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Thb Madisonian will be devoted to the support ol
the principles and doctrines of the democratic party, a*
delineated by Mr. Madison, and will aim to consummate
that political reform in the theory and practice of the
national government, which has been repeatedly indi
csted by the general suiferage, as aaseiitiai to the peace
and prosperity of the country, and to the perfection and
perpetuity of its free institutions. At this time a singu
lar state of again is presented. The commercial in
teracts of the country are overwhelmed with embarrass
ment ; it* monetary concerns are unuaually disordered ;
every ramification of aociety is invaded by distrees, and
the social edifice aeews threatened with disorganisation;
eimrj ear <? filled with predictions of evil and the mur
muring* of despondency ; tho geueial goverouwi.i im
boldly aaaailed by a large and respects ble portion of the
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resistance to the laws is publicly encouraged, and a
apirit of insubordination is fostered, aa a necessary
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making the "confuaion worse confounded," by ahead
long pursuit of extreme notion* and indefinite phantoms,
totally incompatible with a wholesome state of the
country. In the midst of all these difficulties and em
barrassments, it i* feared that many of the lea* firm of
the friends of the administration and supporters of
democratic principle* are wavering in their confidence,
and beginning, without just cause, to view with distrust
those men to whom they have been long attached, and
whose elevation they have laboured to promote from
honest and patriotic motivea. Exulting in the anticipa
tion of diamay and confusion amongst the supporters of
the administration as the consequence of these things,
the opposition are consoling themselves with tho idea
that Mr. Van Buren'a friends, aa a national party; are
verging to diasolutiou ; and they allow no opportunity to
paaa unimproved to give eclat to their own doctrinea.
They are, indeed, maturing plans for their own future
government of the country, with seeming confidence of
This confidence is increased by the fact, that visionary
theories, and an unwise adherence to the plan for an
excluttve metallic currency have unfortunately carried
some beyond the actual and true policy of the govern
ment ; and, by impairing public confidence in the credit
systom, which ought to be preserved and regulated, but
not destroyed, hava tended to increase the difficulties
under which the country is now labouring. All these
aeein to indicate the necettity of a new organ at the
aeat of government, to be e*tabli*hed upon sound prin
ciples, and to represent faithfully, and not to dictate, the
real policy of the administration, and the true sentiment*,
measure*, and interests, of the great body of it* sup
porters. The necessity also appears of the adoption of
more conservative principles than the conduct of those
seems to indicate who aeek to remedy abuae* by de
stroying the institutions with which they are found con
nected. Indeed some measure of contribution is deemed
essential to the enhancement of our own aelf-reapect at
home, and to the promotion of the honor and credit of
the nation abroad.
To meet these indicationa this undertaking has been
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of inapinng the timid with courage, the desponding with
hope, and the whole country with confidence in tho
administration of its government. In this view, this
journal will not aeek to lead, or to follow any faction, or
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port to each of the co-ordinate branchea of the govern
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prerogatives. It will address itself to the understandings
of men, rather than appeal to any unworthy prejudices
or evil pusion*. It will rely invariably upon the prin
ciple, that the strength and aecuritv of American insti
tutions depend upon the intelligence and virtue of the
Thb Madibowian will not, in any event, be made the
instrument of arraying the north and the south, the east
and the west, in hostilo attitudes towarda each other,
upon any aubject of either general or local interest. It
will reflect only that spirit and those principles of mutual
concession, compromise, and reciprocal good-will, which
ao eminently characterized the inception, formation, and
subsequent adoption, by the several States, of tho con
stitution of the United States. Moreover, in the aame
hallowed spirit that ha*, at all periods since the adoption
of that sacred inatrument, characterized its dkpbncb
by thb peoplb, our pre** will hasten to it* support at
every emergency that shall arise, from whatever quarter,
and under whatever guise of philsnthropy, policy, or
principle, the antagonist power may appear.
If, in thi* responsible undertaking, it shall be our
good fortune to succeed to any degree in promoting the
harmony and prosperity of the country, or in conciliating
jealousies, and allaying the asperities of party warfare,
by demeaning ourself amicably towards all; by indulg
ing personal animosities towards none; by conducting
ourself in the belief that it is perfectly practicable to
differ with others in matter* of principle and of expe
diency, without a mixture of peraona! unkindnes* or loss
of reciprocal respect; and by " asking nothing that i*
not clearly right, and submitting to nothing that is
wrong," then, and not otherwiae, will the full measure
of it* intention be accomplished, and our primary rule
for it* guidance be sufficiently observed ana satisfied.
