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Washington telegraph. [volume] (Washington, Ark.) 1839-1871, September 06, 1843, Image 1

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JAS. P. JETT, Editor.
VOL. 4.
From the Whig Hanner.
NATIONAL BANK.
No. 4.
NECESSITY* FOR A BANK.
This we propose Io establish by reference
to the cotuparativc state of the country
during the operation and the absence ot a
National Bank.
The state of things at the time the Fed
eral Constitution was adopted, has already
been noticed. The fact that the finances
of the country continued "to labor under
extreme embarrassment, J up to the year
1791, together with the conviction upon the
min Is of many of the sages of the Rovolu
• iliai it was essential as au auxiliary ol
the Government, induced the eslab tshnienl
of the first Bank ol lhe United States.—
Fiom that period till 1811), we read of no
complaints of embarrassments in conducting
the business of the Treasury—no outcry
agamst the •• vils of a depreciated paper cur
rency—no clamor for gold and silver,—
The National Bank conducted its own a Haire
with prudence,and transferred and disbursed
the revenues of the Government with strict
fidelity. Tne State Banks were kept sound,
and their notes redeemed with specie.—
I'hruu di all the excitement of the political
siruegle of 1800, between lhe Federal and
Jeffersonian parties, and during lhe first and
most critical stages of tne embargo and non
iutercouise acts, the National Bink pre
served its credit and integrity, conserving
at the same time the interests of the lo
cal Binks aud securing the confidence of
both the political parties that div.dcd the
country.
From ISII to ISII, in the absence of ibe
National Bank, the cv.ls of a depreciated
paper currency.growing out of the rapid and
unreasonable increase of 8 a;e Bink*, were
superadded to the horrors of war. For five
and a half millions United States Bank notes
withdrawn from circulation, twenty two mil
lions local Bank paper was substituted. For
ten millions *>f National capital, twenty m I-
J.one local capital. For a sound and uniform
currency, the general suspension of specie
pxymerits m the lad of 1814, with the inevi
table concomitant of innumerable individual
failures.
So deeply impressed in 18! 4 was the late
Felix Grundv.then a IL- preventative in Con
gress from Tennessee, of lhe necessity for
lhe re-establishmeui ot a National Bank,that
he brought forward and urged with pertina
city, a bill to charter a Bank of the United
States. We un)e a brief extract from the
debates:
“1 (said Mr. G.) have no secret on tins
subject: I wish to see a Bmc csf tbiited as
a V itional object, let who will be in power:
as a general measure 1 wish tu see it adopted.
l.ook al the situation of our country—and 1
say the gentleman should forget bis home,
and not leave his country in per I. You
have authorized a loan for tweuty-five mil
lions, and have provided for the expenditure
of so much money. Where is the money t
Some well informed men say there will be
no difficulty in obtaining it; others, as well
informed, say that lhe attempt to obtain it
may not be successful. I hope that gentle
men of lhe former description are correct.
1 know not what the prospect is: but one
thing Ido know--1 Would run no hazard on
this point; and for one, though 1 have as
much anxiety to be at Lome as any one, 1
am willing to sit a few days lunger to see
how it will be. The genllein.n fiom 5 ir
ginia. no doubt, fell the same anxiety tor the
public service, and Mr. G. said, il bis ci-n
--stitutional scruples were so great that be
could not vote for this measure, in case the
nione. should not be conveniently obtained,
it might be necessary to resort to some other.
For general consideration Mr G.sairl Ac ha I
always been in favor of a measure of this
sort; and he entertained no constitutional
scruples about it. In point of time, he
thought the present situation of the country
afforded a cogent argument in favur of the
measure.”
A National Bank was restored in 181(5.
In 1817 it went into operation under all the
disadvantages growing out ot an mfl ited and
non-specie paying currency.to remedy which
was the work of several years. And here
we may remark, that in the event of the re
establishment of a National Bank in 1815,
■which we look to as the certain result of Mr.
