PENNSYLVANIA ELECTIONS. Below is presented a Table showing the vote for Governor, between Porter and Ritner, in 1838-the vote for Presi dent, in 1840—and the official result in 1841, as contained in the certified copies on file at the Office of the Secretary of the Commonwealth, Harrisburg. 18 41.] Amount of Treasury Notes issued under the provisions of the acts of Congress of 1837, 1838, 1839, 1840, Redeemed of those issues $26,681,337 53 I have had no experience in its conversion by the process ordinarily used in Pennsylvania by means of charcoal as fuel, but I have been informed by an intelligent iron master, who has tried the experiment, that the anthracite pig produced by the Lehigh Crane Iron Co. yielded a first rate quality of bar Iron by that process. There is no doubt a great prejudice existing among iron masters with regard to the employment of anthracite pig iron in their forges, this I think time will overcome, and I would suggest to the smelters of anthracite in Pennsylvania whether as a matter of policy it would not be advisable for them to convert their more inferior sorts of pig iron, into plate or refined metal, and sell it to the forges in that state; this, although it has not yet been done entirely with anthracite as fuel, can I believe be effected or certainly by a mixture of charcoal and anthracite. By pursuing this course, a much better article will be produced at no great extra expense, their furnace may be more heavily burdened so as to produce the utmost quantity of pig iron possible for refining, and probably at more profit than running with lighter burdens for grey iron-and its advantages to all puddling establishments would be great, as the labor of puddling pig iron, particularly in hot weather, is excessive, the plate iron can be more easily converted in greater quantities, and with less fuel, and the wages for conversion would be reduced in pro. portion. One of the most intelligent anthracite furnace proprietors in Pennsylvania has assured me he shall pursue this course, Leaving outstanding the sum of........ $1,756,611 89 and I have no doubt it will be productive of much benefit Issued under the act of Feb. 1841, viz. Prior to the 4th of March... $673,681 32 Since the 4th of March.....5,349,165 58 Making Returned of that issue. Leaving outstanding, and profit both to himself and the forge owners purchasing the refined metal. U. S. Gazette. { A NEW JERSEY IRON MASTER. Products of Maine. A Portland paper states that the quantities of Lime annually exported from Thomaston in that State alone, amount Aggregate outstanding on the 1st instant... $7,371,705 79 to 400,000 casks, producing about half a million of dollars, I notice in the United States Gazette of 22d instant, a communication signed "A Subscriber" requesting information on the subject of anthracite pig iron, and whether its conversion into malleable iron has been effected without extra expense sufficient to render the manufacture unprofitable. After having worked nearly 500 tons of the various sorts of anthracite pig iron, smelted in Pennsylvania and New Jersey, I feel myself fully competent to give an opinion on the subject, and would state that I have converted the above amount of iron into good sheet iron, rods, &c. &c. with but trifling extra expense, if any when compared with the ordinary brands of charcoal pig iron. I would not be understood to say, that anthracite pig iron is fully equal in quality to the very best brands of charcoal pig iron for conversion into malleable iron, but, much of the anthracite iron which I have tried, has proved greatly superior in quality to the ordinary sorts of charcoal pig iron, and was converted into the malleable state at about the same I find too that its conversion is generally more rapid and consequently attended with rather less consumption of fuel than charcoal iron. cost. I have reference now to its conversion by the ordinary process of puddling with anthracite coal as fuel, but by the boiling process (as it is termed,) I have with the same kind of fuel in a properly constructed furnace, converted the poorest No. 3 anthracite pig iron into the most superior quality of chain iron at an extra expense of $5 a $6 per ton when compared with the very best charcoal pig iron. With reference to the waste, I find it in the best sorts of anthracite iron to differ but little from charcoal pig. generated almost wholly by labor, the cost of the raw ma- ers. The Philadelphia Bank, we understand, resolved to declare no dividend until they could ascertain the value of the securities which they hold. The Girard Bank being called upon to declare a dividend, and being uncertain as to the exact profits, declared a nominal dividend of one cent on each share. The Chesnut Hill and Spring Hill Turnpike Company declare a dividend of three and a half per cent. for the last six months, payable after the 11th inst.