OCR Interpretation

Vermont phœnix. (Brattleboro, Vt.) 1834-1955, December 30, 1836, Image 1

Image and text provided by University of Vermont

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn98060050/1836-12-30/ed-1/seq-1/

What is OCR?

Thumbnail for

7r -c.
vol. in.
ii ... i
NO. 17.
Pobllilicil eury Friday Morning, by
I oSce N. 2 Hatl' Tluildlng, nearly opposite Clia.
. f. nl,cril)iT Two Dollan a vei
I T. wnPl" lio receive llieir paper, at Ilia office,
II ' ,r V nitwr fliirnnf iniied until nr.
r.l,',ffre pni'l.exccptal the option oftlicpulilUlicr.
I ttfP " ',, ' ... .,.,..,i,l nr .. .! II ,
S, Order. i'i nan I'"" '
A,.r ullcnlioil.
I'P ,....,., .. . ... .
Irj All kind orJUll l'Ki i ncnuy exeem
ej alibort notice anil on moclcrnte ternn.
d. Da'
tin !
frost Mr Vhiladttphia U. S. Gaxtttt.
Come home,
f WonlJ 1 could wing it like a liril lo tliee,
iTo cot.mi.ne villi thy thoughts lo fill thy .leep
ffilb itce uimearjwg orus 01 mcioay,
Brother, come home.
Come home,
Come to the hearts that love thee, to the eye.
ITkit beam in brigtitnes. uui to giauucn mine,
(;,,, where find lliougliU, like holicnt Incense riic,
.. i . I 1 ....... raira linr nlfnp'a .ltrini..
nhcrerucrmicu wru.u.j ........ ..v - .
Hi oilier, come home.
Come home,
BcoMtolhelicarlh-Moneof thy earlier days.
Come to the ark, like the o cr wearied dore,
Coite wilb the mnlight of thy heart, vrnrm ray.,
Come to the (iroidc of thy love.
llrolher, come home.
Come home,
... ... i
Dt if not home vrnnoui luce, mc iuuc si-ai
Ii .till unclaimed, nlicrelhou were wont lo be,
Bienrj echo of returning feet,
In in we list for what Mioulil licrald the.
Urollier, come home.
Come home,
ITe'ie imried for thee the tunny bnd of spring.
Witched every germ the full blown flowret. rear,
In o'er their bloom the chilly winter bring, ,
lu icy garland, and thou art not here.
Ilrotlier, come home.
Come home,
Ifooh) 1 could tend niv spirit o'er the deep,
Would 1 could wing it like a bird In I lice
fo commune with thy thought!, to fill thy sleep
I nun these unwearying words of melody,
Brother, come home.
1 dislike tho man who deliberately trifles
lith the affections of n woman. 1 would
b'.her shake hands with a hishwavman. than
rith a man who has sacrificed to his own
enity the long-life happiness of nn incxperi
ked girl. I fair this sort of conduct has
few been sufficiently renrobnted. nnd fo.
Isles loo often betray the rights of their sex,
'accepting with pride the homage of n
in who has become notorious for the con-
pest and destruction of their sisters, as if his
my ana love could be depended upon, who
uuie ueen cruel to nn nllectionute wo-
Ine world lauahs. and stores of liv-
Irproverbs nnd stupid jests, on the brief-
i 01 woman s love, are administered : but
tiit ...III c i t J
,"' vour m-artbe not hardened
selfishness, that this will be in vain. Pcr
p you had no intention of being serious ;
a only flirted, tried to be agreeable, nnd to
w me moment : but what if. while
i are meaning nothing, vour trifling ere
1 nnguish, your sport became death to
Jxt oi U f When, bv exc usive atlnn.
as you have excited a recardhv thn rl...
lopmem of talent, or by the display and
-.vi msram graces, you nave fasci-
rllhemind nnrl thi. hnr. ...I I....U-
II,. , , 'i "til, uy me
"IDiant 1 ih snn-iL'in t... r...i...
l , . ;, '"S uJl,iuu muuunug
p.me lervid tone, the
h awakened tho passion you cannot "lay
r..v jou nave done this in the cold blood
ranitr, and it m,;,. ,,.,. . .
d coxcombry, to finish the scene by an
". msiant courtesy, or an expres
B1 01 surnnsn m ,1... . j
hr,;i'.' ... wAiittiuu enorts oi
I """Uy, Will V0U bo nhli. In
1SrXVl'1IajCSt? Will you sleep on
S ,k f00ls or a lic of yo1" own ?-
fki. i . , "Vi,i""r wnose garuen you
e blasted with mihW nn,i ...i.
