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The Madisonian. (Washington City [i.e. Washington, D.C.]) 1837-1845, August 16, 1837, Image 1

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A liberal discount made to those who sdvertise by
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VET Subscribers may remit by mail, in bills of solvent
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A liberal discount will be made to companies of five
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Letters and communications intended for the esta
blishment will not be received unless the pottage it
Tut MioisoNUM will be devoted to the support of
the orincinles and doctrine* of the democratic |?rty. as
mSSSSS!M?di?on, and will aim to consummate
4 nrosDcritv of the country, and to the perfection an
dmetuit^of its free institutions. At this tune a aingu
.^rpetuity . crrgcntcd. Tho commercial in
???rv ear is filled wilh predictions of evil and the intir
iX of despondency; the general Kovemment t.
holdlv assailed by a large and respectable portion of the
people, as the direct cauae of their difficult!*; open
^..stance to the laws is publicly encouraged, and a
S ofinsubordination ii fostered, as a ^necessary
defence to the pretended usurpations of the party in
power; some, from whom better thuigs were hoped are
making tho "confusion worse confounded, by ahead
lone pursuit of extreme notions and indefinite phantoms
tntfllv incompatible with a wholesome state of the
country In the midst of all these difficulties and em
barrassments, it is feared that many of the less-firm of
the friends of the administration and supporters of
democratic principles are wavering in their confidence,
and beginning, without ju.t cause, to view withkd'?lrUHj
iVm?n inen to whom they have been long attached, and
whose elevation they have laboured to promote from
honest and patriotic motives. Exulting in the *nt'c'P?"
tion of diamay and confusion amongst the aupporters of
the administration aa the consequence of?hcsf th?'jj?
?ho nnnoaition are consoling themselves with tho idea
that Van Buren'a friends, aa a national party, are
verging to diaaolution; and th5y allow no
pss! unimproved to give eclat to ? J
Thcv are indeed, maturing plans for their own tuturo
government of the country, with seeming confidence of
CeTh"s confidence is increased by the fact that visionary
theories and an unwise adherence to the plan for ...
ezcfolriM metallic currency have unfortunately earned
"?!" hi "fully.".) nouodieu..,th.
me..ore?, end * 0, tho ^option of
%noameeta?? indications thia undertaking ha. teen
1 o me . , i iL.t u vvili uroduce the effect
instituted, ?d11 ? tajjJ ^ " "E.pond.ng with
tJXSfSi <??j a?*? ? f
j atinn of its 'ff6vernment. In this view, this
administration of it 8 or w foHow any factlon, or
of men, wtWt Ut J invariahly upon the pnn
?r rV'lLt the streneth and security of American matt
"nd virtue of the
1*??'?' .. w;ii not, in any event, be made the
hallowed hpint that has, at all pen hrfknck
of that sacred '".trumwt, <=hi,?un,led m ^
BY THK PE?P^' Xt 8hall arise, from whatever quarter,
?nd^under whatever guise of philanthropy, policy, or
he r
by demeaning ? towards none; by conducting
ing personal animosities perfectly practicable to
ourself in the belief that it ?. I?w M ,nd of expe
differ with other, m m ong| unkindness or loss
diency, without a mixture | , nothing that is
0f,rCZrW8righrCa.';d"submitting nothing that is
' " ^ ? ten and not othrrw.se, will the full measure
wrong, then, ana ' h . amj ?ur primary rule
of its intention be ^;orved and satisfied. -
This enterprixc has not been undertaken without the
rhi. enterpr , |c{j?eti support of many
'?.io tepobiic.0 r'.
in the extrerne south, in ience and talent of the
association of both political experien fopvanl
highest order will rener i ^ Bnd ,nakc u
the principles by which interesting as a journal
??& . poluic.l or?1;-?{.StS'Sj. Jfa th.
of news. Arrangeme , ^ permanent basis,
establishment upon, . ?ub^n^l a ^ fof so
"~.^8.?,lt only .. the
MclSy oitap^ to *?? ?"'< ?"r"" ?hl"
prove itself entitled to receiv0 TH0MAS ALLEN.
WASiimoTQW City, D C. July, IW *
Pouohkkicpsik, June 6th, 1837.
c; .t.
New York Evening Poet on the meeting hold"
f..ir in relation to the issue of small bills by tne_
kTT? and I beg to correct, throuch the columns of
Se aV? the errors into which the Post has fallen. It
the Arp notice for such a meeting, and, al
' "true, I.^Ttcnd U I approved then, as I do now,
though I did not . different from that repre
Sin liZSk bill., .od 1 believe tb. ^
munity for the want of small change, will l>ecel ? rery
stronir feeling in the public mind against the law itself,
which may be carried into the next legislature. ..id csuse
? tot.I repe.l in.tead of . .uapen.ion of it I m.y rne
* , L, maUer, but I know this to be the deliberate
opinion of many of the warmest friends of the original
3s.ee of that .ct; and that the mode recommended
K the meeting was deemed the best means to preserve
the law and to give full offect to it. provisions on the re
' r unrcic navmcnts by tne btnks. Already
~ZS?vXee.r.? A
flooded with small bill? from the .djoining states.
cannot appreciate that policy "fefc would mcreaM our
circulation by a mpunou* currency from .broad, instead
of giving to the community the Mis of our own bank*,
which are under our own control; of whoe* solvency
we have no doubt, and for the safety of whose issues
ample provision is made by our own laws. There u, to
my mind, also, an inconsistency in authorising the sus
pension of apecie payment, by the bauka, and, at the
aame time requiring the people to trwMct their business
in a currency that cannot be had, and which they cannot
in any way command. That thia ia true ia evinced by
the fsct, that sp?cit< i? not in circulation for small change,
and that the amull bills from other states iiov* form the
circulating medium in its stead, notwithstanding their
circulation ia ia direct contravention of a penal law of
Una at ate, whose provisions have been strictly observed
jliilil Ini suspension of specie payments bv the (tanks
but which aro now violated from necessity 'and noi from
choir* .
