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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, September 23, 1837, Image 5

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In those thinus which abb bbbbmtul, let thbbb
thinos chabitt.?Augusttn.
one can b? more deeply impressed than I am with the
aoundoeaa of the doctrine, which reatraina and limits,
by specific provisions, Executive diocretitin, bs tar aa it
can he done cooaiatently with the presort atiou of ita
conaiitutionel character. In respect to the control ooer
Ike public money, this doctrine is peculiarly applicable "
?-Gen Jachaou'a Message, 'Dec. 1834.
" Individual agent* will probably be found lb** BB
bunks)?Mr. Woodbury'a Reiiort, Dec. 1834.
" Thb rBoroamoN (the M Divorce-) la uiaoao**i?
" Ail u palpable at the *u?, that Ike tjfect of the
scheme mould be to bring Ike public treasure MUCH
NEARER tke actual' custody and control of Ike Pre
stdeni,' than it it note, and expose it to bb plundbbed
bt A hundbbd hand*, wkere om cannot now riock it."
?Globe, Nov. 90, 1834
" H? such a aoMBrnoK com fbom Obit. Jack
aoN, it would kate been rung througk tke Old Dominion
with the reiterated falsehood# about the Proclamation
and the protest, aa conclusive proof of all the aspira
tions which have been charged to the Hero of Orleana!
" Sub, (they would aay,) hbbb hb wishes to put thb
TECTION." In auch a caae, we ahould feel that the peo
ple had just cauae for alabh, and ought to gise tkeir
most watckful attention to suck an effort to Mnlabob
op coBBUprtON. And srs these the principles upon
which Mr. Leigh expects to return to the Senate from
tke land of Jefferson .r'
" Mr Leigh knows that the Pbbsidbnt himself is
opposed to thb pbojbct which he ascribes to hu sup
porters, and that his friends m Washington, whether of
the Cabinet or not, heartily concur with him in the
course of policy it is expedient to pursue."?Globe.
" The country will auatain the Executive arm of the
government in the experiment now making to substitute
the State Institutions for the Bank of the Uuited
States."?Mr. Wright, Jan. 1834.
" The State Banka are found fully adequate to the
performance of all aervicea which Were required by the
Bank of the United Statea, quite aa promptly and with
the safnc cheapness."?Gen. Jackson's Meaaage of 1834.
" By the uae of the Slate Banks, which do uot de
rive their charters from the general government, and are
not controlled by ita authority, it is ascertained that the
moneys of the United States can be collected and dis
bursed without loss or inconvenience, and that all the
wanta of the community, in relation to exchange and
currency, are supplied as well aa they ever have been
before."?Mesaage of Dec. 1835.
" It ahould be constantly lecollected that the ownera
and managers of banks, wlien properly regulated by
legislative provisions in their cbartera, are, hkc other in
dividuals, interested to transact buainess securely ; are
deairoua of making and not losing money; snd that
these circumatancea, with the preference in caae of
failure belonging to depoaitors aud holders of their bills
o*er the stockholders, united with the security, if not
priority, given to the government, render them, in point
of saUty. generally much supbbiob to individual
aobnts ?r the Unitbd States."?Mr. Woodbury's
Report, 1C*V
" It is gratifying to reflect, that the credit given by
the government whether to bank paper or bank agenta,
has been accompanied by smaller loaaes in the experi
ence under the systun 0f state hanks in thia country at
their worst period, an*. under their severest calamities,
than any other kiad of credit the government ha* ever
given in relation to ita pecuniary unmt>km>.~??*.
In the aame report, it is ?uued, that the loss by onb
merchant had been gre*cer in amount thin all that had
been loat by the ban's.
It is proven in Mr. Crawford's Report, that the loaaea
to the government by the employment of corporationa
aa fiscal agent*, have been but 45-100tba of one per
cent, in sollecting three hundred and fifty milliona of
general revenue.
"Banks cannot bh mspbnbbd with, bxcbpt at
thb bacbivicb op all justice in bboabd to thb con
tbactb madb undbb a nixed cubbbnct.nob without
A VIOLATION OP thb paith plbdobd in thb lboisla
Addressed the Senate yesterday in a speech
of between two and three hours in length, in
favor of the proposition submitted by Mr.
Rives, against the Sub-treasury scheme, and
the policy of collecting the public revenue ex
clusively in gold and silver. His argument
was clear and conclusive, and enforced by
such facts, details and practical illustrations,
as rendered it to our mind perfectly irresisti
ble. As a parliamentary effort, it reflects
great credit upon himself, and the highest
honor upon the state he represents. Deeply,
vitally involved as New York is, in the de
termination of the question now agitating Con
gress, the position of her representatives, calls
for their best and ablest exertions. The effort
of this gentleman is a proud indication (hat
they will not be found wanting. This speech
comes home to the bosoms and business of
people, and will not fail to be felt and appre
ciated by the constituents of its able author.