Thi* enterprise ha* not been undertaken without the
approbation, advisement, and pledged support of many
of the leading and soundeat mind* in the ranks of the
democractic republican party, in the extreme north and
in the extreme south, in the east and in the west. An
association of both political experience and talent of the
highest order will render it competent to carry forward
the principle* by which it will be guided, and make it
useful as a political organ, and interesting as a journal
of new*. Arrangement* also have been made to fix the
establishment upon a *ub*tantial and permanent basis.
The subscriber, therefore, relies upon tho public for so
much of their confidence and encouragement only as the
fidelity of his press to their great national interest* shall
provo itself entitled to rpceive.
Wa*H!notoh City, D. C. July, 1837
THE New York and Boston Illinois Land Company
will offer at public auction at their office in the town
of Quincy, Adams County, Illinoi*, on Monday the 27th
day of November next, 100,000 acrea of their Land* aitu
ated in the Military Tract in said State.
Lista of the landa may be had at the oflice of said Com
pany in Quincy and at 44 Wall Street, New York.
Ajninimum price will be affixed to each lot at the time
it is offered.
JOHN TILLSON, Jr.
Agent for the N. Y. & B. III. L Co.
Aug. 25, 1837.
PRINTING PAPER, with or without siting, of all
qualities, made at the Saugerties Mill, U 1st it County,
New York. Order* will be promptly attended to if ad
dressed tothe Agent, WILLI AM BRADFORD, No. 16
Spruce street, New York.
HENRY BARCLAY, Proprietor.
Sept. a. !4w6
G1 LOVES, SUSPENDERS, STOCKS, WOOLLEN
r SHIRTS, AND DRAWERS ?We have to-day
30 dot. 8uspendera, best kind.
50 do. superior Glove*.
SO do. Stocks, best make
50 pieces Silk Poeket Handkerchief*.
50 doxen Gentlemen'* Ribbed Woollen Drawers.
SO do. do. do. do. Shirta.
0 do. Raw Silk Shirts.
50 pieces Irish Linens.
200 do. Sea Island Cotton Shirtings.
BRADLEY dt CATLETT
*>?pt 8. 3Uw?w8
THE MADISON IAN.
VOL.1 WASHINGTON CITY, SATURDAY, SEPTEMBER 30, 1837.
STOVE?I .stoves: AITB QAAim.
T HAVRjusI received from ths North ? very large sup
1 ply of 8t?vM.OniM, Md double Block Tin Wm
Uffen Biggins, Dressing Botes, fee. 1 have Stoves of
almost all kinds, suitable for or cZ. In the first
place. I have the Rotary Cooking Stove. 0f all the differ
ent sises, No. 0,1, t, and 3. Ten Plate StoVM of all the
different siies, both for cooking and plain. Franklin
Stoves of all the different sixes. 1 have some very splen
did Parlor Stoves for burning mmIot hmm. Coal Stovea
of ail sises. Dr. Spoor's Coal Stovea, fancy and plain
Mpa, from No. 1 to 5. Cm! Stove, of other kinds. Dr
Spoor'a Coal Stoves and the Globe Stoves are mil
able for Public offices, large halla, churches, atorea, ar.d
ateainlioata, or any apartment where you wiah a atrung
beat. In fact 1 have Stovea that will heat any place either
with wood or coal I have the latMt fashion Mantle
Oratea, both low and high fronts, very cheap?and if 1
have not a pattern of Grata on band that will autt, 1 can
make u at the shortest notice, to auit any fancy. 1 am
fully prepared to do any kind of Tin, Copper, Sheet Iron,
Stove, Grate, Lead or Zinc work, at the ahorteat notice.
Auy peisan or persona buying Stovea or G rate a from the
subscriber, or any other thing in hia line, will have them
?ent home in" good order, free of any extra charge. Storea
will he put up reedy for uae, free of any extra charge.
All the above arttolM will be .old very low, and all or
der* thankfully received and punctually attended to, with
d. apatoh, aa 1 shall have a number of first rale workmen.
Five door* Ran of D. Clagett'a Dry Good Store, nest
door to E. Dyer a Auction Store, Penn. A v.
. CLEMENT WOODWARD.
Sept #. (Intel, and Globe.) 3t8
BANK OF WASHINGTON.
20th Auuust, 1897.