1 he editor of the Post is pleased to remark, that my
s|>ecclt m the teniita of the United Sin tea, about a yepr
since, on the depoaite act, in which I ventured some
views in relation to our credit system, " was duly copied
into the whig papers with great applause," 6c.c. Seeing
those papers butaeldom, I waa not aware how extensive
y it hsd been copied or applauded by them. I was,
however, at that time in the regular receipt of the Even
ing Post, and I do not recollect to have seen that speech
copied into its columns, and am not Aware that its read
ers hare ever been favored with my tjews on that sul>
ject, to enable them to forri an opinion of the correctness
oi the animadversions of the Post. Those views I be
lieved correct at the time, and I have seen nothing since
to change them, but every thing to confirm theia. I
have no disguise about my opinions on this subject. I
am in favor of a well regulated credit, system, ?nd op
posed to the chimerical scheme of an exclusive metallic
currency. The follow ing extract from the aperch which
has so unceremoniously received the censure of the Post,
will show my opinions then, as well as the opinions
"which I now enteitain r*
" 1 he credit system i*>4he distinguishing feature be
tween despotism and liberty; it is the offspring of free
institutions; it is found to exist, and its influence-is
felt,-in proportion to the freedom enjoyed,by any people.
By freedom I do not mean unregulated, unrestrained,
natural liberty, but that freedom which is founded on
just and equitable laws; where the rights of personal
security, of private property, and religious .toleration,
arc guarantied to every individual; where there is a
general diffusion of knowledge, and the existence of
public and private morality. These are the elements,
and they together form the basis of public confidence
on which the credit system rests. This is the invention
of modern times. In the old governments of Europe,
where liberty never found a resting place, credit was un
known. To the United States has been left the honor
of maturing and perfecting this system. To the United
States, also, is the honor due of having first applied the
system of steam navigation. The effects on the general
prosperity of the nation have been as sensibly felt in the
one case as in the other ; and he who should at this day
recommend an entire abandonment of our credit system
for a sole and exclusive metallic currency, would be
deemed no less visionary than ho who should attempt to
substitute a Pennsylvania waggon for a locomotive or a
canal packet, or should endeavor to stem the resistless
current of the Mississippi in a flat boat, instead of those
splendid palaces which now move majestically on its
waters. Shall we then, Mr. President, check this tide
of prosperity, by the introduction of jiew and untried i
schemes I- Shall we not be content with the necessa
ries, the comforts, the conveniences, and the luxuries
of life, which are so widely diffused- throughout this
whole country t Shall we attempt to overthrow, sub
vert and destroy a system which has produced all these
blessings! which has brought happiness and plenty to
the door of every man ! and that, too, for the purpose
of adopting some of the exploded doctrines of the po
litical economists of Europe ! Sir, you might as well
attempt to apply the common law of England, which
was born and nurtured on the Thames, to the father of
waters in this western world, and to our mighty inland
seas, compared with which, the boiisted streams and !
lakes of Europe dwindle into rills and ponds beside
them. Yes, these vast inland seas, into which, in the
language of a distinguished senator of my own state,
you might cast the whole land of the common law, with
out producing a ripple. Sir, I believe I s|x>ak the al
most unanimous sentiment of my political friends in this
senate, when I say they intend no such thing. I believe
I .ipeak the sentiment of the democratic party throughout
the Union, when I say, I believe they'neither expect or
desire any such thing. What, then, do they expect and
desire ! I answer no more, nor no less, than every real
friend to his country is willing to adopt, namely, a pre-,
scrvation, and at the same time, a regulation of the
credit system. In all such measures of reform I will
go. as far as he who goes farthest. Preserve and regu
late, but not destroy, is iny motto. Eiilarge your specie
basis ; introduce^ as far as practicable, a gold currency,
by the prohibition of smsll notes; provide means for
coining at the mint; take all proper measures to prevent
excessive issues of bank paper, and the unnecessary in
crease of bank incorporations; repeal your restraining'
laws, so as to jiermit the free employment and invest
ment of foreign capital. Whatever danger there may
be, is to be found in the abuse of the system, and not in
its existence. Guard against theso abuses, and correct
them when discovered. An entire abandonment of the
crcdit system, and a return to a sole arul exclusive me
tallic currency, if it were practicable, would produce
desolation and destruction from one extremity of the
Union to the other. Such notions ought not, cannot,
must not prevail."
The difficulties under which the country now labors,
have been increased by the efforts which have been' mndcj
by visionary theorists, ta impair public confidence in our
credit system, and to introduce in its stead an exclusive
metallic currency. Such being my honest convictions,
then and now, they cannot be changed by charging them
to improper motives ; and I am yet to learn that the de
mocracy of the state of New York entertain different
views from these. At all events, as long as I am called
upon to discharge a public duty in regard to matters in
which the great and vital interests of the country are so
deeply involved, I will discharge that duty conscien
tiously and fearlessly, without reference to denunciations
from such a quarter. I have been too long and too inti
mately associated with the democracy of the state, to j
doubt that the correctness of my motives will be duly
appreciated by them; and if there be a difference of j
opinion between any portion of iny fellow citizens and !
myself. I trust I shall be able to do them the justice, j
whatever they may do to me, to ascribe it to honest and !
patriotic, 1-athcr than to sinister and interested, motives.