Mr. Tallmadof. stated a fact, which
seems an insuperable objection to the exac
tion of gold and ?ilver exclusively, in pay
ment of public dues. By the returns of the
banks of the city of New York just published,
(they will be found in another column,) the
amount of specie in the banks of that city, is
declared to be 17 or 18 hundred thousand dol
lars. The merchants' bonds which will be
extended by Congress, amount to some Jive
millions. The question may be very signifi
cantly and seriously asked, where can the
merchants of New York procure specie to that
amount? It is unquestionably impossible to
procure it.
This speech will be published at this office
early next week in pamphlet form, and Mr.
Hives' also, for $3 per hundred.
We have been not a little surprised at the
alacrity and exultation with which the senti
ments of one or two whig papers, approving
the " untried expedient," have been caught tip
nnd proclaimed by Home of our republican
friends. It seems to us evidence of a bad
cause, to bring in enemies to its aid, whose
every other breath is gall and. wormwooJ
agninst the whole administration, and its sup
porters. The Globe has quoted the Rich
mond Whig, and sent abroad the doctrines of
one of the bitterest revilcrs of the adininistra
tion in qwit of convert* to a measure of doubt
ful policy. The amalgamation ia singuU/ly
remarkable, and implies a stretch of charity,
that we were unprepared to see, especially,
aa we had met no very auspicious ample of
such a christian spirit in respoct to ouraelf.
There is something very paradoxical iu a " di
vorce," that effects " unions w of this sort.
We had heard it reported that, the CkarUa
ton Mercury waa also msrried to this " Di
vorce." That paper, however, tinder date of
the 16th inst. says, " we think it probable that
a State Bank Depoeite system is the favorite
acbeme and adds the very sensible remark
that, "perhaps such a ayatem would be best un
der present circumstances; but with a system
of retrenchment in government expenditures,
and a revenue limited by those expenditures,
so as to prevent any material accumulation of
a surplus?the special depoeite aystem as
contributing to continuance of economy, would
be the proper plan."
We have just received a letter from Clin
ton, La, dated Sept. 2, which atatea that, the
health of Gen. RiPLSv continues bad?it ia
doubtful whether he will be able to return to
W? listened with much satisfaction to the remark*,
on Thuraday last, mads by the Hon. Hensv A. Foa
tss, of New York, upon the bill to pompom the pay
ment of the 4th instalment of the doposite act. He
waa in favor of the amendment pnpoeed by an honora
ble member from South Carotin*, to poatpooe the in
stalment to a definite period. t*he amount, he argued,
had been appropriated in hia Slate, upon the faith of the
State, which had been pie^fed to the people in expec
tation that the act would to faithfully executed ; and he
preaumed it to be the Attention of the framera of the
law, that its provision/ should, ultimately, be fully car
ried into effect?in ? word, accomplished.
Personal considerations would prompt ua to pauae
here, and pay a merited compliment to the ability and
talents of the rfoquent member; but we know hia mo
desty neither expect* nor wishes it; nor does hia suc
cess, in th? career he has marked out for himself, require
it; nor will our duty to others permit us to pause now
to applaud him. He would scorn to be singled out for
any favor, that waa not accorded equally to his col
leaguea that have gone with him, shoulder to shoulder,
from the first onset that the Madisonun phalanx
made thia aession. Of this phalanx w* shall apeak
another time, when their modesty shall have permitted
them sll to raise their visors, and allow the public to
know their names. At present we shall content our
selves with s paaaing and general notice of the delegation
of the State from which Mr. Foster comes.
We nfsy remark, we think without fear of contradic
tion, in the language of a correspondent of the New
York Times, that the delegation is " ss able and influ
ential as any that has for years represented the State in
Congress." Almost the whole are new members ; and
a great proportion of them young men?but yet expe
rienced in political legialation, and conversant with de
liberative aasembliss. A brief sketch of some of the
prominent members of the delegation appeared in a late
number of the Times; and we shsll conclude our re
marks bjr annexing it
" John C. Clark, of Chenango, who became conspicu
ous ss the member who nominated Mr. Allen, the suc
cessful candidate for printer, haa represented his district
in a preceding Congress, and hia splendid talents and
great experience and firmness will materially subserve
the interests of the country at thia important criaia.
Mr. Bronson, a new member from Jefferson, is s
E1 man of high acquirements, if I may judge from
thrown somewhat in hi , f , ?,| ?? 1
ng person and intellectual countenance are no
erring iiidex of hia mind. He is a member of the legal
profession, but appears to be complete master of the
grave subjects which will occupy the attention of the
House, snd, if I am not much mistaken, will figure
conspicuously during bis term of service.
