Correspondence ofthe Register and Journal.
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IosCALoosA, January l, lc4o. i This is years day. In the legislature of Ala- bama the period is distinguished by a minority re- port from portion of the committees of ways and means elaborate n it's character, and taking grounds generally against large revenne bill, passing its

 main argument upon the necessity of collecting the bank debts hefme the people will be ready for hea- " lnx-and inlinmting doubts as to tine quiet sub- mission the part of the people to heavy tax. while the bank debtors permitted to retain the public money. This report also opposes the ad paiorem plan of assessing land tax. IL is written in a rec specttu tone. and ils views worthy of considera tion. 2O00 copies have been ordered to be printed. The report made by Mir. Ports, of Clarke coun- ty, and concurred in by Mir Mitchell, of Babour.- l he committee consisting of nine, you will see that rhs minority is smalI-McClung, Jemison, Chandler Judge, Seawe. Jones of Franklin, Davis Limestone, Portis and Mitchell. When tell you that Ihe report recommends an increase of the pres ent revenue law to 25 or 80 per cent, you may sup pose that great harm can follow. incline the belief that the final action of the present legislature will not be far short oI this recommendation.

 Yesterday afternoon was consumed by debate upon the rail road bill. involving ihe two per cent fund. Mr. Clay of Madison, made an able argument in favor ofthe bill. He was followed by Mir Cobb, of Jackson, on the same side. Some amendments proposed. when the previous question was call ed and sustainel ]. Mir. Mudd, of Jefferson, then took the floor in opposition the bill, and referred to It, taking strong and well sustained grounds and suggesting sundry important amendments which ought t) be made to the bill before the none, would be secure These amendments having been cut off by the previous question, he argued against the bill

 until night, when lie gave way for a motion to ad- journ. On this day, when lhs matter came up as 'hs special o,der at 12 o'clock, Mir. Clay suggest ed that the friends of the bil in order to give lhe gentlemen an opportunity 10 amend il so as to suit their views, had determined to recons Ider the vote on the previous question, as taken yesterday. Mir. W 'nston moved to reconsider the vote on the pre-. vIous question, which being SO reconsidered by the house, Mir. Mudd proceeded with his argument against the bill. pointing out the necessary amend- ments. Mr. Watts, of Butler, followed Mir. Mudd in opposition 10 this bill. The House is still occupied with it, and the afternoon will be consumed in the discussion.

 Local matters still consume large portion of the

 legislative day. Cherokee county has this day cos, the State one hundred dollars of lime upon the ques. tion of settling the county site. The two members freu that county. one whg and one democrat, oscu-