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Edgefield advertiser. (Edgefield, S.C.) 1836-current, July 26, 1838, Image 1

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-I. LA IMORDE, Editor. * vill cling to the pilars of tmple or our liberties,
and ir it must rail we will p"*.h amidst the ruins."
VOLUME 3- EDGEFIE ED V. E. (S* 4J7 20, 18;8.
1s PuuLIsH-:n
EVERY TIIUlRSDXV MORNING.
TERM5.-Three Dollars per annum if paid
mn advance,-Threo Dollars and Fifty Cents ir
paid before the expiration of Six iniths frot
the date of Siibscription.-and Four Dollars if
not inid withiti Six Months. Snthscribers outor
the State are reqntired to pay inl advance.
No subscription received for less than one year,
and o -paper discontinued nitil all :rrearages
are paid. except at the option of the iditor.
All subseriptiotis will lie continied inless oth
erwiee ordere-1, at the end of the year.
Any person proenring five -4ubiscribers anud
becoming responsible for the saine.'shall receive
the sixth copy gratis.
ADvRaTISEME'ers conspicuously inserted at
624 cents per square, for the first insertion. and
43 ceits for taci c-ottinnance. Advertisemtuents
not havingthe numnber of insertiotns marked on
themn, will be continued until ordered out, and
charged accordingly. -
All Adv-rtisements intended for publication in
this piaper, must be deposited in th 0lice by
Tuesday crening.
All cominnications addressed to the Editor.
(PosT PAID) will be promptly and strictly attetd
ed to.
POLITICAL.
RE M \RIKS OF
MR F. W. PICKENS, OF S. C.
On the Independent Treasury Bill, and 14c
collction of public dues in gold and silver.
The hill to porovid- for thevollecltiona, safe
Keeping, transfer, and di-htesemen of the
public revenue, being under consideration
in Committee of the Whole on the state of
the Union.
(Concluded from our last.)
Mr. Chairman: all that I ask is. that the
Government will collect its revenues awl
make its regnlar dishursen tse in gold and
silver, and tius preserve foar aIll parts a sta- i
tile anti fixed stanidard of , alue, and leave
every seetion, as it ought in justice to bo
left, to rely upon its own protiets Jir tlh i
prosperity of all Under such a system we I
could at least have a free and a contented
people. This would undoubtedly have
considerable elwek mitil cotrrol over the ten
mdency to exce-s, which iaturally exist. in
'aexclusive credit circulv'em. liut, sir, ;I
is coneended that this exuetio:n woill pro
duce ru in throughout the 1:l: thm et- t
facts would he to destroy the whole bank
-ne: -at'm in auny. forn. Alid it is tie'eet
ly astonishin to te, urmTimtiian *
of any mnt could lie so workel uipon as to
produce such impressions. The hill pro
poses that the exaction of gold and silver i I
payment of public dues shall be very grad
ual; only one sixth- of the whole rev:nue
the first year, and in -he same ratio fir .ix
years. Then, suppose the revene to equal
624,000,000, the atnotint of specie required
will be four million- ihe next year. &c. It
- must always he rememiwred that, inl hiese
operations, the disburstements will take
place nearly as rapidly as the rolle'ction,.
The revenue may at least lie divided imo ,
quarterly payneits. Thi would ie at
twenty-ihur millions aninally, $iJ0UU.000 i
quarterly. Thus we would require the
first-year but one million in specie li-r
quarter, which would, ini all prolbabitv, b.
lishnirsed by the end of the quarter. or nearly
so; tir, in such a state of things, all interesir
in society would lie ag;ainst any idle -ur
plus, nod a reduction wonh1.l immititediately
take plnee, and correspond . fillh what n% as
absolti tely necessary. Collect in hank (-i
culat ion, and the reverse of this will be the
case; for any idle sutrplus cllecteil by Gov
ertment wtould be equivalent to hoardinge
that much oftheir circulation heyond biisi
aicss demands, nd, consenqiently, increas
- ing their profits. Collection in coin throws
the hiankin.: interest, together with i the tax
paying interest. agai.,t high reveues;
while colleetion in paper cirenlatio t hrows
the bank interest in favor of high re
venues and its attenlent contseluen.ces.
Receive in bank paper, and the more tihat
is hoarded in surpluses the areater the
profits. Stppoe tle revetn.e to averae
824,000,OO, annuall y, and till linally cil
lected in gold and silver, what then would
be tle oieration? .et it lie rememtoered-.
that this wotultd tact take place lair inearlyv
seven years. tuder the hill; atnd lby tha'
titie things will have biecoime selttled, 50 t hm:
those batnks that are stiund woutld f-el no
dhread frotm its operat ion. Let it neat ie
suppiosed that this amotitit woutld all lie re
ejuired at one timie. Ott lie contrary, all
know how mviany diebits ittay he patid lay thi
* circulationt of a single htundredl dollars.
'.hlen t he hiundredl dollaris havye petrlormted
their circle thlrough thle c'reditoi- andai di eir
interests of society, it isi not tunreiiia--nale.
ts ca lculate that t hey have catncelledi eblts
at leaist to th mo nzut of tite thtoituln did
Ia rs. S o it wvoutld lie int the col lectti andte
dlisbiursc ment of twetyi fotur mtill ions bay
(eoverntetent. Onnit- foutrth n onl he a very
- large estimateC toa perthrtm tis iperiat ioni,anil
this would he N;,(000,000. At timost, the
GJovernmitent could. do no miore tha n ace
mtte a sum egntal to the permianti~ ent h
lie funds usually on hmand. atnd not aetna!lv
dlisbiursetd; and this woutld seatrcelyv ever
exceed, at thle highetsi estintte, eigJt util
- lions of dollars, exscept in ex rnu-altdiny
cases of high suirpltuses,whiceh, fromit what I
hatve saul, never woauldl he pe-rmit tiel to tee-.
ettr pe-rtnantlyut, btecauso al initere-sis in so
cett n uonld lbe against it, and nonite cani lie
c-onceivedl of thai~t woutld lhe foar it.Nw
let us~ examine ihe c-fret of eveni <).000.)t)
in spci u pon~ the baniking opermationsi of the
countlt try b\l r. I all a tin, in1 1 %.I , toget her-i
w ith an able c-emmuiiatee.ealeniilated the paiv.
metits in th e banmks oif thle u-ia v ef New Y'rik
alone to an mennlt to Wi,000.t 00 pit r d'. ori
ne sir. teenul hmnhtled millons4 a Mdlh~lirs a
veure. I i: then estimiottl tl . e tt ..:a I
-- -. .-... Vel ,,,i Ccil l 11 ou
exte-nid hevonl its receipt anil dishursenso- ,
or $30,060,000, ateInalv, which would ie
less than one -fiftieth pa'rt of the whole.