Mr. Foster, of Oneida, ia an able debater, and will
make himself popular from hia courteoua and affable
manner. He made hia dtbul on the queation of printer,
and appeara little likely to abandon conservative princi
ples in obedience to the dictum of any self-constituted
Ainasa J. Parker, the member from Delaware, waa
formerly a member of the State Legialature, and al
though a young man, aaaumed an elevated position
during his legislative career. He ia poaaeascd of sn
unclouded intellect, which never mytttjus a subject;
sud although he may not continually occupy the floor,
will speak to the purpose when he rises to addreaa the
Houae. *
Mr. Pratt, of Greene, ia a manufacturer, of experience
and intelligence, whose business knowledge fits hlfli for
the station he occupiea at a period when untried fallaciea
are preased on the nation. Familiar with the operations
of business, and unsmittcn with the mania of ullraiim,
he will reflect with fidelity the sentimenta of the De
mocracy of the Empire State.
Mr. Kemble, from Putnam, ia ao well known in our
cjty sa a gentleman of talenta and great experience in
all the departments of trade and manufacturea, that it ia
unnecessary for me to further allude to hiaqualificationa.
Hia correct views, and the firmness with which they are
urged, cannot be too highly appreciated.
Mr. Grant, from Oswego, is a young man and a new
member, but entertaina the most sound views ou all sub
jects of interest, and will faithfully represent Uie voice
of the state.
As the Bubject has been many years be
fore Angrcss, we think it high time some
practical result should be effected through
With the purpose of presenting the subject
to the public consideration, wo shall introduce
it by offering a brief outline of the British
Warehousing System, with extracts from the
British Tariff, and accompanied by an extract
from a speech in Congress at the last session
made by an highly intelligent member from
N. York.
The Warehousing System in Great Britain
is one of the great points of their credit system,
and should be so in this country. The cus
toms revenue laws of that nation are conceded
to be the most perfect; ours are beyond ques
tion the most imperfect?onerous and unjust to
the importer, and equally inconvenient to the
government. The evidence of this imperfec
tion is abundant in the records of the Trea
sury Department, and in the Journals of Con
gress. A large portion of the time of both
Houses?during the existence of our govern
ment?has been occupied in the discussion of
bills for refunding, or remitting, or postponing
duties, every item of which should have been
adjusted by the " Commissioners of the Cus
toms that is, by some branch of the Trea
sury Department.
Not to speak censoriously, the wonder is
rather, where so much was to be done by
Congress, that more has not been omitted.
It is a wonder that while our foreign com
merce (joint exports and imports) has grown
Irom nothing, or a mere trifle, to a sum of
three hundred and twenty millions, that our
legislation should have kept so near to this
unlooked for increaao, and to the unexpected
exigences m we now And then.
It will be seen by the extracts referred to,
that the payment of duties is nearly simulta
oeoua with the consumption of the taxed
commodity, as may be. The government has
charge of all imports until the duty is
paid. The importer has always three years,
and sometimes six, to find consumers, ei
ther in his own'or foreign countries, before
he is compelled to pay the tax. The happy
conaequence i??no removal of Bonds?no
sacrifices of the goods to pay the duties?no
frauds?the Government obtains its just dues,
with little or no fluctuations of prices. While
here, under our system, millions are sacrificed
in seasons of prostration, like the present,
and the Government greatly embarrassed.
For one, we are greatly obliged to Mr.
Wright for the bill he has presented. Sontrf
few modifications will doubtless present them
selves as the bill progresses.
The strange, injurious delay on the part of
the government, to adopt a wholesome reve
nue system, may be ascribed to two causes.
1st. That the too rapid march of this na
tion in every thing, hy outrun all practicable
. -legislation. And *
2d. The unaccountable error pervading the
mii\ds of our legislators, that the warehousing
system would require the government to erect
at an enormous expense, the necessary ware
houses jar all the imports to be itored! No
thing conld be further from the truth. Not a
single dollar is required for the erection of
buildings. The government of Great Britain
may have chosen to erect a few warehouses
for tobacco, probably because the enormous
duty made that commodity almost as valuable,
and requiring equal guards, as the precious
metals. Possibly, they have built or bought
some for other commodities, in former times.
But the general practice is there, as here, to
license or appoint any good atorehouse as a
public warehouse, whenever the owner sHall
desire it. And there, ss here, the Custom
House officer has charge of it, in conjunction
j with the owner, who is also made accounta
| ble to the government for the goods stored.
Several hundred stores thus appointed, the
owners collect the storage fees. The govern- ]
ment neither owns nor rents them. The ware
housing, (they usually term it Bonding sys
tem,) is a material branch of their great |
Credit System; which, although the latter
in the aggregate is subject to revulsion, has
placed that little island astride of the world,
and perhaps no point or feature of their sys
tem, has tended so much to prevent fluctua
tions in price, and to prevent disastrous revul
sions, which other parts of their system are
ever ready to bring about, as this particular
warehousing branch.
u I do not trouble the Houae with tedious quotation* I
of the British revenuo laws. I am aware that those |
laws are generally known to member* of this House;
but their practical operation aod effect may not be known I
to all.
