The Madisonian. [volume], August 23, 1837, Image 3

About The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845

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clutiiitg Iricuds and oppuiieuu. 11m; umisi itot be aur
prised neither if We should hereafter deem it proper to
" carry the tear m/e Africa."
* The tutor Editor of the Times i? ? natite of this
Htate. ??
The Nrw York Timed is taking a aland
we most cordially applaud. And we do it
not only because we abstractly admire itu
conduct, but because we feel, and sincerely,
and deeply feel, that the strongest and most
earnest impulses of our hearts are uniting in
a common cause?a cause which is, and
ought to be, of absorbing and paramount con
sideration, in respect to the dearest interests
of society, and the most hallowed principles
of our constitutional liberty.
Our friends and fellow-citizens iu remote
sections of the Union, may not distinctly ap
preciate the necessity of the movements that
are making, nor the warmth of feeling and
the zeal of argument which are beginning to
fill and excite the leading journals on the side
of the administration. Removed from the
great Commercial heart of the naiion, and its
immediate connexions, it cannot be expected
that they can at first glimpse comprehend
questions suddenly arising, upon chronic,
and at first local diseases. But this they
must readily perceive, that, whatever disor
ders the heart, naturally extends its influence
throughout every tributary and dependency,
until the whole system is palsied by the like
atrection. The leper which has byen for
some time past creeping into the vitals of
New York, and insidiously endeavoring to
extend its poisoning influence even iuto high
places, has been the great provocative of the
rising popular indignation, now every where
beginning to indicate itself in undisguised and
determined feeling.
A mad fool wishing to render himself
notorious, fired the beautiful temple of Ephe
sus; a small faction, ambitious of the
name of Reformers,, would fain tear in pie
ces the glorious American Constitution.?
Having but a meagre stake in the fate of
American Institutions, and a flimsy hold
upon the confidence of society, they seem
more eager to risk their fortunes upon the
'brrttes of a revolution, than Upon the
righteous order of things, and the steady
course of good government. This faction
rallies under the cognomen of " Loco-foco."
1 here are some to be sure whose motives are
not to be impeached?opinions we always re
spect. But it is the spirit that is to be resist
ed. We cannot speak.of principles in regard
to this faction. The spirit we abhor. Is it
excited by any thing but passion ? Does any
immediate sense of extreme danger or- ex
treme wrong provoke its impatience and ex
travagance T Docs any reality justify its
hostility to the' existing institutions of the
country, or its contempt of order," morality,
and law ? No. The flame is kindled upon
the elements of passion, ignorance, and vice,
by the breath of demagogues. It spreads on
all things a false and lurid glare, and con
founds all principles and forms. Would it
destroy the existing form of government?
would it obviate the force of moral obligation
?would it throw off the restraints of the so
cial organization?would it abrogate law?
would it rely upon individual will, personal
honor, and unrestrained propensity ? Heaven
save this country from such a faction! Its
spirit is no better than that "which whetted
a thousand daggers on the stony words of
Marat!" It is no better than that which in
spired the Furies of the Guillotine, and sat
and smiled in the galleries of the Convention
with the tricoteuscs of Robespierre !
If it be this spirit that urg?s the denunci
ations, so indignantly repelled in the eloquent
article above, and actuates those who are
constantly denouncing the credit system, and
mocking the sufferings of our merchants, it is
high time there were more of us in the field
prepared to resist it to the utmost. If we
could believe it had stolen into positions of
authority, we should tremble^ for the conse
quences. If we could think it likely to be
infused into any policies of the government,
we would earnestly invoke some counteract
ing principle. If such a spirit were to pre
vail, the reign of terror and adversity would
have come, to destroy the fair Eden of our
hopes, and the patriot and philanthropist
would be called to sit like Marius at the gates
of the Temple, to mourn over the ruins of
our country.
RESUMPTION OF SPECIE PAY
MENTS.
" Whatever is good," (says a distinguished states
man.) " ought to he pursued at the moment it is at
tainable. The public voice, irresistible in a period of
convulsion, is contemned with impunity when dictated
bv the lethargy into which nations are lulled by the
tranquil course of ordinary affairs."
The people who feel the force of this sen
timent, and daily act upon it most success
fully, call loudly upon the Banks, in which
th? v have so long and so implicitly placed
their trust, to give an account of their steward
ship. Wo hope they will, with all diligence,
render an account. It may not require but
one Convention, or it may require two?as on
the former similar occasion?to bring about
the " resumption of specie payments." It is |
necessary to fix upon the time and place for I
a Convention, without delay ; that public itn- 1
patience and public prejudice may not in
crease the already almost insupportable weight
of public odium.
I' or ourselves, we believe, that it is onU
necessary for the Banks to have a Conven
tion, and fix the time to res;ime specie piy
tnmts, and thus " shake off" every impu
tation resting upon them,
" Like dew drop* from the lion's mane "
They must restore their credit with the
Government and the public; or the two par
ties in favor of a Bank of the United States,
and of Sub-Treasuries, will be enabled by
itmr concert of action, and uncompromising
hostility, to vanquish the Banks, and utterly
destroy th. system.
L?t it bo borne in wind, thai neither the
Sub-Treasury nor National Bank Party ma
nifest a desire for the early resumption of
specie payments?it would defeat their object.
