OCR Interpretation

Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, April 05, 1838, Image 1

Image and text provided by Maine State Library

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn82014358/1838-04-05/ed-1/seq-1/

What is OCR?

Thumbnail for

- rig-n1'' V V1 />■ *r ——
as published .every Thursday morning,
Terms.—Two dollars if paid within six months
or $ 2 50 if delayed until after the year expires.
No paper discontinued until all arrearages are paid
•xeeptat the option of the publisher.
AH communications to insure attention, must be
directed to the editor, pottage paid.
|C3»The editor will be responsible for errors in
advertising. in no instance, beyond the amount
•barged for insertion.
of Penn.; to live there. He was a poor
man, and had a large family. There was
no schools there during tho week,or on the
Sabbath, and no churches. So the poor
man used to keep his family at home on
the Sabbath, and teach them from God’g
word,—for he was a very good man.* In
the year 1754 a dreadful war broke out in
Canada between the French and English.
The Indians joined the French and used to
go (o t'cnn., burn houses, murder the peo
ple, and carry off every thing they wanted.
The man and his oldest boy, and two little
girls named Barbara and Regina were at
home, while the wife and one of the boys
were gone to carry some grain to the mill, I
a few miles off. The Indians at once kill- j
ed the man and his son, and took the two |
little girls, one aged ten and the other nine,
anil carried them away, along with a great
many other weeping children whom ,ihey 1
had taken after murdering their parents. It
was never known what became ofBarbara, 1
the oldest girl; hot Regina, with another
little girl of two years old, whom Regina
had never eeen before, were given to an old
Indian woman who was very cru»l. Her
only son lived with Her, and supported lmr;
but he was sometimes gone for several
-weeks, and then the old woman used to
■end the litle girls to gather roots and herhs
in the woods, for tho old woman to eat;,
end when they did not get enough, wire
used to beat them cruelly. Regina never
forgot her good father and mother, and. the
little girl always kept close to her. She
taught the little girl to kneel down under
tho trees and pray to the Lord Jesus, and
say over with her all the hymns which the !
in mis suie or
t'arenii naa inugm ncr.- - .
slavery there children lived for nine long
rears, till Regina was about nineteen, and
her little friend eleven years old. Their
hearts all this time seemed to wish for that
which is good. They used to repeat not
Only the texts of scripture which Regina
would remember, but there was one favor
ite hymn which they often said over. In
17*4 ths kindness of God brought the Eng
lish Col. Bouquet to the place where they
were. He conquered the Indians and made
them ask for peace. He granted it on con
dition that all tho white prisoners should be
given to him. More Than four hundred
were brought to the Col.; and among them
fW» two girls. They were all poor,
vrMnd looking objects.
The Colonel called them to a town called
Carlisle in Penn., and had it printed in all
the newspapers, that all parents who had
lost children by the Indians, might come
and see if they were among the 400 poor
captires. 'Poor Regina’s sorrowing moth
er—a poor widow, among others went to
Carlisle to see if she could find her child
ren! But when she got there she did "not,
nor could not know Regina. She had
grown up, and looked, and dressed, and
•poke like the Indians. The mother went
up and down among the captives weeping,
but could not find her child. She stood
waepjng and gazing, when Coi. Bouquet
name up and eaid, “do you recollect frothing
by which your child, might be discover’d?’’
She eaid, the recollected nothing but a
by nan which she used to sing to her child
fen tad which ia os follows.
. “Mono, yet not alone am I, „
Though in this solitude so drear}
I feel my Saviour always oigh,
Be comaa the weary hour to cheer,
I am with him and him With mo,—
E’en her* alone 1 cannot be I’
The Col. desired her to sing the hymn
as she used to do. Scarcely had the poor
mother sung two lines of it when Regina
rushed from th? crowd, began to sing it al
so, and threw! herself into her mothers
arms. They both wept for joy, and the
Col. gnye the daughter up to her Mother,
but the o(her little girl had no Parents, they
had probably been murdered. She clung
to Regina, and would not let her go—she
was taken home with them. Regina began
to ask after'‘the Book in which God speaks
to us” and it was found that Regina could
read it at once.