AT 'to* ?f 'he Board thia day, preaent,
the Preaident and nine of the Directora, it wm una
Hfolvd, let. That on sad after the first of September
next the uotee of thia B??k be redeemed in specie.
UJ. Tl?at all Jepuaitea remaining unuiuwn, (me itnie
having nearly all been received aince the suspension of
apecie payment*,) and all future depoaite*, other than
auch as may be made in apeeie, and be at the time ao en
tered, be payable in notoa current in the District of Co
3d. That all collection* for Bank* and individual*, and
all curtail*, be received in note* current a* above ; and
that all aum* no collected be paid hi like fund*.
? , W. GUNTON, Pre*ident.
JAS. ADAMS, Cashier. CteodG
/"ICONGRESSIONAL DOCUMENTS, JOURNALS^
m A,ND . DEBATES-GEORGE TEM
rLLMAN ha* for *ale at his Book and Stationary Store,
opposite the General Poet Office, all the Journala of Con
gress, from 1774 to 1837. Galea and Seaton'a American
State Papers in 21 folio vola., from the first to the 24th
Congreaa incluaive, or from 1780 to 1823.
The Regular Seriea of Documenta in royal 8 vo. vol
umes, as published each Seaaion, from the 18th to the
24th Congress inclusive, or from 1823 to 1837. The Lawa
of Congress, in 8 vols, containing the Laws from the first
to the 22d Congress inclusive, or from 1789 to 4th of
March, 1833; the seiies is made complete to the 4th of
March, 1837, by the pamphlet Lawa of the 23d and 24th
Congreaa. Thia ia the edition uaed by Congreaa and the
Story'a Laws of the United Statea, in 4 vols, from 1780
to 4th of March, 1837. The 4th vol. containa an index to
the four volumes.
The pamphlet or Seasion Laws of the United States
from the 5th to the 84th Conrgeas inclusive, or from 1797
Any separate pamphlets can be furnished.
A ,,.lM *nd Seaton'a Register of Debates in Congress.
AH Documents on Foreign Relationa; Finance, Com
merce, and Navigation; Internal Improvement; Military
and Naval Affairs ; Indian Affairs; Public Land*, and on
Claims of every description can be furnished separately
Also, for sale as above, a large collection of files of
Newspapers published in Washington, and some of the
principal citiea in the United Statea.
Aug. 23. . t<3
MRS. TAYLOR can accommodate'Members of Con
gress, or other gentlemen, either with or without
families, at her house, pleasantly cituatod, near the north
eaat corner of 10th ana E street; being from thence an
sgreeable walk to the Capital or to uie public Depart
Aug. 30. tf3
H?salfE FURNISHINO GOODS.?We have for
fiO pieces ingrain carpeting, which we will aell low.
80 do Brussels.
62 do 5-4, 6-4, 10-4, and 12-4 Linen Sheetings.
100 do 7-4, 8-4 Barnsly Diapers.
8-4, 10-4 and *>-4 line Table Cloths.
Napkins to match.
1 bale Russia Diaper.
1 bale wide Crash.
Also, 50 Marseillea Quilts.
BRADLEY & CATLETT.
WE have for sale, which we will have made up in the
20 pieces super, black Cloths.
100 do ribbed and plain Cassimeres.
20 do plain and figured velvet Vesting*.
50 do colored and black Silk Vestings.
BRADLEY 6t CATLETT.
E HAVE FOR SALE?
100 pieces Black Silks, superior fnake
50 do Figured Blue Block do
150 do Colored Figured Silks
100 do Plain do
The above will be sold low.
BRADLEY 6t CATLETT.
SAMUEL HEINECKE informs his friends and the
public, that he has taken, a room four doors north of
Doctor Gunton's apothecary store, on ninth street, where
he will carry on his business. He feels confident, from
his long experience in cutting all kinds of garments, that
general satisfaction will be given to such as may favor
him with their custom. sep 23 3taw3w
Phrenology.?The subscriber has taken an office
for a few days, in Elliot's buildings, near the Native
American Hotel, where he will make examinations and
give instructions in the Science of Phrenology.
All who may wish to put this science, which teaches
that the character and talents of persons are indicated by
the form and size of the head, to the searching test of
practical experiment, or to obtain correct and minute de
scriptions of their own characters, are invited to call.
Each examination will be accompanied by an extensive
work upon the subject, presenting a full view of Phreno
logy and also preserving the description given.
D7lndividuals will be waited upon at his office, and
select parties and families at their dwellings.
Pension et ecole francaise et an.