Suppose. til tii, Imskiof ir. Gallatil,
you caleulae the annua pavillents ill Phil:a
ielphia mt I ,000,jti.mn.'Nen Orleias at
$60(,000,000, aani the san'it fir lBoston and
Baltimiore. aid 300,000.t100 for Charles
lt), and so on tlirougI oilier citiCs of hIe
Ua1:.11, n1111 wha . then, woulh hlie te lro
portion h111 $S,000,000, or even $ 1,1100,
000, woIli bear to those I ramsctiois! Sir,
il wnhtllil liieIally he as "'a drip inl lthiiek
e1, ailld dist im th- blaice." This 4iO3ir
which has beein raiked, tlat lh coIlletion f
if specie in public dues wihtil ruin bani1k-t
hat were onil : sound basis, is the sliallo west
pretext that ever was imaifaclured it ini
pose u lon u eredlouis a nd dehiled touiny.
It, sir. [ (It) not ch1oose- in rest this polinl
u1um aly tllilng that I lsay say alone. 1
will illake sline <jluoItiols, n is iel will be
good i hiliority, at le;ist. with those who
seem (it filow leaders, that dran.' upon
'.lagiiaion ir l-aets" and rely ipon va
Pid eclhaiin for argumemt. lVirm : in
he report to which I have referi-ed, Mr.
Gallini says:
"i' Iliiipossihility of a iti the ohject.
a. elt-illic enirriiny.,) through ITie actioll ft
Ite rIetlile alon41e, is palpiIable. an41 restl t
rolls flhe inmnense disproltiortioi lietweo
he nafss of inliymima. for thite ordinary and;st
-irrent busin4e5s of the coli try, aud1 thosie
which are efle-ted by the- Getieral (G4ven-o
lent. It has already been stated th: t file
laily payments in the aiks of this ciiV
New York) anionated to near five million's
in t hip 1st of (Oiober, (1 633.) an1d ex-eeded o
im. millioi-on fithe Isit of Febronry last.
Ilhi includes neilher the payments nade
n each bank in its own not114*s. or in checks
rawl upol it, ior any portionolthe relail
Iustiess of fihe city, or of any ofthe other
itymIieits Ilade wVitlouit tie immediate
genev of the b -uksm, The daily payvllelits
n this city ailonle, alionuit t43 at least 5 mil
ions of* dollars a day, or near 1600 mtIillionls
if dollars a year. The animal reveille
olkt eted in N. York, cannot now exceed t
- nuillionsof dollrs, and tie action ofGLiv
raimetit enlillot exlenid bseyorni its,, receipts
ild it-uts s Thar is t siav. I)iiore.
hianl :), 1 :. or ls i haln I 5 .4h part of
Ih- %% holt \ lhi Gov-rmieul coulul (i) (
L-ouc lie to n,'i14ubate all amonimut rfspie t
M4 ~*" ira-inot (Si uhalin..;.,.
I n111F.7t It " ' st ; UT !, separate IIue
dli- earn-, For Covor-let-. hv ellipel
ilig ,n e atiql p(cisr f' publi
11in s to flay in ,puese, arl b pa1% fil- its
re'itoirs in file sam:- eurrency. Ill this
netalie enirroicy wouhl he tisedi for thiat,
nd for nio other puirpose: It Icoth' ha Ive n)o
outfrol over tile geieral curenev of the
ointry, nor prevent its depreciation, or ai
enea*ielidsesin rc panlients. It
ih only enable o1vernmlt, ifrsthlI a
aa3sIroplle i slionh4l enCuLe, o liresero-, thro' I
ie meneral corthiiSOi. file public fi-ith i1.41
v*r41 time creditors of Ilie pub1lic. W I
nns1.t :.iinl onIly at what is practicable: andI
be only ratomail pilan, fihr lhe prese , n111!
le, without excludingo the paper correnlcy,
o restrict it wiiihiii proper l iits."*
lie further sayS, ili tile s:tite report,
>Age 2s:
". ll.t withonlt di sel4iin fihe conistilu
ional liesiion, it is il imp ossible to suippose.
hiit ile Goivernment ofithe United States
S so conlsritniled Ohva it ennnotlll perf-iorrn its.
nst leiiintt hiueliollS thrlugh il, own
i'aiers ar*i ag.-s; that even for collecting
rI own reIentte, it i contipelliad it) resort to
-l:tat- ilsfi1tiiols. \\ I% 1101, at once, reerm
l. ine(- Treasurers ofi lie several States, and
,iak ihel r sub-trea,tiurers of ihe l'. S.!'
So miuch Che .Mr. Galiatinl as author11ity.
I think It- fn dler-tesm i e ell'eris that
w\'ol.m he prodticed by tile cilileclioll ofspecie
n a viI iated4 state oihdie paper* errenicy,
(not that I helievt it wobtili entirely relirim
it,) but he is trie :q 14) the harineliess Of
its elets uo ban3ks that d1 b1uiness upon
I will <piote tile authormliiy of ;limher
very ditinguished genle:nn, 10 show 1h:it
Ie dill not Cn Ilsider IIe Icollection of3t Gov
ern.inent Itws ill oi ad silver a3 d.issmros
upon)3 er-edit or banks1(. All remeir-nbehr thie
-tate of thlil gs ~ii 1 S0. n' lben te countr33y
hadi 'ps coime clut of a3 war, andic felall ib e
dr,-adif..i el'(ets ofI a depreired and3 *i exe-s
sivet papm uCIrreniev.-1 Ii ereliCeto 31he34sI
poEinlts, I his 411i,tigishedI L-m l:entla, (in the3
:idthl Feblruary, lidt0. sauid in hi0, liiise;.