This reason, therefore, should be conclusive
with the Banks, to look to their reputation,
their interest, and their very existence. ?
THE RIGHT OF OPTION.
We believe that we live in a thinking, free
and independent age, and under a Govern
ment which secures to every one the right of
opinion. The mau who would have the
hardihood to encroach upon this right, is an
enemy to freedom, and the sovereignty we
claim by birth and inheritance. He may
entrench himself behind the battery of a
name, aud may claim the immunities of " the
Organbut if he presiunes to use the lan
guage of dictation, and threatens to ostracise
those who will not bow down implicitly and
worship, he is faithless in profession, and a
tyrant in practice. No man in this country
has the right, under the influence of official
station, or the privileges of the Press, to
make his own opinions the arbitrary standard
of orthodoxy; and still less has he the right
to dictate his sic volo. The Constitution is
the standard of right ; reason is the ultimate
appeal, and public opinion the great regulator
of conduct.
These are truisms, to which all professedly
subscribe, but which all do not carry out in
practice. There are some who manifest so
much professed zeal for the sacred rights of
the people, and the supremacy of the Consti
tution, that they might be thought to be the
exclusive depositories of their rights, and the
choscn sentinels for their safe keeping; but
in practice, contravene every principle with
an intolcrent and dictatorial spirit, that mocks
every attribute of independence. They have
110 bounds to their monopoly of power. They
reach up to the Executive with the language
of dictation?they rebuke with despotic spirit
the declared will of large majorities in Con
gress, and pour out foul reproaches upon
the ermine of the highest Judiciary. We
have seen these things with feelings of un
mingled indignation, aud have wondered how
long forbearance would still be thought a
virtue. But thanks to the awakening spirit
of the country, these false hearted friends of
liberty; these dictatorial libertines of the
Press, will be called to their account "with
rigid justice. We contide in the integrity and
patriotism of the Executive?we confide in
the firmness and intelligence of Congress?
we confide in the purity and justice of the
Judiciary, and we confide in the innate spirit
of liberty and independence that will actuate
the people to resist every encroachment upon
the Constitution, and every invasion of the
right of opinion.
TREASURY AGENCIES?" DIVORCE
OF BANK AND STATE."
We have observed, with regret, the "Or
gan, at present distinguished by the confi
dence and favor of the administration," so far
forgetting its principles and pledges, as to
array itself on the affirmative side of this
dangerous proposition. If the people shall
learn that this " Organ" has " turned its back
upon itself'," what confidence can they possi
bly have that it will not also " turn its back"
upon them ? If the Republican party shall
learn that it has forsaken the great plan of
reform, which was the favorite project of the
whole of General Jackson's administration ;
if they shall learn that if abjures the great
principles upon which they have long been
contending, and that instead of representing
the true sentiments of that party, it reverts to
the doctrines of the Opposition for its favorite
policy, what reliancc can they have that it
ever will hereafter be faithful to their in
terests ?
Has language lost its meaning, that any
one may have the hardihood to deny that the
" Organ, at present distinguished by the con
fidence and favor of the administration," does
not advocate the separation of Bank and
State, and the substitution of Treasury Agen
cies ? We only appeal to" the staring impress
of the types upon the daily columns of the
" (tlobe." If that "(Organ" does not advocate
that proposition, then, indeed, are all forms
confounded, and our senses impress our
minds only with illusions. Aye, it not only
advocates the project now, but denies that it
ever " violently assailed" the proposition !
I iilortimatc it is, that treacherous memo
ries sometimes lead us to quarrel with history-,
and even to deny our own recorded opinions.
\et, in view of the trite maxim, tempora
mutantur, et nos mutamur in tlhs, \The Times
have changed and we have changed with
them,] and the consciousness that we are all
equally fallible, the awkward predicament
into which forgetfulness sometimes forces us,
will command both our charity and sympathy.
But dogmatism is generally backed by obsti
nacy, and when the dogma has been uttered,
although it may be directly in the teeth of
"history, it is seldom taken back. Sic volo ;
fthus I will,] and it i.<* folly now to expect
any thing else from the " Organ, at present
distinguished by the confidence and favor of
the administration," but the scheme of sepa
rating the Government from all Banking Insti
tutions, and the substitution of Treasury
Agencies. t
This scheme has been for a length of time
urged by the Opposition, with whom it origi
nated. It his never, to our knowledge, re
ceived the countenance of the present Chief
Magistrate, nor of the late President, while
in office.
It was proposed by Mr. Gordon, an Oppo
sition member of Congress, from Virginia, as
a substitute for the State Bank Deposite Sys
tem, proposed by General Jackson. * This
pohcy was repudiated by the " Globe" at the j
time, and rejected by the vote of nearly even- j
ffieiid of the administration in Congre-.s, Now '
ih? " Globe" tttkv* the scheme into great
f?*or, and earnestly recommends it to the
Republican party, a* highly proper and ex
pedient. Mr. Leigh, the late Opposition
Senator, from Virginia, recommended the
same policy in 1834, in a letter published in
the Richmond Whig, and also in a speech
delivered by him at Petersburg, in October,
of the same year.