I'en VOU invn ,l.l 1 r
ln(f. ! v. uu"eu lorevermore,
lsu"crin si ence: strii.inn ,n t.. t,.
P.pnvinP for ,h' . I':? ' " " j'
OJt foroeUin ' M I'uruo" "tT
tdtiimk P' ' 1,1,1,10 worm nas
4 ! :ih 10 n.fe- nnd the body is cma-
-.""".II VOU llavn .. l .1 ,t...
18 oroken on wlnVb i u
& k ri,,lybrigh'wiihfuneriallus.
ove uleJ t0!au2h radlency.and hope,
' "hen, lley gazed upon vou?
uinn :7uor lemPcr' n "oro "dent im-
lal L 1 i "...i'i
.,(H'Hvu,nn 1 . . . .
CI. uoSD . ' ;,, f"ul,!5r" constitution, should
WModS in nd.'mPen and recklessness
;S.fh fourth.
'cation nf !,..:. ,ul ouul' .r ule
uld dr " 1 . 13 'n"' mandrago
iff' t0,sleeP while this xvas
liev .'"H" n 8cn bitter wo 7
holder"'" , .1'or.lho saK of our
Be Z ... " QnU ca"su " 10 bo a
ir . ' I 7""" luqueus nrotljo reluso
id w;,k.!!-vvcro or!'y ordained to cor,
with thn onL'rmm
n TiVKfl
it V
orM .i "uu Dimii compare
Cl,lk.ll,.t,fP fondness of a man,
''ndtho " H y ""ousgirl?
Pre a k..:. ' V ,UV' "uusanu pas-
but in ir v ,or 1,10 dorot ons of a
L 10 lOVe IS thn n.,rr. ... 1...
manon-tobe faithful tho rel
.. ...
lhV & I is her ull in all. and
l;...b :ts.n" Heart awnv. h.(
which, ifitdoenot mako tho
Heed U8' WU luav "o ffivor
hk bofrnilbbor Stcam-boat, wjth k
Oh the Money and Currency
oi the Country.
From the Nationnl fiatftlc.
Iictter from Mr N.Biddlo to Mr J. Q. Adnms
Philadelphia, Nov, 11.183G
My Dear Sir I proci'cd to the second
suojcci oi our conversation tho present
state of tho currency which 1 shall treat
uisjwssionately, as an abstract question o
inerp nnance.
Our pecuniary condition seems to be
strange anomaly. When Concrcss ndiourn
ed, it left the country with abundant crops,
anu nign prices lor them witn every
branch of industry flourishing with more
specie than wo over possessed before with
an me elements oi universal prosperity.
nut uuu ui uii-ou uui iiiiuerguuu uiu niigiit-
est change, yet after n few months Gongress
win rc-asscmum ana nnd tho wholo country
suffering intense pecuniary distress. The
occasion of this, and tho remedy for it, may
well occupy our thoughts.
In my judgment, the main cause of it is
tho mismanagement of the Revenue mis
management in two respects: the mode of
executing the Distribution law, and thn or
der requiring specie for the Public Lands,
1st. Tho Distribution Law.
In July 183G, Conjrress declared that the
surplus in the Treasury on tho 1st of Janu
ary, IS37, should be divided among th
States. Tbnl it might be done as Gently as
possible,' the payments were to be made, not
at once on the 1st of January, but quarterly
throughout tho wholo year 1837; and as
the aggregate sum to bo distributed is from
thirty-six to forty millions, wc may assume
tho first payment in January, to be about
nine millions To nrenaru for this, the
Treasury has had in hand forty or fifty mil
lions it would receive in the course of the
operation thirty or forty millions of tho rev
cnue more and ns there was probably mo
ney in every State, nnd the pnymcnt to bt
iimuo in every State, the operation was so
simple and easy that it ought not to have
occasioned the slightest pressure cither on
II? . . " . . i ,
puuiic or private interests: ana me wnoie
might hove been accomplished without nny
derangement ol trade and without the move
mcnt of n single dollar in specie. That
this not only could be dono but has actually
been done, you will find in the public docu
ments ol ItiW.