Clav’s election to the Presidency, th.s diffi
culty will not stand in the way of its prompt
and healthy action on the trade and business
of the country. The State Banks though
still laboring under the effects of lhe last re
vulsion, ami daily subject to panic and pres
sure from lhe want of a National regulator,
are for the most part redeeming their issues
in specie. They may be able to sustain
• hemselvcs,without,however, alleviating the
hardness of the times,or realizing profit fiom
their business, until a National institution is
brought to the relief of the country. If so,
and there is no intermediate revulsion, a
National Bank, in the event of Mr. Clay's
election in 1844, will go into operation
under the most favorable auspices, prepared
at once to relieve the Treasury of its em
barrassments and the people of the evils
of an ill regulated trade and a precarious
currency.
The state of the country from 1820 to
' 1832, is familiar to most of our readers. A
National Debt of 120 millions was paid off.
Agriculture, manufactures and commerce
flourished. Trade was regulated by the
gradually increasing wants of the country
and the currency restricted to the necessities
of trade. Like the first golden era, through
which the country m a financial point of
view, passed from 1791 to 1810, thia period
v,a3 comparatively free Item embarrassment
WASHINGTON, ARK., SEPTEMBER 6, 1843.
—loci! causes only intervening to defeat a
general pros|>enty in all the States of the
Union—we heard nothing of the suspension
of specie payments—nothing of universal
distress and baikruptcy—noihing of repu
diation. The receipts and disbursements
of the Treasury were conducted without
difficulty, through the agency of a Bank of
the Üblted Stav-s —the Expenditures of the
Government so r ar from exceeding its reve
nues, left ten mil.ons annually to be applied
to the Public Debt. Two hundred and
thirty millions us the public monies were
transferred by the Bank without loss nr risk
—the Bank unl-ke tbe Sub-Treasury yieid-I
mg a dividend of'i.ilf a million annually to
the Treasury on lit Government stock, in
stead of the Treasury incunwig a heavy
expenditure for the transfer and tisnsporta
tion of the public money—the entire ex
- changes of the country, (except in the
States prohibiting the establishment nf
branches of the Bank of the United States,'
were effected at an average Cost not exceed
ing half per cent.
We come now <o the second attempt Io
do without a National Bink, in consider
ing the condition of the coun ry since 1833,
1 we deem it unnecessary to take a wider
range at present. all the even’s being of re
cen- date, than ihe States of TENNESSEE
and ALABAMA. Our own affairs are
most familiar to us—the facts which they
i involve will be less liable to doubt or denial
| —while lhe trade of our Southern and
Eistern counties is so interwoven with the
trade of Alabama and so dependent upon
i tbe credit and value of ALABAMA MON
EY, that for the sake of convenience we
prefer to draw our illustrations from these
sources.
BANK DEBT AND CIRCULATION
OF TENNESSEE.
A Btanch of the United Stair s Batik, for
ten years prohibited bv a statute of the
Stale, was introduced into i'enuec-r st
the consent of the Legislature, and located
at *N rshville, in August, 1827. At that
time the local Bn.ks, with the exception of
lhe Bank of Yeatman, Woods A: C<« . were
to alt practical pur|M>s>'s, in a slate of liqui
dation. They hid, after long discussion,
attempted specie payments in 1827, and one
of tbe principal banks, the Nashrillr Hauk,
failed in 6U or 70 days. This pu' the other
Banks on strict guard, and they gladly
availed themselves of the introduction of
the National Branch to make good their re
treat. The old Slate Bink at Knoxville
(o! which Judge White was the President,)
immediately wound up ns Nashville B-anch.
selling the Banking House to the Bank of
the United Stares, in 1829 the new Slate
Bank has put in liquidation by the Legisla
ture.
Here then we find the State, practically,
with only one incur;>orated institution, and
that a Branch of th National Bank, and one
private Banking house.a concern by ihe wav
that made and realized infinitely more profit
at less risk during ibe five years that the
Branch Bank remand unmolested at N tsh
ville, t‘*an they did with all tbe supposed ad
vantages of an unrestricted circulation from
1833 to 1837. And th s fur the very plain
reason, that every branch of business was
more to be relied on. Credit was safe, but
not too cheap. Punctuality was observed.