"'The eta~lishmenllilt of1 a N iiona*l Blln
nolt binil, iln is oiion,(3 time p roper rmei
dly, lie proced~edl1 t ex3rine whaiI~it was.'',
"Th'le biamnks, lit said. " eirei~ mkm pextrava
al lrtfils oult Elf thle iiresent sltt of
Itli*s, n hieh Iluihm lo lie eitritil'' Ailer
dhlistrailim thii-, point, lie sit s: "\\~i4h a
terCipt oh d1u ml~illins *a ('r. ih~!hm (In ern'
mment wavs faihul 3o i*telf1 aim to3i te inter
ests ofn the people, CII they cobl nrot thei
evih i wais Ilieir dutliy to imake thi effort.
they ougihl now 1o maklle il. Thej evil krowis
cd a n iot maake *i St~Ind, immil stop~h eie
metmi wilit they mili!ht, woub4111lJ:hey, wh lenl
lie cu lrreint grewv stronager iand1 str34onger here
afterm, *1o it? As io lihe --vii ofi the iresent
StateIo thliigs, hie adm11itted4 it iln ils 1iillesi
Cetnt. I I he1 was niot mjistaIkenl, Ithere were
ni hiebm wi-re- m ry wsorilth--;, and niilw
wihidy Iu'3seless to thme Gove-rnmen ~ht, liv whiebh
certa*3iniv be4 suta;ined bhe Triea1-43urym.
Thli w'a3s ani~ ev whueb, lie eiaid, oin to
be meilt at once', bercau3se ii tiilhl Lerow
gre-ater by ill hlt-nnee. In) the4 e-nd, ther
taxe, mma be e pami.h ini the:I3 lee timoey of
I *-; T'nin., C rs,,. c.., ! o -., I 5
ue cointry, alli tie sonner tait was brou'
alioti lie Ietter. Suelh was file operation
if the presetit state Of the. circulatin
me5lim. hie prorced l iShow, haili thel <u
ties Ihtill y til:e United : ate. %'ere at a rat,
of I per cent. h inr inioiton than if
Baltiirine, ;tel in 1alliiore higher than it
Washingitona , &t. If Congr-ems Were to pas
4(0 statslii's oi the s ijec, lie sidil, tle
wold siot imake th1e law imlore coiieltiivt
thn it w:s, that nothinig shonll he received
'i ei.mieilt fi dulie' to the Governml ei
!;it spies ie: ard yet il regarl n as paid in
fit inpil:lralive injutet ios f(11 i(e hi v in this
respect. The whole Parength ol fise Gov
ernment, he was of opinon, oughi lt to be put
lorith to colipel he piiveinnee of fite clutie,
a1al taxes it) fle Go feitg.'rnem in the leytal
(enlirenry of th' colintry." This. sir, Was
hile langt;age, anldies. hili oiniiions of
Danieil Wester, ihian whom there couls be
no hither auhority with some gentlemten
in this cointry. We see no woful prelie
tion tit dlestruction to baiiks or credit at that
litme. by the exaction of --secie" in pub11
lie lies, even tIough it 2souhl 11m1oun11t
to "-10 millions of -'ollars a year." I "ill
luote but oie' more autiority. and thet I am
line with this point fir ile preseni. Ali
other geneleman fi, en the: h it7 bras rv,
181(i, fle samne <lebale, Sisill r his langte:
. i ith rg ai 3 tI' 1 eS 11 tilie, le
ill, he shoild lie glad to know why fie
l'reasury ofclse Unitel States hal not on
thie command of specie payments and the
rie of exchtuge i its own hands? How
nmuch better, if the Government had this
power, as lie believed they had. that they
loulhI exercise i 1o Compel ile resum iption
If sp!;eere paymnents."
Thliis vai tlie opiiono of the experienced1
Tentlemantt [.Ir. Sergeam] who now so atily
-epreseits a prtiou1 of Philadelphia llpons
his floor.
M1r. Chairman, I have qnoled these ani
horites with till other view hian itoshow
hat if I am riitiken in supposing the col
ectionl of goll anil silver in public clues cain
iroduce no injurv. but. lin the conitrary, the
ni0st wholesome ef-eei upon all iiteresis in
llcietN, then I err with those lio are c;ipa.
>le of lorm mig lie clearest jtilgments. anel
et us not he tl) rash in elonneing ilia
viebs very seisible mteri ha,. e ie-eteolore
tel vnoented. I shall not llte. ill- 't--eniiiitmes
lelivered by John litullh, who.in mv
1lfitnoni, ,.pOke more like a priphitr upos'
i -t laif it fi feTtffW f (ii " m r
mitherit y No, ir' 1 he1 i bnor ..
'ull asouch o ldif lInwn111ism : I.
iatriotismn. Ii can di io injury i he laks
vhIo dcleire, in realiiv, to have s111111i1 paper,
1111 slo 1 uI.-.ieSS upn1 a proper commer
-iil Ilasis,
It is iindobtitiledly ftie luty of' the Federal
Flovernment to fuirnish a sail- stanibaril el'
aillue which ioehin2 can varv. This is
imie di <dl v unciler IthI(.e wer given -to coi
tnOny, regulate tie value iliereof, minel of
faoreigan cein;" ib the Ceniiitution se
lriung that ino Slate shall --Coin money.