TV*-* have been framed; and Croat time *? I
time modified and amended in conformity with the
suggestions and the teachings of ages of experience.
The spirit of the British constitution-?as tho Utter of I
ours?aaaumes the broad basis of equal rights and equal [
burthens snd the frsmers of the customs-laws in both J
countries hare proceeded on the aaaumption that the
consumers of the imported merchandise, and not the
merchant, more than other professions?pay the duty I
which the government leviea; and although for the con
venience of the government and the people, the importer 1
is made accountable for the tax in the firat instance, be
is not required to pay it in that country, until he ia en
abled to place the goods in the course of consumption.
hi Great Britain, no payment of doty ia required of I
the importer?no advance of the tax ia called for, until I
the goods are wanted and soki for actual consumption :
provided such sale be made at any time within three
years fiom the date of importation.
The importer paya no duty until he makea sale of the
taxed commodity to the consumer, or to the jobber, |
whose purpose it is to put the goods into actual con
sumption. The tranafer froin merchant to merchant? I
from owner to owner a hundred timea?requires no pay
ment of duty, so long aa the goods remain in bond, and
are not sold out of the warehouse. During those three
years of indulgence, or any ahorter time in the option
of the importer; and which by apecial leave may be
extended to six years at least on some species of mer
chandise ; and during all which time, the importer may |
export the aame, in case the home consumption does
not call for it, free of all tax or duty, whatever. I aay,
during all thia time, the equitable and discreet revenue |
laws of that government, recognize a joint ownerahip I
between the merchant and the government. That part
of the value which consists of the original cost, is the
property of the merchant; and that part of the value I
which conaista of the duty, is the property of the go
vernment : and should the goods be destroyed by fire or I
flood, or any other unavoidable agent of deatruction,
the merchant loses tho goods, and the government
loses the duty. Such is the just, equitable, settled law
such the just, equitsble and settled, unvarying practice j
of Great Britain?such, in my opinion, should hsve
been the law of this country, and of every country.
1 deem it something more than a mere misfortune? I
as well to the government as the merchant?that while
this nation has copied so largely and ao strictly the co
ercive and the severe portions of the British revenue
code; we hsve omitted to adopt the conservative, pro
tective provisions."
u All goods must be entered within 14 dsys after sr
rival, tide-waiter stay* on board.
" Manifest names, the price or vslue, aa well as quan
tity, kind, marka, numbers, dtc. die.
" Esst India Company's importations taxed on the
value of the tale of the aame at public auction, in all
3 years from dste of arrival. All other good* and own
erships,^! presume sd valorum,) if undervaled in the
importer's entry, the customs officers msy take the
goods for the uae of the Crown, allowing and paying
the importer his valuation, with 10 per cent, added.
" Goods dsmaged on the voyage have an abatement
of dutica.?A few articles excepted from this rule."
" Any goods msy be wsrehoused, without payment
of duty on firit entry, though the consumption in Great I
Britain i* prohibited.
Tobacco?" Commissioners of the Customs provide
warehouses" specially for Tobacco, and cliaige a rea
sonable storage fee on all Tobacco.
"All goods warehouaed, must be cleared for export
or home consumption, within 3 yesra," unless further I
time lie granted by the lords of the Treasury.
44 MoreliwdM may ba nwitU (ma any one ware
house to any othar within Ike Kingdom
" Tha occupier shall ba liahla for the duties an good*
taken out of warehouaea, without due aotry with tha
" Tha Commieatoners nay remit or return any dutiaa
paid or ^ayablu on gooda entered to ba warehoused, or
for delivery from the warebouae, which bv any accident
unavoidable ahail be loat or doetroyed eilber on ship
board, in the landing, or abippiig, or receiving into, or
delivering from the ware boa ae.
" " go?4'* sre lodged in a warehouse of special secu
rity, dutiea on all kinda are charged on tbe quantity ac- I
tually delivered frma the warebouae; and in a common
warebouae certain allowance ia made for waate.
" Fabrica of edk, cotton, wool, linen, may be taken
from tbe warebouae without the peyment of 'dutiea, to
be dyed, atained, cleaned, bleached, printed, dtc.
" Loss, waate or embeukment, by wilful miaconduct
of cuatoma officer., i. paid by Government to the own-J
er or conaignee.
" A few articlea may not be warabouaed for home
uae, but for export only.
. Not leaa than 76 waiehouaing porta in the three
realma; but many of them limited to particular merchan
dise." [There ia aaid to be more than 800 warehouaea
licenaed in Liverpool.)
?Lua'a aaiTiaH TABirr, 1835.
" Bonded gooda ahipped coaatwiae, and loat at aea, I
? bond a for dutiea' not to be enforced.