In regard to the depoaite act, which the editor of the
Post is plowed to term the "distribution bill, the bless
ings of which we are now enjoying;" I have nothing to
add, at present, beyond what is contained in the speech
to which he has referred, and which was delivered by me
on the final pa.sage of that bill. I am willing to rest
the justification for my vote on the reasons there assign
ed I believe it to have been one of the most w ise and J
patriotic measures which could have been adopted, and '
which has received the decided approbation of the pco- (
pie, although it iv now attempted to make it the scape I
goat for all the ev\ls which, from other causes, have been
visited upon the country. The time may come when I J
may feel myself called upon to raise my voice, once
more, in defence of thisanuch abused and misrepresent
ed measure.
If my course in regard to the denote act and the
currency bill is obnoxious to rebuke, I have the consola
tion to know that I am sustained in it by the almost
unanimous voice of tho fnends of the administration in
the Senate of theflJnited States, and by an overwhelm
ing majority of its friends in the House'of Representa
tives. If such men arc to 1? denounced because they
entertained and expressed opinions, on these great ipics- !
tions, different from those of the small minority of their j
political friends, l am at a loss to knoyv, how the great i
principle of the republican party, namely, that tho ina- j
jority shall govern, is to be respected or preserved. We '
have fallen on evil times indeed, if such denunciations '
are to lw? made, and that too, by a press professing to be- j
long to the same party. I had supposed that every dif- 1
ference of opinion was not a difference of principle ;
and whilst I am very apt to distrust my own judgment, j
when I see the largo majority of my political friends en
tertaining different views from my own, on matters
about which we all have an equal right to jddge, still I !
ramiot but feel confirmed in mv opinions when I find
them endorsed, with almost entire unanimity, by the I
representatives of the nation. On some of these sub
jects the late executive differed from the great body of
the friends of his administration in both branches of
Congress. I trust, however, that the measures of the
present administration will be taken in Wisdom?will
avoid the riltraism of the day, and will be such as to
promote the great and paramount interests of the conn
try. I need not say, that in the support of such mea
sures my best faculties will be exerted.
Respectfully, yours,
From the N. Y. Time*.
To the Hon. Nathaniel P. Tallmadge, Sent/or U. M.
Sir?A portion of ymir democratic fellow citizen* ra
,n f c,ty ? N Vork, have long viewed with
feeing, of deep interest the great calamities which have
beraAcn our common country, .ml the ellorta which have
b^iMk'ng. by urging the adoption of an rxcluaiv.
metallic currency, and the overthrow of all exiating ii?
atilntiona, to aggravate the general evila and distreea
anauig worn the broken and deranged atate of llie cur
ttncy and credit nyatcin.
The torrent of evenuhed rolled on with auch over
whelming forco, and instances of suffering, agony and ir
retrievable ruin followed upon each other in auch rapid
succession, tlwt the minds of beholders apm ared to be
paralyzed by the magnitude of the. destruction After
the consternation of this violent ahock had subsided,
and the attention of those having any permanent inter
eat in Hie preservation of liberty and property, was di
rected to the means of restoring the drooping -rade sus
pended enterprise and industry, and prostrate confi*
dence of the nation, your letUr to the editor of the Al
bany Argus was published, bearing date the 6th of Juno
last. Its appearance awakened fefiinga of joy and grati
fication. 1 he principles there ao holdly proclaimed,
and their importance as avowed by one holding so <U
tingniahed and favorable a station for giving effect to
opinions, were hailed, as the brat dawn of ligjit in the
darkness of the approaching future.
It was not surprising, then, that those who appeared
to exult in the general uiufortunea, and inatead of avm
I'utilizing with auffering unparalleled in the recent expe
rience of mankind, grew more presuming and arrogant,
as the public spirit ap|>eared to lie broken and subdued,
should regard with an evil eye ihtf publication of your
letter, and visit a portion of their feelings of disappoint
ment upon youraelf. * 1
Having brought forward in your letter the viewa
which appeared to be embraced on these subjects, by a
large portion of your republican fellow citizens, a letter
has been prepared which has received the signatures of
a great portion of your political friends, to whonj the
same has been presented, and which we have been dele
gated on their behalf to present to you.
\\ e have now the happiness to deliver the same in
performance of that charge.
Permit us to add, that we regard the credit system as
tne great instrument which has developed our vast re
sources, extended our commerce, improved our territo
ry, advanced our civilization and refinement, and rn?ed
this youthful nation to a proud and equal standing with
the ancient kingdoms of the world.
As one of the chosen representatives of the public,
the future direction of this mighty engine of human ad
vancement, rests in part with you ; and wo feel that we
have cause to congratulate our political friends, and our
country, that on the important question of its further
use. or existence, your talents will lie united with the
congenial sentiments responded to in the letter of our
fellow citi?.ens, in aid and preservation of "a well regu
lated credit system. ""
Accept the assurances of our high consideration and'
respect Judah Hammond
G.irrit Gii.bkrt, Henry Wvcitorr,
i* u Jacobus, " Edward Sandvord,
M M. Quackk.nboss Uknj. Dirosall
Poughkeepsie, July 15th. 1837.
To the Hon. Nathanikl P. Tallmadob,
Senator of United States :?
New York, July 4th.
Sir?We, the undersigned* members of the Demo
cratic Republican Party,*in the city of New York, have
seen with pride and pleasure, your letter to the editor of
the Albany Argus, of the 6th of June last.
We consider it due to you, and more especially to
our beloved country, that we should express our entire
approbation of the sentiments, so laudably put forth in
your letter. Y our words are, ?I am in favor of a well
" regulated credit system, and opposed to the chimerical
" scheme of an exclusive metallic currency. Preserve
" and retaliate, hut not destroy. The credit system is
" the distinguishing feature between despotism awl It
" berty."