Our home manufacture of Iron, in which
Messrs. Yeatman,Wood* JcCo.,were deeply
inlereslcn, tl mrisbed.
The capital of the Branch was nominally
§1,000,000. With this,'ill reasonable loan*
were granted to every class of the community:
not in large sums to commission houses,
except in the way of transferring the crop
of the country, and then not to the exclu
sion of small dealers. The humblest man
lin the ccuutry, with industry, and good
character, and friends, as endorsers, could
obtain bis hundred or five hundred dollars,
and that in money current from one end of
the continent to lhe other, and to be repaid
m small instalments to suit tho nature of his
business. The annual crop of the planter
was realized in good money without cost ol
exchange, utiles* anticipated, when a charge
of half or one per cent, and interest was
made on his b-ll on the South or Last.—
The horse and hog traders of East Tennes
see and along our Southern border, could
drive their stock to Alabama or Georgia,
and realizing regular and substantial profits,
return with United Stales Bank notes —
Central money at 25 per cent discount, or
Alabama money at 15, 20, 30 or 40 dis
count, a* tbe case may be. were then un
known to our people. What little Alabama
money there was in circulation in that Stale
remained at home, and was redeemable in
specie.
This state of things continued five years.
In July 1832, President Jackson vetoed lhe
U. S. Bank, and four months thereafter, tbe
Leg slatnre ot Tennessee chartered tbe
Union Bank of Tennessee to take tbe place
of the Branch Bank. On the Ist August
1832, five years after its establishment, and
when tbe veto of the President rendered it
necessary that tbe Branch should prepare fur
liquidation, the
Loans and discount* at Nashvihe
were §2,014,936
Bills of Exchange running to
maturity 748,
Debt due the Bank U. 8. at
Nashville §2, 7 (53,511
Outstan ling < irculaliun of this
Branch
Difference between debt and
circulation to pay with §725,166
Assuming that the bills of exchange held by
the Bank were met at tbe points on which
Ofll KIGHTS INTKLLIGEXCE ».V» VIRTVE WILL PRESERVE THEM.
they were drawn, the Hranch had an out
standing circulation more than equal (by
§ 13,389,) to the payment of the d bt due
from the people oj Tennessee for Loans and
Discounts. Tire notes ot this Branch
which bad found their way out of tbe Slate,
it may be safely assumed, did not exceed in
amount, the notes of oilier Branches, New
Orleans, Mobile, in circulation in the
State.
We turn now to the local Banks of Ten
nessee, chartered as substitutes for the
Branch of the United Slates. And first as tu
Capital Stock.
1332, Union Bank, §2,500.000
1833, Planters’ Bank, 2,000,000
1833, Memphis Bank, 600.000
1838, Bank of Tennessee, 3,500,000
§8,600,0t«0
Tbe capital of U. S. Branch was 1,000,(4)0
Increase in six years §7,600,000
I Next as to the Hank debt from the Peo
pie, compared with the Circulation of lhe
Banks held itv ihe People of Tennessee, in
1837 and in 1842.
By the reports made to the Treasury De-
I partment by lhe three Stock Banks of Ten
tressee, on Ist January, 1837. tlie-r
Loans and discounts of every
description were §10,960/168
Circulation outstanding 4,272,635
D (Terence against the People §6,687,733
This difference was increased by the rapid
contraction ot the currency, which in nine
months was equal to more than hall lhe
whole circulating medium on the LslJauuary
■>r §2,2ls,tMM),wmle the Bank debt decreas
ed only §504,035.
