them to form commercial connexions in such distant parts. This power or faculty the measure under consideration proposes to confer impartially on all, to the extent of its means. And its capacity for good, in this respect, is confidently left to the judgment of those whose practical experience has rendered them most competent to decide.

As to any dangerous consequences from untoward influences in buying or selling exchanges, it is to be again observed that the Exchequer can lend money to nobody; it can furnish capital to no one to begin, carry on, or uphold his business; it only seeks to enable any one to place his funds where he needs them; and this, as it will be seen, is to be done under such restrictions as that all idea of accommodation, and therefore all idea of partiality or favor to individuals, is effectually repelled. All real borrowing and lending is excluded, and bills are to be taken on such time only as is necessary for ordinary notice, and the usual transmission of intelligence.

Over operations, begun and completed in so short a time, and which are to be carried on in the face of the commercial community-operations which allow so little of favor or accommodation to any-it is not likely that unjust or partial local influences, far less likely that any pernicious central influences, will exercise control.

It may be objected to all dealing in exchanges, that parties on bills will become debtors to Government; that in case of any general pressure they will petition for relief, and thus embarrass Government, as well by neglect of punctuality of payment as by importunity for indulgence. It is readily admitted that the delicate relation of debtor and creditor should be avoided, as far as may be, between Government and the people. But in many cases it must exist. The imposition of every tax creates that relation; every custom-house bond creates it and it is found in many other forms. But a better answer to this objection is, that the credit, so far as any may arise under the operations of this bill, will be a commercial credit, of all others the most unlikely to be violated—of a few days continuance only existing between the Government and each individual, by himself, out of which no common cause, no common interest in delay, no common importunity for relief, can well arise.

As the great object of the whole measure is to put an end to controversies, and give repose, it is left to the States to prohibit the practice of private deposites and dealings in exchange within their respective limits, if any of them shall so see fit. Of such prohibition, no apprehension is entertained, yet the less scruple has been felt in recommending the provision, as it may avoid difficulties, by manifesting a disposition neither to tread on any questionable ground, nor to give rise to unnecessary differences of opinion.

The plan will present itself to all the States and all the people. It proposes general benefit to all; and no fear is entertained lest either the States or the people should examine it with too close a scrutiny.

The section which authorizes the Secretary of the Treasury to issue, if found necessary, five millions of stocks, is designed as a provision against contingencies incident to the Auctuations of trade. In an agent of Government, such as

is now proposed to be created, it is proper that there should exist every security for the maintenance of its credits. Misfortunes may fall on private institutions, in the revulsions of commerce and business, and they may be compelled to stop payment; but whatever is identified with the character of Government should be placed on the safest possible foundations. As the means of the country are most ample, its credit high, and the burdens of the people light, there is wisdom in giving to the Exchequer the power of immediate resort, in case of necessity; to the unstained and unquestionable faith of the nation. There should be no hesitation, no scruple, no lingering doubt, about the ability of the institution now proposed to be established, to fulfil with punctuality all its engagements, under any occurrences, not of force, to disturb the Government itself.

Such are the general views of the important measure which now invites the consideration of the Legislature.

The extremes of public sentiment on the subjects embraced in this bill, are embodied in the system of the Sub-Treasury on the one hand, and in a Bank of the United States on the other. The great problem now propounded to practical statesmanship is, whether repose and reconciliation of opinion can be attained, whether an end can be put to distressing doubts and exasperated controversies, touching the policy of the Government, by the adoption of an intermediate system; a system exercising no ungranted power, establishing no monopoly, bestowing no indefeasible rights, attempting no divorce of the Government from the people; but, on the other hand, converting the most austere, though the most indispensable and plainly constitutional duty of the Government, the collection of the taxes, into the very means of sus. taining the industry, interchanging the commodities, and increasing the gains of those by whom taxes are paid.

This intermediate position, the plan struck out in the President's Message proposes to occupy. On the one hand, it performs one grand function which the Sub-Treasury could not and did not seck to perform.

It asserts and recognizes the constitutional duty of cherishing and sustaining the commerce between the States, by all proper and constitutional means, and turns away from nothing within the limits of the Constitution which may support general credit.

It admits the impolicy and impracticability, without violence to the business of life, of coercing an entire substitution of the precious metals for that convertible currency which has come to occupy their place.

But, on the other hand, it is not a corporation; it alarms nobody by the assertion of power to enter the States, to en. gross local business, or grasp at local gains, exempt from liability to local burdens.

If a measure may ever be accomplished, as the good sense, the fraternal sentiments, and the business necessities of the American people must lead them ardently to desire, by which existing elements of discord shall be withdrawn from national politics, and the country be suffered to enjoy tranquillity in things nearly affecting men's daily labor and daily bread, it is confidently believed that it may be matured, by the wisdom of the Legislature, out of the general provisions of the bill now submitted to its consideration.