In these high and patriotic viewa we heartily concur,
and assure you that we bolievo them to be the senti
ments of the great majority of the Republican party ;
and we cordially tender to von our unanimous support
in the proper effort* to sustain and establish these prin
ciples in the legislature of this great and entciprisinir
Accept the assurances of our high consideration and
respect. j
[Signed by about 700 members of the Republican
Party, residents of New York city]
* Pouohkebpsie, July 15th, 1837. -
Gentlemen?I have the honor to acknowledge the
receipt of your letter accompanied by a communication
from a numerous and respectable portion of the Repub
licans of the city of New York, in relation to the senti
ments contained in my letter of the 6th June to the edi
tor of the Argus. Recognizing as I do, in those who have
made that communication the firm and unwavering sup
porters of the democratic party in times of its severest
trials, and the true and undaunted advocates of its prin
ciples whenever and wherever assailed, I assure you I
receive with no ordinary emotions this demonstration of
their confidence. In the conscientious discharge of my
public duties, I can have no higher reward than the ap
probation of my republican fellow citizens ; and to no !
portion of them do 1 feel more profoundly, grateful than
to those of the city of New York ?The letter to which
they.have been pleased to extend this token of their ap
probation was reluctantly drawn from mo in defence of
opinions which I sincerely entertained in common with J
the great body of the republican party, and which I had
on all proper occasions, unreservedly expressed ; and
which I doubt not, are the opinions of at least nine
tentha of the people of this state. I am happy, there
fore, that this expression has been made by so respecta
ble a portion of the democratic party mahe city of New
\ ork, on account of its tendency to check the current
of political error and popular delusion, which if suffcied I
to run on, will eventually involve the country and the '
party in undistinguished ruin.
In the present embarrassed and distressed state of the
community, I regret that I cannot render such service
as an ardent desire for its relief would prompt me to do.
I can only promise my best exertions. If the democracy,
of the state and union arc true to their principles as es
tablished by the fathers of the party, I trust the time is
not far distant when, acting upon those principles, re
turning prosperity will crown the efforts of those who
are now endeavoring to restore public confidence, to
correct abuses where they exist, and to re establish our I
credit system on surer and firmer basis.
Gentlemen, for this expression of your kindness on the
part of those whom you represent, and for the manner I
an which it has been communicated, I beg you to ac
cept the assurance of the high respect and esteem with
which 1 have !he honor to be your obedient servant.
... N. P. Tai.i.maduk.
Judah Hammond, Edward Sandford, Garret Gilbert,
M M. Quarkenbosa, Henry Wyckpff, UeiiJ. Uiidaali
. and C. C. Jacobus, Esqs.
HT K'Vf> placc to-day to the Address
of the Republican General Committee of this
citv, as adopted at a meeting on Thursday
evening. It expresses the views of that high
ly respectable body on subjects of engrossing
interest at. the present moment, and as such, as
well as from its matter and manner, will com
mand the attention of the democracy. It pre
sents a brief and just view of the causes of
existing embarrassments. It maintains in a
proper spirit, and to a proper extent, our ere- j
dit system?repudiating the idea of an exclu
sive metallic currency. In these and other
respects, the views of the committee, we
doubt not, will commend themselves to the
good sense ol the democracy, which through
its whole history has avoided the extremes
of federalism on the one hand, and radicalism
on the other. On this ground, we venture to
predict, the republican party will be united,
aa heretofore, and bv observing its original
land mark*, ami adhering to its old and ap
proved doctrines, will maintain its ascenden
cy in the state and union .??Albany Argui.
The Republican General Committee
view of the present unuaual posture of
anii deeply impressed with the important
union and concert of action among thej
national and atate administration*, deeil
tin - aa they have done on former occasuJ
their republican' fellow citixens. AU^
montha will intervene before the elector*
upon to discharge their duty at the ikjIIh, i
hand when they will begin to assemble in _
meeting. for the purpose of selecting delegate*
IV and district conventions. It cannot, therefore,
this timo, be loo early to inculcate a spirit of harmony
and that rigid adheref.ee to sound principles and estab
lished usages, which have hitherto distinguished and
.sustained the democratic party. ...
The party arrayed against us is none tho less danger
ous because it is not always found in the open field of
manly warfare. It has less to hop* frym a M at
tack, than it has from those covert efforts by which the
seeds of discord are aotfn among brethren.
efforts should be sedulously guarded against. Hanno
ny and efficiency can most effectually be promoted, bv
moderation and forbearauco among those who may d.t
fer upon questions of minor importance?by u general
attendance of the republican .electors in the primary
ineetings?by the choice of delegates who have no m
teresta to serve separate from the general welfare?by
the selection of candidates for office who neither want
discretion nor firmness for the faithful discharge of pu >
lie duties?and by * steady adherence to regular no
minations. By following this course of po icy, wo can
not fail to secure such a signal triumph at the fall elec
tions, as will have the most salutary influence U1K>n pub
liCThe subject which now principally engrosses the pub
lic attention. is the pecuniary embarrassment ol the
country. Although this evil has fallen most heavily up
on our commercial cities, it cannot be denied Chat its
influence has extended over the whole body politic ,
and there are probably few individuals who do not in
some way feel that a check has been experienced in
that unexampled tide of prosperity which so. lately pre
vailed throughout the state. Still the mischief, great
as it really is, has been unduly magnified by our politi
cal opponent.. Instead of attempting a remedy, they
are at work to aggravate the evil and extend Us influ
ence, in die hope that public distress and "ul'Vttlusl
suffering may be turned to political account. Whil/s
the true causes of the prevalent embarrassment are care
fully kept obt of sight, no pins arc spared to fasten the
mischief upon the government; and our opponentsi al
ready flattef themselves that they will be able to over
throw the n4tion&l and state admiiu.trat.ons I he r
candidates for the presidency are already .?. me Uvld
i and the activity which every where pervades their parti
colored ranks, indicates that they have once more been
1 warmed into life and hope and confidence, bv_the disas
ters which have fallen upon tho country. After having
professed to abandon that ground, we are again told that
a national bank is indispensable to our welfare, and un
der that banner the wl.igs of this day arc again collect
ing their scattered forces. ' ,
Although wo cannot permit ourselves to doubt tha
the people will firmly adhere to their pnnc.plea and
ateaidy uphold the government of the.rcho.ee, wedeem
it not improper or unseasonable to take a brief survey
of ,lhe principal causes wh.ch have led to our present pe
cuniary embarrasamenta. The review, while.it^cannot
fail to vindicate the administration against the clamors
of the opposition, will not be wholly unprofitable by
wav of suggesting the nppropnate remedy.
