they would achieve the overthrow of this important purpose of the democracy. The democratic reader, who has witnessed the struggle which combined and corrupt local banks make for the preservation of their privilege to plunder, when the rod of reform is uplifted against them, will understand that in this combat, every possible scheme to defeat the final exposure, was resorted to. Though aided in his good work by an almost unanimous democratic party, the chief labor and the weight of federal odium fell upon General Downs. By way of illustrating his position in this contest, I here present the reader with two extracts from federal papers of that day. The first is from the New-Orleans Bee, then the principal organ of the banks of the state, edited by Mr. Bullitt, who, on the 23d of this month, (June, 1819,) is to commence the publication at Washington, of the official organ of the general administration. The second, is an extract from a letter in the Concordia Intelligencer, then, as since, the best conducted federal paper in the state. From these papers

it will at once be perceived, that General Downs was indeed the life and soul of the laborious task of reform the democrats of the legislature had in hand.

"THE CRISIS.

"THE STATE SENATE THE PEOPLE.

"The fiat has gone forth, and henceforward an abject, dumb and servile submission to the imperial behests of the Senate can alone protect the citizens from the denunciation, reproach and slander of its inquisitor general. The Press must be muzzled, the Presidents and Directors of our Banks must violate the characters under which they act, ard compromise the interests of their stockholders in the indecent haste to prostrate themselves before the Juggernaut that is to crush them; the citizen who refuses to abase himself before the standard of perfectibility set up by the Sɛnate, is no longer entitled to the immunities or consideration of free men. We venture to assert that the history of free gov ernment from the dawn of liberty to this hour, does not furnish such an example of tyranny, usurpation, and scandalous disregard of the rights of the people as has been exhibited by the upper branch of the Legislature within the past month, unless, indeed, it be found in the legislation of South Carolina during the rebellion of '32, when jurors, judges, constables, and militia officers were sworn on the bible of nullification instead of the Holy Evangelist, before they could enter upon the discharge of their duties.

The moving spirits in that body have assumed the powers of the Executive, Legislature and Judiciary. The Executive nominated, according to law, certain directors for those Banks in which the State had an interest The Senate held up the nominations until its bill had become a law, and forthwith passed a resolution enquiring of the nominees if they were opposed to the Bank Bill, and directing them to hand in their answer at a given hour. We would like to know when, before in the history of free government, was a step like this taken? and who can doubt that if a vacancy in the judiciary were to take place, that any one nominated by the Governor for the office, would be in like manner interrogated and his opinion favorable to the constitutionality of the Bank Law made the sine qua non of his confirmation. The nominations of those persons sent to the Senate as State Directors, who refused to answer the resolution above noticed, were rejected. This is a novel tenure of office. They have already passed a law, against the constitution, vacating the office of Attorney-General, in case he does not within 10 days after a prescribed period move against the Banks-thus assuming to themselves the power of impeachment vested in the House of Rrepresentatives, and condemning before accusation or trial, a high functionary under the constitution. There is but one step more to be taken,

and that is to pass a resolution, requiring the judges of the Supreme Court to hand in their opinions upon the constitutionality of the law, and procure the impeachment of those who refuse to respond, or question its conformity with the constitution.

The Senate's 'Finance Committee' have taken upon themselves the functions of inquisitors. They are not satisfied with encroaching upon the Executive, but they must invade the Judiciary. Their chairman, Mr. Downs, pronounces upon violations of law and denounces the penalties against offenders, with as much nonchalance as if he were judge, jury and sheriff. He seems ambitious of prying into every man's business, and enlightening the public upon every body's indebtedness to the bank. He thinks the other departments of government utterly useless. And indeed the Senate itself comes in for no better share of his esteem-the Committee on Finance' being alone capable of executing all the functions of government; and to simplify the system yet further, the chairman' of the Committee is fully competent to dispense with the assistance of his coadjutors. The whole theory, practice and power of the Government is reduced to a song-all in the downs.'"

"In the Senate, those members who are obviously the prominent men, are Downs, Hoa, Sparrow and Walker.

66

Major Downs is a native of the country, now about forty years of age, and in the prime vigor of his physical and intellectual powers; he has been six years a member of the Senate, and in that time has gained the reputation and the character of a leader of his party in the State Senate; his politics are democratic, and these principles blend with nearly all his legislative efforts. In debate he is free, open, manly, and candid, and enters, with so much spirit and earnestness, into his subject, as to inspire confidence in his sincerity. Indeed it will require time for the observer to discover the discipline with which he has prepared himself for success, so cardid and fair does he seem in discussion; yet it is probable that no member of the Senate drills his intellectual forces with more rigor for success at all hazards. When the conflict unexpectedly becomes difficult and doubtful, he becomes aroused, is somewhat thrown off his guard, and the weak points of his defence, if any there be, are developed; his strong prejudices are his greatest failing. Few have ever heard him yield a point; for he can defend, with considerable array of truth, and a tremendous cannonade of blank cartridges, after his effective ammunition is exhausted, any position which he assumes. He considers the principles of his political creed a sacred depository, which he is bound to guard from the attacks of the enemy's regular sassault in line, as well as from the insidious and skirmishing sorties of scouting debate; and he will command all his forces to charge, with the same desperation, upon a wandering whig militia-man, as upon the solid column of truth and justice, making good way to the citadel of democracy; he is a valiant soldier in the ranks of his party, and never loses an opportunity to fight. The course taken by Major Downs in reference to the banks and bank laws, has rendered him very unpopular in the city, with what degree of justice remains to be seen; for no one now seems able to guess what will be the ultimate effects of this strange and complicated fabric of legislative manufacture," (referring to the bank law urged by General Downs).