By the official reports made by the Banks
u ue I. g slalure on tbe Ist Oc'obcr, 1837,
five mm. It* after tbe revuls on, their
II .-.a i, a d discounts were §8,456,333
' B i * < f Exchange 1,999,718
Total debt,lst October,! 837, §10,156,051
Outstanding circulation 2,056,975
Difference against the people, §B/199,076
Wnh lb.a statement before us, is it sur
prising that the Legislature of 1837-8
should feel called upon to leg-slate for the
relief of the peoples With a circulating
med urn barely equal to that of 1832, and a
Hank dbt fivefold greater, amounting to
TEN MILLIONS, FOUR HUNDRED
AND FIFTY-SIX THOUSAND DOL
LARS'.
The measure of relief devised, was a fur
ther extension of the State Bank system by
the establishment of the Bank of'Tennessee,
and the negotiation of a S.ate loan ol one
mill rm, as part of its capital. The result to
ail appearances w is the transfer of part of
the debt due tire Stock Banks to lt.e B -n't ot
Tennessee, but no diminution of the aggre
gate Bink debt of the People, except by the
transfer of Real Estate— and a reduced cir
culation. Here is an estimate ol tbe Bank
Debt and Circulation on the Ist October,
1842, five years after the date of tbe fore
going Statements, complied tn part from the
official reports of tbe Banks,and in part from
information known to be substantially cor
rect :
Loans and D scounts.
State B.uk 2,213,746
Stock du 3,531.591
Suspended Debt, (in suit,)
Slate Biuk 611,873
Stock du 2,031,411
B.lls of Exchange,
State Bank 344,198
Stock du 838,856
Total debt Ist Oct., 1812, §9,562,011
Outstanding Circulation,
Stale Bank 670.496
Stuck do 7t>5,850
Diffci encc against the People, 8,129,(565
Real estate surrendered to lhe
B\* since Ist Oct., 1837, 90(1,585*
'The reduction of the debt, since 1837, it
will be seen, wae §891,040; the Real Estate
taken in payment, §900,585, so that not
one dollar of Cash was paid ou the princi
ple of the debt.
Is7i«z elo these figures prove?
1. That the People of Tennessee, with
a Bank circulation in 1832 equal io value
to gold and silver from one extreme - f the
country to the other, amounting to two mil
lions of dollars, owed tu tbe Bank of the
United States for loans and discounts pay
able at Nashville two millions of dollars, and
on bills of Exchange payable out ot the
Slate, seven hundred and fifty thousand
dollars.
2. That the Bank of the United States
being vetoed, the Branch in 'Tennessee was
compelled to wind up, and that the Legis
lature successively chartered three local
institutions to lake its plac«, which in five
years, involved the People in a debt of ten
• nil a half millions, were forced themselves
:■ suspend specie payments, and aft r re
■iir g 'heir circulation to tiro and a quar-
ter millions in the brief [teriod of nine
. m. nths, left the People only two millions of
j * From tliestaiemenisorUnionand Plan
ters' Banks to the Legislature, October 1,
. 18 41. and the statement of the Memphis
Bank, July 1, 18-12. The Union and Plan
. tern’ Banks reduced their Real Estate in
18-12 by re-selling a portion of it for their
own stock.
Rank notes to pay ten and a half mil’ions
of dabt!
3. That tbe creation of the Bank ofTen
nessce has not diminished this enormous
burthen. ’The people owe neatly the same
amount of bank debt, and have infinitely
less to pay it with.
4. "1 hit since 1837 they have been strug
gling to relieve themselves by dint of indus
try, ecoaomy arid untiring management, out
all to little or no purpose. In the language
that applied to tho period that immediately
succeeded tbe ri-voluiiun— the pressure has
bccncrlrcmc and l tt imi'igaltd—
pioprtty has fallen, in many ir - - nees, one
half. u«.:wo thirds in v.tl .e,wi.the credi
tors' lu-lo lema’ns Intestine. The result
of the cffotti of u,« debtor class of the com
munity is told in tu. follow ng:
Five tears interest oa> : n mil
lion< of Bank debt,* §3,000,000
Real E late surrendered w-
w»rds payment of principal, 900.585
L-avmg NINE MILLIONS AND A
HALF UNPAID, of which, TWO MIL
LIONS an in suit. Could more bavc 'ueen
paid considering the embarrassment of Up
times, or can the balance ever be paid with
out • material change of timea,sucA a chungr
as was wrought by the first Dank of the
Stuh s in 1791, and the st rood Hank
in 1816? We leave tbe reader tu bit own
conclusion.