With the exception of tho brief period of panic ant
distress brought on by the IJnitcd StaUs BauW a.id .U
partizans in 1834. the country has for several years en
joyed an unexampled degree of prosperity. All the
great interests of the state and nation were in the most
successful progress, and the industry and entcrpr.ze o
the people were every where crowned wph the most
abundant rewards. But such a state of things how e
xer desirable in itself, must inevitably be followed by a
season of revulsion. When all the great interest,. of
the country arc rapidly advancing, the merchant w.il
import and the people will purchase too ...any goods.?
So it has been in times past, and so it is now. Ourni
tcrnal condition has not only been in the highest degrc c
flattering, but an unusual impulse to trade has been
.riven by foreign manufacturer., merchants and capital
ists, For the last few vcars an almoat unlimited credit
for goods has been offered, and English bankers have
afforded such facilities to merchants for raising money, j
?s were'eminently calculated to impart a most power
ful stimulant to commercial enterprise. 1 he result has
been that we have overtraded, and a commercial bal
ance of sixty millions of dollars is due from us to Lng
"and and other foreign countries. This heavy debt rests
in the first instance on our importers and other mer
chants, but it must be paid m the end by those who
consume the. cowls. They are the ultimate debtors ?
Cge as this balance is, another year of prosperity
would have been sufficient to wipe it off, had not a
commercial revolution id Great Britain andla sudden
chance of policy on the part of the Bank of England j
interrupted the' previous course of trade between the ,
two countries. Our merchants, expecting to pay at
? convenience were suddenly overtaken by a demand
for immediate payment; and that too, at a tunc when |
! all our exports were greatly reduced ... value in the lor- j
eirrn market, and especially cotton, the staple article of
exportation, had Buffered a depression of about one
half in us former price. Wo have in this s'^ c view
,,f the subject, ample cause for the distress that has
fallen upon the countsy without charging it to the ac-,
count of a mal administration ol the government.
But there have been other causes in operation |
There has been an extravagant spirit ol speculation
and an inordinate appetite for gam. Not less than forty
or fifty millions of dollars have been withdrawn from
the purposes of commerce and other modes ... which t
was employed, and invested m western lands c,m>
on taper, and otjier unproductive properly. If thi
money had been left in Us accustomed channels, we
should at this day have heard very little about the dis
tress of the country. This money, although not lost to
the owners, has well nigh ceased to perform its usual I
office 4t has been in a course of transmission from
the sea-board to the far west; and .hence passing
through the land offices, it has slowly found Us way
through the deposite banks back again to the sea-board
Here it remained dormant and useless, or was so mad
-4s to produce mischief rather thai, benefit. lhe hanks
either were not in a condition to loan it becau.c th?
amount of their discounts were restricted by law, or
they loaned, if-at a", for the shortest period* n, order
that they might at any tunc be prepared to,meet the
t#Theflegislation of the general government has not al- j
ways been the most propitious to our welfare. 1 he ac
cumulation of forty millions of surplus wvenue.iihe
I treasury was in itself a great pub ic evil. I his large
sum was not only collected from the. people for no pro
, per object, but it has been practically withdrawn .iom
I ! lie channels of business. 1 or the last year it has been
'Illt|,c course of transmission to and ?h?'nt?uUoi. among
the several states, under the operation of the late law of
congicss We igrce in the policy of restoring this
nlonev to the people from whom it was improv.dently |
collected. The law which was passed for that purpose |
| not only had tlio votes of a great majorty of the demo- ?
clatic members of congress, but it was approved by
President .lackson. and also by a^ prcsejU exeeu^c of
the I nited Stales in his letter to Sl.errod W . Iiams It
was undoubtedly proper to provide* for rt.stnbutior., in.
? stead of retaining this sufplua money ... the dcpos ic
banks, and the bc.Teficial effects of the measure, ?>? ul
timately be felt in every part of the ro'.ntrv Sul.t
cannot be denied, that the preparatory? steps.for^thc^lis
tribution, disturbed exchanges, unsettled the country,
and aggravated the evils under which we now-labor
Beyond these general causes which have operated
throughout the whole Union, it should not be. forgotten
that the city of New York, the great commercial mart
of the United States, suffered the loss of about twenty
millions of dollars in a single night by the pest fire of
1835. This calamity w?s much less severely fill
that time than it ia at the present juncture.
If to the consideration.* which have been mrnt on.d,
we add the obvious and glaiing fscl. tljst there
been a wrecklcss extravagance <,f ex|^n<blurrs a,nonc
all classes in the community, we shall have huh . occa
.ion to look beyond bur own indiscretion for
<pialc solution of the present diflicult.es. I he opposi
tion may rail against the government, but the simple
truth is that the community are deeply involved in <U .
