5sseog Inc Register and Journal.l

MAsH1Nnrox. Dee. 2l, ls4l.
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 tConesita 5i.eeol he Register and Journal.l

 WAsHINaToN. Dec. 2l, lS4l.

 The subject of Repea was brought up in the Se- naie this morning, and eci;ed spirited debate, in which all inc cldng mea, except Clay, participated. The question, which was simply of reference, embraced ins details the subject of the military and naval defences o the country, the stale of the finances &c. Mir. Clay being absent, his Iieutenants managed the business bundcrngiy enough; and had of course, decidedly the worst part of the argument with them. Mr. Linn wished the bill repeating lhe Distribution law, to be referred either to a select committee, or the committee on Military AZ ITS; ihe character of the eomattee on Public Lands being such as to pre- clue ihe possibility of il favorable report Mir King of AlabaHa, anI Nr. Calhoun, addressed the House in f.,yor5 Iiag's motion; and Mr. Preston also susy Repeal, the ground of impolicy in

 te of the treasury The annual report

 of the finances, winch was laid on the $ sning, shows a deficit for the past year, orSe~ a.ilioas of dollarsi and that, too, under the iay6eag crcam .ances of increased exporiation over importation. Mir. Buchanan was in favor of an immediate repeal, and wished more economy to be praaticed by the Secretary of the Treasury and the Post Master General; the latter of whom, had the remarkable molcsty ask for loan of egM millions to purchase the rail roads in the United States. The Secretary was severely attacked by both parties, for his extravaganza, mud not voice was raised m his defence. The Senate finally refused to refer the bill, by vote of 9 to 1S and the natter therefore, con- tinues m possession of Committee of the Whole, where it mus, rcap antil after the holidays. There is no/ sl1yss,J success of this Repeal bill, ev.M as,4A,ey instr"aiian-, .i.--- is hhAu lnaiority Just now in the House. We have thus the astounding spectacle before us, of an admin istraton in power only nine months, overloaded with deb, and still sinking deeper and deeper in prodgal- ity and wastefnl expenditure.

 In the House, the subject of referring the Tariff portion of the message to the Committee on blanu- factures, caused continuation of the debate com menced last week. High tariff speeches were the order of the day for the Wings, and feetrade for the Democracy,

 WASHINGTON, Dec. 22.

 With this, you will receive the details of the Board of Exchequer submittedby Mir. Secretary Forward. Its object is evidently to suit all parties, as it em- braces the leading features of the old United States Bank, the Pet Bank system, and the Sub Treasury. Unfortunately for the President, however, this very reason will prevent its receiving the support of the friends of any of these financial schemes. 1 have conyersed with the leading men of bot, political par ties in the House and Senate, and md an almost uni versal expression of dissatisfaction in regard to the bill, as at present prepared. Several ofour friends w d. IS reaoped, and it is probable that the Eastern Wings will support il in any shape from the good old mar gin 'half a loaf is better than no bread.' l repeat however, that it cannot pass in its present shape.

 In makiag these remarks, merely give you slight | idea of the observations passing around me. All though, have read fe project of the Secretary, the subject is difficult be understood especially in the that it is treated by Mr. Forward, that it would require what seems to be the wishes of Mr. Tyler's lriends, , should have "ong consideration to find shape in it. The subject will not be brought forward, however, for long period, there arc many matters of importance to be acted upon. Those Wings who desire so much time for conside- | ration after the length of time they have already had, would lead one to think that they were initiating the example or the reuoubiaDle W outer van lWlleryQI New Netherland, so admirably described by Diedrick In the House the, Tariff debate was continued. Mr. Marshall was'ably answered by Mir. Rhett, | of South Carolina, who went into exposition of the doctrines of Free Is=w. HIS remarks were of an | extensive character, and embraced the whole subject of the Tariff. He drew a contrast between the con- dion of the mass of the people in countries where the opposite systems prevail, and showed conclusive y that the prohibitory principle only tends to make he rich richer, and the poor poorer He concluded by m appeal To lhs good feelings of the Northern people, not to press question which but few years since threatened to sunder the Union. Mir. Atherton, of New Hampshire, next obtained he floor, and will probably close the debate to-mor- ,ow on the question of references. The vote will be close.

 motion so to amend the Bankrupt Law as to ake away it's leading measures, was submitted by Mir. Cowan of Ohio, but owing to objections raised, he subject was postponed until it comes up in regu- lar order.

 The Senate was occupied bills of private char icter, and of no general interest.

 