In that yenr tho new administration of Mr
Jackson, anxious to appropriate every dispo
sable dollar of tho revenue to the reduction
of the public debt, sought and cAtiilncd-lbe
aid of the linnk of the United States. No
tico was accordingly iren on tho 31st of
March, 1829, that on tho 1st of July, the
debt and interest amounting to $8,715,402
87 would lie paid. At the peuod of the no
tice, tho whole nvnilnblc means of the Treas
ury werconly six millious, scattered through
out tho U. Stales, and these, with the accru
ing revenue in tho interval, were, at a notice
of ninety days, to be collected to pay nearly
nino millions. to closely wns the Uovcrn
mcnt pressed, that after paying these sums.
the actual balance in the Treasury through
out the whole United Stntes was reduced to
8104,365 04. The Bank, however, under
took tho arrangement, with what success
may bo seen in tho following part of the
message ol Mr Jackson to Congress in Ue-
ccmbor, 1829. "The payment on account
of the public debt, made on the 1st of July
ost was g8,7J 5,402 87. was apprehend
ed thai the sudden withdrawal of so large a
sum from the llank in ichich it was deposit-
ed, at a lime oj unusual pressure t?i the mo
ney market, might cause much injury lo the
nlcresls dependent on liank accommodations.
But this evil was wholly averted by an ear
ly anticipation of it at the Treasury, aided
by the judicious arrangement of the UJieers
of the Bank of the United Stales." The
respective shares ol tho liunk and the
1 reasnry may bo conjectured lrom the sec
retary's letter of the 11th July, 1829, in
which ho takes occasion to express "the
great satisfaction of tho Treasury Depart
ment in the preparation for the heavy pay
ment of tho public debt, on the 1st instant
which has been effected by means of the pru
dent arrangement of your Board, at a time
of severe depression on all the productive
employmenlt of the country, without causing
any sensible addition to the pressure, or even
visible efecl upon the ordinary operations ol
the State Banks."
If then nino millions, being almost the
ast dollar in the Treasury, could bo thus
stributcd two millions of it to foreigners
at a time of unusual pressure: how hap
pens it that with funds equal to fifty millions,
and with six months notice, nino millions
cannot now be distributed exclusively a-
monff our own nconle at n timo of great
abundance, without hazarding a convulsion 7
Tho answer is to bo found in the different
modo of conducting tho operation. This
may bo seen by contrasting what tho Secre
tary might have done, with what he has
Tho distribution law assigned to lum.two
duties, both simple nnd both easy the di
vision of the funds among the Bonks, nnd
the division among tho States. As to the
first, he was to "select as' soon as may be
practicable, and employ as tho depositories
of the money of the United States, such of
the Banks as may be located at, adjacent, or
convenient to tho points or places at which
tho revenues may be collected qs disbursed"
"provided that at least one such Bank
shall bo located, in each State or Teirhpry"
"and that no Bank shall !a,vo on deposite
rnore than three fourths ot its capital."
Hero js no authority whatover to distrib
ute tho money from the Banks of ono State
lo the Banks of another State, On tho con
trary, bv the twelfth section, all transfers-for
nny other purposo whatever except to facili'
tntethe public disbursements and to comply
prohibited and declared to ho illegal," nnd
"in cases whore transfers shall bo requiM
for the purposes equalization under the pro
visions of this act in consequence two great
an accumulation of deposites in any Bank
such transfers shall be mado to the near
est deposite Batiks which aro considered
safe and secure ;" nnd although the supple
tnent SOVS that IlOthinC shall nre.nenl him
from making transfers from Stale to State
"when required to prevent large and incon-
.client uuuiiuiiiu in particular pinces,
or in oruer 10 produce n, duo equality and
just proportion according to the provisions
of Mat ad," the general policy of the law
io Keep mc aeposiies together, unless under
peculiar emergencies, remains unclinnrrcd.