Establishing a deliberate design on the part
of the late and present Executive of
the United States, to
commencing with the Bank of the United
States, and terminating with the State
Banks, and to
control op the Executive ; and in
Reply to the
HOUN, of South Carolina, supporting
that Treasury Bank,
Delivered in the Senate of the U. States,
Feb. 19, 1838.
It was deemed necessary.no doubt, to vest
in the Secretary of the Treasury this vast
and alarming discretionary power. A new
and immense Government bank is about to
be erected. How it would work in all its
parts could not be anticipated with cc.taiit
ty; and it was thought proper, therefore,
to bestow n discretion commensurate with
its novelty and complexity, nrid adapted to
any exigencies which rnicht mi.*e. The
lOtli section of the bill is that in which the
power to create a bank is more particularly
conferred. It is abort and I will read it to
the Senate
“Sec. 10. Anil be it further enacted,
That it shall be lawful for the Secretary ol
the Treasuty to transfer the moneys in the
hands of any depository hereby constituted,
to the Treasury of the United States; to
the mint at Philadelphia; to the Branch
Mint at New Orleans; or to the offices of
cither of the receivers general of public
moneys, by this act directed to be appoint
ed; to be there safely kept, according to
the provisions of this act; and also to trans
fer money in the hands of any one deposito
ry constituted by the same at his discre
tion, and ns the safety of the public mon
eys, and the convenience of the public ser
vice, shall seem to him require. FAnd toy
tho purpose of payments on the public ac
couut, it shall be lawful for the said Sec
retary lo draco upon any of the said deposita
ries, as he may think most conducive to the
public interests, or to the convenience of
the public creditors, or both.”
It will be seen that it grants a power,
perfectly undefined, to the Secretary of the
Treasury, to shift and transfei, the public
money, from depositary to depositary as he
pleases. He is expressly authorized to
transfer moneys in the hands of any one de
positary,constituted by the act, to any oth
er depositary constituted by it, at liis dis
cretion, and the safety of the public mon
eys, and the convenience of the public ser
vice, shall seeni him to require. There
is no specification of any contingency or
contingencies on which lie is to act. All is
lelfeto his discretiop. He is to judge when
the public servire(and more indefiniteterins
could not have been employed) shall seem
to him-to require it. It has been said that
this is nothing more than the customary
power of transfer, exercised by the Treas
ury Department from the origin of the
Government. I deny it; utterly deny it.
It is a totally different power from that
which was exercised by tho cautious Galla
tin, and othei secretaries of the Treasury
—a power by the bye, which on more than
one occasion, had been controverted, and
which is infinitely flnnre questionable than
the power to establish a Bank of the
United States. The transfer was made by
them rarely, in large sums, and were left
to the banks to remit. When payments
were made, they were effected in the notes
of Banks with which the public money was
deposited, or to which it was transferred.
The rates of exchange were regulatfed by
the state of the market, and under the res
ponsibility of the banks. But here is a
power givon to transfer the public moneys
without limit, as to the sum, place, or time,
leaving every thing to the discretion of the j
Secretary of the Treasury, the receivers
general, and other depositaries. What a
scope is allowed in the fixation of the rates
of exchange, whether of premium or dis
count, to regulate the whole domestic ex-,
changes of the country, to exercise favorit-1
ism? These former transactions were not
made for disbursement, but preparatory to ‘
disbursement; and when disbursed, it was1
generally in bank notes. The transfers of
this bill are immediate payments, and pay-!