*

Nature blessed him with a strong mind, strong body, decision of character, even to stubbornness. In the local relations of life he is much esteemed as a hospitable, temperate, and intellectual man; his stature is tall, but inelegant; his complexion dark; hair, black; eyes, blue; and, taken in all, is a very hardfavored man."

If the measures to compass the reform, taken by General Downs, were arbitrary, and involved the assumption of unlawful authority, as alleged in the article from "the Bee," their triumphant justification is to be found in the fact, that he was dealing with corrupt institutions, then above all law almost wholly irresponsible-as the equally corrupt and bank-in

fluenced judiciary of the state, at that time, had decided. Dangerous diseases, at times, require desperate remedies, such as the Bee argues were resorted to. The final disclosure of the true condition of these institutions, relieved General Down of the "odium" which his measures had generated against him. That is, in the estimation of all of the community whose good opinion was desirable to a man of true integrity.

But I must hasten on. The blow up of the insolvent banks of the state greatly strengthened the democratic party-demonstrating the patriotism of its warfare, of five or six years' duration. Indeed, that event secured a triumph for the democracy, for the first time, in the state election soon following.

In the spring of 1844, General Downs was chosen to be a delegate for the state at large, in the Baltimore Convention, and instructed to support Mr. Van Buren. He was at the same time nominated a candidate for presidential elector, by the Democratic State Convention.

On the promulgation of the anti-Texas letter of Mr. Van Buren, which took place after these nominations were made, General Downs promptly threw them up; alleging that he could not support a traitor to the principles of democracy. But the State Central Committee, taking his view of the letter of Mr. Van Buren, rescinded the instructions; and General Downs then felt at liberty to fulfil these important functions. In the discharge of his duty as an elector, on the 19th of June, 1844, he delivered, at Farmersville, in the Parish of Union, the most elaborate, carefully-prepared, and powerful argument, in favor of the annexation of Texas, which, as far my reading extends, the canvass produced. This was at once printed in large numbers by the democracy, and sent in every direction over the south-west; furnishing the speakers and writers of our party with by far the most extensive and convincing collection of “proof from the record," brought to bear in favor of that great measure of the democracy. As before remarked, he was chosen an elector, and voted for James K. Polk.

On the occurrence of the first vacancy from Louisiana, in the United States Senate, after the election of 1844, General Downs, without solicitation, was unanimously nominated by the democratic members of the Legislature, and triumphantly elected to that honorable post, in which his career has been marked by quiet labor and retiring modesty. Hə has, however, in Washington, added not a little to his previous fame as a distinguished statesman. As chairman of the Senate's Committee on Private Land Claims, his indefatigable habits and extensive legal attainments have been of great service, in obtaining for honest claimants their dues, and guarding the public treasury against unjust demands. As one of the select committee, to whom was referred the bill of Senator Douglass, for the admission of California as a state, he made a minority report, dissenting from the views of his fellow committee-men upon the question of the constitutionality of the famous proposition of Mr. Douglass, and reviewing and refuting the positions of that paper, seriatim. It will be recollected that the majority report, drawn up by Mr. Berrien, denying the constitutionality of the proposed measure, went on to argue from the history of the action of this government in the admission of all the new states, by way of sustaining this view. General Downs attacked these positions at the root; showing (the historical facts of the majority report being untrue) that, in this case, Congress had been asked

to do no more than it had in fact, at a prior date, done, virtually, in the case of Vermont, and in that of Kentucky. The latter when admitted had no state constitution framed, nor indeed for fourteen months after; and as for laws, she was then entirely without them-being in a chaotic state.

His triumphant refutation of the facts presented by the majority, and consequently of the conclusions drawn from those facts, made converts of a sufficient number of senators to render it apparent that a majority stood ready to enact some bill on the principles of that of Mr. Douglass, when satisfied that it could pass the other branch of Congress.

The speech of Senator Downs, upon "the ten Regiment bill," was regarded by Congress, without distinction of party, as, perhaps, the most conclusive defence of the war policy and measures of the admin. istration to which that memorable debate gave rise. This paper-for it was an elaborate state paper-embraced the result of long labor, close investigation, and profound thought upon the subject matters being considered.