" On an application of Meeera. Wy lam & Harle to be
relieved from payment of duty on a quantity of rum loat
on the removal coaatwiae, from London to Ncwcaatle,
tbe Attorney and Solicitor General have given it aa their
opinion that such gooda are aetiefcetorily accounted for,
and that the bond cannot be enforced. !
"Tbe L?rd? of the Treaaury, in conaequence of the
deciaion, were pleaaed to direct that tbe dutiea in ques
tion ahou|d be remitted.
" Britiah poaaeaaiona abroad in America, may not ex
port or import, eicept through free porta. One of aucb
haa been made in moat of the Coloniea?aay 85 to 88 in I
all. About 16 of them are warehouaing porta, with
nearly the conveniencea and privilege, of those of Eng
land. !
" Free porta and warehouaing porta are alao estab
liihcd in Africa." (Cape Good Hope.) >
Nbw Yobk, Sept. 19, 1837.
Diti Sib : The Loco Focoa proper, in thia city, can
alwaya muaier at an exciting election, about 8,000 to
3,600 votea, and I believe that their vote, at the late
apring election, (cached more than the last number.
Thia party organised aa a aeparate and diatinct body
about tbe year 1830, under the name of the " Mechanica
and Working Men's party," when France* Wright be
came their file leader, and their principal electioneeiera
might bo ae?n on the Sabbath at the " Temple of
Science," in Broome atreet, drinking in Infidelity and
Agrarianiam. During the laat aeven or eight yeara, thia
band of Deatructivoa have rallied under various names;
throwing their forcea now into the scale of thia party,
and then of the other, and making a great parado of
their excluaive devotion to ultra radical principlea, while
they were directly aupporting the candidatca of the
Federaliata. To prove this aaaertion, it ia only neces
sary to revert to their recent nomination of Mr. Edward
Curtis, the conaiatent supporter of Whig principlea in
Congreaa, from this city, and of Frederick Tallmmdgr.,
a Whig Senator in the State Legialsture. These gen
tlemen were avowed Whigs, and yet the anti-monopolist
party selected them aa candidatea. 0 j
To ahow concluaively that I know my men, and
that they are the aame persona who were Fanny Wrigbt'a
diaciplcs, it will be sufficient to usme a few of the pre
aent leadera who figured in the aame capacity, under her
banner. Look at tbe papers of that period, and you will
^see John Wrndt, Edward J. Webb, Daniel Gorham, I
Levi D. Slamm, Henry Durell, and moat of their preaent
aasociatea paraded on Committees and in other promi
- nvn? "HHiwn, the aame aa tbey now occapjr. j
Into the handa of theae political marauders, who, like
Swiaa troope, throw their forcea into wiiatever party will
make the beat terma,a few hot-headed young men, would- j
be leadera of our party?who are generally looking for
aome office?have delivered themselves ; and on Thurs
day evening, the union ia to be conaummated. To aay
that thia movement ia conaidered unwise by many of the
ultra friends of the Preaident ia hut to atate a known
fact. But our conservative friends, who compose the
bone and tinew of the party bore, are pleaaed to aee
masks off, and will consign all Loco Foco allies to the
aame political pandemonium to which their principals
are deatined. After the meeting haa been held,-1 will
point out the officers to your notice, and if you do not
think that politica, like poverty, sometimes reconciles us
to strange bed-fellows, then I am mistaken. These
three thousand Loco Focos are the most ready troops
known in our political hiatory, and being composed
mostly of the idle, dissolute, dissatisfied, and restless of
our population, they can always be mustered at ahort
notice, and will now, aa tbey did at the time of the
flour riot, appear in force. One word aa to the organi
zation of the " Young Men's General Committee."
Thia body haa only been organized for a few years, os
tensibly to act as auxiliariea to the recognized " Demo
cratic Republican General Committee," and have never
until now, aasumed to dictate to the regularly consti
tuted authorities of the party.
Indeed, the Delegatea tolhe Young Men'a Commit
tee have been nearly self-constituted, aa I have rarely
aeen any intereat taken in their selections ; and, conse
quently, any person smbitious of figuring on a commit
tee, could succeed without an effort. In this wsy the
majority of the Delegates are unpledged politiciana, who
look*for some office or place, and care little about the
prosperity of the country, if they can be provided for.
That many honorable young men are on the Committee
will be admitted ; but they are generally Conservatives.
Did you obaerve the Resolutions of the meeting at
Auburn, in thia State, adopted since the Messsge was
They arc true in apirit, and ahow that Conservative
Democrats are in the ascendant in the interior of the
State. On Monday evening nest, the conaervative
friends of Mr. Vsn Buren, in this cily, will meet to ex
press their aentimeuts in rclstion to the Sub-Treasury
It will l>e a great meeting, and ia approved of by near
ly all our old ataunch democrats.