ments made notin bank notes but in specie, j
The last paragraph in the section pro
vides that for the purpose of payments on
the public account, it shall be lawful for
the.Secrelary ta drauf-stpnnany of llicsaiil
depositaries, as he may think most conducive
to the public interest, or to the convenience
of the public creditors, or both It will be
seen that no limit whatever is imposed up
on the amount or form of the draft, or as
to the depositary upon which it is drawn, :
He is made the exclusive judge of what is I
“most conducive to the public interests.’’,
Now, let us pause a moment, and trace the
operation of the powers thus vested. The ,
Government has a revenue of from twenty
to thirty millions. The Secretary may ■
draw it to any one or more points, as he
pleases. More than a moiety of the reve- j
nue arising from customs is receivable at the ,
port of New York, to which point the Sec
retary may draw all portions of it, it he |
think it conducive to the public interest.
A man has to receive, under an appropria
tion law, $10,000 and applies to Mr Secre
tary for payment. Where will you receive
it? he is asked. On New York. How?
In drafts from $5 to $000. Mr Secretary
will give him these drafts accordingly,upon
bank note paper, impressed like and simu
lating bank notes, having all suitable em
blazonry, signed by my friend the Treasu
rer, (whose excellent practical sense, and
solid and sound judgment, if he had been
at the head of the Treasury, instead of Mr
Levi Woodbury, when 'the suspension of
specie payments took place, would have
relieved or mitigated the pecuniary embar
rassments of the Government and the peo
ple,) countersigned by tlm Comptroller,
| and filled up in the usual way of bank
notes. Hero is one of them, said Mr
Clav. [Here he held up, to the gaze ol
the Senate, a Treasury note, having all the
appearance of a bank note, colored, engra
ved, and executed llftw awr-nthcr bank note,
for $50. This continued MrT?LTv~»*-«
Government post note, put into circulation,
( paid out as money, and prepared and sent
1 forth, gradually to accustom the people of
| this country to Government poper.
| I have supposed $10,000 to be received
in the mode stated by a person entitled to
receive it under an appropriation law.
Now. let us suppose what he will do with
it. Anywhere to the South or We6t it will
command a premium of from two to five per
cent. Nowhere in the United States will
it be under par. Do you suppose that the
bolder of these drafts would be fool enough
to convert them into specie, to be carried
out and transported at his risk? Do you
think that he would not preier mat ms
money should be in the responsible custo
dy of the Government, rnther than in his
own insecure keeping? Do you think he
will deny to himself the opportunity of re
alizing the premium of which he may be
perfectly sure? The greatest want of the
country is a medium of general circula
tion, and of uniform value everywhere.
That, especially, is our want in the west
ern and interior States. Now here is ex
actly such a medium ; and supposing the
Government bank to be honestly and faith
fully administered, it will, during such an
administration, be the best convertible pa
per money in the world, for two reasons:
The first is, that every dollar of paper out
will be the representative of a dollar of
specie in the hands of the receivers gener
al or other depositaries; and, secondly, if
the receivers general should embezzle the
public money, the responsibility of the
Government to pay the drafts issued upon
the basis of that money would remain un
impaired. The paper, therefore, would be
as far superior to the paper of any private
corporation ns the ability and resources of
the Government of the United States are
superior to those of such corporations.
The banking capacity may be divided
into three faculties; deposites, discount of
bills of exchange, and promissary notes, or
either, nnd circulation,—This Government
bank would combine them all, except that
it will not discount private notes, nor re
ceive private deposites. In payments for
the public lands, indeed, individuals
are allowed to make deposites, and to
receive certificates of their amount. To
guard against their negociability, a clause
has been'introduced to render them unas
signable. But how will it be possible to
maintain such an inconvenient restriction,
iii a country where every description of
paper importing an obligation to pay money
on deliver propeity is assignable, at law or
in equity, from the coinnuh-cial nature and
trading character of our people?
Of all the faculties which l have stated
of a bank, that which creates a circulation
is the most important to the community at
large.* It js that in which thousands may
be interested, who never obtained a dis
count, or made a deposite with, a bank.
