Newspaper Page Text
ill it tW wiwltwitml thieittnril lo firo at them. Tiiis
aaaault was promptly returned with tfie fragments of ?Mite udl mortar which had been knocked by the c.m iwn into tHeir apartmenu. With the view of increasing tho littsluiw'i prejudice i^iuiit tho pcrnown, it wm 1111* rm.aul. ly reported to him lhat they were making an at tempt to i iH ?pe Snsaey, the chief of the alarc guard, promptly ipfieired, and threatened vengeance uhImi the officers coudueted themselves more submissively. Aa Captain Bambndge could not descend to enter into explanation with this scowling Cerberus, he handed hint a note to Sidi Mohammed Dgheis, sudobe* ved thai he waa very aure that the minuter would decide uroperly the subject Captain Bainbridge waa informed, in the course of a few hours, that the guard who first threw stones into the prison waa severely baatinadoed, and dismissed from the guard. . All the damages which the vessels auatained in the action of the twenty-acventh being repaired, ihc commo dore resolved on another attack. Soon after the com mencement of the action the eneiny'a galleys Rave way, and the American gunboats, schooners, and brigs, pur sued them within musket shot of fort English. Here our little squadron separated, a part of it continuing the attack on the Tripolitan boats and galleys, the remain der tioldly engaged the fort. The two bomb ketches threw she'ls into the town with great effect, but being exposed lo fire from the castle, crown and tuple batteries, were threatened with destruction. There danger being discovered by the commodore, he ran his frigate between them and the batteries ; and though he was within uiua ket ahot of seventy guns which were brought to bear upon him from the batteries, vet so rapidly and effectu ally did he discharge his broadsides, that he again drove the enemy from their guns, and did great injury to the city. . . The wind now commenced to blow fresh on snore, which obliged the commodore to order all vessels to willulraw under cover of the Constitution I he Ameri can vessels received considerable injury in the engage- ^ incut, but strange as it may appear, not a man was kill ed. Failing in the last several attacks to capture more of the Tripolitan vessels, in consequence of their un willingness to venture beyond the protection of their forts, it was determined by commodore Preble to send in a (ire ship with a view of burning them. For tius purpose he fitted out the ketch Intrepid, with one hun dred barrels of gunpowder, snd one hundred and fifty shells in her hold. Trains were so arranged as not to endanger the ship Captain Somers, Lieutenants W ads worth, Israel, and ten men volunteered for the e*|?cdi tion. Two first rate rowing boats were selected for the purpose of retreat after applying the matches At eight o'clock in the evening on the fourth of September, tho Intrepid stood into the harbor under convoy lot some distance, of the Argus, Vixen, and Nautilus. When slie had nearly reached the point ofWentiiuUon, the fire ship was boarded by two hundred 1 ripolitans from two gallevs. At this instant an awful explosion took place, which hurled to destruction, not only Captain Somers and his brave companions, but two hundred Turks ; not a soul was spared to explain the cause of the disaster. The trains may have been ignited by the wads which were fired bv the enemy, or us some suppose, on Captain Somers perceiving no means of escape, resolv ed to die, and with his own heroic hands fired the vessel. On the sixth of September, Captain Bainbridge and several of his officers were permitted to view the dead bodies of their self-devoted countrymen, who had per ished by the explosion. Their features were so mutila ted and disfigured that none of them could be identified. Thia circumstance, however, did not lessen the poig nancy of grief which such a spectacle was calculated to awaken. It was sufficient to know, that they were bravo Americana who made themselves willing sacrifices, to cffect the release of their captive brethren. Several of our imprisoned officers were allowed the privilege and consolation of paying the last melancholy duly to the remains of their unfortunate countrymen After each of these bold awl repeated attacks of tho dashing Preble, the Bashaw renewed his negotiations for |>eace. As might be expccted from the injury in dicted by our squadron, he gradually lessened in the amount of the ransom which he demanded. The Tripolitan demands being still thought extrava gant, the United States government sent out ajarger K juadron, under the command of commodore Sauiuul Barron, who being senior to commodore Preble, took command of the whoic Preble relinquished lo his young and distinguished friend Captain Uccatur the fri gate which he commanded, and returned to the United States, where he was most cordially received and hon ored wherever he appeared. Before he left the squad ron. however, an address was presented to him, signed bv every officer of the squadron, expressive of "the very high estimation in which lie was held as an officer and commander, and regret that he should have been su perseded in a command in which lie had acquired so muck honor to lumself and country." Commodore Barron's squadron retire! to Syracuse, where he was engaged to repair it for active operations in tho spring. Arrangements were also making to pro cure the co-opetation of the deposed Bashaw ol I rijKili, with whatever forces he could command and bring into the field. The captive sailors being uninformed with regard to these movements and [ireparations, and deeming their liberations almost hopeless, planned a method for escape, . which they found means to communicate to their offi cers. The sailors were to rush iu a^lwuly into tho castle, force ojien the prison doors of the officers, who were to head them iu an attack on the 'palace, which forms a part of the castle. The Bashaw and his family were to lie treated kindly, but secured, and the castle was to be retained possession of, until the arrival of some Ameri can vessels The enterprise was countenanced by Cap tain Baiubridge and his officers, but the attempt was de feated bv the suspicions of the Bashaw. 