SUDDEN CHANGES IN THE CUR
RENCY—INFLATION AND CON
TRACTION.
*lbe Tennessee Banks furnish scarcely a
fair illustration of Ibe sudden uillilioii and
contrattiun of the currency since tho veto
of lite Bank of lhe United* Slates. With
uiai.y e.-rors in their past policy, they have. I
wtuii Compared with their Southwestern
neighbors, been more prudently managed.
Bu we do not desire a more forcible exam
ple thau their periodical statements afford.
Assuming two millions as the standard
circulation required toperfurin the ordinary
burim ssof the State, we find that the circu
lation of'the Branch Bank United States at
Nashville, Aug. Ist, 1832, was §2,038,375.
The circulation of the Brancti would
gradually expand in the fall and winter, as
money was required to transfer the crop of
the country toNcw Orleans,and as gradual
ly contract froli the demand fur Exchange
in the spiingand summer tu pay fur goods
bought m Sew ) ork and Philadelphia.—
Thus the c-rculalion in
August, 1831, was §1.993,700
No-ember, 1831, 2.381,850
Jaiaiary, 1832, 2,522,110
Ma;, 1832, 2.157J560
August, 1832, 2,038,375
At >o period during the ex stcnce of the
Branci du we find a> lap d ur unnatural ex
pansnn or contraction of (lie circulation.
The Liranch commenced operations :n Au
gust, i>27, with a capital of one million.
Its circulation wasgiadually increased with
its luais and discounts, and so perfect and
hann-siiocs was the admirable system of ex- '
cbaagrs of the mother Bank, that ih’otigh '
themed um ol tins single Brunch the whole
export! of the State were annually trans- '
(erred and real zed al the South, and its
whole imports paid fur at the North, al an
average cost of i>ne half of one per cent.
And Itat.'oo, without disturbing the healthy
actum of the circulating medium of the
country. Two or three miliums of ex
change >-n the South was annually bought
and :li« sime or about lhe same amount
•old on the North, wniiout affi-clitig the cir
cular • of lhe Bianch to the extent of more
than five or six hundred thousand dollars,
either * ay, or depriving any portion or class
of the community of its due participation in
tbe loansand discounts of the Bank.
Let us now turn to the inflation ami con
traction of lhe local currency substituted
for the notes of the Bank of the United
States in 1833. It amounted in
January. 1 Will, to * § 1,520,880
January, 183->, .4,189,220
January, 183:5, 4,205,508
Januaiy, 1837, 4,272,635
October, 1837, 2,0.16955
January, 1838. 2.621,185
January, 1839, 2/507.8.10
Oclolwr, 1839, 2.210,788
October, 1841, 3,311,178
October, 1842, 1,442,346
At the rcsjiectivc dales of the highest and
lowest points of circulation, the Banks were
paying specie : they were also paying specie
in Octolier, 1839. They exploded (as well
they might with such an excess of stram', in
May, 1827. They gave way a second lime
under a circulation of §2.210,788, and they
could not succc*>fiilly resume in ’l2 with
out reducing the circulation to §1,442/146,
being a reduction of nearly two millions
from the point at which the last Legislature
found il in 1841!
THE EXCHANGES.
The Branch Bank of the United States,
in tl e first five years of its existence, from
1827 to 1832, furnished about ten millions
of Exchange, or an average of two millions
annually, at a coal of one hall *>f one per cl.
Tbe amount furnished without cost by lhe
use of ihe large .Kites of the Bank, (current
in cveiy Stale in the Union) wo have no
means of estimating. 5Ve charge the
Branch, however, with §.>O,(XX) (fifty thou
sand dollars,) paid by the people of Ten
nessee in ten years for northern exchange.