Mr. Leigh's language was :
" In my opinion, the Cramers of the Con
slitutmn had no thought of any bank agency,
JU*tfever, State or Federal, either for facili
tating the operations of the Treasury, or for
regulating the currency; and that to adminis
ter the Government in the true spirit of the
Constitution, and according to the intention of
its founders, tiIe treasury ought to be
DIVORCED FROM A LI, CONNEXION WITH BANKS,
STATE OR FEDERAL." <r
There is the present favorite creed of the
" Globe," <uid the author is Hon. Benjamin
Watkins Leigh, of Virginia.
But what position did the " Globe" take
then ? Hear him :
" THE PROPOSITION IS DISORGANIZING AND
REVOLUTIONARY, SUBVERSIVE OF THE FUNDA
MENTAL PRINCIPLES OF OUR GOVERNMENT,
AND OF ITS ENTIRE PRACTICE, FROM 1789
DOWN TO TIII8 DAY."
" It is as pa I/table as the sun, that the effect
of the scheme would be to bung the public
treasure MUCH NEARER the actual 'cus
tody and control of the President,' than it is
now, and expose it to be plundered by a
hundred hands, where one cannot now reach
if."?Globe, Nov. 20, \93Tr
" What then? why, the public money, from
the time of their reccipi to the time of their
disbursement, amounting, as they often do, to
ten or twelve millions of dollars, must remain
in the hands of individuals appointed by the
President, and removable at his will] And this
comes from a mau who has- leagued w,ith
scores of others to denounce the president as
an usurper, and contemner of the constitu
tion and laws, because he claimcd for the ex
ecutive the custody of the public money, in a
much more limited sense! He has never
claimed that it should be retained in the ac
tual keeping of executive officers, but only that
it must be at their credit, and within their con
trol, under such restrictions as congress may im
pose in Home bank or banks, or other places
of deposite. But Mr. Leigh thinks that, ac
cording to " the true spirit of the constitution,
it ought to be kept in their pockets, chests, or
vaults, where they can approach it every day,
and use it without the checks of warrants
drawn, countersigned, registered, and record
ed, and passing through many hands, without
which not a dollar can now be touched by
any public officer not even the President him
self? We do not agree with Mr. Leigh in the
opinion, that it was the intention of the consti
tution to leave with the executive this most dan
gerous control over the public money. If we did,
not having the flexible political conscience [.']
of this wise senator, we should be obliged
to insist that on this subject, also, the con
stitution should be rentored to its original
meaning, and the unauthorized constructions
which have been grafted upon it, lopped off.
But Mr. Leigh feels himself under no such
necessity. Thus does he excuse himself for
abandoning his reading of the constitution on
this point, viz:
" At the same time, I have no expectation
that this principle will ever be acted on to its
full extent. 1 HE FRIENDS OF THE STATE
Banks, the friends of a National Bank, and
the supporters of the Executive claims to
power, will all combine against it; and the
nation, most probably, will never agree, that
the immense sums yearly paid in for revenue,
shall, between the time "of collection and the
time of disbursement, be wholly unemployed
and unproductive."
If Mr. Loigh has reference to the friends of
President Jackson, when he speaks of " the
supporters of the Executive claims to jxwer,"
he may be assured that they will, to a man,
be united against any such monstrous accu
mulation of power over the public money
which such a plan would throw into the hands
of the Executive. And we venture to allege,
that had such a suggestion come from
Gen, Jackson, it would have been sun<r
through the old dominion with the reiterated
falsehoods about the proclamation and the
protest, as conclusive proof of all the aspira
tions which have been charged to the Hero
of Orleans! "See, (they would say.) here
HE WISHES TO PUT THE PUBLIC MONEY DI
RECTLY INTO THE PALMS OF HIS FRIENDS
AND PARTISANS, INSTEAD OF KEEPIXO IT ON
DEPOSITE IN BANKS, WHENCE IT CANNOT BE
DRAWN FOR OTHER THAN PUBLIC PURPOSES,
WITHOUT CERTAIN DETECTION." Ill Such a
case, we should feel that the people had just
cause for alarm, and ought to give their most
watchful attention to such an offort to f.n
I.aroe EXECUTIVE POWER, AND PUT IN ITS
hands the means of CORRUPTION. And are
-these the principles upon which Mr. Leigh
expects to return to the senate from the land
of Jefferson.'"
"Mr. Leigh knows that the President
HIMSELF IS OPPOSED TO THE PROJECT which
he ascribes to his supporters, ami that his
friends in IV ashington, whether of the Cabinet
or not, heartily concur with him m the course
of policy it is expedient to pursue." Globe,
Sept. 30th, 1834.
Now, the Globe intimates that the scheme
was always a favorite project of the late ad
ministration, urgently recommends it to the
republican party, and congratulates itself that
" the. democracy of the. country will rally in
favor of this measure of reform." Globe, Au
gust 21 St.. 1837.
We do not desire to rob the " Globe " of"
the honor of consistency , but the language we
have quoted, itself speaks, in no ambiguous
terms.
We have but exhibited two pictures which
the " Globe" has drawn itself. The like
nesses arc too accurate, and too shocking,
!?> require a name upon the canvass! The
portrait has the double face of Janus, without
any of the attributes of the God.