Whatever a Government agrees to receive
in payment of the public dues as a medium
of circulation, is money, current money,
no matter what its form may be, Treasury
notes, drafts at Washington, by the Treas
urer, on the receceiver general at N.York,,
or, to use the language employed in various;
parts of this bill, “such notes, bills, or pa
per, issued under the authority of the Uni
ted States. These various provisions were
probably., inserted not only to cover the
case of Treasury notes, but that of these
drafts in due season. But if there were no'
express provision of the law, that these
drafts should be receivable in payment of
public dues, they would, necessarily, be so
employed, from their own intrinsic value.
The want of the community of# general
circulntionjof uniform value everywhere in
the United States would occasion vast
amounts of the species of drafts whiqji I
have described to remain in citiulalion.
The jipproprialions this year will ^probably
fall not much short of thirty miHions. Thir
ty millions of Treasury drafts on receivers
ui c»ci jr uuu
amount, may be issued by the Secretary of
the Treasury. What amount would re
main in circulation cannot be determined a
priori, I suppose not less than 10 or 15
millions; at the end of another year, some
10 or 15 millions more; they would fill all
the channels of circulation. The war be
tween the Government and State Banks
continuing, and this mammoth government
bank being the market, constantly demand
ing specie for its varied and ramified ope
rations, confidence would be lost in the
notes of the local banks, their notes would
gradually cease to circulate, and the banks
themselves would be crippled a#d broken.
The paper of the government bank would
ultimately fill the vacuum, as it would in
stantly occupy the place of the notes of the
late Bank of the United States.
I nm aware, Mr President, ^hat bjrttih
25th section of the bill in order to disguise
the purpose of the vast machinery which
we are about constructing, it is provided
that it shall .be the duly of the Secretary ol
the Treasury to issue and publish regula
tions to enforce the speedy presentation ol
all government drafts for payments at the
-*>«<, -»hat a
place whertPfTryiiBlH, ft-c. - _
tremendous power is here vested in-ffi?
Secretary! He is to describe rules and
regulations to enforce the speedy presenta
tion of all Government drafts for payment
at the place where payable. The speedy
presentation ! in the case I have supposed,
a man lias his $10,000 in drafts on the re
ceiver general at New York. The Secre
tary is empowered to enact regulations re
quiring him speedily to present them, and if
he do not, the Secretary may order them to
be paid at St Louis.' At New York they
may be worth a premium of five per cent.;
on St Louis they may be liable to a dis
count of five per cent. Now,in afreeGovern
ment, who would ever think of subjecting
the property or money of a citizen to the
•t nmi'or
Qoo rot n »*
of tlie Treasury ? What opportunity does
it not afford to reward a partisan, or punish
an opponent. It will be impossible to
maintain such an odious and useless restric
tion for any length of time. Why should
the debtor (as the Government would be in
the case of such drafts as I have supposed)
require his creditor (as the holder of the
draft would be) to apply within a prescribed
time for his payment? - No, sir; the sys
tem would control you; you could not so
control the system. Rut if such a ridicu
lous restriction could be continued, the
drafts would, nevertheless, whilst they
were out, be the time be long or short, per
form the office of circulation and money.