.it hills of eredii, or make anv thing hli
b Iet silver soin i teniler ih payment
it delits."' I his preservationl of a fixedl
4tandarli of vale is essetntial ti the protee
tint of property. The Gsoverniient can, at
least. 5 hsrough its eollectioss and IisArse
asieni's, furniist one sollil aidl hlenlihful aIr
tery, wyluis'se plsation shall send foilh a
puiire ( irculation ilit all 3 hose veins tIat rn
frioms tle re pints of our sytmi. The
zr.':it error has been in takinsg if for granted
tthat l per crelii represemel enii. friom thie
Itnet thai it wias convertible. No batik thiots
ha. -III flithe atributes (11 <depsl4ie, liscoutisit
at cir ulation, cant have paper represe
ting, ii fact, to(iin The trili is, that it cats
snlhave ai credir cirlethetiin, whlh is
vaistily beneficial to conamerciil operations,
when coi ed i to n ;soeil Iasis; but itis not
monev, v no caln it, inin;tice, he a neasire
o value fir every man's property. No,
Sir, a specie standarl is the Iaiw of this
csuntry am homse, as it is the law of the
worlb abroal. An(d it is ain eternal rith
Itt insa taeL hlt fhl precions metal-, or cir
es utin res'tiniz sipont thIem, gi ldetr fesr gibtir,
& dotllar linr dslhar. en n Isii ;lehe miseney. in
ltect, iin a-sy nion'ii oir any~ age. AllI lhe
piowei.rs of1 dcsp11o3isism hn vs iln vaini hseens
'xere uploi this point , ait lil l's''erni pe
rieds lf th wirbs, 1ssl ii has prodneed n(
siller eilltet buit to compislel thse whos hie'I
se mestails scretly iii hssarsldiemi whlile.
the Iie snhzeed elmaceeri'ticiss sif sticiev.
Upoiiisn these pmesii, I exuIt inzlv yriumisph
in 'lhe tribI eof myi pii to, ande def
.\5r. ChIa irmiani, it is poors aru1 rl nras'jc'd
dchnuiilat ion 35, sav', t hal celeetioiss in goi
mal silvesr v,-oldl brieakl dowt~'i thet prolsperilv
ofi the couniiiry. A's wesll iihti yout exper14.
thle n~ akinag lisiin lt besressldii do by s hi
wvei ,ht of' ihe ustirniuig tde v-tlropi hanin gss
('t enlron tr;5e itupto(nil connn'ree: east youri eye,*
sni'll tn t' hiittiom ef the ean.~ii freights's
u'lls I .5t00.000ht batles sif sthe riet prodiiset
tha'' ts h eiold i've r sawl~: uook sco i le dee'l
vaileys of the far' wvesi. iiilo ihni th~le liemp
l:ilioss oil a viinil u. upion n hieb a ha:tl
au-s' etesrprisinig pieople niro deveo'tin:rl
thie etotnees sof nsew emires! Yecs, Sir
the t ropis, andss bos'lth i l issosnr'i an
ihe 'ul sisiipisw tlee pine throuigt he lin eiit
ranc o fsl fresmeni: nn ti henti~i, S'ir, after' yo
('ome14 andti talk to use, it'osn catn. ci ther('il
tempile idea ~T', that the rosl lesii on ofl a lfia
amiiiont' in 'pecie, bty s'his (Govlernmiient.i
ii thro~w uts back. into) the dhark ages.' It
I Artia 1, ect'.on 10 Cortiltton.
Sanifable lualim.gry, 1i111t hanks, in tici
- niaiXry 10 Itiolopoldizo all gain, sloits,
i exr'in that we war upon cr-daia. al ir
- Ito hink down ahe pro4;perity of his miiahl
ty p ple. walkinl!! in, all fke energy of aiin
loo _stifan with gianat siriles, to lie eipir
I I Worll, tuader the qiekenina." infli
enes of free and'glorians institutions!
Geti hrloen sileep Under a delusion, thea
are "fere the world was tweity years Ia,(
Sae4ni power las revolutionizId all i la
navigaion, n and rmn ile reinrces of ih
cointiry. wi it il s cotton trtle, %%ill revoil
ize edyp'aierce. Thefi day ist past w' ivml haul I
caireii io is a.again to lie coisidere'd as cat
or eutrency, to lirim a pearanent ss tm.
It is to hiave Valne i prOporion to lilt
crediV and eapacity (or he inistit ntion ism.
mng it and no mre, and wili aeilitate larg
comtgiiercial transactions. As fil ;as nf: eare
concerned. in our foreigri trade. cotion i tt
supply. to it greaa exien. the place oft coitis
in transmimssions. and is to reealiteexchan
ges. 'he tidle is chaaziiag. 1i1rid a haoae 'whto
repogq under eh fatal idei thant bakis ate
t( reltylate the helml, as herl:olire, an tillat
1he- -samne breeze is to sme I ithe sails. will
fiol theiselves wrecked amid breaker, and
bleachini under slit ureh-'tin.!! winds oif
liaven. On hese sbjeti.,, I here is sa lep
enrren -f r ihonit in a athe wivoiri. and Ole
piris of reform is abriad. Lea nur geie
men ?nOve flurther in their itla ci raer aa fl
drer at idea that tie bainitu interest is ito
rule isi conuary. I warn them tip iamse
before they bring down desirtaioan from an
ounaarnged and indignast people. The res
ponsib'ility will reta upon them. As -t our
frale irond, cfiaaoni is to be the great ren
lnaor. i Thei' lank ar bianks thast ally them
selve&m with that interesr, u iira I prpier
conmmereisil basis, will have tle iman'siri I
meet credits in iurope. and n ill lie relieved
from Aill transiissioins in coin.
There is to no proiiosiation so angeron.%
to thehanks thiuevas as at) re.i e hlieii
in anyorannetions with this Governiment.
All who desire to preserve ite usefnlilels ot
a ihse:austiartiuns which rear ulon a soand
hasis, ull dread l te tal embrace of aIhe
Goveiiimeit, which will either prove lt
StrM or them, or- will make a corihain
tion ewrong finr liberty.