MK MADISON'S SPEECH.
We hare been accused of being m," pirate in dis
guiae." designed lo ?' amalgamate with tin opj>o*ition,"
in jilting up ? National Bank. Man? Iiavc affected an
?pprehenaiqu, that we intended lo resort to tlie era of
commercial embarrassment* when the late llank of the
1 tntcd State* was chartered, with the purpose of justi
fying a course of treachcry and deception, by an exampjo
ol necessity, ami the authority of a venerated nunc
We go hack much farther than this era.?we go hack
beyond lo the last decade of the eighteenth century ;
we go luck te tht tune when the ink upon the pari*!)
u*c it OI 111* Conatliutwu waa kucely dry ; whan the
debate* ou its formation were fresh in the memory ;
when it* construction ad minted of neither doubta nor
ambiguity; wa ao balk to thi* plbiod roa ou* ran*,
cin.aa , and we take the ?|urit of the venerated Madi
aon for our Mentor, and hia apeecb against any and all
United States Banks for our creed,and guide and bauner;
and the eUil email voice of an approving conscience
whiapara ua, " In hoc eignu vincea,' under this sign you
ahaII cotH|uer.
OUR CAUSE, AND OURSELVES.
We said there were " secrets of our prisou" thip that
we were not to tell, but of such a flattering character,
that wo could with difficulty therefor avoid breaking
out like David in songs of praise and thanksgiving
We are quiie sure that it would not be a wholesome
exercise 01 our necks, if we were to make a bow to
every salutation with which our advent ha* been greeted.
We have aaked nothing, we expect notlung but what
our intrinsic merits shall deserve. The unususl praises
our first number has received therefore, is the more
gratifying to us, becausa it is voluntary and in some
caaea extorted, and therefore rises above mere flattery.
Our eatakliahment seema to have taken root, and flour
ishea spontaneously. The rspidity with which sub
scriptions come in, surpasses our most sanguine expec
tation. I he warmth, teal and deep feeling with which
our numernua letter* are filled, prove as well that the
necessity of our establishment ia appreciated, as thst
our commencement ia approved. We have been grati
fied with aundry laconics like this : ?
s,r * enclose I- , send roe your psper ten years.
tjod speed your enterprise !
Truly yours, A;c,
1 he interest which sll classes and all parties are
manifesting in our undertaking, is peculiarly encourag
ing to our determination to pcraevere in ourarduouaand
responsible dutiea. But why should it not have been
expected ! J, not every individual who his any stake
, soc'e,v, vitally interested in every movement calcu
lated to check the disorganizing spirit that haa been
atealing over the land with a serpents cunning and a
vipers sting ? It cannot be otherwise.
We have received much applauae from the Opposi
. tion, which aomc " adminiatration organs" no doubt
consider an irreaistible evidence of heterodoxy. We
cannot help it. Some of those "organa" aecrn to dwell in
B<eotia, and labor harder to impart to tlie world a know
ledge of their ignorance of our penon, than to inform
their understandings of our principles. The position
into which some of them are forced, reminds ua of the
boy rebuked by hia master for the delay of hia coming.
" W hy is it," asked the man, ?' that you were not here
sooner?" " Why," replied the boy, " the wav was so
alippcry, that every time I stepped two feet forward, I
?lipped back three." " How did you get here at all
then you villain ?" " Oh, I turned round and went the
other way !" Some " organa" are not only very back
ward in coming, but come hackwarJt.
1 rom among the maaa of correspondence we have re
ceived, we aclect the following extract from a devoted
riendof the adminiatration, who, although we have not
the pleasure of- knowing personally, does not atop like
some " organs" to inquire who ire are, but proceeda to
the matter in hand in view of the principle* we have
declared, by which alone we are to be judged. \
I have just received, and read with cordial delight,
and entire acquiescence in your viewa, the firat number
of vour psper. ? * ?
I entertain the moat pleaaing confidence, that when
the real acope of your labors in behalf of moderate,
practical reforms, as opposed to the disorganizing ultra
itm of the day, shall be clearly discerned, that the Re
publican party of this District will promptly do their
part to sustain your Press. With projier information
before them, the bulk of the Republican party of this
country, with ao deep a atake in its stability aiid pros
perity, can scarcely fail to come warmly, and actively to
your support, in your useful opposition to the ichool boy
expedients of the vertctl tcioiut* in |>olitical economy,
to the unwise scheme of arraying one class of the com- <
mumty sgsinst another, and of poisoning the public '
mind with the most unfounded suspicions against thetn,
who, as a class, have borne an important part in sus
taining at home and abroad, the fortunea, and chsracter
of our confederacy.
Permit me to add, that in my conception, the elevated |
tone, and temper of your editorial remarks, constituted
"? green tpot" in the ruthless trtule of all the social I
charities, occasioned by the proscriptive modes of psr
tizanship, that have lamentably depraved the conduct I
of our Prc<s in " high places " In this dignified course |
you best attest your sensibility to all the lofty claims of !
your responsible task, and your proper appreciation of j
the public taste, which has sickened and revolted at the '
imperious dogma! um, that seeks to inteqiret, as it were,
from the tripod, the aentimeuta of the Republican par
ty and seema, alas ! fatally bent upon confounding
their wholesome and " time honored" doctrines with
the^ mischievous, and " mobocratical" tenets of the
" h anny W right" and " Loco Foco" school.