'I he carpenter, boatswain, satlmaker, and master's mat 6 were in conse (pcnci'-takcn from among the crew, and lodged with the offifxr* The prisoners were rigidlv searched for con cealed arms?the guards without the castle were in creased in numbers, and an additional force placed at nil their outposts ; so that the scheme, like all the pre vious ones, failed of Us object through causes beyond the control of the intrepid and almost desperate projec tors of them. The scene of these brilliant operations on the wa ter with a view to procurcijtlie liberation of the prisoners, changed for the same objects to the land. From the Saratoga Sentinel. THE I-OCO FOCO DOCTRINE. The Plaindealer of flic 1st July contains an address adopted by the loco focos, at a meeting held by them iu New York on the 27th June. As it purports to give m a condensed maimer the doctrines of that party, which arc but imperfectly understood in the conntry, we have inade such selections as our limits will permit. " The spirit of traffic isof.-dl others the most incompati ble with the spirit of liberty* The desire to buy cheap, mid sell dear, to make much and give III tie, whether it shows itself in the highwayman or the speculator, is equally hostile to the happiness and the virtues of society ; and from the birth of Carthm- down lo the present tunc, the. tendency of excessive trade has been, to Mend the pride of the tyrant with the meanness of the slave in each individual wherever it has beea suffered to predominate. If we understand the sentiment here advanced, it would pot a stop to all trade or exchanges, and would deprive the farmer or mechanic from bartering the pro duets of his farm or workshop, ot from receiving there ? tor anything more than their absolute cost. " It ought ever to Ik" l?>rne in mind, that no man can ac quire the doubtful good of extreme wealth w ithout subject ing others to the undoubted evil of poverty. No man can ????un the whole soil of n district, without snipping all other occupants of snch district of thejr nglrt to the soil; nor engross any jiortion of the fruit of other men s hilnir with out subjecting others to a loss equal to his own gain. ? Jicnce, no don(a? the severity of the denunciations pro nounced by the carjM'iitcr of Saxarelh ujion the engrossers ?f wealth ; who, in the very nature of things, over must Ito little better than beasts of Jirey lying in wait for the honest laborers of society." Without stopping to comment on the irreverent man ner in which the Saviour is here spoken of, we dissent ui lolo to the doctrine inculcated It is nottruc that none can become wealthy, without making others poor That auclj instances occur we admit; but how many are there who by their industry and enterprise, not only enrich themselves, but add to the support and comfort, at least of hundreds around them, who were it not for the skill of a masterspirit, unchecked by a system which would blight all enterprise, would be suffering the evils inci dent to poverty ! How many a yonng man is there, loo, with example thus before hun, who is aiming at so elevation which, in this country, is denied lo no one itossessmg industry and perseverance ! No man, it is true, can acquire the soil of a neighborltood without de priving otliers of a rigid to the thereof?But this cannot be done by robbery or ojtpressioti, as the address would seein to convey Our laws forbid anv thing of the kind, and the position is supremely ridiculous, and unworthy a serious refutation. "It is necessary that we should advert to some of those schemes which have been devised to strip the la borer of his earnings, and which we are anxious to anni ^'"'we will first speak of the fraud of a spurious currency. The legitimate office of money is, to regulate the divi dends ot the great partnership of society to secure to each contributor to the wealth of society, dividends proportioned lo the extent of his contributions. Money enables its holders to take wealth or laU>r from such members of the ImmIv politic as mav have wealth or labor to part with ; and nothing can be mote just than that he who has oM tuned money koncstly who In* giotit wealth or lal?ir to sociaty for the money lie own*, should rarnr< waeith or lulur in return. Hut our resigning office bolder* have fur year* keen tha practice of licensing the caucusc* lo which tliey owed their elevuliou, and aucb *peeufalor? M w?Hild pay handsomely for ihe privilege*, lo issue atrip* of ailk paper aa money : they ami their confederate* haw been allowed to engrot* nearly all the land*, ami l*m*e?, ami wculth of the atalo, wimwl??er lia? nig contributed the value of a ample broomstick lo the wealth of any man. 'I hey hum alao drawn interest Iroin society oil tha whole amount of money they owed the aoeiety. They and their conferler atea hare tfiua robbed nearly the whole of the working classes of all the fruita of their industry ; and we imut now decide whether they ahall be suffered lo continue their game, or to tetain their plunder." The forcpoiug i? mere rent, based on no argument whatever. Every one know* that a bank cannot lie crea ted without an actual capital paid in, a* fixed by law. If any one ha* money lo invest in ihu manner, he can become a stockholder ; if not, he is prepared, accord ing to loco foco ethics, to a ftnrale hanker merely. Un der the present system, the banks are reatricted in their issue*?a fund, beyond their control, but to which they are obliged to contribute, is created for the redemption of their bills, and a supervision of their concerns is had by the officers appointed by the stato for that pur|K>sc. That they arc licensed by office-holders for fxiy, is too absurd to require denial; and so far from rohbwg the laUoruij; classes, they have in the language of the ad dress of the Albany committee, " extended our com merce over the whole world?peopled the wilderness? built our cities and villages?founded our colleges, and established our schools. They hive given us national wealth ami individual prosperity ; and if they have brought some evils in their train, they are not for a moment to beconi|iared with the advantages which we have so abun dantly realized." " Our |>rc*ent laws have jnlso given full scope to that great curse of the human race formerly called 'usury* or ' increase,* but now better known by the terms ' interest' and ' iprchlation.' This mean mode of robtiery, the na ture of w hich is such that it can only lie practised by the po? seaaorsof wealth against the poor and needy, has proved the ruin of hundreds of empires, and received the attention of the best and earliest lawgivers, 4 If thy brother be waxen poor, and fallen in deray with thee, then thou shill relieve hiin ; yea, though he lie a stranger, or a so journer ; Take tliou no usury of him or incrnue ; but feur thy God, that thy brother may live with thee. Thou shalt not give him thy money upon usury, nor lend him victQala upon inereMe. ?