-U. S. Gaz. Legislation Extraordinary. The following curious resolution was lately adopted in the Tennessee Legislature: Resolved, That there shall be neither pipe nor cigar smoked within the Senate Chamber during the hours of business at the present session of the General Assembly. Alabama Banks. The following Memorial to the Legislature of Alabama, below is copied from the last Democrat, and is circulating in Madison county for signatures. To the Honorable Senate and House of Representatives of the State of Alabama. they be prohibited from making further loans on accommo- care. Pittsburg Powder Mills. Gentlemen :-The condition of your State Bank and its The Pittsburg Gazette of the 9th inst. contains a full debranches has become a subject of deep and exciting interest scription of the extensive powder mills lately erected and with every citizen who estimates properly the important re- put in operation, 23 miles above that city, on the bank of the sults involved in their successful or disastrous termination. Monongahela by Andrew Watson. The plan of these works Upon the issue hangs the prosperity of the State for some is said to be original with Mr. Watson and his brother, as years to come, and the measures adopted at your present neither have ever seen the interior of any other powder session must settle the question for weal or wo. Your memill. Everything in their works is conducted with great morialists, therefore, impressed with the belief that these are Gravel, &c. is kept carefully swept out of the buildtruths which cannot be controverted, beg leave, most respect-ings where there is danger, and the workmen only enter fully to call your attention to the necessity of immediate and them without shoes. We hope this enterprise may be susenergetic action on your part, in order to arrest the tendency tained. From the statement in the Gazette, we compile the which has been given them towards a most ruinous if not following: fatal conclusion. A condensed view of their capitals, losses sustained, and annual expenditures to be made, will illustrate beyond the possibility of doubt, the well-founded apprehensions which your memorialists so seriously entertain.These are taken from the Reports of the Commissioners who examined your banks the last year-the statements of the banks themselves, and the consolidated Report of the Committee to which these reports and statements were referred. Capitals raised by the sale of State bonds.....$10,859,556 University and other funds used as a part of the capital of the State Bank....... 16th Section School Fund. 1,058,195 Eleven buildings are completed. The principal range front 700 feet on the Monongahela, and are bedded at the rear and ends in a high bank of earth excavated for that purpose. They stand about 100 feet apart. The front and roofs of wood, the back and end walls stone two feet thick, so built against the earth that in case of explosion, its force may be spent towards the river removing the wood work, and leaving the rear and end walls unharmed. There is a railroad along the whole front of these buildings, for transporting the materials and the manufactured articles from one building to another in the progress of the manufacture. The following will give an idea of the buildings and their use. 1. The Boiler House, is in the rear of the front range, 200 feet distant from the Engine House. It contains 6 steam 2,161,972 boilers, and two charcoal furnaces. The charcoal is made of sycamore and white maple-the wood is put into large iron pots, closed tight, and the gasses let off at the side near the bottom. The boiler and furnace flues are taken under ground 300 yards and discharged through a chimney in a grove of trees. .$14,734,723 8,630,894 Leaving the present capital of the banks...... $6,103,829 Annual interest on State Bonds sold...... Making..... $563,968 16,500 93,491 55,000 143,000 200,000 120,000 $1,161,959 Your memorialists are satisfied that a profit of more than 10 per cent. on the remaining capitals of your banks cannot be realized. According to this estimate $610,382 will be the gross profits for the present year, which deducted from $1,161,959, the annual expenditures, leaves a loss of $551,577, to be taken from the capitals, which loss must increase in an inverse ratio with the rapidly diminishing capitals for each successive year, until the whole is consumed. To avoid, if possible, such a state of things, your memorialists pray that the law requiring the banks to pay the expenses of the State Government, and the law requiring them to give away annually to valueless 16th Sections $200,000, be repealed-that the banks be compelled to appropriate the whole of their present and future available means to the redemption of the State bonds sold for their capitals, upon the best terms they can be purchased-that 2. The Store House, where the raw material, sulphur, saltpetre and charcoal are kept and weighed out in proper proportions for the manufacture. 3. The Engine House, in the front range, containing 2 engines, attended by one Engineer, standing between them. The steam is conveyed from the Boiler House under ground to the engines. In this house the raw material is ground and mixed, and then passed on a car to 4. The Mill, next in the range, where it is further ground under cast iron cylinders of 4 tons weight. It is then taken to 5. The Pressing House, where it is pressed in hydraulic presses, supplied with water brought over the hill. The cake is cracked as it comes from the press, and passed on to 6. The Graining House, where it is broken and sifted into coarse and fine powder, by machinery, and is then taken to 7. The Glazing House, where it is passed between wooden, and iron faced with copper, revolving cylinders, where steam is permitted to pass. The powder is kept at a high temperature, and polished. It is then returned to the Graining House, there sifted, and sent to drawers ranged in racks, and left exposed to a free circula- Drying House in a finished