?nd it will require some little time to pay off balances at
home as.well a* abroad #
A demand for s,,cc.c to be exported in payment of
foreign debts, and a panic in the public mind, wh.ch was
greatly aggravated if nut in fact produced l?y tho sinister
' efforts of tho opposition, brought on a suspension of
specie payments l>y tho bank*. This, though a great
ewl, was one which, in the usual posture of affairs,
could not have been averted. The banks in thia Sjjpa
were indebted' aomewhat less than forty millions of Ool
T5T?mjpoii their notes in circulation, for de|>oaiies of
%onc^^Jid in other ways, while the debts due to the
&Juk* frotWitidivitluala, amounted to about eighty mil
liomAydolXrs While none of theso individual debts
were nw uifpecin, and a largo proportion of thein not
4Nid atW aslhey fell due, it is manifest that no bank
cQld I'ift staid a run for rpecio : a run, not only pro
I vokod fsFparflzan purposes, but stimulated by a ten per
Stent. b^tuuVi for exportation. Such a state of things
wa?A%/iihout a parallel iti this country, and it is
X'MiU'tjWWertain, that whilo specie remains at such a
[|WV^WI) can retain, very little in circulation. Those
afftifj^Tiavo it- will hoard or sell it at a premium, and
whatever thus jmuisos into circulation, will find its way
abroad to pay off foreign debts. A call upon debtors,
under auch circumstances, for immediate payment of
the immense sums due, would .be in a great degree
fruitless or neatly ruinous to all classes of our fellow
citizens. Viewing the question in this light, the legis
lature, with becoming promptitude, declared that the
suspension of specie-payments should not work a for
feiture of the charters of the banks. This wise and
salutary measure was adopted not only as a necessary
protection to theso- institutions, but for the more im
portant purpose of affording efficient-relief to the whole
community But for this law, the banks would lave
been compelled to suspend all business, and the debts
due to them from the people must have'passed into the
hands of receivers for immediate collection. I.t would
be no ordinary matter, at any time, however prosperous,
to press the immediate payment of sixty or eighty mil
lions of dollars, but it is certain that the aunilnlation of
pajier currency, in addition to existing?inbarrassinontf,
while we have,less than ten millions of specie in the
State, would have rendered the effort absolutely hope
less. The debts, might be carried to judgment, but a
sacrifice of tho entire property of the debtors could not
have satisfied the executions. The overgrown rich
might have fattened on these forced sales, for they alone,
could have commanded wj>ccie for the speculation ; but
those who were at all in debt, and few are so fortunate
as to be completely exempt, could have looked for
nothing short of irretrievable ruin. The Governor in
, the same laudable spirit which he evinced on another
memorable occasion, and with that zeal, for the public
welfare which has characterized his whole administra
tion, gave a decided.and ellicient support to the sus
pension law. The rxatpplc of this State, haa since been
followed by such of our sister States as have acted on
the subject, with the single exception of New Jersey,
where a similar law was defeated by the opposition.
There is every reason to believe that this ine&sure has
received, and will continue to receive, the cordial ap
probation of republicans throughout the State.
Although we suffer present embarrassments, the
sources of our wealth are not, destroyed If from the
past wc -have learned an abiding lesson of prudence,
industry and economy, little has been lost. \\ ith the
blessings of Providence and a short time for the adjust
ment of balances, wc shall again find the country pros
perous and happy. Importations have nearly ceased,
and as soon as the foreign debt has been adjusted, the
drain for specie to send abroad will be at an end, and
then the resumption of specie payments will be easy
and proper.
The measures adopted by the government for the
purpose of infusing ti larger proportion of specie into our
circulating medium, have had, and will continue to
receive, our warmest approbation. fI he law of this
Stat6 for suppressing small bills has operated benefi
cially; and although at this time, it occasions some
inconvenience, the difficulty, we trust, will soon be
over. The idea of an exclusive metallic currency has
never had any countenance either from the state or
national administration, and can only be advocated by
those who are ignorant of the condition and wants of
the country, or who have some sinister end in view
On this subject we fully concur in the views suggested
by the present democratic governor of Virginia, in his
recent message to the legislature, of that Stale, lie
says, " Bank paper has long performed all the purposes
of currency, and by the holders of it, the poor and the
rich, is counted as money. The merchants and traders
of our towns have been accustomed to look to the banks
for facilities and aid ; and through their instrumentality
it was, they have been enabled to make their purchases
of the planter and farmer. It would surely be unwise
in a period of difficulty, and when private credit is in
need of unusual facilities, to put down institutions which
are xo incorporated with every public and individual
interest, and from which it would result as an immediate
consequence, that the difficulties'of paving would be
augmented, whilst the debt to be paid would be in
creased. There arc those who" would have no banks,
either state or federal, and are for enforcing an exclu
sive metallic circulation. The project, in the actual
condition of the country, I believe to bo wholly imprac
ticable ; and the agitation of it at this period, could have
no other effect than still further to derange the business,
and oppress every interest in the community."
Such wc doubt not are substantially the* views of the
democratic party throughout the union.