(Lev. xxv, Ilfi.lKxekiel classes the usur er with the hired assassin ; the Fathers and early Councils of the Christian Church sqioke of him as u wrecker, draw ing aliment" from human misery and human tei\rs ; and for more lhan a thousand years usury was reckoned through out Christendom, not less criminal than other species of caiinihulisin. Yet has this sin tiecn tolerated to such an extent among us, that it has now little left but the starved carcass of the laliorer to feed upon." If the rates of interests were not legalized, or if tho usury laws were repealed, we have repeatedly shown, on former occasions, that there would he no limitation lo usury and oppression. The legislature were of the same opinion at the last session, and when the question of repeal came before the senate, there were but two votes in its favor. But if no interest whatever could bo obtained for mone'v, which is a bail thrown into shallow water, to allure lish still more shallow, how would it bo possible to proceed w ith any branch of business ! The rich, surety, are not going to give away their money ; neither will they, if deprived of banks or other places of investment, loan il w ithout compensation. In the sus pension then, of business, as a necessary consequence, the poor and the laboring classes would be the first to fjulTer besides, the prohibition in the Mosaic law rela tive to interest, applied to the Jt\c? exclusively. " Unto a stranger, tlion mayest lend upon usury," is a |>erriii8 sion given in Dcut. 23, VO The servant, too, who hid Ins Isird'ti talent, and did not put it out so that he could reccive, at his coming, his own with utury, was cast out as " unprofitable," so that there is not much scrip ture authority for loco focoism. " I'nilwlJr Ihe beirt mode of completely destroying tx>lh the curse of paper money and the curse of usury w ould lie, simply, (a Irt cmht alone ; to leave each man's credit to stand solely on its own lottom, without any attempt to strengthen or weaken it by legislation; ami by our con stitution, to perpetually prohibit the law from ever inter fering in any shape with airy contract of debt, either to enforce or annul it. This measure would make all debts contracted after its adoption what all debts should lie, of honor. It would prevent the man of doubtful lion csty, whatever inighf be hi* wealth, from oUaintng very extensive credit; arid it would enable the honest man, however |NM>r7to'obtain aa much credit as he ought. It would subject the man w ho should lie guilty of trusting a speculator or knave to the just punishment of loosing his ? debt ; and it would caime a single dishonest act to blast its perpetrator's credit wherever he should lie known! , The ftenefunsl effects of sueh a measure will appear tha more complete and extensive Ihe more it is examined ; aud would have the great merit of lieing simple, efficient and just." W hat a process for collecting debts ! Even with our present wiiolesome laws, and the restraints which they impose, it is oftentimes diliicult to secure the payment of honest dues, and to guard against innumerable frauds, lint with every barrier removed, and a resort to honor merely as an arbiter to determine how" far debts should he liquidated, or contracts enforced, who does not see that anarchy and eiiote would predominate, and a pros titution of our evil compact ensue ? There is a bold ness iu the pro|>osition niore befitting rtic character of * revolutionist than of a supporter of our lepublican in stitution*. ' "A reform of the judiciary system would naturally en gage the attention of the convention w e propose * If our judges are lo have Ihe power of drawing' their decisions from an interminable fog-bank of laws, and precedents and dead men's opinions, they ought to lie made more nearly responsible to ihe people vylio are compelled to pay their w ages and lo submit to alt their decisions." To carry out the doctrines previously advanced, a re form in the judiciarv would follow as a matter of course ?or rattier, no judiciary at all would be requisite. Hon or would supersede the neccssilv of judges, or any re ference to the legal decisions of the wisest and best men of this or any other country. "The practice of preserving the public Iambi for the benefit of speculator* and w ild beasts, while thousands of Cod's childen have not where to lay their heads ; and the practice of stripping every poor man's child of his natural, inalienable right lo a share of the Itountie* of our common Father that he may lie compelled to wear out a shortened existence in the service of sloth and luxury, are subjects that should at this time lie considered with serious attcu Hon, and acted upon with deliberate caution, by our whole people. It should be I>orne 111 mind, however, that these w rong things come, more w ilinn the province of conscience than witliiu that law.'' It is not true that the public lands have been reserved for the benefit of speculators. Then we are free to admit that it would have been more conducive to the public good, and that much of the present pressure would have been avoided, had the sales been confined to actual settlers ; still no one could furnish payment therefor, has Ihe right of purchase been denied. At present, extensive sales h-w ccarfed, and it is altogether probable that a law will be passed at the next session of congress, restricting the number of acres to be con veyed to each individual. " It would l>e both inconvenient and unnecessary to ad vert to all the Subjects that might lie submitted to the con sideration of the proposed convention. What we ourselves w ish is, n NKW CONSTITUTION, tiased not upon un coriipiMirii.se, not ti|ion Hny narrow views of temporary ex pedicnry, but upon the broad and eternal basis of KIGIIT. VV e w ish law to become (lie mere echo of conscience. We wish that no man should evcrhereafter be privileged to do unto others lliat which he would not have others to do unto bun, or exact from other* th it w hich ho would not havo others exact from him. And this i'.i all." This caps the climax. A constitution which shall make law the mere echo of conscience! Tho ideajs too absurd to warrant a serious comment. It is, how ever, the essence of loco focoimn A proposition of tho present compact?of all law and order?u.id the erec tion on their rums of a system which shall strip one of property and give it to another?which shall destroy all incentives to enterprise, and annihilate every impedi ment to anarchy and misrule. These principles, the offspring of several foreign agrarian*, now residing in New York, we are happy to believe, are confined to themselves and their infatuated followers iu that city. Whatever diversity of opinion as to banks or banking may exist among our cities, we do not believe that loco focotsui, or more properly agrari anisin, has oh.