state. Short Passage. The Linden cleared from New York on the 1st inst. and arrived off the bar, Mobile, on the 11th, making the passage in 10 days. Her sails were not shifted once during the whole voyage. INAUGURAL MESSAGE OF GOVERNOR JONES OF TENNESSEE. Fellow-Citizens of the Senate and of the House of Representatives: By the provisions of the Constitution, it is made the duty of the Executive, to communicate to the General Assembly, from time to time, such information touching the public interest as may be in his possession. In discharging this duty, I avail myself of this occasion to present to your consideration such questions as seem to demand the attention and action of the Representatives of a free and enlightened constituency. In communicating with you for the first time, it is cause of mutual gratulation that we are still secured in the possession of all the rights and privileges guarantied to us by the Government of our country, and that all the elements of prosperity continue to surround us. By the smiles of a kind and beneficent Providence, and the justice and wisdom of our laws, we have risen from a small to a great and powerful nation. And although we are subject to revulsions and seasons of depression, still the energies of our people, when aroused, will ever be found sufficient to overcome these temporary reverses of fortune. Extraordinary embarrassments and their causes. Our country has, for the last few years, been laboring under great and extraordinary embarrassments, and from the effects of which it has only partially recovered. But it is confidently believed that the industry, patience and energies of our citizens will be found fully adequate to the crisis; and we may confidently anticipate the day as not very distant, when our country shall be visited once more with prosperity. The temporary derangements in commerce and trade are not peculiar to our government; they will sometimes occur under the wisest and best governments. But they are always attributable to some adequate cause; and it is the peculiar province of those who have been chosen as the guardians of the public interest to determine where the defect is, and apply the corrective. The causes which have induced the present embarrassment under which we labor, may be traced with the utmost accuracy and precision. It is an axiom in political economy, that when a community or people buy more than they sell, the balance of trade will be against them, and pecuniary embarrassments and distress must follow as a consequence. Each individual liability furnishes a constituent part of the great aggregate of that general indebtedness which has afflicted the country for the last few years. How far the action of our government has contributed to produce this result, must be determined by a recurrence to such facts as have developed themselves for the last few years. It is a proposition demonstrated by all experience, that the example of the administrators of government have a powerful and controlling influence on individual action; and just in proportion as a government or nation indulges a spirit of profligacy and extravagance, there will be a corresponding tendency to the same indulgence on the part of individuals. That these individuals on whom the pressure has fallen with the most severity, are the direct agents in producing their own misfortunes, will not be doubted. There was no imperious or unavoidable necessity constraining any citizens to indulge in extravagance, or to create large and heavy liabilities, from which they have not been able to extricate themselves. the consequent diminution in the rewards of labor-may justly be attributed, in part, to the action of the General Go vernment. The prosperity of the country was firm, steady and progressive, up to the spring of 1834. Shortly after that time trade seemed to have received a new and extraordinary impetus; every species of property increased in value, money became abundant, and the country everywhere exhibited the greatest prosperity. This season of plethora continued until the spring of 1837, when the bubble burst, and the reality was unveiled in all its horror. This memorable crisis in the monetary affairs of the country was produced by the destruction of the Bank of the United States, and the attempt to regulate and control the currency and exchanges of the country by the agency of local institutions. From the day that war was declared against the L'ank of the United States, and the edict went forth that the monster should be destroyed, (and hundreds of smaller ones substituted in its place,) from that day we may date the beginning of those troubles and sorrows that have filled the land with mourning and distress. The fu neral knell of the United States Bank was the signal for the creation and establishment of hundreds of local and State institutions. Having dispensed with the United States Bank as the fiscal agent of the Government, it became necessary to resort to some other mode of fiscal agency. The adoption of a number of State institutions was embraced as the substitute; and in order to allay disquietude in the public mind, and to supply the vacuum created in the circulation of the country, an edict emanating from the Executive Council, was directed to those unpledged agents of government patronage not to hoard up the public moneys of the country, but that they should be used in affording such facilities to trade as the condition