Jackson, Tknnkssbb, Sept. 10th.
Dbab Sib :
I received the 1st No. of the Madisonian you was so
polite sa to eend me.
Upon the auhject of the Currency it meets my hearty
concurrence. Under the preaent circumatances of the
agricultural and commercial world, and particularly that
of the United Statea, I believe it to be impracticable to
manage its real concerns upon bard money alone. The
best system (hsrd money) cannot cxcluaively answer the
purpose. Whst is the next best ? The mixed baais,
with enough of tbe precious mctsls to enable every bon
eat bank in America to |>sy specie for its notes wlten j
demanded ia the true one. How ia thia to be brought
about! Take the notes of no Iwnk whicli isaues a note
for loss than twenty dollsrs, or issues more than two dol
lars to one actually paid into their bank in specie.?
Whenever there are equivalents, loan the equivalents at
the usual interest, but iaaue no note beyond that loaned
Four fifths of society are ignorant of the enormous pro
fits of the banks. I put one hundred dollara in specie
into bank stock, msny of tfie banks issue five dollars to
one in specie, paid in?the common interest in banka is
seven per cent?upon my one hundred dollars five hun
dred in bank notes ate iaaued?at aeren per cent, this I
amounta to thirty-five dollars interest. So I really get
thirty-five per cent upon my f 100, by tbe suthority of
the bank charter, when by the operation^ of the lawa of
the Slate I liva M, if I lend M ? pmate gentlomsn to
my neighbor, for more the* ?? pet ?e??, I am eubjected
to indictment, fine, Ac , et tho diecrotioo oI the court.
If theee things were generally known, tbe people would
eoon hold down tbe banka to attictor terms. And even
issuing twice m much papef so they biw apecie, ena
ble ? them to realize at laaat fawteen per cent upon
eowmnn ioane, without taking inw conaideration their
greet profit* upon bille of eacbange, 4c , which are
purchased by bauke. If the bauka were confined within
tbeee limiu, they would alwaya be aound and healthy,
and the Government depositee would pot only be eafe,
but diffuae more general benefit by being u? the Slate
Banka than any where elae.
I am pleased with your paper on another account.?
It manifeeta a charity and good temper towards tie op
pooenta that is extremely rare in theee daye.
There ia so much bitteraeea and vituperation infuaed
into the newspapers of the day, so much elander and de
traction poured forth in their columns upon public men,
?nd private character, that unleee there m a regeneration
amongst them, inatead of being the greateat blessing be
stowed upon man, they will turn out to be the greateat
curae that eao fall upon him.
You will pleaae send me yon* paper from the first
number. If the succeeding number shall equal the
first, 1 ahall be proud to be a aubecriber for life.
Youre, die., Ad*m Hustsmaii.
To Ike Editor of th* Maduonia* :
Sir?Exclianges between places remote
from each other, can with difficulty be effected
at any price; and bank notes are every where
below par, with the exception of those of the
late National Bank, which are in the we?t
?iyl southwest alleged to command a premium.
Would it be fair, politic, or consistent to aban
don the currency under such circumstances T
During a recent debate in the Senate, Mr.
Rives said with rio less truth than spirited
eloquence, 44 that all that is u>anttng to render
our country prosperous, is, confidence. Under
these circumstances, all who concur with him
in opinion must deeply deplore the suggestion
of measures tending to create distrust, than
which under existing circumstances nothing
can be more poisonous to the commonwealth.
The proposed enactment of a bankrupt law,
directed especially against banks, and the bill
obliging the banks in the District of Colum
bia to pay specie for their notes without re
ference to their ability or the consequent pres
sure upon their debtors, is more worthy of
the government of Turkey than that of the
United States.
The specie in possession of the banks not
usually exceeding a fifth of their circulation,
should this be returned jipon them for pay
ment, what other resource can they have than
that of calling in the amount due from their
debtors. The persons thus called upon must
consequently call upon their debtors, and these
again upon theirs, and thus there would arise
a succession of calls affecting every member
of the community, whether creditor or debtor,
since the effort to pay the banks would cause
other creditors to be neglected. A money
pressure, vastly more severe than any which
our country has yet experienced, would result
from the measures in question, while not only
these evils might be avoided, but those which
exist might be removed were the government
judiciously to co-operate with the banks to re
store confidence pursuant to the views of Mr.
A worthy member of the House of Repre
sentatives has alledged that ihe banks ought
to buy specie wherewith to pay their notes.?
I inquired with what could they buy specie .
If for this they issued their notes again, giv
ing ten dollars for nine tf a dealer who would
immediately after coll Tpon thorn to redeem
their notes thus issued at par, the amount oi
notes in circulation would necessarily in
crease with every operation. Evidently
therefore, they could not buy specie with
their notes, to pay their notes. Their funds
consist mainly of the debts due from their
customers, and obviously with that they could
not buy specie. They could only call on
their debtors for payment and thus produce
panic, pressure, and universal stagnation.