Compare this with the loss sustained in
the conversion of tbe local currency of Pen-
*A: this period tho Union only was in op
eration- A considerable amount of United
States Bank paper was in circulation, bear
ing a premium of 1 or 2 per cent, over Uiiion
Batik notes.
uessee into Exchange since 1832, which
we estimate, without reference to the dis
counts sustained on Tennessee motley out
of the Stale. 5Ve take tbe average rate ol
each year:
1833 §2,000,000 at 1 per ct. §20,000
183 4 2,500.000 at 2 per ct. 50,000
18115 3,000,000 at 2 per ct. 60.C0J
1836 4.000,0tM) at 24 per ct. 100,000
1837 -1,000,000 at 121 per cl* 500,000
1838 2/i00,!)00 at 10 per ct. ‘250,000
1839 2,500,0(K> at 4 per ctj 100,000
1810 3,000,000 at 6 per ct. I*o,ooo
1811 3,000,000 at 8 per ct. 240,000
1812 2,500,000 at 8 per cl { 200,000
0», 000
If this seventeen hundred thousand dol
lars. pa d m lhe way us exchange on our own
money al home, be added the immense loss
by the sudden depreciation (in many instan
ces amounting to one ha If its nominal value,)
of MISSISSIPPI MONEY, which formed
mi inconsiderable portion us our circulating
medium from 1837 till all the banks of that
State went down in 1839-10—the loss on
ALABAMA MONEY, two or three per
cent, in 1837; fire per cent, during tfe re
sumptmn of 1839, and from TEtv to FORTY’
PER CENT, last year—together with the
discount on Tennessee money retained
from the interior of lhe State, fur tbe want
of exchange to New York and Philadelphia,
(at one time TWENTY-FIV E PER CEN T.
discount in Philadelphia during the rpring
us IS 12,) and the g rand total wan'd ndfall
short of FOUR MILLIONS OF DOL
LARS, a loss by exchange and deprecia
tion, principally within the hut fire fears,
EIGH I'Y FOLD greater than the. entire
exchange paid to the liranch Sank sf the
Unit) d Stales during the same numier of
yrars.
ALABAMA MONEY.
We take no note of tbe depreciation of
Alabama money until the spring of 1812.
Owing to the high rates ol exchange here,
and the facilities for converting A'abama
money at Mobile and the north dur-ng the
cotton season, it ranged within 2 o." 3 per
cent of our own money, generally ata com
paraiively small discount, it was sometimes
taken and sometimes refused by the Banks
in pavment of debts, and was occasionally,
from the cause just named, at a smill pre
mium In the win'er and spring of 1842,
however, it took a downward course at Mo
bile in the midst of the cotton seasoa. and
such was the rapid and arbitrary nature of
lhe decl lie, that all calculations as to the
probable result were baffit d.
Tbe scale of depreciation and fluctuation
tnay be gathered fiom the following quota
tions from the Mobile Register, a Demo
cratic journal published at the great sea port
of Alabama. These quotationscorn-spoud,
subatanliaby, with the rates of discount on
Alabama money at New York and Philadel
phia, and with Ibe rates at Nashville allow
ing 'he current difference in exchange.
May 20, 1812. “We are again obliged
to advance our figures to keep pace with the
upward course of rales: specie 2 or 3 |>er
cent, higher than our quotations last week.”
Specie quoted at 23 or 25 per cent, pre
mium!
June 3. Specie 28 a 30. Exchangeon
New York 26 a 28. Exchange on New Or
leans (witbio 15 oi 18 hours travel of Mo
bile,) 27 a 28.
-It has b.-en frequently imposs-bl*, (says
lhe R- grater,) to procure funds even in small
quantities, on some poiti’S there is not a
doll il to he had—nothing offering.”
June 10. “Mattersbare been daily grow
ing worse fur the last five or six weeks, * *
I In tbe mouth us November,specie was selling
i at 6 a 7 per cent, premium—io June it is
I worth 30 a 32. ’
July 1. “Gold sold in the first of lhe
; week at -10, has since risen to 43. We
quoted specie last week at 31 o 3(>—it sold
yesterday a' 42 per cent, premium in Ala
bama currency.”