Yet young for his position, and in the possession of all his powers in full vigor, Senator Downs bids fair to win a broadly national reputation, in the war which special privilege is destined to wage, for the next three or four years, against the rights of the states and the people of the states, under the auspices of the federal administration of the general government. He can hardly fail to have, in the Senate of the United States, in all that time, a field suited to render his peculiar talents and attainments almost of as much value to the Union at large, as they have been to the people of Louisiana, within the period particularly reviewed in this sketch. Knowing the character of his mind, his abilities and attainments, and the history of his previous labors in behalf of sound republican progress; and also anticipating the efforts which federalism will essay in the legislation of the next Congress to take advantage of the election of President Taylor, the writer, in conclusion, predicts that if spared by Providence to his country, he will come to be regarded as perhaps the main senatorial bulwark of the democratic party, in future contests over principles or measures in which the supremacy of Thomas Jefferson's readings of law or rights may be involved.

I cannot close this sketch without noticing the fate of the class-mates of GENERAL DOWNS when under the tuition of the Rev. Mr. Craighead, mentioned previously, for their story, full of vicissitude and sorrow, illustrates the state of society and of the times in which General D. persevered in his labors for reform until they were crowned with triumphant success. Of the seven, five are already in the grave.

Winn died at the close of 1840, a victim to fatigue and exposure in the Presidential campaign, and chagrin at the defeat of Mr. Van Buren. Frederic Guion fell in a duel at Natchez. One of the Whartons lost his life in the accidental discharge of a pistol; the other died from a wound received at the battle of San Jacinto. Bostwick, who since died in the service of his country in the Mexican war, had his right arm shattered to pieces in a furious rencontre; and General Downs, himself, was shot through the lungs by a musket ball in a duel. Yet there was not one among them not remarkable for suavity of disposition.

FINANCIAL AND COMMERCIAL REVIEW.

In our last, we mentioned that the state of the exchanges, and the general aspect of the foreign trade, indicated the speedy reimportation of specie from Europe. This has taken place during the month to the extent of over two and a half millions. That is, the packet of Apl. 7 brought $500,000; of the 5th, $250,- * 000; of the 14th, $270,000; of the 21st, $1,000,000; and of the 28th, $415.000. The effect of these arrivals has been apparent as well in the rise of bills as in the amelioration of the money market. Sterling bills have now risen to 8 a 84 per cent., and money has become abundant at six per cent., at which rate the banks loan, and considerable money has been loaned on treasury notes at thirty days without interest. The banks discount freely, but such paper as does not come within their limits, is done in the street at 7 a 9 per cent. It is to be remarked, however, that there is an absence of much speculation either in stocks or goods, and therefore the demand for money is not active. The stocks of cotton throughout the country, as well as the imports of goods, are becoming less, while the process of payment from the interior is producing an accumulation of money, although from causes indicated in our last, the sum of payments is less than was anticipated. It is to be inferred, however, that when, through the application of all available means, in most country towns of the Union, to California enterprise, both business and payments have been unfavorably affected, that the success of those enterprises, by imparting increased means to those localities, now straightened for outfits, will give a renewed impulse to general business, as well by closing up outstanding accounts, as by enhancing purchases and improving the demands for manufactured goods.

The amounts of money seeking employ are, however, increasing both in number and magnitude, and the disposition to create capital stock of moneyed corporations is very rife. Thus, at the late session of the Massachusetts legislature, there were passed laws to charter ten new banks, and to increase the capitals of thirteen old ones; also, to incorporate thirty-seven manufacturing companies of different kinds, in the face of the present "ruinous" tariff, and ten insurance companies. There were also passed thirty-nine laws concerning railroads, mostly new charters, and raising the capitals of old ones. These make one hundred and nine laws which authorize the appropriation by special privilege of at least $8,000,000 of capital. In Pennsylvania the legislation was quite as prolific, and probably $15,000,000, including the state loan of $400,000, will be demanded for capital, banks, rail-roads, &c. In New-York the formation of institutions under general laws is rapid; but requiring no special legislation in the matter, the results are less conspicuous, although their effect upon the demand for capital is not the less felt. By the new constitution of the state, no new charters can be granted to banks; and as existing ones expire, they have the choice of going into liquidation, or organizing under the general law, which requires them to deposite New-York stocks with the comptroller as security for their circulations. One of these, the Merchants' Exchange Bank charter expires June 1st, and its capital was $750.000. It proposed to organize under the general law, with a capital of $1,000,000, giving the old stockholders the priority of subscription. The result is, that all the old stock was subscribed, and new stock, to an amount which makes the capital $1,220,350, or nearly a quarter of a million more than was at first proposed. The result is the more remarkable, when we reflect that such structures as the Hudson River and Erie railroads, which not only promise to be the most profitable, but to have the greatest influence upon general business, as well as upon the value of other property in the state, have filled their subscriptions with great difficulty. The promptuess with which the bank capital was raised, indicates confidence in the