-.ined any foothold in the country. We We should be miwilltng to believe that any person pre tending to respectability among us conld entertain sen timents so utterly at variance with morality or common sense. From the liiehmond Enquirer. THE ALTERNATIVES. We are so much crowded by the Communications of our Correspondents, that we cannot easily command the space, which would be necessary for the long Exposi tion we promised this morning Our only resource is, to present our views in detachments We begin, there fore, with bringing before the public the opinions which we expressed in 1833. One of our Correspondent* m to-day's |iapcr reminds us of the discussions of the Press, which then took place ?The following Extract is a part of the article which we then laid before our readers. 'I"hey touch iijmjii the objections which we * The convention here referred to is rccomfaca led to lie holden at I'tica on the second .Monday in S<ptcni'nr next. entertained three year* ago against the Sub-Tieaaury ?ystem. We still entertain the aame opinions They bow constitute our principal objection to Um Suk-Treaaury system?not the only one. We object to the time, in which u m |iru|Kj?t<l to lutroducc the system. We Jo not bclteve it to lie expedient, or perhaps practicable, until the Banks ahall have resuiuwd specie payments. But more of auch questions hereafter. On the (treat question of the tendency of thia system, to ciliary the power and patronage uf the Executive, we entertain the aame opinions which we expressed lu the following Extract. We atill go for the State Banks aa depositories of the public reveitue, in preference to tlie Treaaury system We have adopted llua concluaiou, after giving aa much reflection lo the subject, aa our very limited facultlea and even more limited information were aide to beatow upou it. We confeaa, tliat we were at one time somewhat disposed to adopt the Treaaury system?Some of our moat intimate friend* go for it. The Adminiatration, to which we arc attached, will probably bring it back lo the view of Congress. llut when we viewed llua question in all ita lighta ; when we reviewed tlie reasons which had awayed our judgment m '34?when we considered the consequences winch it might produce u|*ou the opcrationa of our Government ?in increasing the Executive (tower, already loo great ?when we alao couaidered the lime, and the embarrass ments, under which llua ayatem la to be introduced? the ditficullica of carrying it into execution, while a large proportion of our s|tecie waa locked up in the vault* of the Hank*?and the great importance of re lieving the country from ita present pressure, before any great and "untried lytpedient" waa adopted, we could no longer hesitate about tlie Alternative which ought to be pursued. We go for a Treasury System?for any alternative?in preference to an unconstitutional, inatn inoih Hank of the United Statea. Hut we go for the sound State Hanka?those which will answer the pur poses of the Government?those which are honest in their wialiea and zealoua ru their efforts to resume specie payments, in preference to the Treasury System In a in Octolter, 1834. We do not think the Experiment of the Slate Hanks has been fairly and fully tried?'They have aiis|M-nded specie payments under unparalleled cir cumstances, not likely to occur again?(with forty milliona of surplus revenue lo disturb the entire bank machinery ; with an inordinate spirit of apeculation and over-dealing in public lands ; foreign goods, in every line of life, that is unexampled, &c., Ac )?Besides, the verv lights which have been struck out by recent ex|>e riertce, will enable ua to reform thu scheme, to guard against the abuses of the Uankmg System bv adequate restrictions, to control the issue of small notes, and to make wiser arrangernenta for the public deposites in these institutiona. With these impressions, we lay before our readers the following " We have just read the Correspondence between the twenty-six citizens of Richmond, and Mr I^eigh, con cerning " the h lie meaning" of u passage in one of Ins speeches jn the Senate, ami his " future course towards the Hank of the United Statea." " The letter of the twenty-six citizens contains one passage which has excited some conversation in this City, mid has called forth two or three explanatory Cards in the public papers. It up/tears to be intended as a hit at tin* press?and under other feelings than those which we now entertain, it might prompt us to retaliation, upon the manner of ita expression, the time of its publication, and the strictures it convcys. We should have expected a different sentiment from most of the gentlemen who have signed the paper, &c. They ought by this time to know, that we have no office, and no luvor, to ask at the hands of the administration, which could induce us to sacrifice our ' long-professed maxima of Constitutional Government, in the ' service'and at the shrine of 'power.' They tinghl also have known, how,strongly we have been opposed to tlie Bank of the United States, as clashing with all our ' professed max ims of Constitutional Government'?and how grateful we have full, for the (patriotic and moral courage of the veteran, who put his veto u|?on the renewal of its char ter. We disapproved, it is true, of the removal of the Deposites?but the events wluch have since transpired the strange ' Revolutions' which parties have under gone, the coalitions which have been effected between the most discordant and ambitious ' leaders,' the Canal which has been formed in the Senate, the gross disobe-, dience oftinstructions which has been shamefully dis played by live or six Senators, in the very face of all oqr ' maxims of Constitutional Government' the panic Speeches which have been poured forth, the panic Me morials which have been penerated in the hot-bed of parties ; the astonishing efforts which have been made to restore the Deposites and to re-charter the Hank ; every thing satisfied us that the Administration was to be hunted down, and this monstrous institution was lo rise upon its ruins. Were we to remain silent under this alarming condition of things ' Were we to coalesce w ith its professed enemies in pulling down the Adminis tration ! What influence was lo he sulistituted in its place ! Who so capable as that ' firm old man' to copc with the power of the Hank ! At the same time, which of these twenty-six citizens is more anxious than we are to throw additional guards against the Executive power over the public press 1 Who has more anxiously called for the interposition of Congress} not to restore the Deposites?which seems to us alniost equivalent to the renewal of the Charter?but to> regulate the gold cur rency ; still more to regulate the deposites of the public moneys in the State Banks, which are alike constitu tional and responsible to the Slate authorities?and especially to restrict the Executive control over the Public Deposites iu these State Institutions ' If we have erreu, indeed, in maintaining these propositions, we hid hoped we might claim at least'some indulgence for our intentions. If we have believed Mr Leigh to be mistaken in taking a different view of souie of these propositions?if wo have believed him not sufficiently zealous iu extinguishing the Bank, now and forever? and therefore, not the man after our own heart?if we have thrown open our columns freely, to Correspond ents, both for him and against him, we might have hoped to escape the imputation of being ' the leader among his defamers'?and of sacriticing all our princi ples at the footstool of ' power.' But let these things pass! "As to ? the letter of Mr. T/eigh, it may satisfy his twenty-six friends, but it certainly does not satisfy us. The letter which they have called forth, should call forth in its turn, another letter tc* explain 'the true meaning of that passage,' which speaks of ' divorcing all connec tion with Banks, State or Federal.' ' Do you mean (they might say,) that the public money is to be left in the hands of the Custom House officers rexponnhlr. to the President and removable by him1' If so, is Mr L. prepared to incur the irresistible objections urged bv the Globe?and to ' increase (in so alarming a degree) the patronage, power and influence of the Kfcculive ? the great ' key,' which he says is to ' open the ruling, and indeed the only motives of all nty conduct, since I have had a share in the National Councils.' What! does not putting down the bank also form no part of his ' motives since (he) had a share ill the National Councils 1 Ills twenty-six friends might also ask him: 'If vou should be brought to the alternative of selecting the Stale Hanks, or the National Hank, as the Depositories of the public moneys, which will you prefer!' This great question has not been noticed by his friends or by him self And yet this is the great Alternative, which will he presented to the Senators of the United Stales And what will Mr. Leigh do in this alternative ! Will he take the State Banks, whic'j are constitutional, which are established by the Slates, responsible to the States, regulated by the States, as the depots of the public treasure, under such restrictions upon the Executive control as may seem wise and necessary to be made by Congress! Or, will betake the Bank of the United Stales, contrary lo the Constitution, spreading its arms throughout the States, and thus exerting a'i enormous influence, which is in defiance of all Stale authority? and as dangerous lo the liberties as to the Constitution otour country. V\ Inch will he do' Judging by one of his speeches in which he appt ars to allude to this alternative, we should suppose that Mr Leigh considers the National Bank as less dangerous than the State Dinks-?or, what has been extravagantly called 'the Itfagiie oj State Hank* ' In this opinion it would be our misfortune to differ essentially with Mr Leigh. " In his letter, indeed, he does not present this alter native, which we think will be the true one?but he makes another, which we do not believe is lo be the true one : "I am mow deliberately of opinion, that the question will ultimately be, between (not perhaps the present Hank of the United Suites, but) a National Bank, con stituted as the present Bank is, hi all essential particu lars? anj a National Bank varying in its construction from the present, only in placing the direction under the absolute control of the Executive." " But wc are ' as deliberately of opinion' as Mr L. can be, that this will not ultimately be the que*'ion. The President himself, we understand from the best authority, has abjured all ides of a Treasury Bank?and which of Us influential friends maintains it! Mr. For syth's appointment lo the Stato Department, to which Mr. L. refers, is no evidence of the fact; because Mr F. was appointed from other reasons?his office is moreover not connected with the Finances?whereas that of Mr. Woodbury is so, and he (Mr W ) is op ftosed to any National Bank. VIEWS IN 1H34. Ejctfarti from the tarn*. Lrmu r*0M wa.hixutom, 4ulc4 IS/A August. CURRENCY. " In what way can the collection of the revenue in specie, and paying it out to the of ficers of the Government, civil and military, and to other Government creditors in specie, tend to restore to the community at large a sound and uniform currency f " Will the Sub-Treasury system proposed | by Mr. Gouge, aid the Bank to resume specie payments, or will it not have directly the op jHwite tendency, nnd prolong the period when they will resume ? " I propose to make some dispassionate re marks on these questions, without looking to the right or to the left, to see whose theory I may attack, or what party interest I may af fect. 1 think the time h;;s arrived, when we should look alone, to the happiness of our com mon country, ' the blessed mother of us all,' and let ulone the interest of purtizun leaders, and the deplorable bitterness of party strife, in a great deal ol which there is no principle whatever involved. A great portion of this strife is nothing more, than the old war of the up town boys and the down tou n boys; the question being, not what is the l>est course to insure the real happiness and prosperity of our blessed country, but what is best to insure the triumph of party or to effect its