M 'haIirmia. it is intere-ting o ta:e
Out I irogres, and powi ban;Ikinigi I.
er . ot only aiver thae catrr. - v. ht
4W.. t. e-warkAi. I -41211 tit
on 'his piit. except Ity referrinis.g beh-i.i,
Q01me1 pionnneit evei.,. We con., dranI%
from themla same iiporil:vt l n,. lv
ging bacrk ht a sh r tilslii. V4 cee t;et. ill
1792, Clavier wvithi i!ite whilo had nt'lra l o i
IIIe finanlcs mo Fr:ance. thrigh :agen iII
En1agland, by ieanls of n liaat draits, proI
aduciel nit operation an ilie B;k of' lial.id
which sprenal alarm & hankIutr v t riugh
oat fat nisationi, asand comlle-I th (iII; aneian
men'at nocresiae5.0000tIOh terl ig oi 'i-'whei.
hills inaid thrale bank and emniareival tmeai
This wonid h-ave leei carried ioitIh iies
:at that time, hui for want of aoll- isa afit
Frechi-li coneu ils. A -.aina, iii '96I,th ai sdvainice
nadea for allie.s and armieas ipo fhl- smit
ieti, and partielarly file- imperial loaii oo
a hai time, praldneed confiatitoa i, ahe lsag
lish eurreney, and brniait down roi a ail
ale'salaitiona to every cla-s in socieiy. Im
petdaing invasion.:il desneaaion seemed
ao threatesa nitoa overthirow. The deral; -
aient of'harfenrrensy paralyzed thi streiith
(if ahe nation. The bank cosld lito n11ge.
pirfairin its frneions. 'lei naiio'n cioltI
ania *.eit that lite. the t:a: Xes reiqaiisi
for defence. The isilitrilv W re Isiithre to
res~ort to a methodl (it diebasin" hle 4-4111s.
ntnd viralshing thi anc redness of cotierst. ty
legaliziang aan irredteeimable paper nrrenct.
Thae bank stopped specie payimeits aon afh.
t.9ati Flbriary, 1797: and Parliamem.ii its
onipolence, ssaetionil 1lie act The aI
of 177 professel to sustin tilhr suspenliOn
only for a limited aim " T''lh se-Conl
section exempted alae bank from p.yinig atil
ofrits notes. althnihli "issued as psi Vaablc I'ln
ani-al tor otherwise," aud provided Ise
mode in whiel it aimighat apply h sit thel- court
to stay proceedis i aganr it. Thi saei
exptreststly vaioalad existinuu cotileacts. nitd
raponi Ithe plesi nil S~tate naee'ssiaty; tha t lila
iindelr wichai' praallisracy stand i 'spas:i-,r, havie
claimsed na saaneaion ini evtery sae and salli ins.
rv couaantry'i. Th'is wias ha' firsa sae' ta lahe
Br'itish ministr'y wichul, ir aeli-et, dlebsed
the' coins lav ltesualizinag san irredeeablse
psaper etnrr'n y: sand ahis is nthliingtu mart
nraa less thlan a le modernsa'a taisusint' liar adei
lissing uad c'laig athema, a baa ancaaienst pre..
rosfativ'e tar dest'tltism. Tlhitts ae ' ef con
ainniing thae siuspensitin wiias ate i>-eite I. from
aiama .Jo timIse, for twaenty-rwoVi yei~ars. ThIsi
wiebil sit first aro'fessed'i aia be "o '''ta sinteda
timean,"' astedi sabouait. I''twetyv-fiv vears, .m
fr'oam 1809~ aao 1 u-.3:, se'vte tata eagrs afi lihi
sauspenisiona. a hae bianak isadte iast''st ave la hvi
deudas of' mesa per cent sa year. It has ben
aider the oper'iai tof thlis laegisa tio iahIn a thit
senla af piower i riunl~iand hia's t'auirely ca'na
godl in imodaer'n timsaes F~ormesriv, th
aristerney blaa fiat-lif'hfsls of' thi propeta
tof' the anationra hti snow atey hohill tone-sixthI
The love'isrnmeniatI ihr '-w ise'lf' inhto a le ptiow'
oaf thoset thev'~ coanl noaat 'otarsol, sand gsa v
nsedae to enjitalisi t o s: ocks. 1:h
inttrast'siad heareiry, to onme ofrantket
poora' Tlhayi w'era' frmeirly, f'rom theair itnde
peaenn'at wesnhh. ceeks uplaon thIte Cr'owni'
ant st) naow. Tlhea wena'shhl of' thes kiama
haas chitangeda, andai t hat r'eal poweit'ar is ini h
C as o ios, rep'frcningail as at'y ala, s'apji
nalisrs ina misaaf':arres, commieasnrt'a. sinr
~ stoceks; wihic'h i'll ineavit aly endl ina th
prgrs of' eve'nraelin Sin unch'lt t'keds Crowi'i
Th'le re.suila of1 nil lt'se gtn's re::taviamae
r 11" 'aIl of 1-.:11lan11d, and passed this re
L inarkb;ile secetion.
u -Anil be it l'urthir riacted. lhat freru nonl
aller the I,.t elay ol- Aii anii. 183-1 :a terieler eel
- i ntle or not es ol tile ( itverniolr aod ( e'G ,
pitiuiy oil' tile lintk 4l' I'Iig lt!. ex lre-eA iin
-at h ay-nble ta herer on detia:nd. slsilbe ;a
Ie!Z;el eilder, tip the aintiut expire-,eil is)
sulch 11414- or Illes, atid sh:l:rll be ii kel to lie.
valil a :I temlnler to sneh inniiit ir ill
Suims s ab ve live'. jitaI,, , in i .1l Irnitlees. ill
all tu 1ri sai in ill elice., ill whiell .111
Ie iler of ni"nayt. ii:yI lie hv-,mily mlle
ritrvilet, alway,, Thit nill sneli eoet- ir
iote shll le d'ein.-l a leni teiieir d'p.a -
rlnit by ale G4 verrnmar anni (-Ii3i1:1 fit' ef
file liaisk f Ei. lltai.' 'l-lis it ill It
seen Ib is - lsse. Iliat I l'e ihniliteel Io w
er O' lie riii,h (Goverainent Ihs Iinile file
IOtes ol'. I I llk oEl' il-: id i la.:1 fla
der froan ll persion4 -tiil ;ill last.S, eX .e'pt
Iroii tIle R:aink it,<-if. 'IThis great pritiple
is Iestinel to c ll1s1ait f ilihat --- g, ii,
u hich ias takenl plate ili .gl.,aum iil Ill.
listrjibition l' wealilh, wiilst, Lal,. it tm; ts
the Bank, i'i lueei. ;I sepierate estatc ir poli.