Let us trace a little further the operation
of this Government bank, and follow it out
to its Anal explosion. I have supposed the
appropriation of some thirty millions of
dollars annually by the Government, to be
disbursed in the form of drafts, issued at
Washington by the Treasury Department,
upon the depositaries. Of that amount,
some ten or fifteen millions wonld remain,
the first year, in circulation; at the end of
another year, a similar amount would con
tinue in circulation j and so. op, from year
to year, until at the end of n series of some
five or six years, there would be in circu
lation, to supply 'the indispensable wonts
of commerce and of a general medi
um of uniform value not less than some
sixty or eighty millions of drafts issued by
the Government. These drafts would he
generally upon the receiver general at New
York, because, on that paint, they would
be preferred over nil others, as they would
command a premium,or be at par, through
out the whole extent of the United,States;
and we hnvo seen that the Secretary of the
Treasury is invested with ample authority
to concentrate at that point the whqle-fev
^enne of the United States. - ■«*
All experience has demonstrated t
banking operations * much larger
of paper can be keptont in circuiatio
the specie which it is necessary
in the vaults to meet it when pr
payment. The proportions wh'
experience has ascertained
safe are one of specie to threa
therefore, the Executive had i
of dollars accumulated at the port
York, in the hand of the teceiver
represented by sixty millions of
drafts in circulation, it would I
that twenty of that sixty millions
sufficient to retain to meet any
drafts which in ordinary times,
pri"=e«|*tl for payment. There
remaimiorty millions in the vaults,
unproductive, and of which no practi
use could be made. Well: eg
tion is at hand in the State of, Ji
the result of which will seal tne fate
existing administration. If the
often millions ofthetdnrmantv;
save, at some future day, a corrupt
tive from overthrow, ean it be
that the ten millions would be.,-"
preserve it in power? Again: let. i
pose some great exigency to arise, a
of war, creating severe
sure and embarrassment, 1
issue of paper,Fotifidea upen ana exc<
the specie in the vaults, in some such
portions as experience' hacj- demonstr
might be safely emitted, be outho '
Finally, the whole amount of specie
be exhausted,and then as it is easier to en
grave and issue bank notes than te pe
the unpopular cilice of imposing taxes
burdens, the discovery would, be made t
the credit of the Government was a
cient basis whereupon to make emu
of paper money, to be redeemed!
peace and prosperity returned,
should have the daya of- continental
ey and of assignants re.sjpred!
should have the Government paper
which the Senator from South Can
[Mr Calhoun] considers the iptgft pe
of all currency 1 ,
Meantime and during the progr
tins vast Goverment^machine, the
banks would be all prostrated Wenkii
well as it may, if honestly administei
the first period of its existenijp, it.
utterly impossible for them tarmsinlaityh*
competition. ^They couldWot* ■
unequal _
maintain it, even if the Governmetthwe:
actuated bv no unfriendly feelings wars
them. But when we know the spirit whi
ntriwMUe^ the present Executive towai
them, whcfthNi doyibt that they, must fall
the unequal contest? Tbeir issues will bn
discredited and discountenaneedl and that
system of bankruptcy which the President
would even now put into operation against
them, will in the sequel, be pawed and
enforced without difficulty.
Assumin': the downfall of the local banka,
the inevitable consequence of the opera*
tions of this greet Government baok 5 as* '
suming, as I have ahowi would be tha
case that the Government would monopo
lize the paper issues of the country, and
obtain the possession of a great portion of
the specie of the country, we should then
behold n combined and concentrated mon
eyed power equal to that of all the existing
banks of the United States, with that of the
late Bank of the United States superadded.
This tremendous power worrld be wield
ed by the Secretary oftb* Treasury, act
ing tinder the immediate commands of the
president of the United States, f Here
would be a perfect union of the sword and
the purse; here would be noiinag'
but an actual, visible, tangible, eon
tion of the moneyed power. Who oir
could withstand it? The Staley t!
selves would become suppliants at the feet
of the Executive for a portion of those
paper emission*^ of (he power to issue
which they bad bpen stripped, and which
he now exclusively possessed.
Mr President, my observation and expo
rience have satisfied me that the safety of
liberty and prosperity consists in the divie-'
ion of power, whether political or pecuniae •,
ry. In our federal system, our security is
to be found in that happy distribution «* *■
power which exists between tha
Government and the State Govern
In our monetary system, as it lately
ed, its excellence resulted from that be
tiful arrangement', by w^irdt the States had
their institutions for local pttrp
General Government its
the more general pur.
There existed the greatest <
tw#en all the parts <
tom. All wss homqg
no separation of
from .the State* oi
was no atfeti
people, lW« differ
value. And hnW n<
system, during the
ence, move and Work !
fortunate occasions
hourijukkfy did tha

xml | txt