overthrow. In other words, it is a wur, not upon the great leading principles ol Republican government, which divided our forefathers, but a war of taunts and jeers, of crimination and recrimi nation, and arguments to prove that one side is more in fault than the other side The time has arrived, 1 think, when sensible men ought to look alxive these things?when we ought to think of our country, and forget men alto gether. "If the nation could be induced to come to the consideration of this question with feel ings of this kind, how easily it could be set tled,and the prosperity of the country restored ! Am I really guilty of an act of moral turpi tude in the estimation of a friend, by express ing opinions differing from his own on the subject of the currency ? Ought it to be a cause of personal offence or of dislike 7 Can we not let reason decide the question between us, without exciting the angry passions ? Is not freedom of opinion the birthright of us all ? Did not our forefathers encounter all the hor rors and privations of a seven years' war, that their children might enjoy it ? Most unques tionably they did.?And we surrender it, we give up <>110 of the choicest blessings of our Republican Government. With these pre liminary remarks, I proceed to the subject : W hat is tin; first object to be accomplish ed, to insure the restoration of specie pay ments ? I answer at once?confidence in the solvency ol the Banks, and equality of value between bunk paper and specie. If specie bears a premium, how can they resume specie payments ? And will it not always bear a premium, so long as the Government has for its operations alone nil exclusive metallic cur rency?whilst the community has a paper medium ? If paper money "or Bank notes is as valuable as spccie, certainly the Govern ment would not hesitate to take one as soon as the other. It is in consideration that spe cie is more sound, certain and valuable than hank paper, that the Government prefers it. The Government, then, by this system, pro claims the fact to the community, that specie is more valuable than any bank notes. The community, will certainly not hesitate to fol low the example. The system at once fixes a difference of value between bank notes and specie. The separation of the Government from bank notes, separates spccie from bank notes. " W ill any man keep his bank notes in his pocket, when the specie it represents is more valuable to hnn ? Will he not draw upon the Hanks instantly for the specie, to avail him self of the proiit ? How then ran the Banks hear the runs, that will be made upon them, so long as specie bears a premium ? And will it not always bear a premium, so long as the Government depreciates and dishonors bank paper, by refusing to receive it in pay ment of the public dues ? Ought the Govern ment, the agent and servant of the community, to adopt a measure for its own benefit alone calculated <o fix forever upon its principal, the community, the evils of a depreciated curren cy ? -For what purpose lias the Government been established, but to take care of and pro vide for the interest of the community ? " And if the community are not to be bene fitted by this new scheme, I cannot for my soul see for what purpose it is to be esta blished. " How can the community he benefitted by it ? Let us look at its practical' operation, upon the supposition that it is to go into effect. "Specie in six months, should the Banks not resume specie payments, (and 1 have de monstrated, I think they cannot, so long as specie is at a premium,) will be at an advance of some 10 or 12 per cent. A ship comes in to New York and has duties to pay to the amount ol SI0,000. Specie must be purchas ed from the brokers at this premium. Now, | wht) pays the premium ? The consumers? i the community at large. The merchant cul \ dilates the cost of the goods?the price of shipping them to the United States?the amount of duties and other expenses he has had to pay, which, together with his proper profits and expenses added to their price. | Here we see clearly, that it is the community that pays the amount of the premium at which specie can alone bo obtained, if this system ?joes into effect. 'Of what conceivable bene fit is it then to the community ? A system that will lix upon it forever a depreciated paper system, and exacts of it the premium nt whit h specie alone can he purchased to pay the dues of the Government! !! That we shall have hank notes in circulation as long as we have Hanks, and that there will be Banks as long as there are State Governments, I think, is a proposition that requires no arguments to es tablish, to the entire satisfaction of every sen sible man ol ordinary understanding. 1 he great object of the Government should be, to make this paper system as perfect as possible, by reducing its quantity in some way or other, and making it as nearly equal to gold and silver as possible. Hut here is a system calculated, in my humble judgment, to have directly a contrary effect. It will ultimately enlarge the quantity of paper, by preventing the Banks from resuming specie payments, in consequence of sjiecie bearing a premium under its operation, and it will depreciate the value of paper for that reason, and for others which have been stated. " I am totally unable to see, how its opera- ? (ion tends to insure a sound and uniform cur rency throughout the United States, with the people at large?such a currency as is de manded ol Congress, by the provision of the I Federal Constitution, and which in fiat, was j one of lite principal objects of the establish ment of the Government. It wus the disor dered state of the finances?uf the circulat ing medium, and of consequence, the com merce of the country, and the waut of public credit, that first brought together the illustri ous men at the clone of (he American Kevo lution, to commit on the proper remedy for these great and growing evils. The Federal Constitution wait the fiuit of their delibera tions. And they believed, they had insured to the people of the United States, a sound and uniform currency, by giving to Congress the |Mtwer of coining money, and regulating the value thereof; and by expressly prohibit ing that power to the Suites, as well as the power of' emitting bills of credit,' or making any thing a tender in payment of debts, but gold and silver coin. " They prohibited these powers to the States, be it observed, and not to Congress. The great object