July 18. “Specie reached the maximum
<>n Wedneaday, small sums having sold as
high as 6(5, and large amounts at 61 pre
mium—since when the tendency lias been
down, with a reduced demand, on yesterdaj
58 per cent, was all (!) that could be ob
tained. unless for inconsiderable sums."’
August 1. ‘'Specie 61 a 62. August
' 22, 43 a 45; September 10, 36 a 38; Octo-
I ber 8, 22 a 25; November 5, 15 a 16;
December 5, 124 a 15; January 5, 1813,
15 a 10.
January 23, 1843. “Exchanges are at
sea agam.” Specie 18 a !9.
January *2(5. Exchange— ln th s depart
ment, we have had another week of confu
sion.” Specie 23 a 21.
February 4. Exchange— The market
| opened in the first of the week at 20 a 22
for sterling, 18 for New York sight and 21 a
' 22 for New Orleans and specie—from which
' n continued steadily advancing at tho rale
1 a 2 per cent, a day, until Wednesday
when it jumped up about 5 per cent, and
I
• The rate in 1H37 was 24 per cent, till
J the suspension in May; after that time it
tanged from 14 to 20; Ibe Banks telling 12
months post note* at 8 per cent, premium,
equal to 14 per cent, including interest.
tTlie rate in 1839 was atxrat 24 till the
second suspension in October; after that it
went up to 5 or 6 per cent.
{The rates in 1811 till the Ist June,
ranged from 74 to 17£ |>er cent., the Banks
• iccas oually diawing at sto 13. After
ijnue till tbe resumption in August, post
: notes were drawn at a cost, including in
i lerest, of about 5 per cant. The rate for
I ihe balance of tbe year ranged from 2 to 3
I per cent.
WM. 11. ETTER, Publisher.
NO. 8.
on 'Thursday fully 10 per cent, more; ster
ling lining rated at 40, New York 35 to 40,
and specie 40 |>er cent, premium on cur
rency. A complete panic pervaded lhe
community.”
February 15. Specie, 2o a 22; February
18, 30 (-mother “jump up” of 8 or 10 per
cent, in fire diys;) February 25,25; March
24, 20 a 22; May I, 17 a 18. O
Comment on this state of things is un
necessary.
ODDFELLOWS IN GREA'” BRITAIN.
Ata recent meeting ot the Society ot “Odd
Fellows” in Greenock, Scotland, in aid of the
WKiowa’ and Orphans' Fund, one of lhe mem
ber* nuola at— iiite'eMing eoeecb:—
|-1 ne engirt ot ihe order ol Odd Fellow* is of
very great antiquity- It was first established
by tbe Roman 60 diers tn the camp during the
reign of Nero, in tbe year fifty five* Al that
time they were c-lied -Fello* Citizens.* The
present name was given by Titus Carsar/n tho
year seven y-mne, from the singularity of
their noting and from their knowing each other
by night or by day. and by their fidelity to him
and their country, be not only gave them the
name of Odd Fellows, but at the same time, as
a pledge ot friendship, presented them with a
dispen-ation engraved on a plate ot gold, bear
ing different emblems, such as tbe sun. moon,
star, the larnb, the lion, lhe dove, and other
emblems of morality.
The first account of ’he ord- r being spread
in oth< r countries, is in the fifth century, when
it was established in tbe Spanish dominions,
anu in the sixth century, by King Henry in
Portugal, and in the twelfth century it was
established in France, and afterward* by John
de Neville io England, attended by five knights
from Franco, who formed a Loya) Grand
Lodge in London, which order remained until
the eigbteeu-h century (in the reign of George
rhe Third,) when a part of them began to form
themselves into a union, and a portion of their
remain up to this day. The Lodges which
now remain are very numerous throughout the
world, and call thomselves the Loyal Ancient
l)dd Fe.luws, being a portion of the original
body. The Manchester unity is of more recent
date, although there is no doubt of its emana
ting from the same source. Its first introduc
tion into Manchester was about the year IBlXt,
by a few individuals from the union tn Lzmdon
who formed themselves into a Lodge, and con
tinued in connection with them for some time,
when some difference caused them to declare
themselves Independent. They have kept
their word—lndependent they have been since.