Under this law his duty was as clear us.
possioic. rio was to see that no Bank
should have n deposite of more than three
fourthsof its capital. The revenue in the
great cities then, should bo divided amonrr
.i. .. ti.. . .. ... . . . .o
ute utinKs in tnose ciues mere hcing in
each of them tolvent Banks enough to re
ceive it. There was no necessity for send
ing n dollar of it outof those cities. In N.
York, alone, says he, "the operation will re
quire the transfer of something like eight
millions of dollars fiom the old deposite
Banks to new ones, cither in the State or out
oj it." But why out of it all ? Why could
not the revenue already received in N.
nnd falling due in New York, bo divided
among the New York Banks to support the
trade of New York 7 Why noli let it re
main active there up to the last hour when
it wns payable to tho States? But tho law
required that there should be at least arm
deposite Bank in eoch State. Be it so.
1 hen make a deposite Bank in each State, if
mere oe not ono nlready, and Give it a do-
: i i. ...i.si. ?. : f Ft , ...
iiusiil, which wiine it satisuesinc law, will
not curry a way into inncmity funds that
might be useful in places of business.
There was then no necessity to send a dol
lar from New York or the other commer
cial cities, merely for the purpose of pre
venting any other Bank from hnvinir more
thnn Ihrce founds of its cooital. That is
Nor was it more necessary for the Durnoje
of distribution among the States, The law
says :
That tho money which shall be in the
Treasury of the U. States on the 1st of Jan
nary, 1837, shall be deposited with such of
the several States ns shall by law authorize
their Treasurer or other competent authori
ties to receive the same and the Secretary,
of the Treasury shallr-dclivef theofne to
such Treasurer or other competent authori
ties on receiving certificates of deposites
thereior." 1 nis is the whole law. iNow
what does it contemplate?
1 he money must he in the Treasury on
the 1st of January, 1837, because up to that
imc it is not Known whether the Stntes will
take it. Technically nnd legally the Trcas
ury is nt Washington practically the
Treasury is wherever the deposites of the
puunc monies arc. uui ineaecreiary oi tne
I rcasury is an ollicinl person whoso only
official residence is Wushinrton. Accord-
nL'ly a Treasurer of a Statu goes to tho
Secretary at Washington nnd presents to
him the certihcatcs ot Ucposite. The Sec
retnry thereupon "delivers" to the Treasurer
his State's quota. But how docs he deliver
it? By an actual manual counting outof
these dollars? No. By a check on the
Deposite Bank nt Washington? No. But
he delivers to the State Treasurer as he does
to nnv other person receiving money, a
I raft for the amount on some ono or more of
the depositories which compose the Treasu
ry. Is not such a draltthe usual and prop
er modo of making public payments?, Un
doubtedly. And when we come to tho real
tuestion. Was it necessary to make in ad
vance any transfer of funds whatsoever into
the several btaies, merely because they had
the option, on certain conditions of rcceiv-
ncr them ? II there wns no such necessity,
then tho twelfth section of the law makes
these transfers illegal. Now there is clear
ly no such necessity. The money was to
bo deposited with the States not in them.
It was necessarily paid in Washington by
drafts on other pinces. If you say that the
Secretary must pay it into tho fatato Treasu
ry, it is not enoucti to bring it into the btate
he must take it to the seats of Govern
ment. Pennsylvania must have hor share
not in Philadelphia, but in Unrnsburg.
New York must be paid, not in tho city of
New York, but in Albany. It the place
be not fixed by law, the mutual convenience
of (ho parties will designate it. Now there
is no individual and no Stnte in tho Union
that would not prefer payments in N. York
or tho north Atlantic cities, lo payment any
where else : and lor this obvious reason
that money is worth more there than any
where else. II the btnte ol Uhio, tor in
stance had n draft on New York, it could
sell it to its citizens, usefully to them and
profitably to the Treasury. It does not
want the money brought to Uhio. uvery
mile it comes on tho road lessens its value.