THE NEW YORK TIMES.
11 Tina is the name of the fine [fangled] journal ea
(ablnthcd at [New York], the [97] 1st number of which
reached ua yesterday. We remarked some weeks ago
when [they were] advertising [our] prospectus, that we
did not know who the editors or publishers were, and
we know no more now, except that Mr. (W. Holland] 1
i? announced as editor. Dut who Mr [Holland] is, or, ?
was, or who his connections are, or who advised or i
countenance^] his undertaking, are as yet thoroughly ,
sealed matters to ns."
" No mon'?Where ignorance is bliss,
"Tis folly to be wise."
The Madwoman,?This is the title of a new paper I
just commenced at Washington City in support of the j
present administration. The first number of the pub- |
lication was issued on Tuesday last, under the direction j
of Mr Thoinas Allen, who has been for some years fa- '
vorxbly known as the editor of the New York Tunes i
The prospectus is ably written, chaste and dignified, and
if an opinion of the character of the paper may be I
formed from its precursor, we have reason to believe it J
will be found worthy the support of the friends of the I
administration in all the States.
?.* Subscriptions /or the Madisonian will be received |
at this office, and promptly forwarded
Chickasaw (Mi.) Union
We are grateful for such liberality and kindness, and
trust that our good friend will be able to "promptly for
ward" a good list of subscribers, such as we have the
pleasure of receiving now every day.
M'e would correct one error. We ltave never been
" known" at all " as the editor of the New York Times."
I hat liouor belongs to the new associate editor of the
(?lobe. As fo> the New York Times, that print puts
itself to a vast deal of trouble to say, that it does not
know " who Mr. Allen is, or was, or wiio hia connec
tions are."
nv the EXPRESS MAIL
ItJ* I'he slips from the east contain nothmg of itile
lest.
BY THE SOUTHERN EXPRESS MAIL
'I he packet scliouncr, S. S Mills, capsized on its paa
s.ige from St. Augustine to Charleston, in a gsle off
Jokvl Island on the 8th inst , and completely wrecked.
Fourteen persons were lost. The only person saved j
was Abraham Cote, a sailor.
St. AtopsTiSr, Aug. 5. !
It is reported that (ien. Jesup, has succeeded in en- j
paging the services of 1000 Indians of different nations j
lor the ensuing campaign against the Scminoles. They j
are from the followng namkd tribes ; 'J00 Delaware*. 400 !
Shawnee*, 100 Kickapooa, 100 Sacs and Foxes from ;
Missouri, to be concentrated at St. Ix>uis, Mo , hnd
sent thence to I lorida, and 200 Choctaws, to be con
centrated at Little Rock, Arkansas, for the same ser- J
Tb? N?w Orleans Canal Bank, it ia stated, ruauuMMi
specie pay menu on the 14th inat.
Mississippi ha* instructed her representatives in Con
gress to procure the annexation of Teyas to the United
Stales aa aoon aa possible
We are indebted to the politeuess of the Nbw
Yobe Evbnihu Stab for several slips by the Express
Mail.
W here did the tUlluwnt Chronicle find %U " Eigh
teen reasons, sgainst the proposition to divorce the
General Government from all Banking Inatitutioni, and
aubatitute sub-treasuries ?" W> go for the credtt sys
tem.
NEW YORK BANKS.
Aggregate statement of the rendition of the banks of
the state of New York, on the first 'lav of August, 1837,
taken from their reports to the Dana Commissioners,
pursuant to law :
22 JV. York 27 N. Rivtr
City Bank' f L.J.Bank$.
47 Country
Bank,
Discounted lulls
and notes,
Other loaits,
ileal estate.
Over draughts,
Expenses anil
personal estate,
Bank fund,
Specie,
Notes of other
banks,
Cash item*
Due from city l/ks
Due from other
banks 6l eorp'ns,
Other investments,
32,990,964
4,067,112
941,291
86,721
109,642
356,559
1,758,489
4,921,479
601,955
5,087,330
6,215,625
2,852,52?
12,095,196
575,023
389,231
103,234
45,420
107,058
518,374
423,146
507,663
1,247,195
!WI,4M
360,318
15,885,554
397,118
461 ,556
101,390
115,586
161 250
454,575
554,809
246,585
2,399,682
616,293 |
358,201
Total resources, 59,921,095 17,363,306 21,752,666 J
LIABILITIES.
Capital stock, 19,111,200 7,085,200 9,155,000
Circulation, 6,061,924 2,453,051 6,525,639
Loans, 2,557,300 396,357 347,567
Due Canal Fund, 704,375 846,688 968,892
Due State Treasurer 707,510 480,318 476,428
Due U. 8. Treasurer 1,339,675 33,980 157,470
Due indiv. depo*. 11,481,042 1,884,692 1,390,995
Dividends unpaid, 80,123 18,601 20,909
Due city banks, 4,550,197 713,040 493,218
Due other bunks, dtc. 7,189,888 2,003,775 446,465
Profits, 3,704,169 2,365,691 1,681,986
Other liabilities, 2,534,892 81,842 88,110
Total liabilities, $59,921,695 17,363,306 21,752,669
V?i
IF**1
TOTAL RESOURCES Of THE 96
Discounted bills and notes $60
Othc loans 5,
Real estate 1,
Overdraughts
Expenses and |*rsonal estate
Bank fund
Specie 2,
Notes of other bancs 5,
Cash items 1,
Due from city banks 8,
te fr'm other b.k* Ac corpt'ns 7,
her investments 3,
,911,714
,029,323
,795,078
291,345
270,648
523,857
,631,438
,899,434
356,203
734,207
823,375
,571,048
Total Resources, ?;K),037,670
TOTAL LIABILITIES.