I conceive that the government might
avoid much responsibility by calling upon the
banks to declare whether under any, and if
any, what action of the government they
would pledge themselves to resume the pay
ment of specie. Should not a sufficient num
ber of the banks be enabled to agree upon
and propose any plan of co-operation between
themselves anil the government, by which
specie payment8 could be resumed, the go
vernment might stand free of blame for not
devising any. Should the administration
adopt any plan proposed by the banks it
would not incur much blame even if it did not
realize expectations.
To me, however, it is evident that a plan of
co-operation might be devised, by which suc
cess in restoring the currency would be at
It were to be hoped that the real friends of
the administration and those who are op
posed to its measures only from patriotism,
would unite in petitioning Congress not to
abandon the currency under any circumstan
ces, and especially under those in which it
has been left by recent events.
It must be self-evident that the people of
the United States in estabjishing a National
Government intended it especially to have
cognizance of those great interests for Ihe
management of which, the state governments
were incompetent. Is there a more important
interest for the nation than the establishment
of a good currency, and has not the incompe
tency of the States to regulate the currency
been demonstrated, both prior to the existence
of the present constitution* afterwards during
the war of 1812, and now since the govern
ment abandoned it to the State Banks, with
out due affiliation ? Let then, the friends of
the administration and the country say, whe
ther they are willing that the currency shall
be abandoned by the general government!!.
Evidenlly, there have beeti but two gTeat
sources of the failure of the Deposite System,
adopted by the late administration.
1 st. The issues of the banks employed were
not mado jointly, or with any reference to
each other, or to the issues of other banks.
2d. There was no restriction upon their
loaning the funds of the government.
Would it not be more consistent with the
public welfare, and the previous policy of the
? Jackson party to make an effort to remedy
these defects in the late system, than by with
drawing the confidence of the government
from the existing b^pks, increase the dopre
< rial ion of their papor, and thus augment tho
difficulty of their resuming specie payments_
Whatever tends to lessen the confidence o
the people in the present curwiry, tends to
procrastinate the resumption of ?uc P*^"
monts which is only another nam? for raising
the real value of our bank note# to thf ir nomi
nal value in specie. . _
An Observer.
The fallowing ia the aound tnd aenaibie creed of tb?
Cincinnati HtpulUtcttn s
" W? ?r? oppottd to ? Nattouel Bonk, itemtot yet
bolt*** tn iio unconotitutwnahty, and faccitot too look
upon ouch on tnetitutiou oo danger out to tkt libtrht* of
lit country Wo or* oppottd to tkt wnUtpUcoiton of
Slou Bonko, ond pUdft uurteleee to itooU omr ktot
abtlttu* to o reformation of tkt bonking *y*ttm gene
rally Wt or* in ft tor of o rtelrtclton of the pnmlegt*
of oil cJutrlertd aitoetatuin*; but toe art oppfood loony
tuddtn or violent innovation. Wt btluvt tkot fOxctpt
toney or rotkneoo on tkt port of tkt Democrat*, totU
not only defeat tkt objectt of tkt party, but totll detlroy
tkt party tlotlf.
We approoe of tko late Mtttagt of tkt trtoident of \
tkt United Statet, ta every particular except tkot relat
ing to tke ditpoouion of the public montyt. Upon tktt
subject mx find tkot tkt Democracy art dmdad through
out tke country. Our views wpoo this eubiect are to
?miliar to tkeae advanced bjt u>? Editor of the Rich
mond Enquirer, which we republished in yaeterdsv's
paper, that we will refer our readers to that article for
our sentiments upon this subject.
Wt art tn favor of reducing tke rtoenut of tko country
to tke team* and neceootiiet of tke Oootrnmtni?that
tkert may bt no turpbu money in tkt public coffert for
telJUk politicians to *cr ambit for.
We have endeavored, in aa few words u poeeible, to
lay before our readers, the sentiments which we have
long entertained with regard 10 the policy of oar Re
puMican Government. If they are arm-democratic, we
are ready to declare our ignorance of the principles upon
which the democratic party have been acting for the last
ten years. If there is any thing in thie exposition of our
political creed, derogatory to republican principles, then
we are indeed like a ship at sea without rudder or com
pass. Then indeed may it be said, that the whole de
mocratic party, under the late adminiatration, were
without principle or landmarks. And is it so, fellow
democrats, of Hamilton! Ia it ao, you who have la
bored to suaUin the measures of the late worthy Presi
dent, and wlio co-operated with ua to elevate his suc
cessor to the exalted position which he at present
occuniea 1 Have you been groping all of this time in
the dark 1 Have you been wandering about vtitbout any
fi*ed principles t ' You did not support the Iste admi
nistration with reference to the destruction of the whole
banking or credit system ! You did not, or a majority
of you did not, support Mr. Yan Buren, with reference
to a Sub-Treasury syatem, which goea to create one
currency for government purpoaes, and anotlier curren
cy, a depreciated currency, Cor the farmers, the mecha
nics, the laborera, and buainesa claaaes of society A
Sub-Treasury syatem was not talked of pending the laat
Presidential election, and yet aoine of our " new-born
democrata" and pugnacious " Rhinoceroses," would
feign iuduce you to esteem it treasonable to oppoae this
untried experiment. Or if you are not sufficiently con
vinced of its expediency to give it your hearty approlw
tion, you are pronounced by 'designing demagogues
traitora to democracy.