We may safely concludo then that there
was no necessity of sending a dollar of pub
ic money irom rsew xorK or the commer-
ml cities lor tho purpose cither ot equaliz
ing lunus among uanxs or distributing
them through the States.
Tim true theory of the enso. therefore.
was simply to let tho excesses of revenue in
the several States bo transferred, in tho
course of trade, to tho great commercial
points, nnd then to pay tho States by drafts
on those points. The deposite Banks at
those points, knowing what they hail to pay,
wnnlrl linvn been ready to nav. and un to
tho hour of payment would have employed
tho Tunds uselully; so Hint in every siage
of that progress, business would be assisted,
commercial activity stimulated, ond all
parties be gainers.
ce&snry-; the funds should have been remit
lepy mils to tho points or accumulation
oleriiiingihcse operations so insensibly with
me uusmess oi the country as to be tinfel
except in their benefits.
ut what has the Secretary dono? In
stead ot gradual preparations to provide
luuuu unue aisiani points, the wholo science
nf tltn 'P- . . , ...
"f irasury seems to nave consistent in
drawing, warrants, in taking up tho columns
of the returns and directing drnfi fmm thn
Banks throughout tho United States without
necessity, without reference to the wants or
me business of the different sections of the
Union, tho season of tho year, or tho course
of trade, and thus mnkinrr the whole reven-
tie of tho country work against tho whole
industry oi- the country.
His secrrt'is thus revealed in tho letter lo
iMcssrs Gnswold &. Swan :
"I have therefore, in cases where the pub
lic money naa accumulated in any lianks ir
any one State, and new Banks could be son
sonably obtained in other States trAere only
n uwe puonc money aireaay existed, modi
but one transfer to accomplish both objects,
nnd by a single operation have reduced the
excess in certain Banks in certain States
nnd placed it in the States trAere it would be
needed next year, and where they before had
Ant AH ffnmt nAriin .stf tltm m,J.I, . n ..nu I
- - f ' J .y ..... u. . mvmy.
"""We thus perceive, what on less authority
- III .1 "
wouiti oe incredible, me extraordinary man
ner in which the public revenue has heon
scattered, i he Secretary sees onaccumulo
lion of public revenue in nny one State.
Ho sees another place in another Stnie
whero only a little public money already
. ... -. . - j
existed, whereupon he resolves, without
the least authority from Congress, to bestow
upon that place "an equal portion of the
public money ;" and as he will have, twelve
months hence, to pay some money in that
State, he makes "a sinclc operation" of it
and accordingly he confesses that ho has
actually transferred public moneys into
States which cannot receive them for a year
nitcrwarus, depriving the very community
wnicn raiseti me money, ol the use ol it du
ring that whole period.
Such n measure wns of itself sufficient to
disorganise tho currency. But it was ac
companied by another which armed it with
a tenfold power of mischief. This was the
Treasury order prohibiting tho receipt at
r "i rer. r .ir t .. . .
mc lauu uiiicu ut any lumg out spue I
an act wnicn seems to me a most wanton
abuse of power, if not a flagrant usurpa
TJio whole pecuniary system of this conn
try, thot to which, next to its freedom, it owes
its prosperity, is the system of credit. Our
ancestors came here with no money, but with
! . -.1 .
larueucr tilings witn courage unu industry
.1 r - l . V
und the want of capital was supplied by their
mutual confidence. This is the basis of our
whole commercial and interne! industiy.
i ii u government received its uutics on cred
it and sold ils lands on credit When the
sales of land on credit became inconvenient,
from the complication of accounts, the lands
were sold for what is termed cash. But this
was only another form of credit : for the
banks, by lending to those who purchased
lands, took the place of the Government as
creditors, and the Government received their
notes as equivalent to specie, because always
convertublo into specio. This was the usage
this maybe regarded as the law of the
country. By the resolution of Congress
passed on the 30th of April. 1816.it was do
dared that " no duties, taxes, debts, or sums
of money accruing or becoming payable to
the United States ns aforesaid, ought to be
collected or received otherwise than in the
legal currency of the United States, or Treas
rjpjotes, or notes of tho Bank of tho Uni
ten oiiues, or in notes oi nanus wnicn are
payable and paid on demand in the said le
gal currency of the United States."