Capital stock 35,351,160
Circulation 15,039,714
Loons m 3,301,225
Due canal fund 2,519,955
Due State Treasurer 1664,256
Due U. States Treasurer , 1,531,125
Due individual depositors 14,756,729 '
Dividends unpaid . 119,633
Due city banks 5,656,655
Due other banks and-eorporations 9,640,128
Profits 6,751,846
Orher liabilities 2,704,819
Total liabilities ,#99,037^70
? From the New .York Times.
ItvThe Paragraphs below sre extracted from a letter
from a former Republican, William Sprague, mem
ber of Congress from Rhode Island. Whatever niay
be thought of his views regarding, a tariff his notion
about an exclusive metallic currency, antl^K credit sys
tem, can meet with dissent from no Quarter where en
lightened judgment exists. There nas been a time
when specie was sufficient to alt the wants of cotn
?mercts?and so there was when floors were covered with
rushes and not carpets, when men were clad in skins,
and even when there was no circulating medium at all,
but commerce was barter, a fleece being the price of a
sack a grain. But times have changed, civilization has
advanced, its inventions and appliances prevail, and in
the increase of commerce even a metallic circulating
medium, at length proves insufficient. It is weighty
and inconvenient, and there is not enough of the two
metals, gold and silver, above the surface of the earth?
not one quarter enough?for the wants of the business
world. Credit gives the. profits of two capitals, and a
country with a sound credit system fructifies in that
ratio, while a country with a mere cash system gets but
one profit. Thus tiie United States, with their crcdit
system, iinpcrfect as it is, but furnishing means to the
enterprising, have in one generation quadrupled their
population and wealth; Italy, France, Austria, mere
cash dealers, have remained nearly stationary.
"I will make a single remark upon the l?co Foco
system. I consider this system a war upon labor and
industry, and upon property, which is the offspring of
industry. Its advocates arc opposed to all banks ; and
what despot is not; and for the very reason, that they
enable the people to have a control ovei their own-labor
and industry. Were the subjects of the despots of the
old world permitted to have establishments so that they
could control their own labor and industry, the time
would not be far distant, when they would shake des
postiam itself to the ccntro. But, be this ss it may, we
cannot have an exclusive specie currency ; and for the
best of rcusons : that is, we have not got, neither can
we have, sufficient gold and silver for the purpose.
" But banks, to be most useful, must be regulated.
Fixed rules must be prescribed for their government, or
else titer will become the tyrants in turn. I look upon
a well regulated system of bank credits, and a tariff sys
tem, as of vital importance to the labor of the country.
The one calls it into active employment, and enhances
the value of the productions pcculisr to the country,
when exported ; tbe other, protects it from foreign com
petition and interference, with such as are common to
other countries as well as our own."
A great many of the best things said by the celebra
ted Dtirkc were uttered in the course of those debates,
when the foolish of the tune emptied the benches at his
rising His being an Irishman, his being of the middle
order, and his being totally above the calibre of fash
ionable triflers who would listen to nothing but an emi
grant, could understand nothing but a double entendre
often left him nearly alone with the few necesmry at
tendants of Ministers on the Treasury bench. On one
of these nights he animadverted, in strong terms, on
some acts of the cabinet. George Onslow, who proba
bly thought that be had now some chance of distinction
bv grappling with Burke, and showing, if not his wisdom,
at least his zeal, started up and said, haughtily, that he
must call tbe honorable memt>er to a sense of his duty,
and that no man should t>e suffered, in his presence to
insult the sovereign. Burke listened, and when Oualow
hitd disburtliened himself of his loyalty, gravelv address
ed the speaker : " Sir, the honorable member has ex
hibited much ardor but little discrimination ?He should
know that, however I may reverence the king, I am not
at all bouiid, nor,at all inclined, to extend that rever
ence to his uunisters, but, sir, I can see no |iossible rea
son for Itonoring," and he glanced round the Trcasurv j
bench, "his Majesty's man servant and maid servant,
his ox and tus an."
From Chateaubriand's lost work.