tical piwer. It discarilb, ti-l iiecs-ar * %-I
tif g l nil ,ilver. ten a greait exte't anI
pr3:1c: 111call soh,,tittes papea -- ;Ie, n i 1a
rene. .I 'la re'sulfu-t ie to throw ioi goi
asilver I'rina El..-hlaidi, parno-tIlariu lilt.
feitiitcr, as it i%& iaiw north ia :-e, il lill,
eniilry. when corinilred n ith .ilver % bile
she thui dh,, ers gobill. lIt u t4 tli. if we
she tates till- lc -, tstalelt' cu irem-) lert i.,
taike lith -111ail; .inni1 it will giv< enir tajea il
aid inilstry ;I wronatient asemdaticy al
rhe iee t slhock 11hat oveirs. If*%,.(! iae tieral,
i our mlutire pIlicy. te rin a carver nills
1rntBrai upni - at is n hieti -lthe
has e-Stab-lisherl, weI 1111,1 fir-, usake on
Giverniwiii as siroingi' ias hers, ail ueii.
it, sle-.iny aid pa141 er wirh tile to .ier iire
latin the ouitr . or everv. caill reis
e O n lv ia l ion rnIn t a coe ns - to b em - i -i s ' i .
Sitlatt this. Our sysein ill lhe low weif.
i stainl the selitk. lit I-: -l1ai: . thev isac I
a iiol idated interest, nail the Ini pote
if Pirlianment alni s theai t <lelegate. to ;a
aepLarate instiioia, coitrol Over I latever
ilev chooase to cOnsilifilte las curreicy
I Iere t le reverse is the ihct, Iintl tvci'-y bt'a. 1!
roe -siver,-ieny f'nriaihe-, ciretli on- anil
1in 5S'- . . ti tIi leire eall Ie till 4e i.a
114,no i '1101n-.11 she sitly le p're4 - *% l I
tlon is ..Ccntitionae e. rienicy, t1i ihil
Iea CL s. ee' thin, I overnnetieI,r ie -, r
1:11) r k. ; ,ilver. I hiTno a r. -
i l, l l sIli(-.. r ii pe 1.
l . :5.t-t, iee lltan ari el i .i '.: li,
the hea,.' -t .stubeae it~ so.ersi ignaiy. 'Tlue
laeI l t 1)4), th er 11) inne lu t l .1 ;-1h1t 1
ier 'eneey, Ilf it is lo be sinlh- aIrnesti
eight fo be as Ntrictl) ciliia if teit lie eci
I reel 4l"seeigt aS to sinny co ,aea iead lit
11, isalue. In linhaId, % licie iIi-) have .in
a no tiai i reveinie , :.IJtud, itil el 1 %
leIvie-l ti'reii tvtery it .Ir t: the n ri, andi
tlieursd, or itI oin't part, ninni .1 Sewll
teirelere wii ua ilenutia it s aieerest-; lhie
fti. e-ell iin.' aiel-a 1 I bie a n a ; t',e;is
ige111. iea' iiitere.l i l'r b h re' i e
aeverl'ese %% iiia .- \\ ith eaeei n aii t% rreinrx
i linte sit% o) ineetil ;n aten1ip: It
l'elltona l a Ili. -in uiNg lase a spltie4i1t
4i.'eria.int. .and uinigieI ni ne'althi cs
eentrated eil certa.ii ltaii; liut liou %%ill
lave lielweneu.li prtvin te.:il ;:aoi p andi
enslave d leoplt. ised o i li te ari.tocrart'
elt the tait 'w40e id, wc % till ia. ip it, pII ace
tile practicatll powe) ci o t'rporations c ,0-4 Ills t 'ii
tra li b %' lili. ;,tii l civiai,: ite:ei eeii r-% 1) Li
cr Crtohverinenvit %%loen lando S4
ineh deire eI imbi bl I eirieiii ip
parlei wealil 4 1and ge: oess iet iwe, la
we wonll pay elear l'ir teit. it Iiot
il-, we Ii ai.. It.. itieooiei, b u w will le' li er
.al lisppajieir. Th1 eirani/.?iieonl oban6M ,,
nlilt their credis, lutered .1r,l centrsalrs.s
toy tllaiur ce ilietioi, thlitilh tih, i'eC Ie i ,,1
;and il.lt] rstrnents, % ihli is, Goveie-.
tenis toli ae the 'oneerae, en.,
16o phee. &is :11ll derl lit- j : timo i l m.
whoa litell a certiia '.peese tea t'i.tal. ye eni
tof rltermtice it, te vi ou..Sl inICr*:,t 0l' tie'
cOtiry.
'.alimnary (oee.raiente. ls noe ,trena lier ibr
ty, heat aiedt w'it:i tlas tei~aeen es .. eitle e. It
einnsf berontee elespot:)!i .seiirit, tieuin. .e,.d the I
ft lteene isa Ser .hIeni fte ,he'k~ andie btnae te.-;
eetlir. Thle ee'ill dlieg. a at *as~s iestone'i.- ar
lani the' poe sau iilinbi iun eel basnk., a. ,
.ere, ini ,eeine poe~ints t" jiw.jlist .it tl'hat ii ..
ilhat Si eeropd -u ei ter-:e t theta.iv.w re in i7A .
ilicn l'sati. e saie .t'y:ai/.ted an eir rtedeeniab.l~ ese.
,per ear.-illatieon: Leli elne'e';ly .as lenet ;..eei-d lhe-'
- hn;i.;e ee enuo e. anud iii' deirahen io e :' 4. Ii
taae . , y i e iueere' del'Je oi ejer iiusitant
b1 e atere: uiti'tn , os '5:e a lien'e' Li e , iic's l; i
fls ait p ie ilaet" . sii n, iiiten i l eces i n,'tae -
it etm e ti e . au. elesh 'ien. e'iinel'h er'di r m ah l.
tie-l as einai , arpl eai'i iseitl i e elehea~at' ii .
(''ic .'' e. llieli'..ssa l~ies 'ieee.'l i
efe.lret.lhaim n, indLie':er ient ho' - Iwa penh
e''p' eral. ie 'he iliila:i. d s [e al '- e e. eer di
1itpse is ie.li'ieit . rse i sul n-l ianesnher
esIt'li'g, pfint ~il.w as a ealitiont~m conneee is .