From tkt Fall River Patriot.
"To despense with Banka altogether, ia an idea
which aeeina to har^ no advocate ; and to make our
selves wholly dependent upon tboee established by Fe
deral authority, deserves none !n
The above is from Mr. Van Buren's mes
sage to the Legislature of New York, in 1829;
they were kit views then, aud we have no
reason to suppose that they have undergone
any change since ; or in fact, uw know they
hare not, and appeal to his late message for
confirmation of our statement. After recom
mending to Congress the adoption of the plan
by which all Government receipts and dis
bursements shall be made in the legal cur
rency, Mr. Yan Buren says:
It may, indeed, be questioned, whether it ia not for
the intereat of the banka themselves that the govern
ment should not receive their paper. They would be
conducted with more caution, and on sounder princi
ples. By using specie only in ita transaction*, the
Government would create a demand for it, which would
to a great extent, prevent ita exportation, and, by keep
ing it in circulation, maintain a broader and aafer basis
for the (taper currency. That the banka would thus be
rendered inore sound, and the cemmunity more safe,
cannot admit of a doubt."
What banks does Mr. Van Buren here re
fer to, if not the State Banks T and if it ia the
State Banks, how will this compare with
, Loco-Focoism ? Their motto is, destroy all
banks, either State or National, and do your
business with gold and silver; but Mr. Yan
Buren is far from this ; he is in favor of them
| in limited numbers, and under proper restric
tions. This is all that Mr. Van Buren has
ever contended for, and is the same oncc ad
I vocated by Daniel Webster.
From tkt Albany Argut.
I The Bank Statement rwt September ?The fol
I lowing abstract forma part of the official monthly atate
ment of the condition of the banks of the state on the
1st inat., which we pubhah to-day :?
I Aggregate Statement of the condition of the Bank*
of tke Stole of Neto York, on the first day of Sep
tember, 1837, taken from their reporta to the Bank
Commisaioncrs, pursuant to law :?
_ _ _____
New York NRiverfe Country
[city banks L. I. banka Banka.
Remntntt. '
Diacounted bills 6t notes,
Other loans,
Real estate,
Expense* 6t personal est.
Bank fund,
Notca of other banka,
Cash items,*
Due from city I tanks,
Due fm other bka & corp.
Other investments,
Total resources,
Capital atock,
l>ue canal fund,
State Treasurer,
U. S. Treasurer,
individ. depositors,
Divideads unpaid*
: Due city hanks,
other banks & corp.
Other liabilities,
Total liabilities, I 57973091| 17240510
Total Rctource* of the 96 Bank*
Discounted bills and notes, .......
Other loans,
Real estate,
Overdrafts, . -
Kxpenses and peraonal estate, . . , . .
Hank fund.
Notes of other banks,
Cash items, . . .
Due from city banks
Due from other banks and corporationa,
Other investments
Total resousere, ....
Total Liabilitie*.
Capital stock, . . . .iu.ii hk/
Circulation, 13740318
l>tiuie 3283407
Due canal fund, . . ?
State Treasurer,
U. S. Treasurer, ........
Individual depositors, totamrm
Dividends unpaid, . . 99456
Due city banks, 6267019
other banks and corporatniwa, .... 8880829
, Profile, ...... 6538260
| Other liabilities, . . . 3199140
Total liabilities.
Rev. Theophilus F"isk, (Univerealist) of Charleston, 8.
O., will preach at the Capitol cat Sunday?to-morrow?
afternoon at 4 o'clock.
Sept. i?3d.
| Rrv. Septimus Tuston, Chaplain to the House of fi?
| presentativea will preach in the Capitol, by divine permis
aion, on H mi day next at II o'clock.
9tpt 81.
AaiNctEe ro? the Mhusoivian.?In New York
city, eobecriptions are received at the stare of Mr. Jon*
L. BraTsEi.L, corner of Will and Broad streets.
Mr Edgar O. Mvoatt, ia the travelling agent for
the State of New York.
Mr J. B CiArr i? authorised to collect subscriptions
in the southern and south-western States
Mr Roaaar E. Cctler ia our authorised agent for,
the States of Maryland and Virginia.

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