We are not advocates for unlimited and extravagant
credits ; and wc trust that all classes in the community
will learn wisdom from past and present experience
Still, wc cannot agree with those who decry the whole
credit system. To that system principally we owe our
canals and other public works. It has extended our
commerce over the whole world?peopled the wildcr
,?.>s?built our cities and villages?founded our col
leges and established our schools ? It has given us
national wealth and individual prosperity; and if it has
brought some evils in its train, they are not for a mo
ment to be compared with the advantages which we
have so abundantly realized. None but a dreamer who
would throw us back a ccntury, can wish to annihilate
credits. With surli a measure the canal would indeed
become " a solitude." and the lake " a desert waste of
waters." Instead of enlarging the Krie canBl we might
belter discharge our collectors and lock-tenders, aban
don the project of opening other public thoroughfares,
and content ourselves with onco more returning to a
state barter. Our legislature would have little business
on its hands, beyond that of declaring the State bank
rupt, and imposing taxes to defray the ordinary expenses
of the government.
Congress will soon assemble on the call of the Presi
dent, hut we fear little good will result from their
coming together 'I he violent and factious spirit which
has characterized the course of the opposition in that
body for the last few years, indicates a readiness to
saclilice all the great interests oPthe country to the
acquisition of political power. While by factious inovo
uients and their interminable tirades "against the go
vernment, they are sometimes able to defeat the. wisest
measures of puhlnr-policy, they nevertheless, hold the
majority responsible not only for all that is done, but for
all that m omitted in the way of legislation. Congress
however, at this time, can do but little to relieve the
country from embarrassment. The efficient remedy is
with the people themselves Prudence, industry, and
cconomy, will soon ret all things right, .and work a
revolution in our condition which no legislation can
accomplish. Still, wo hope f.ougicss will adopt two
measures which we deem of the highest importance.
And first of all, the public revenue should be so
regulated as not to draw more money from the people
than the public, exigencies require In addition to the
financial wastefulness and absurdity of collecting money
from the citizens to be relumed again to their pockets
in the shape of deposites or loans, we have already had
experience enough to know, that an accumulation of
money in the treasury for that purpose is any thing but
a Idrssing. Next in importance to this measure, we
regard that of effecting a total divorce between tho
| general government and all banking institutions. NN c
i wish to see this separation, not because we eloubt that
banks may lie useful to the government as fiscal agents
m collecting and disbursing tho public revenues, but
he'cause experience has demonstrated that the public
welfare will be bent promoted hv keeping the affairs of
the general government entirely distinct from the mo
neyed institutions of all kinds. So long as banks remain
the depositories of the public funds, they will not cease
to encounter the unmitigated hostility of the opposi
tion And besides this, banks arc stimulated to over
action by large deposites, especially when, as is the ca>.e
with the public money, they are required to pay interest
on such depoiitea. The legitimate province of hanks is
to aid the enterpnze and the skill of individuals 1ncy
enable the merchant to purchase and send to market the
surplus products of tho fanner, the mechanic and the
artizan, and thev will best answer thi-se ends and in
their influence bo most salutary snd healthful to the
country, when totally severed from partisan moajnires
and political influence Their connection should be
with business, not with political affairs The citizens
of this country will never tolerate the influence of or
ganized wealth upon their public councils, and on the
other baud, institution* which were de*ignod aoiely for ?
individual accommodation, should uever be cuUmImI or
embarrassed by partiaau conflict* The true polity ?f
the general government, u well u lt? beat iiilereota of
the local unlitutiona, point to an entire *eparatioa; tmf
we sincerely hope that the uteaaure will W edtrrM M
the next session of Oonfraaa. If the retewa* is kept
down to the standard of the public wanta, Una funds
may be preacrvqf and disbursed, aa well aa collect^ by
blic amenta. We want neither national nor aut?
nka for the purpoae of carrying on the boaineaa of tha
general government.
The committee cannot close thia addreaa, without
reminding their democratic frierxla that the United
Stales Bank is still in the field of political warfare.
Although at one period it affected to have become
weary of the corneal, and signified the intention of
yielding to the will of the |>< oi.lt, we have aeen that this
was but a stratagem : and tnia institution, instead of
winding up on the expiration of ita charter from Con
gress, liaa found means to obtain a new leaae of iU
extraordinary powers from a State.
If any one auppoaes that thia institution waa rechar
tered for the state of Pennsylvania alone, lie deceivea
himself. It haa already purchaaed several local inatitu
tiona in the south and aoutliweatern states, to aerve aa
branches until it can again command a national charter,
and oucc more spread its vulture wings over the whole
Union. Ami cuu it be supposed that New York haa
been entirely overlooked m the partisan plans of the
Dank ''?May not seeds of discord sown among ua, pro
duce the same fruits that they have yielded m another
atiiie ?
There can, we think, be no great difficulty in tracing
the footsteps of the Dank within our borders. When
we call to mind the published evidence that thia institu
tion paid $20,000 for the purchase of one press, t30,000
for another, and 52,000 lor a third, all of them at the
aamo time claiming to be thoroughly democratic, we
need not be astonished at the fact, that within the laat
, few years, papers have sprutjg up in different aectiona
of the stale, which, whili they professed attachment to
the democratic party, have been industriously employed
in exciting jealousy and distrust among ita members.
We need not be astonished that new laborers have a'
templed, and in aome of the counties not entir*yul<
williout success, to stir up sectional animosities. -Iiena- -
lions between political brethren, a'nd hostility against the
state institutions. When we recollect"what haa been
done elsewhere, and the end which auch things are de
signed to accomplish, we need not be astonished to find
papers still professedly democratic, assailing prominent
republicans with opprobrious epithets, and ready for an
open co-operation with the enemy, whenever a division
can be effected in the democratic ranks. If we are
wise, if we are properly admonished by the temporary
victory achieved over the democracy in a sister state,,
wo shall not suffer ourselves to be cut up and conquer
ed, either by false friends or open enemies.