of the country might require. In obedience to this injunction, the deposit banks adopted' a generous and almost unrestricted system of discounts and accommodations; the other State banks taking license from the example of the pet institutions, pursued the same reckless policy. During the short period that the banks were enabled to sustain themselves in this policy, everything went on swimmingly, and the advocates of this experiment proclaimed to the world that it was successful. Facilities for liberal bank accommodations were freely offered. It was only to ask and receive. The ordinary pursuits of life were abandoned, the farm and the workshop were forsaken; their occupants yielding to allurements spread out before them, were almost unconsciously drawn out into the vortex of speculation and extravagance, under the vain and delusive hope of acquiring fortunes by an easier process. In the midst of this pleasing delusion the banks sunk under the weight of their innate defects, and the victims of the destructive policy, left to struggle against the fearful destiny which but too certainly awaited them. In surveying the past, although we find much to regret and condemn, still there is cause of rejoicing that we have so far recovered from the shock as to enable us to anticipate the day as not very far distant when we may enjoy our original prosperity. Condition of the Banks of our State. Among the various questions that will claim and doubtless receive your attention, the situation and condition of the banks of our State is certainly one of the highest importance. A sound and convertible currency is deemed essential to the prosperity of any country, and it is the duty of the reWhilst each individual victim must be regard-presentatives of the people to secure to their constituents the ed as the ostensible author of his own ruin, still it must be invaluable blessings that flow from a sound circulating meconceded, and cannot be successfully denied, that there has dium as far as may be in their power. been a remote and exciting cause that has exerted a powerful influence in producing this distress which everywhere pervades the country. Most of the evils of which we complain-the stagnation in trade, the depression of commerce, the derangement in currency, a depreciation in the value of our products, and The banks of Tennessee, yielding to the panic which every where pervaded the nation in the spring of 1837, suspended specie payments, and remained in that condition in common with most of the banks in the other States until the spring of 1839, at which time it was thought they could resume and continue the payment of specie for all their obli gations. The experiment was made, and they were able to pay specie until some time in October, 1839, a few months from their resumption, when they again suspended, alleging that the causes which had induced the first suspension were only partially removed. How far the circumstances that surrounded the country, or the causes that are alleged to have induced the suspension may be relied on to justify the violation of their engagements, is a question that each individual will be disposed to determine for himself. The first and most sacred duty of the Representatives of the people is to guard and secure their rights and protect them from the infliction of injury or injustice. The interest of the State requires that the banks shall honestly perform all their promises, and faithfully meet all their engagements. The same high moral and legal obligations that attach to an individual to comply with his contracts, rest with equal force on corporations or banks. It is therefore due to justice, to honor and morals, that our banks shall return as speedily as practicable to a faithful discharge of all their engage ments. I therefore recommend to your consideration the necessity and propriety of adopting such a policy as will require and enable our banks to resume the payment of specie at an early day. It is confidently believed that the banks of our State are in a sound and healthy condition, and with such assistance as the General Assembly may afford, I doubt not may be enabled to resume and continue the payment of specie. A strict and careful investigation into the condition and inanagement of the banks may result in much good; it will afford the means of discovering and remedying such defects as may possibly exist, and if their conditions be such as it is hoped and believed they are, a legislative expose would go far to excite public confidence; without which it is impossible for any institution of this kind to sustain itself, cr operate successfully or beneficially to the country. It is certainly not the part of wisdom or sound policy to make war on the State institutions; for in doing this you war by indirection on the people. The banks are so interwoven with the interests of the people that anything that would operate oppressively on them would extend in its effects to the great body of the people. The Bank of Tennessce demands peculiarly the fostering and protecting care of the Legislature; it is the people's bank, owned by them; the revenues of the State are there; the school fund is there; a fund that is sacred, and which should be guarded by the Legislature with parental care. Let us guard, protect and defend our institutions, and enable them by all the means in our power to effect the great ends for which they were chartered. How far State