W. FORWARD, Secretary of the Treasury.

Sale of the Warren Cotton Factory. This well-known Factory, which cost considerably over $100,000 only a few years since, was sold under a mortgage, by auction, on the premises, on the 15th inst. for the sum of $50,844, being $20 over the amount which the mortgagee claimed. The American Cotton Factory Company was the purchaser.

The Warren Factory is situated on the Great Gunpowder river, near the Susquehanna Railroad and York Turnpike, and about fourteen miles from this city. The Factory which was in complete operation, sold with its charter. It was built of stone in 1836, was 5 stories high, 126 feet front by 44 deep. As this property has claim to much notoriety,

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from its location and many conveniences, and to give the reader an idea of the value of such property at present, we are rather more than usually particular in its description. The first floor is occupied as a machine shop, and contains 3 racks and 2 hand lathes, a cutting engine, circular saw, spreading machine, carpenter's and vise benches and vices, a force pump for supplying the dressing and other rooms, with water, together with a full supply of necessary tools. The 2d floor is occupied as a card room and contains 14 breaker cards, with a railroad and lapping machine in front of them; 15 finishers with packers in front; 5 drawing frames, 5 speeders and all the necessary apparatus pertaining to a card room. 3d floor contains 2772 spindles, nearly all of the latest improved construction, 5 warping frames, reels and the tools belonging to a throstle spinning room. 4th floor is the weaving room and contains 66 looms nearly all on the plan with the Lowell mills, together with the tools necessary for a loom shop, in full operation. 5th story contains 4 dressing frames and machinery for making the sizing with a quantity of old machinery not in use. The picking house is built of stone and slate-roofed, is on a level with the first floor, and contains a picker, spreader and willow. Also a flour mill built of stone, and running two pair of stones. The machinery and house nearly new and in good order. Also a mill and machine shop. Good substantial stone dwelling-houses capable of accommodating comfortably 116 families. Two large and beautiful dwellings erected by former proprietors as country residences, with all necessary out houses for comfort and convenience. And a neat stone church capable of holding 2 a 300 persons. The Farm pertaining to the property contains about 230 acres of limestone land, and is susceptible of cultivation and great yield. The water power, that of the Great Gunpowder, which has never failed, is equal at all seasons to drive about 10,000 spindles. The dam and race underwent last summer a thorough repair. The situation is unrivalled for health.

[Lyford's (Baltimore) Price Current.

Steam Navigation with the Upper Lake. A new steam vessel called the Vandalia, owned and built at Oswego, New York, has recently made an experimental trip from that place to the Niagara river and Burlington Bay. She is of the largest size of lake craft which can pass the Welland Canal, and is furnished with a steam engine and propellers according to the Erricson patent. The Oswego Palladium says, the successful result of this experiment we consider the most important event in relation to the interests of this port and the trade of Lake Ontario, which has occurred since the completion of the Welland Canal. The great desideratum of a steam communication As the Welwith the Upper Lakes is now assured to us. land Canal now is, our forwarders can compete for the Western trade at a great advantage over the inland route. When its enlargement is completed, and steam vessels of 250 tons can trade between the Upper and Lower Lakes, we cannot comprehend how the inland route is to compete with the hundred and twenty five miles of free navigation on the Ontario route.

3.

4.... 2,029,796 5.... 3,577,365

Health of Swamps in N. C.

Persons living in this section of the State, and higher up, have a dreadful idea of the unhealthiness of the Swamps, in the lower part of North Carolina, and would as soon think of entering a charnel-house, as of exposing themselves to their influence during the Summer and Fall months. And yet, it is an indisputable fact, that however unhealthy some portions of our State are at certain seasons, sickness rarely, if ever, occurs among the hands at work in the Swamps.There have been employed at one time, in the State's service, to say nothing of private enterprizes, several hundred laborers, who are necessary exposed to all kinds of weather, and are always in more or less water, and yet scarcely a case of sickness has ever occurred among them. On the contrary, they look sleek, fat and healthy.

There resides at Alligator Lake, almost immediately on the water's edge, a gentleman by the name of Dunbar. He has lived there in patriarchal simplicity, for 42 years. His family, (all white,) consists of 52 persons, including children and grand-children. The only instance of sickness which has ever occurred in the family, was a case of whoopingcough!

These are singular facts for the speculation of the curious, but no less singular than true.-Raleigh Register.

Large Trees.

On portions of the timbered land, near Lake Pungo, in Hyde, belonging to the State, the trees are of almost incredible size; and it is not to be wondered at, standing as they have done for centuries undisturbed, and embedded in a soil of surpassing fertility. A cypress was recently found there, measuring 38 feet in circumference, which gives a diameter of about 13 feet! Only think of a tree large enough for a horse stable, with room enough inside of it, to admit of two carriages passing abreast of each other!

We were assured too, by a very respectable gentleman, that 13 bushels of corn were raised by a neighbor of his in the hollow of a cypress stump!—Raleigh Register.

Owing to the length of the different reports in the present number, we are compelled to defer the annual report of the Secretary of the Treasury, till the next.

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