was, that Congress, the le gislative power of the nation, should provide a sound and uniform currency for the people of the United States. To have this currency souiul ami uniform, its regulation wan given to one Govemmeut, viz. the National Govern ment. It must be sound, and it must be uni form ; but it is not essential, in order to coin ply with the Constitution, that it should be of gold and silver. And the truth is, that it never has been exclusively of gold and silver. "A few months after the adoption of tiie Federal Constitution, the revenue was remit ted, by order of the Government, in bank notes of the old banks that had been established be fore its adoption. Ami it Was of course paid out in bank notes. Yes, even at that pure period, when American patriots were just fresh from the struggle for American liberty, the revenue was received and disbursed, to a certain extent, in bank notes?the Govern ment thus contributing to make them a circu lating medium. ? ??? t ? ? | ? " What says the writer in this article, on the subject of the restoration of specie pay ments, and the re-establishment of our credit and prosperity? How are.they to be effect ed ? ' Confidence being in some rrieasvre re stored,' says he, 4 and money having again begun to circulate in the Union, every thing trill gradually resume something like a quiet state? and all those indebted to Furope, who have the power and the inclination to cancel their debts, may no doubt procure the means' " Confidence, must be restored, and money must begin to circulate.?And prnv, how are those two things to be effected ? Hy the Sub Treasury system, which abandons the com munity to its fate to struggle through a disor dered currency as it can?which proclaims to the world, that no sort of confidence is to be placed in the solvency of the banks?and which dishonors and discredits the only circu lating medium we have at this time, viz., bank paper, by refusing to receive it in payment of the public dues, under any circumstances ? Is this the way in which confidence is to be restored in ba:-k paper, and specie gradually thrown again into circulation '? Restore con fidence in the banks, by raising a premium upon specie !! Put specie into circulation,, by depreciating bank notes ! ! Fnable the banks to resume specie payments, by depre ciating their paper, .and inevitably producing a premium upon specie !! Is this the way in which a sound and uniform circulating me dium is to be restored to this country, that has at this time 800 banks with charters, ex tending to 20, 30 nnd 40 years '1 and a circu lation of bank paper at this time amounting to more than 180 millions!! ! llow can the Government restore to the community a sound and uniform circulating medium, by collect ing its own debts in specie and paying its own creditors in specie ? It could no more do it, than could a wealthy merchant in Richmond, give to the whole State of Virginia a specie circulation, by collecting his debts in specie and paying his debts in specie. The number of debtors and creditors to the Government bears perhaps the same pro|>ortion to the num ber of debtors and creditors throughout the United States. The Government to collect its debts in specie, and pay its debts in spe cie !! ! How is that operation to induce or compel A, 13, and C, who have nothing to do with the Government, to collect and pay their debts in bank notes, when it is the only cir culating medium of the country ? For, I deny that specie ever will circulate, so long as it is more valuable than bank notes, and it always u ill be more valuable, so long as the Govern ment so estimates it and will only receive it in payment of the public dues. If one man in society demands hikI pays specie, can his conduct compel 20 others to do the same, who have nothing but bank notes in their pockets, and no way of obtaining specie, except by paying a premium T " We have now in circulation a new kind of currency, to an extent, I believe, never known before in this country, which is degrad ing and disgraceful in the last degree to our national character. It has been denominated by some wag, " shin plasters"?an appropriate epithet to distinguish the diseased state of our circulating medium. It consists of paper of all sorts of private banking. Hotel keepers, shop keepers, store keepers, barbers, and every kind of corporation are issuing their pri vate bills of credit, by the way of making change. Specie being at a premium, it is driven out of circulation nearly entirely. Now, I would ask, if some ten or a dozen gentle* men in one of our cities, should refuse to re ceive " Mr. Shin-plaster" in the way of change, would their refusal drive him out of circula tion ? It would not. Nor would the refusal of the Government to receive Hank notes in payment of the public dues, drive them out of circulation, so long as we have 800 or 'J00 State Hanks, with the potter in 2G sovereign States to charter as many more as they please. " Congress is bound by the mandates of the Constitution to give to the country a sound and uniform circulating medium ; and I say it can only be done by making bank paper equiv alent to specie?and not by keeping up premi um upon it." From l)it tnmr. THE fcUB-TRF>ASURY SCHEME, AMD THE STATE HANK SYSTEM. ? ? ? ? The experiment has not been fairly tried,.because, the Deposite Hanks have been placed in a situation hitherto unparal leled in our history, and not likely to occur again for a century or longer. With forty millions of surplus and unnecessary revenue, producing all the confusion which might be expected from su< h a circumstance in our whole monetary system-^and moreover, with a spirit of over-dealing in every department of society, which has thrown every thing into, confusion. This over-dealing, too, is without a precedent in our annals Yet it is under such extraordinary and unexampled circumstances, that the Hanking system, unrequited an it, loo, has bwD lorced to contend. As u* arr ?t present situated, alter so long and intricate u connection with Banking institutions, it u worse than idle to talk of divorcing oursehi, from them altogether. And now, may we ask, what are the ad vantages proponed to be derived from the jn trodnction mto the States of thin SuIh 1 rca Bury iy?lem ? For my own part, 1 do most candidly own, that deeply and anxiously as I have revolved the subject in my mind, I have hitherto been unable u? discover one single circumstance that can justly