institutions may be able to furnish a sound currency is a question of doubt; that they may be enabled to furnish a sound territorial circulation is conceded, but that they have the power to furnish a national circulation that will be equal and uniform, is a power they do not possess, and an effect they never can produce. A National Bank. I had confidently expected that this desideratum would have been accomplished by the creation of a National Bank by Congress at its late Extra Session; but in this the just expectations of the country have been defeated by the interposition of the Executive will. Internal Improvements. A revision and amendment of the law creating a system of internal improvement demands your consideration. The encouragement of internal improvement is a duty enjoined on the Legislature by the Constitution, and one from which they cannot escape. That a well regulated system of internal improvements would tend greatly to develop the resources of the State; increase the energies and enterprise of her citizens, by opening new avenues to trade and commerce; diffusing a spirit of industry among the great body of the people, by affording an early transportation of their surplus produets to market, and that it would add greatly to all the sources of public prosperity, does not admit of a well grounded doubt. How far the present system is calculated to effect these desirable ends, is, to say the least of it, doubtful. I can but regard the law of 1837 as impolitic, unsafe and wholly inadequate to accomplish the objects contemplated. I do not impugn the motives of its authors; for I doubt not the honesty of their purpose or purity of their motives. It was but an experiment, and it was impossible that any one could clearly determine how it would operate or how terminate. As soon, however, as it was brought into practical operation its defects became most glaring. It was found to be loose and unguarded, opening the door by which fraud and injustice might be perpetrated on the State with the greatest facility. The last General Assembly, seeing its operation, attempted to remedy its defects; and I am happy to believe much good resulted from their revision of the law, and much of the treasure of the State saved from an unprofitable investment. It is believed that our system of Internal Improvement is still defective; and is, doubtless, susceptable of many valuable improvements. And in order that its operation may be fully understood and its defects remedied, it is recommended that the Assembly will require cach company to furnish a full exposition of their operations and condition at an early day. One of the greatest defects in this system, is to be found in the indiscriminate manner in which the appropriations have been made, in many cases embracing objects of minor importance, that can yield but little if any profit to the State. Whilst this indiscriminate and unprofitable application of the public moneys is to be regretted, still, if the engagements of the individual stockholders have been complied with in good faith, according to the provisions of their charters or contracts, it is the duty of the State to comply with all her engagements in like good faith. On an examination of the condition of the various works that are now being constructed, it may be found that some of them will require additional assistance to secure their completion. And although I should regret to see the system extended beyond the limits prescribed by the law of 1837, still the interest of the State, and sound policy (if such cases shall be found to exist) would justify such additional appropriation as may be required for their early completion. By the law of 1837 it is provided, that the appropriations on behalf of the State shall not exceed four millions, to be divided in just proportions between the three great divisions of the State. The sum of one million four hundred thousand dollars to East Tennessee, one million six hundred thousand dollars to Middle Tennessee, and one million to the Western division of the State. By reference to the subscriptions made on behalf of the State, it appears that the sum of one million three hundred thousand has been subscribed to works in East Tennessec; one million three hundred and sixty-seven thousand one hundred and sixty-six to Middle Tennessee; and three hundred and thirty-nine thousand five hundred to the Western district. It is manifest that the General Assembly that passed this law, contemplated an equal division of the appropriation between the three divisions of the State, according to their population. The last General Assembly having witnessed the defects of the law determined to arrest the further subscriptions on the part of the State, and directed the Governor to subscribe to no new works. Justice requires that there shall be as equal a division of the benefits resulting from the appropriation to the three great divisions of the State as practicable. The appropriation to all the works of improvement are made in bonds drawn on the faith and credit of the State; creating a general and equal liability on each individual citizen of the State. It is, therefore, proper that the benefits should be made as general and equal as possible; and as it is impossible to confer on each individual an equal participation in the benefits resulting from this general liability, we should approximate as near to it as we can, and at least make the division |