In this connexion, we cannot forbear to notice the
spirit of radicalism which ia employed and at work in
one form or another, to put down tho national and atate
administration. If our old opponents do not all openly
advocate'tho ultraism of tho day, they are beyond all
doubt in close alliance with those who would not leave
one stone upon another. To what extremea the modferu
whigs would go for the attainmcut of political power,
remains yet to be seen- But when we reflect that tney si
ded with the enemy in the last war; that they united with
the bank in 1834 in tho attempt to destroy all confi
dence and credit, and thereby prostrate the state insti
tutions, and that they have zealously labored to bring
on and aggravate the present Unfortunate crisis in pub
lic affairs, it ia'npt too much to believe that they do not
estimate the blessings of a free government so highly
as they prize the acquiailion of political power. Al
though they boast of wealth and have much at stake, it
is yet undeniable that they have patronized and acted,
in concert with the baud of agrarians who have under
taken to reduce all things to the level' of their own
In one respect ouropponenta judge well. They know
that they must first divide before they can conquer.
They also know that banking inatitutions of' some kind,
looking to the actual condition of things, are indispensa
ble, and if the state banks can be overthrown, they
know that a national bank will rise on their ruins. Hence
it is. }hat they are ready to co-operate with any faction
which is bent on pulling down state institutions and dis
membering the democratic party.
Shall we suffer ourselves to be taken in the-snare
which has been laid for ouf destruction 1 We answer,,
no. The democratic party hold no principle in commou
with the radical spirit which has sprung op in the city
of Now York. They arc alike opposed to the levelling
doclrincs of this new school in politics, and the high
toned sentiments of the federal party. The democratic
party has contended for principles, and haa never aought
the alliance of any faction, however impoaing its name
or its pretensions. It maintains at thia day, the same
middle ground, between the aristocrat on the one hand,
and the demagogue on the other, which it haa occupied
in former times. When it ceases to maintain this posi
tion, it will deserve to fall. If it can be driven from it,
then it ..will be proved that the people are incapable ol
self-government, and either anarchy or despotism will
Our opponents, since they ceased to have any distinc
tive principle of action beyond that of hostility to the
republican party, have cordially embraced, not only every
fragment which has broken off, but every straggler who
has wandered from our ranks. They have claimed to
bo democrats and people's men ; formed alliancea with
Anti-masons, Workingmen, Nullifiers, Native-Ameri
cans and radicals ; and by such means they have some
times gained a local, though a temporary triumph.
But the democratic party has reaorted to no auch de
vices to acquire or support its power. It has sometime,
yielded too much in spirit of conciliation ; and to thii
<yiise mav be attributed tho fact that New York, one o
the few democratic citica in the Union, has fallen intt
the hands of the enemy. Conceaaiona for the sake ol
peace, have destroyed the democratic maority of five
thousand votes in that city and thrown 6 temporarily
into the hands of the partisans ef thonationaNjank. Thia
lesson should admonish us that we have nothing to gain
but every thing to lose, by giving any degree of counte
nance to radicalism and faction.
Although there is very little of this radical spirit in
the country, there may nevertheless be found individuals
in almost every country who hang looaely upon the
skirts of the democratic party ;?men, who, if not al
ready enlisted in the service of the enemy, can be made
instruments to do his will. Such men, while they ex
hibit a most immoderate zeal for the welfare, of the peo
ple, will strive to magnify existing evila. They will not
improbably, be very loud in their dcnunciationa of a na
tional bank, at the very moment when they arc advocat
ing measures having a direct tendency to re-cstabliah
and perpetuate auch an fnatitution. If our democratic
friends keep an eye on such patriot*,, and aec that they
arc not allowed to stir up atnfe, they will accomplish no
more mischief in our ranka than they would in the ap
propriate station of open enemies.
When congress assembles, whatever else may bo
done, we tnay expect a repetition of the panic scenes of
1834 Indeed they havo already commenced. Exist
ing evils will not only be magnified, but they will lie at
tributed to every tning but tho right causes The
changes will be rung on tho removal of the deposites,
the specio circular, and the inal-adminiatration of the go
vernment, while over-trading, mad speculation and ex
travagance, will lie kept out of aight. But none of these
things can deceive the people.
One of the devices to which our opponents have re
sorted for the purpose of promoting discord ia that of
charging the national and atate adminiatrationa with a
design to abolish all credits and get up an excluaive me
tallic currency. We hazard nothing in aaying that thia
story, in all lis branches, ia entirely destitute of founda
tion. It was a favorite meaaure with General Jackson, '
and we doubt not it also ia with Mr. Van Buren, to aup-'
press small notes and infuse a larger amount of apecie
into our circulating medium ; but they never entertained
the visionary project of an excluaive metallic currency.
The thing is absolutely impracticable from the want of
a sufficient amount of the precioua metals, to say no
th ng of the inconvenience, exjienac and hazard, of trana
porting specie from one part of the country to another
in making large paymcnta. And aa for aboliehing credits,
the charge is quite too groaa to eecure belief in any quar
ter. Before any government can aboliah credita, it muat
not only annihilate trade and commerce, but uncivilize
the people and deatroy all confidence between man and
man .
The committee have thus adverted to some of the
principal topics of discussion at the present day. They
have spoken frankly and decidedly, because they thought
it a time to speak. On their part they have nothing to
disguise. Among democratic brethren there should be
no concealment, nor ahoukl imbecility or indeciaion be
tolerated. A free interchange of sentiments ia the beat
mode of securing united councils and conducting ua to
new triumpha over all forma of opposition.
| Secretaries.
- W n Spckcrr, I
Albany, June 29tli, 1837.'
" Tom." said a man a day or two amee, " I think it
highly dangcroua to keep the billa of small banks on hand
'? Tom," answered the other, " I find it far mors Jtjl
rull than dangerous.''

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