I eit'ae'e nat'..i a m e srelt in~ -. d ti~ tr ;e em
ln and 'ra' e.i~ li'trm t whecee ~isi -. h h ee .
t etie 'iiteei ,Ianeli'a ee rni . .ae l a cr-shipt eI ais
i prt ate itiw~ wor'.ld We' i'u et an expone,
eiien luietee. -:the alcontra'hI i sie u e hc w.
tbee-nel iwe'i wri' to eell hieb~ra' and hoa iv teii
coelt rn ou r 1ae'is in reaiab-d . . ee Ii'i'l T ..
I t sl e e dn' ow'nl l t' ft our'' a t p i lS or e St r mis Islet
. Wt andlasj::d alsdi :fi en r. ese i. me'... and
.. nellnne s edst'.e h er te e s-'.n'. b eh'm n ' selfp'
nie eerse' re'a v's nah're n es ec lii'.
downm rmto ur' lti pr.Sics!. dei a tI d een'i ,.-s
:rve aetssl epitaleth-cn 'th st a me i ' u'r.s av . 1. ,
I va saiel iii 'es tls'ee oner pri cr enel' -rii 't
e'e. contro l'.'m :e . Tis'i he at.h: ny 'It it wh-th
1ac ami le'y upon the formaer, whelnever a
a;e;ikv, pl:ar. in tie commte reial world. it will
, I I Ia !':rlandac. & a'crte to onir herit ai tihl
lio-1:aaitas sin -i-a. in: tie- t va ire will Ie ti.e fnet
11 %%4! ein4ar it: o a e:eer wth Grcat ibrittain f'or
tSventd i er% me. the' cnrroenc'y a: d cie thj ranis
ati teetof -n ward IA-, e intercin! poin's are
dle te I - rea l;r;;ain. S'he ex I I itatid her cur
r'enea *i ci -n iit : a h leer ci tIl. The ectri.n
eI I:. .hItt at i o ill -wr I.onl ai s ill ro leamn rfem! -
te tnaet % nI a her. f6el tie .titumnt a(l tie
eel a':' v ir.' ..l Th) ne.it 1,9v 'faj. ieprd
a'r t e '.t" -ioa frl: the blnk li ballkers ol'
'mti. Al a when tall poinets heceorae iacagel*
ttsh-hlttd. ude'r h oith rhe ie in exIt def cred
it., he. tat '- net-, at: athrtphIt the baiek of
'Iae I. contim l I it'l fas it i.4 n% ih te lse cIwer anid
reilit oil' .aver nme. e na Iarres tit' proporptivi, of
/i/itmn. aini lIni .- pa, er i f-ile. Ai m n lat is
,it ' s. 'aiiecaie? -Thie ca''s itt her dlelts nn cd
;etqcc..la paym. t ite t 1 :ial and silver tar avitiae
netls. A tinc-k tatles place-cridit COlltraaets
If-pric'. till-atl tIhwa gretat sent fat' h:1 ion
teal tle baikitg ponar he'ot e thet an.rtr ss
wver the i Ice eri . the comtta aacreial wrai. Ahw
-tits te vay tlin. toe ilte hi.'est price-. ied
I;.en iar-ha-ea; at the Iow a. bI ok nit recent
atetrs. lia :heI - ina le y !:.r f a ' 1-' . :.t ro n re. inl.
chltiu. biaches.twohiindrd oalw t k lut ks
' Irental in iaghmid. Tioi w t .c d tie 'xiloansion
-f err ath- anda 'e e:cion. 4 e. .\:c;h 7th,. le::7.
lie' ai cf l':(f'gia hi ttmt need redniiig Ler
b-atis. aile l i e r I ebve'eie'r lita- -lilth. h-:-. l .nd ac
acethi. nllced then ntst fi-w Imomtil-..
-.ttnt o e:arly *-t.ttt0.0 ;l. lh e a'rensed
i* adtl ion in the came tmn li - X:.1-21.1 (,0' or near
- c.tt.0. Tids ae je at urse i'uwashloa!etd,
ti rveleae.1 the! gvn ira eir'niation, nai hiea. to
ithlr w% ith tet! eracdit iirvtahtitci ol' 40.4 Oa.t.00
aceala a caotiracian & near .P0,((0 (00 in nifle
'tI It Of. W'eI I; ! owt the i:i-acter.s n hich lave
-t;rredl w'ith us since I-2l 31a.% . I-:7. t it to
'ec ti-ela. The lank al' ~:zII!andc va M
a c- h Icc nttratiea call tlt- 7--h of' Alarch,
andc '.'-- fel' ilmc --lea ie .hoik ait Aia fol
w;.:. a:i ice aI fn% memal. as tile cotrartiota
!r:w Aloer al closer. we nere thrownt into
'anat -'n--. Anl :o it nill eel Ice, as long as
v art, ter-wed 4!i int th ltals aild mai career
ativ.-e we Iave leretolore t'l'acwed. The truth
ells wtle n% acltem of, e.pandledl atticd a'timuilaa
d -dra cret- cotncected k itle (Goviiterlelellet
hiv- nothetat tora nor le.ssthan rulice sagenila,
cte a t i o f e a l ' a' at!a!e' ta t taut Britan.
It ti an the sietl.; anl the pelriolical reverses
'-ie ch-c Ih at tihra power to create, we are cotn
I I1 d o ireeahe natives; either to . ekl cup onr
:ccl alid ivr- r -e'rit.et o ac lepot ti er her
bt eta:i-or to isstwi leocni-!s atd sti kis runllling
l 'oll t-:eat lhiah at ra'. Thi last is bttt on
it' h 'l e :wi awaire with
n1 am1 u.I1alW11 :. a It In:.% tou b- said
tact t'' I ant tekc a nd I- a 'c c' of i g!a d h hlil tie
rn of power a - it, Wa' I co ntric.s-they
-v. n;,ead t.e .,;Ee:;i at . ue:h bavo
-rw' e d L. ie|, p 'a -p fy ' e th blodll of
an eri. as tin- I t. -.I rnodrii tile. hy
t-t Ii lne In pne thetm the ettty title of' :aroni,
wr'.at wose prsence conairtiers slal le w. tld
" -t ht- li lem ol' re t y itsel - % sp l:al I glitter.