'IliougU Bonaparte entertained towards I)e Chateau
briand tiw strongest feelings of hostility, we have thc
following liberal estimate of the Emperor
Napoleon.?When Napoleon, for the second time,
quitted France, it waa asserted that be ought to have
buried himself under the ruins of hit last battle. Lord
Byron, in his satirical ode against Napoleon, says :
" To die a prince?or live a slave,
Thy choice is most ignobly brave,"
This was an incorrect estimate of the Ivopc still
kindling in a soul accustomed to dominion and iterating
alter the future. Lord Byron imagined that the dicta
tor of Kings had abdicated Ins fame with his sword, that
he waa about to die away iii utter oblivion. I/ord Byron
should have, known that the destiny of Napoleon was a
muse, like all other great destinies ; this muse knew
how to change an abortive catastrophe into s sudden
turn of fortune, which would have revived snd imparted
flesh youth to ita hero. The soliludt; of Napoleon in
hia exile and in his tomb, has thrown another kind over
a brilliant memory. Alexander did not die iii sight of
Greece; he disappesred amid tbe pomp of distant
Babylon Bonaparte did not close his eyes in the presence
of I' rsnce ; he passed away iii the gorgeous horizon of
the torrid zone. The man who had shown hiinsell in
such jwtwerful realitv vanished like s dream ; his life,
which belonged to history, co-operated in the poetry of
death. He now sleeps forever, like s hermit or s psria, |
beneath? willow, m a narrow *?llev, sCiruuwtUu by
steep rock*, H the extremity of a lonely path The
depth of the sileuce which presses upon hiiu can only be
compared u> the futMu of the tumult which had aui
lounded htm. Nation* arc absent, their throng ha* re
tired The bird of the tropic*, harne**ed to the car of
the aun, aa Duflon magnificently eipreaaea it, speeding
his flight downwards from the planet of light, reata alone
for a moment over aahea, the weight of which hu ahakeo
the equilibrium of the globe. Bouaparte cioaacd the
ocean to repair to hia final exile, regardlesa of that
beautiful aky which delighted Columbua, Vaaco De
(jauia, and Camoena ; stretched upon the ahip'a (tern,
he perceived not that unknown conatellationa ware
a|<arklmg over hia head ; hia powerful glance for the brat
tuue encountered their taya What to hitn were atara
which tie had never aeen from hia luvouaclu, and which
had never alione over hia empire 1 Nevertheless, not
one of tbetn haa failed to fulfil ila destiny ; one half of
tha firmament spread ita light over hia cradle ; the other
half waa reserved to illuminate hta tomb.
PiaTBEssiNU Accidsnt.?We secret to learn that laat
evening Mr*. Dallas, mother of the Hon. lieorgs M.
Dallas, American Minister to Russia, waa inatantancously
killed by a melancholy casualty, the particulars of which,
a* they hare reached us, are theae :?Mrs Dallas was re
turning after nightfall in a carriage from the country,
accompanied by Mrs. Alexander Campbell, when in pas*
inc through IWwn street, the horses attached to the
vehicle, tuok fright and ran away. The breaking of some
part of the Itaruus* brought a piece of wood conuected
with it in contact with the heeia of the horses, and in
creased their progress to their topmost speed. At this
Juncture the timorous driver sprang from his seat, leaving
us horses to their own guidance and direction. The
furious animals swept along the street, until on coming
either in contact with some obstacle, or turning a corner,
the carriage waa partly upset, and one of the affrighted
inmates dashed headlong upon the pavement. Mra.
Campbell was the lady thrown out, and we ne gratified
to hear that she was saved, as by a iniracte, although it
pains into add that ahe was severely bruised and wound
id, and it i* greatly feared, may not survive. Mrs. Dallas
remained in the carriage, if we mistake not, until tha
horses were arreaU.ti in their flight. Being taken into a
house, she waa scarcely able to speak, and merely com
plained of the oppresskt> 11 of her areas, which prevented
her from breathing freely. A groan or two ensued, and
the lamented lad) had ceased to live. There was no ex
ternal injury upon her person, except an inconsiderable
bruise ujion her arm, and it is believed that she died of
appoplexy, resulting from extreme terror?although it is
not improbable that the discovery of some internal hurts
might result from a thorough post mortem examination.
Mrs. Dallas was an amiable, accomplished, and high
bred woman, one who has fulfilled in her day and genera
tion, with exemplary purity and truth, the duties of a wife,
a mother, and a rncmlier of the society which she has so
Ion,; adorned. Her loss will be deeply deplored bv all whd
lore goodness and virtue, and the hencncent influence of
personal worth.?Philadelphia Gazette.
THE CREDIT SYSTEM
The idea of an exclusive metalic currency in ordina
ry times, is generally repudiated aa visionary, and in the
present state of things as preposterous. The credit
system gives a powerful imprilse to industry, and pre
sents facilities -for the accotnplishmcnt of enterprizea
which would, in its absence, be almost impossible:?
Every canal, every railroad, every work of internal im
provement in this country, owe their existence to this
system. Far from making the rich richer, and the poor
poorer, it is eminently calculated to assist the latter by
affording to them the same facilities for the accumulation
of wealth which the former possess. The farmer, me
chanic, on manufacturer, in ordinary times, procures
money at seven per cent interest?invests it in his busi
ness and realizes a liberal |>er centage upon the invest
ment above that which he pays as interest upon theloatv
He enlarges his operations and is enabled to give em
ployment to a greater number of laborers, and thus the
productive energies of the country arc brought into con
tinued action. ? ?"