This resolution presents various niter-
natives the legal currency, or Treasu
ry notes, or notes of the Bank of the United
Stntes, or notes of specie-paying banks. A
citizen hnd a right to choose any of these
modes of payment. He had as much right
to pay lor land with the notes of a specie
paying bank as to pay it for duties at the
custom-house. If this be denied, certainly
nny ono of them might bo accepted by the
Treasury; but to nroscribo all out one to
refuse every thingbutthe most difficultthing
to do this without notice of tho approach
ing change in the lundamental system ol our
dealings is an act of gratuitous oppression.
Under the operation of this resolution, the
banks had gonu on, fearing nothing, as they
had only to provide for the usual specie calls
tinon tlietn and saw the country lull ol sne-
cie, with no foreign demands to drain it from
them ; when, on a sudden, without any inti-
r.L. I , rf ,
uiniiuu oi i no coming shock, an oruer was is
sued by the becretary. dec arinc that their
notes were no loncer receivable, and. of
course, inviting all who held fhe notes, or
un aep0ites in theso banks, to convert them
into specie. It in fact made at once the
wholo amount of their circulation and pri
vate deposits a specio demand upon them.
i ne nrst consequence was, that tho banks
nearest the land offices ceased making loans.
The next was. that thoy strovo to fortify
themselves by acoumulatinir specie. It was
just nf this moment that tho warrants for
transfers were, put into their hahds. Tho
combination of the two measures proddced a
doublo result first, to require tho banks
generally (6 increase their specie, and, next,
to give them the means of doing it, by draAs
on thodepositbanks. The commercial com
munity were thus taken by surprise. The
interior baqks making no loans, nnd convert
ing their Atlantic funds into specie, the debt
ors in tho interior could make no remittan
ces to the' merchants In the Atlantic cities,
who are thus thrown for support on the banks
of those cities at n moment when they are
unable to afford relief ori account 6f the very
creditor States not onlv
but their money is carried away to the debt-
ur oiuies, who, in turn, cannot use it, either
to pay old engagements or to contract new.
By this unnatural process tho specie of New
York and the other commercial cities is piled
up in tho Western States not circulated,
not used, but held as n defence ngninst the
Treasury; and while the West cannot Use
it, the"EasU8sufTering for the want of it.
The result is.that the commercial intercourse
between tho West and tho Atlantic is almost
whplly suspended, and the few operations
which are made, arc burdened with the most
extravagant expense. In November, 1830,
the interest of the money has risen to twenty-four
percent.; merchants are struggling to
preserve their credit by ruinous sacrifices' ;
nnd it costs five or six times as much to
transmit funds frofn the West and Southwest,
as it did in November, 1835, or 34, or '32.
Thuspwhilelhe exchanges with all tho world
nre iA our favor, While Europe is alarmed
and the Bank of England itself uneasy at
the quanty of specie we possess, we ore Buf
fering, because, from the mere mismangc
mcnt, the whole ballast of the currency is
shifted from one side of the vessel to the
In tho absenco of good reasons for these
measures, and ns a pretext for them, it is
said that the country has overtraded, that tht
banks have overissued, and that the purcha
f , , .
sera oi puonc lanus navo been very extrava
gnnt. I am not struck by the truth or the
propriety of these complaints. The nhraso
of overtrading is very convenient but not very
intelligible. If it means nny thing, it means
that our dealings with other countries have
brought us in debt to those countries. In
that case the exchange turns nirainst ou
country, and is rectified by nn exportation o
specie or stocks in the first instance and
then by reducing the imports to the exports,
j.imv um iuci is, mat minis moment, tne ex
cnanges nre an in lavor ol this country
mat is, you can ouy n bill ol exchange on a
foreign country cheaper than you can send
specie to that country. Accordingly, much
specie has come in none goes out: this. too.
at a moment when the exchange for the last
crop is exhausted, and that of the new crop
una not yet come lniotuemarkct and when
wc ore on the point of sendinc to Eurone
the produce of the couutry, to the amount of
eighty or one hundred millions of dollars.