.Ir. Cliaaman. I aove th welh and tappet
v'na t 04:-elV (1 t1yV coutlrllv. blt I lae, ctill
nore. her itdpendIence. A .-I% e lea po% erty anod
mit heble detti. ifyon will. rthee'r h'an to
icat tur p %o%- 'ai t ie badtiges tf vasn!o. 'ith
al te craln livery 41l hon 1nen I ev'y
inth-n- &i ' uop ht be-ir ph.-rions literature.
da at etoy atupcpcSe wt to b'. -till i love t1o
ill: allt alle * % at lil.y owat co atery. lie, anse it
Al ,the hltw'ru acte i 1 'cn ri ' thtrnaae iot ( ce
41h onl hi-g 1fwlwl- ol'Ilreedoenm t!he war
at' teuer tcbatone "'" d. jsem/c ce Jiorerrrr it) my
-'nttfr/;. ia tce i.t at.d dea'ett .1feielet of my
T'!.,e w'ilr of Great Britain with stome very
t-tl aci- ecae'itn-. cn tie'-' bij'tlSec caatlcIC.
ccl wth' crr -'ey, aidt cretlit. wi ie. for ;hw iost
l rt. t' 'lr-h mtires atnd tncepower of t .ret liritaina.
I d nte hitethem.but t hle lt-- :e oflitte a;lhoi
V \i'ta ce What is a'tr het intrest uiner ane
sanda err"e tac. d1 it ea inra ed s tiem of
"cadet-. i v eci''!revere for ithe V'. Sta es,
a - ?.h. il it tutrta iw'cmet thee ' real re 'r
4 4t r a a'cela'rc'. atd t' e banking cr-edittar ot
1' ar. d. ( 1. 1 st:thle -1nd :al f e rreiec* v atid
4-.11en 1 liitt 41 'r'' ht sas'ten niha Us burli-Sa the
ot r ot t a'are'. lrt::in. .\nt enireed anl ex
ebi m, lt by her, giet her the
attr- a't' ine ::11 coniilones. -'rative haes
pr-ea tia- nttc iey ahI'-ted1'% frt'je'iing
Iat h1' 1.1 Iw i ':.r'c'a'r tft' fotiltne' t'.a tl of'atali:i n .
it ' Ial f t ei.- intMn tat ,i %%Ivll ita tle 'oe'ln
twt* p--ar , ti ety-tiu a' Na a g a -2 o. lile title of
Ii: : "'ie of 4 e' :tt leriitia a i rlaice."
' .i -h -:a- to 't lat ail titn\ a at :c prluA inLerit
a'c.e the '::!ho ar. ' ' . w utld it a 1t ti day
it a V:ti. , a e m nal , but wIt.'aatela! Ii alt .04
.a 'nlat': "a!-1:a!. in ali dIet- rad~ atcad de'ta'.:ding"
.\a'lr.iti lt~ I h rt. . in t'tt t1-o' tpta'- t ic' cal theis
ui t'ala. in n af li- ''act, dertti :wychol the saltnio
rlet ican tat thae ' i:.l a- -tck iter'aesta the Nerthe
thact the' n het!.' aoutraat' h.:at- tow~:ea'ds Gr'ca t thit-t
ain. \\c. hath. thct a'aant'fe'e'aacv ntonld bec''ome~t
'caat'ee'r itt1 cahlce at'net faaI.'na' cf lice .aauth
wat.til Ibe trib'tary.p i nte tiotho0-a wholte woictt
htahl et thei'r ' etis the alh'.tinva tif cedait
tact! '.:en . ti'otr. by Got't e rnowltici'tt. with tell its'
dl-i ur-mnt.tt.t I .'t thec whoseac-c inestatmetts arc'
it fha ndi a'! behtor blwe! lTh'ir tii:e, dep-aa'alsc
ueacaa he. taitoerest!
.\a! ciw mte' tao . tee. thee arte etc 'aect'at ir
ta'- n ht .-' a~ie of ci ' it ie ' a'< uchtl ed' toc prt'oine'e
t eeplte' unpe' int' m. n-fute e he it, itt a ' aa.ia'. at
'aairenow t'ael' -dac t a-ena I.c't p ath at'en whic
r '-presenaa th'ecca' weihe poratt.n af tist I 'eifn rt'
mtc'cnbtar that t!.''a -t.al oc tell modi ernt't itetprei a'
n e t ta '.: .a/ti n catc toe coaae jsaiata till a'oc'ica'v
'c le j'iviwti m ai t whr'eatta) intera-t a'di
l'cal Ifee'ints atre cc bet absottiahad ihre thae item clit
ten:t i'' mcae.h-r.t Iu itt' ' o a a're'''titcn. 'c haerc thc
'.t'i'aa.a'a'a:t'"'-'a''thiwata tljt ec a'ehc'r. Foarter'i
hi . til'h eta' r''uit wi;. pt. rn 'c ce v pie-i Iorce
imlrcst' and tiareas' at-t bront t et u it ow
er. ''ner -.tli'eitc' ace''lnm taatta b ccen i itink f'
tat futta. atam teltn myc c'' c-c to lhlandtec aof mny
w.c'ith the' fora'eohntl emo~tiontt. thatt ru-.h uponi it.
la t alhosea 'at hciae t:tttm'- n'ead whose'ac chIilenr alr
athere, acndc the'rc t'e'revertat he''itatte, lontg heitatte,
h.a.t'tree thttv donncay thrin.<r diretlya car itndiretly,
tat -tra'l nic' -s ! te ha:J tc: of othetra, who mayv ho
athrc'a' hv In'a rrecict iblc'e de'sti:ev. to' sweea'ap nr pte
cedtiatr i tttenttitin from thet lea't' oft te t'aa tic; aced
it' a 'a oc' n14 a'honhl -'tnrv'i'v te a'hck,!a at il only
btt tie 'ir-i- otat a mis'eralel e'aistItnce of degrnded';
.' ai..laoy [nut I L'rriumr e nuranlO this nianfiu:

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