Out besides affording to the poor the means of suc
cessful enterprise and a constant demand for their labor,
it protects them from the monopolizing influence of
riches confined to a few. Wealthy men alone, in caso
of the destruction ot the credit system, can carry on
bubiness which requires much capital, and as there are
comparatively few of that class, competition will be de
stroyed?all the lirge manufacturing and commercial
o|>erations will be controlled by the rich, and they will
become richer by the extravagant profits of a trade in
Which they have but few rivals. These exorbitant profita
must be levied upon the consumers, or in other words,
the great mass of the people.
If the abolition of the credit system would at any time
be a pernicious measure, it would Bt the present time be
a most disastrous one.?Pulaski (.V. Y.) Advocate.
From the An^rican Sentinel.
TO THE DEMOCRATIC REPUBLICANS OF
PENNSYLVANIA.
Fellme Citizens?A deep and abiding interest in your
welfare and succcss, has prompted ine to the present
design. The signs of the times are loo rife with evil
portents to you not to claim your undivided attention. A
minority party, comjKiscd of the shreds and patches of
every faction in the State and Union, have triumphed by
your divisions, and seek to perpetuate their power
through the same means. It will require all your saga
city, prudence, firmness, and discretion, to repel this
new effort, i/ooking with eyes sharpened by the pos
session of official patronage, to avery thing that is likely
to divide you from cach other, and seizing it lika the
torch of discord, tliey cast it with all their strength
amongst you. There is no topic now so fruitful in their
hands as the subject of the currency. Knowing wfell
the difference in opinion among you, they fan the fire
with all their energy. It cannot lie denied that there ia
the greatest danger of their efforts being successful.
Democracy can only be successful in this State by
adopting the Albany doctrines upon ibi* subject. Any
radical expression at this time csn but bring defeat and
disgrace ii|>on the party, and ruin to the interests, and
destruction to the whole republican institutions of the
nation. The people of thia country are too vigorous,
industrious and enterprising, as well as republican, to
allow of any measures of policy either by the State or
Nation, that would despotically cramp their genius, de
stroy their hopes of reward, and consolidate in the
hands and |K>sses*ioti of the already rich and aristocratic
portion of the community, all the wealth of the coun
tfy! , l
Yet such arc the inevitable results of that spirit of
radicalism that is now seeking, by allurements as flat
tering aa they arc pernicious, to mislead the minds and
bewilder the judgments of our people ; by stirring
them up to the wildest schemes of currency, eutopian
in their conception, impracticable in their adaptation to
the wants and welfare of the community, and good for
nothing but to place in prominent places politicians of
doubtful principles, with talents to ruin, but not to ad
vance any party, principles or person*except their own !
Such men (it is deeply to be regretted) have grown up
like rank weeds in a field of grain, or tares amongst tho
wheat, in too many places amongst us. Now ia the
time for you to check their evil tendency, by the pro
clamation of sound and judicious views upon these
subjects. Let u? imitate the wisdom of our brethren of
New York. ]>einocracy has nothing to fear, except
froin causes already pointed out She ia purely repub
lican in character. She abhors proscription?she lovea
justice. It is in her perfection that she protects and
fosters the industry, genius, property and character of
the whole people. She is the very antipode of despo
tism Sho opena wide the portal* of tiade, leaftung,
employment and science. She laavea these, as aha
does the mind, in perfect freedom She revolts agaituit
long letters, and jiroclaims the certainty of toward to
all tier children. She thus stimulates virtue and indus
try, and by bestowing peace and happinesa upon tho
people at large, she lays the broadest and surest found
ation for the permanency and security of republicanism '
To you, especially interested in such a happy state of
things, rightly belongs the task of rooting out and ex
terminating whatever, either in persona or practices, or
professions, threatens to prevent or injuic tha true creed
of the People.
Dim act trc a.
CONGRESSIONAL DOCUMENTS, JOURNALS,
J LAWS, AND DERATES.?GEORGE TEM
PI.EM AN has for sale, at his Rook and Stationary Store,
opposite the General Post (WW, all the Journals of Con
gress, from 1774 to 1*17. Gales and Seatoa's American
State Papers in 21 folio vols., from the Aral to the 24th
Congress inclusive, or from 17BU to 1823.
The Regular Series of Documents in royal 8 ra. vol
uiues, as published each Session, from the ISth to the
24th Congress inclusive, or from 1823 to 1837. The Laws
of Congress, in 8 vols, containing the Laws from the first
to the iiSd Congress inclusive, or from T7B9 to 4th of
March, 1833 ; the settes is made complete to the 4tl) of
March, 1837. by the pamphlet Laws of Ihc 23d and '24ih
Congress This ia the edition used by Congress snd the
Public Offices.
Story's Law s of the United Stales, in 4 vols from 178f>
to 4th of March, 1837. The 4th rol. contains an index to
the four volumes.
The pamphlet or Session Laws of the United Stat**
from the 5th to the 24th Cfrngress inclusive, or from 1797
to 1837. Any separate pamphlets can lie furnished.
(?ales and Seatoa's Register of Deliates in Cangrsss.
All Documents on Foreign Relations, Finance, Com
merce, and Navigation , Internal Improvement, Military
and Naval Affair* , Indian Affairs; Public lwsads, and on
Claim* of every description can be furnished separately
in sheets.
Also, for Bide a* above, a large collection of file* of
Newspaper* published in Washington and saai* of tha
principal cities in the United States
Aur 23. 3