They have progressed in numb»r, in talent
and respectabili'y—and now the fl g of Odd
Fellowship proudly floa's in many a clime, wa
ving over tlie ruins of poverty and sadness.
Tbe genius of Benevolence may be seen poin
ting the way where so-rowe may be solaced,
and poverty ameliorated. Look to tbe increas
ing number io Great Bntcin—theUni’ed States
where it has shod the bl >st of twenty years
and upwards—Holland, Germany,Spain, .New
South Wales. Gibraltar, Malta, m short, from
the burning rays of the Torrid Zone, to the
cheerless sky ot the Frigid Zcne, an odd fel
low may find a brother who lias inspired the
same fraternal principles. I'lie increase du
ring the past year h-s been more than one
hundred per day, (Sundays excepred.) Tbe
aggregate number >* now two hundred and
firty thousand. It has bs-.-n calculated that if
thi* vast bixly were to firm a procession two
and two, and a yard asunder, that tbe line
would extend sixty-soven miles, or Horn Gree
nock to Edinburg, walking at the rate ot three
miles per hour, would require twenty-three
hours to pass from first to last—so that ten
thousand tour hundred and seventy five would
pass before a standard observer per hour—and
among this great and rgteeable multitude,
would be found adm-rals, generals, senators,
niagistratcs.clergymeo and gentlemen of every
ran* and title, and last, tie ugh not least, the
humble and indus-r.ous art zan.
Such a spectacle, seen through medium of
the imagination, will form some famt idea of
tbe nnmber, lhe respectability, the talent of
the Order, and in proof, 1 need only to refer
you to those sroni.d me. The speaker then
gave a lengthened and interesting detail of the
principles and government of the Order, and
advened to the same basis on which it wae
founded, and gave a luminous description of the
waking ol a system in relieving the sick and
the afflicted, and stated that should a brother’*
illness be of such a nature that he linger*
long on a bed of sickness, his aliment is not
reduced, and instanced a case where a bro
ther had b en ill lor five years, had received
the enormous sum ot one hundred and fitiy-one
pounds two shillings and seven pence—(ap
plause)—and that the sum of one hundred and
twenty-two thousand and tour hundred pounds,
was paid by the Order last ,ear for the sick
and distressed. ( This announcement was re
ceived with great cheering.)
Nor do we confine ourselves to oir own
brethren in pirticular. In every town where
Odd Fellowship has raised its head, you will
find donations to some benevolent institutions ;
and at ihe general prucersion of the deaf and
dumb in Manchester, in 1537, fir the benefit
of that ins*itut:on, the Odd Fellows came for
ward with the sum ot four hundred ind six
pounds, eighteen shillings four and a quarter
pence, which caus -d one of the committee to
exclaim : “If contributing to the chanty the
handsome sum of near five hundred pounds
was a symptom ot Odd Fell wa, I can say I
wish there may ba more Odd Fellows in the
world.” (Cheers ) And what will weigh
more in tbe opmiun of lhe public generally is,
that out of twenty thousand applications
tor relief to lhe pair-law guardians of Leeds,
not one was from an Odd Fei.ow. (Tremen
dous applauding.)
Lvtukr4ns.—We perceived a statement
in tho papers, copied from lhe foreign jour
nals, that about thirty thousand old Lu
theran subjects of Prussia, from the borders
of tho Baltic, arc about to come over and
settle in the United Stales. It is a religious
movement: those people preferring tbe good
old orthodox doctrines to the modern phi
losophy of Berlin There are men of
large fortunes among them; old German
noblemen, whose fiedijrees da e back to the
thiifeentli century. 'l'hey w.II make excel
lent Western farmers, and are to settle in
W:scons:u.

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