entitle it to a preference over the employment of State Hanks, even as these at present exist. Will the public funds be more safe under its aus pices, than when deposited in the most re spectable Banks in the different States ? This I utterly deny ; and I confidently appeal to the experience of the past to bear ine out in the assertion. From September, 1833, tho public money has been kept in the State Hanks, and we are not aware that any portion of it has been lost. Even now, after one of the severest commercial revulsions on record, we have the authority of the Secretary of the Treasury for the fact, (see his circular dated July 3d,) that "he has received satisfactory information from all the Deposite Hanks ; and that a strong conviction is entertained, that no loss will be ultimately sustained by tho Go vernment." Hut, grant that some inconsider able losses may unavoidably be incurred, arc; we to suppose, that under any plan which tho ingenuity of man may devise?let it be Sub Treasuries, or what you will?that the same effects w ill not be experienced, when the like causes occur ! Are we seriously to expect, when the nation itself is bankrupt, and when the whole people are more or less embarrass ed, that the Government will be able, through the agency of some unexplained miracle, u> avoid the contagion ; or, rather, that when the only source from which it can derive health and strength, viz: the general prosperity of the country, is palsied for a time, it will lie able even then to wallow in luxury and plen ty ? The idea is absurd in the extreme. In a* Republic, too, this seems doubly strange. In prosperity or in adversity, our Government to be rightful and faithful to its trust, must al ways represent our precise situation, our wishes and our peculiarities. It is well, that the governor should ever be liable to share the different vicissitudes of the governed. Beside#, what right have officers of Govern ment, in a season of general ruin and distress, lo be paid in a currency that commands a premium, while the great body of the people are under the necessity of giving and receiv ing a depreciated medium in their daily trans actions ? Thus then, sir, we see at once (anil it must require a prejudiced and perverse mind, in deed, not to see it) that in every aspect in which this question can be viewed, it is diffi cult to find one single good or even plausible reason, in behalf of this Sub-Treasury scheme over the State Banks. 1st. Because we have seen, that so far from having given the latter a fair and final trial, we have permitted them to exist to this late hour, without ever having once successfully engrafted on them those Salutary checks and reforms, which our own reason tells us are proper, and which the long experience of other countries has demonstrat ed to be necessary. 2d. Because it is clear, that the public moneys are as safe or safer in them than under the proposed substitute : in consequence of the additional risk (always imminent) attending the continual transporta tion of large sums of money ; ami also because of the great number of persons necessarily employed under such a system, which always has a tendency to divide responsibility, and to encourage fraud. 3dly. Because of the increased power and patronage which it be stows on the Executive branch of the Govern ment. 4tidy. Because of the very expensive preparations' that must be requisite to carry on such an establishment, amounting probably to hundreds of thousands of dollars. 5thly. Be cause of its useless or nugatory character altogether. In ordinary times it can prove but an incumbrance; because we all know very well, that then the transfer of the funds ol" Government from place to place, can bo more easily, expeditiously and economically accomplished through the agency of tho Banks, as has been the case for the last three or four years. In times of pressure and em barrassment, of what possible benefit or use, 1 ask, can such an institution be? Is it sup posed that in such times when specie always commands a large premium, men will be found simple enough to purchase it at an im mense sacrifice in order to pay it over to the Government? Oil the contrary, we are .ill well aware, that in such a season of pressure the commerce of the country becoming stag nated, and all importations being nearly at a stand, of course no duties are paid, and their Sub-Treasuries will not be ol the least use, but may as well be locked up till the times have bettered. Most truly, may it then be said, that under such a system, whether the title of prosperity elevates, or the returning ehl> of adversity depresses us, one only result is sure, increased burthens on the people tn ordii to meet the expenses of so complicated an esta blishment. Sir, let us profit whilst we may from the experience of the past, and the knowledge ol other countries on the subject. The ':u't seems clear and irrefragable to my own mind, that a mixed currency of paper and the pre cious metals, cautiously restricted, and right fullv proportioned, is the very best ; the most suited to the situation and actual exigencies of society, and entirely devoid of all reasona ble objections. The legitimate question wo have lo decide is, not whether the institution of Banking be theoretically good or bad ; but whether or no it l?e so leagued and interwoven with our social fabric, that we cannot eradi cate the one, without necessarily destroying the other. And whether this is the precise truth of the case or not, 1 readily leave it t<? tbe decision of every sensible, clear-headed citizen in the State. France and England present to us the instructive phenomenon ol a good, healthy, convertible currency, excel lently adapted to all the purposes and conve niences of trade and travelling. And to what, sir, do they owe these peculiar advantages Obviously to the fact of their excluding a I small notes from circulation. It is a degrad ing reflection, sir, that while we who are so J far in advance of them as to all improvements in the science of Government, should lie so backward in all that relates to a true know ledge of business, and the higher laws <.i commerce. I.el us, then follow the,r wt-e example in this respect. Let other nib i" considerations give way to this: perini party prejudice and divisions to influence r . LiJ-onte-ubj.-,. if mixid clirrwicy. ci.mbm. J "I""1 ? J U a,,! mnnin a ,??,(? r.u,? a ,1 I an.?> nioi. people. A Goocitt.AXn hi " ?