How, then, nas the country dvettraded?
fexchnnze with all the world is. .in favor or
an ovenraaer i tier merchants hav-oid
goods to the merchants of the interior; who
are willing to pay, and under ordinary cir
cumstnnces, able to pay: but, by the mere
fault of the Government, as obvious as if an
earthquake had swallowed them up, their
debtors aro disabled lrom making immediato
payment, it is not that the Atlantic mer
chants have sold too many goods, but that
the Government prevents their receiving pay
ment for any. Moreover, in thecommercial
cities, money can be had, though at extrava
gant rates, lor capitalists add to the ordinary
, ., ? .. ....
cnarges ior mo use oi it, a nigh insurance
against tho loss of it. It is not then so much
that money is not to be procured, as that
doubtand alarm increase the hazards of lend
ing it.
Then as to tho banks. It is auite nrob
able that many of the banks have extended
their issues but whose fault is it? Who
called these banks into existence ? The Ex
ecutive. Who tempted and treaded them to
these issues? Undoubtedly tho Executive,
Tho country, five years airo, was in posses.
sion of the most beautiful machinery of cur
rency ana exchanges the world ever saw.
It consisted of a number of State batiks pro
tected, and, nt the same time, restrained by
the Bank of the United States.
The people of the United States, throutrh
llieir representatives, rechartered that insti
tution, but tho Executive, discontented with
Us independence, rejected tho act of Con
gress, and tho favorite topic of declamation
was, that the States would make banks, and
these banks would create a better system of
currency ana exchanges, l he States ac
cordingly made banks ; nnd then followed
idle parades nbout the loans of these banks,
und their enlarged dealings of exchange.
And what is the consequence ? Tho Bank
of the United States has hot ceased to exist
more than seven months, and already tho
wnoie currency anu exchanges are running
into inextricable contusion, und tho industry
of the country, Is burdened with extravoirant
charges on all thecommercial intercourse of
tho Union. And now. when these banks
have been created by the Executive, nnd ur
ged into these excesses, instead of gentle and
gradual remedies, a herce crusade is raised
against them, the funds aro suddenly and
harshly takeji from them, and thoy are fdrccd
to extraordinary means of defence against
the very power which brought them into be
ing. They received, and were expected to
recolve, in payment for the Government the
notes of each other, and tho notes of other
banks, andthe facility with which thov did
so was a ground of special commendation by
tho Government; and now that Government
has let looso upon them adomnnd for specie,
to the wholo amount of these notes. I go
further : There is an outcry abroad, raised
by factidh and echoed bv follr. nirainst the
banks in the United States. Until it was dis
turbed by trio Government, the banking sys
tem of the United States was at least as cood
as that of any other commercial country.
vynat was desired lor its perfection was pre
cisely what I have sp long striven lo accom
plishto widen the metallic basis of the
currency bv a creater infusion of coin into
the smaller channels of circulation. This
was a gradual and judicious train of accom
plishment. But this miserablo foolery about
r exclusive metallic currency Is qUlttSns ab
surd ns to discard the steamboats, arid go back
often err from wntit o(skill, and occasionally
be Injurious as steam is ; but it is not the lest
true that the banks of this country ha vo been
the great instruments of its improvement.and
that, during all the convulsions of the last 15
years, for every Arncricnn bank which hast
failed, at least ten English banks have failed.
So with regard to the lands. For the last
few years tho amount of the sales of the pub
lic lands have been a constant theme of con
gratulation With the Executive. In the very
last message, on the 7lh of December, 1835,
ho repeats the same strain. "Among tho
evidences of increasing prosperity of th
country, not the least nratifvinit is that nf.
forded by the receipts from the sales of th
public lands, which amount in the present
year to $ 1 1.000.000. 'Shis circumstance, at
tests the rapidity with which agriculture, the
first and most important occupation of man, '
advances, and contributes to the wealth and
power of our extended territory." In tha
same message no declared that "lliu circu
lating medium has been greotly improved.
By tho use of the Slate banks it is ascertained
that all the wants of the community in rela
tion to exchange and currency are supplied
as well as they have ever been before."-
Scarcely seven months clanse when ihntn
pastoral and financial visions 'dissolve in
air. Agriculture ceases to be "the first
and most important occupation of man," tho
State banks cease to bo the modes of exchange
and currency; but forth issues the Secrets
ry with a declaration that, to protect tho
Treasury "from frauds, speculation, and
monopolies in tho purchase of public lands,"
from "excessive bank credits," from "ruin,
ous extension of bunk issues." nothing shall
be received for land but gold and silver.
Now what an exhibition is this ?
The public lands are exposed to public
nuction.the prices reduced toencourage sales,
and the Presideut stands by, exulting at tho
amount, when suddenly he declares that he
will permit no speculations, and that he will
raise the price of the lands by raisiug tha
price of what alone he will receive for them,
Now supposing it true that men have bought
much land : what right has the President to
dictate to the citizens of this country, wheth
er they buy too much land or too much
broadcloth? They might be permitted to
know and to manage their own concerns
quito as well as he does, leaving the evil, if
it be one, to correct itself by its own excess.
If he prohibits the receipt of any thing but
specie, to "correct jkirid speculations, he may
make the sflmeln'reJirbition as to- thi ritmYa
on hardware or broadcloth, or winp whun.
ever his paternal wipdom shall see us buvimr
too many shovels, or too many coats, or foo
uiucii cnampaigne,nnu thbs bring the entire
industry of the country under his control.
These troubles may not, however, be who!,
ly useless, if we extract from them two great
lessons. The first is, that we can have no
permanent finnncial prosperity wMIb the
public revenue is separated from the busi.
ness of the country, and committed m rash
and ignorant politicians, with no guides but
their own passions and interests. I hnv
little doubt that the specie order is the re.
venge of the President .upon Congress for
passing the Distribution law. I hnve le
doubt that this dispersion of the revenuo
among a multitude of banks was to advance
the obscure aspirants of some Treasury Csj.
The other lesson is one a thousand times
repeated and a thousand times forgotten to
distrust all demagogues of nil parties, who
profess exclusive love for what they call tha
o 1 r .l- i... .
j. cuiic. cur me tasi six years tne country
has been nearly convulsed bv efforts to break
the mutual dependence of all classes ofciti.
zens to make tho laborer regard his em
ployer as his enemy, and to array the poor
against the rich. These trashy declaimers
have ended by bringing the country into a
condition where ils whole industry is subject,
far more than it over was before", to the con
trol of the larcre capitalists andvbere every
step tends inevitably to make the rich richer
and the poor poorer.
It remains lo speak of tho remedy of these
evils. They follow obviously the causes of
them. The causes are the injudicious trans
fers of the public moneys, and the Treasure
order about specie.
1 hehrst mcasureof relier.lhereforo should
be tho instant repeal of the Treasury order
requiring specio for lands; tho second, the
adoption of a proper system to execute tho
uisiribuuon luw.
These measures would restore eonfidenco '
in twenty-four hours, and repose it at least
ns many days. If tho Treasury will not a
doptthem voluntarily, Congress should im
mediately command it.
In the mean timo. all forbearance and
calmness should bo maintained. There is
great reason for anxiety none whatever for
alarm ; and with mutual confidence and
courage, the country may yet be able to de
fend Jtself against tho Government. In that
struggle my own poor efforts shall not be
wanting. 1 goior tne -oouniry, wnoever
rules it -I go for the Country, best loved
when worst governed-and it will afford me
far more gratification to assist in repairing
its wrongs, than to triumph over those who
inflict them.
With respect and regard.-yours,
Hon. J. Q. Adams, Washington, D. C.
Indian Eloquence The lait wnMa of
Pushmataha, the1 Choctaw chief, whn rlinrl
at Washington, in the year 1824"! shall
aio, out you yvm return brethren. As you
go along the paths you will seethe flowers,
and hear the birds; but Pushmataha will se
then) and hear them no more; When you
come to your homo, they will ask you,
"whete is Pushmataha?" and vou will sav
to thetn, "he is no mora.' , They will heat
ilio UUUIKC, IIKC inHnnnir nr l,Hff ,irT" .(f'nfi
WHO the provisions OJ tnis nci, are ncrwuy,
ven supposing mee iranwerg nt ail ne-
aosirution oi ineir s

xml | txt