GLAISE.?Madame' DORM AN has re-open her
trench and English Boarding and Day School. She
teaches herself the French schoo', and a very competent
young lady from New York teaches the English school
situate on 10th street, four doors from the Avenue.
Conference* and Conversations in French.
Madame Dorman will devote three hours in the even
ing to Conferences and Conversations in French, for the
improvement of ladies of mature years, and of young
ladies who study or have studied this language, as it'is the
best way to remove and prevent the objections that those
who have learned this language by study are seldom able
to converse it. At the North, Conferences and Conversa
tion rooms, such aa Madame Dorman proposes, are always
crowded; this manner of instruction being both pleasing
and fashionable. 6
Ladies wishing to attend them will please apply to
Madame Dorman. lr'
SeP'- 12~ ' 2aw3wll
rPIIE SUBSCRIBER wishes to procure a Lot of
X ground of about 20 or 25- acres, intended for Wheat
or Rye, this season, as near the Capitol m possible: for
the purpose of exhibiting during the present session of i
Congress, his Patent Revolving Harrow, &c. As a proof
| of the superiority of this implement over the common drag
harrow for pulverizing the soil, and the destruction of
Weeds, he is willing to take one half of the field with three I
*nod horses, to be worked abreast by one man, against s.x
common drag harrows, each two horses and one man ; in
doing which, he pledges himself, that the earth shall be
, put in as good, if not better order in the same space of
time, winch may lie required with the six common harrows.
I A'tcr the work is done, disinterested judges Will he Be
lected on the spot to examine the same with s four pronged
tork or ?ke, to enable them to decide correctly which of
he implements is best calculated for preparing the soil
for the reception of the grain. And ns a further proof of
toe value and superiority of his Rotary Harrow, the grain
ir?,Llnb>',.t on one-half of the field, and the
? n 'V ?7 'he drag harrow When the
f?ie J ..T 'hreshed and measured, he does not hesi
\Z [0J.n"u,rr *n ">cresse in the crop of 10 per cent., over
Where i?,m" be cultivated by the common harrow.
he will tske' i'nll'w 'n l h"bl,of P?"?hing in their grain,
h. ? , 10 th* *"*? produce 10 per cent.
Kh Harrow, than 6 peeks turned in with the
JAMES D WOODSIDE,
Near the West Market
Washington, D. C.
* SPEECH OP MR. GARLAND,
In the House of Representatives of the U. S.
Sept. 25, 1837?in opposition to the bill
reported by the Commutes of Ways and
Means, entitled, " A bill imposing additional
duties as depositories in certain eases on
public oficers, and for other purposes ;
Mr. Benton, a Senator frota Missouri, and
dfatin^uished friend of the late and present
administration, in a speech delivered by him
in the Senate of the United States on the 2d
of June, 1834, on the subject of the restora
tion of the deposites to tho Hank Of the United
States, ably vindicated the State bank system,
and defended the State banks against the
various attacks of the opposition. I here
qaote his remarks upon that occasion.
" Mr. Bkmton proceeded to slate several reasons, and
to urge many considerationa in favor of adopting it. He
deprecated uie spirit which seemed to liave broken out
?gainst State banks, and said that it augured badly for the
rights of the Stales. The strongest currant of consolida
tion which was now ohssrvabi* is the Union, was that
which aat in favor of the Federal bank and against the
State banks, and threaten-*] to consolidate all moneyed
power, and with it all political power, in favor of a great
central institution, independent of the States, and able,
Xita own avowal, to crush the State institutions at ite
isufe He aaid this spirit against the State banks was
an impulsion nf nyxlnm origin?unknown w iho <Wth?r?
of the republic, and to the ?*?riy history of the country?
and strongest now where the spirit of consolidation was
strongest, and where the defence of State righte was
weakest. At the commencement of this Federal Gov
ernment, said Mr. B., there was no Federal bank, and all
the public moneys were kept in State banks, or drawn
direct, and as fast aa they were received, out of the hands
of receivers and collectors. General Hamilton, when
Secretary of the Treasury, kept tbo public moneys, for
the first year of his administration, in these banks, and
kept them safely there. When the Federal bank was
proposed in 1791, and the keeping of the public moneys
was one of the services attributed to it, Mr. Jefferson,
then a member of President Washington's cabinet, de
nied the neceaaity of a Federal bank for any auch purpose,
and openly declared himself in favor of the Stale banks.
He said that these banks had already done this business
for the Government, and done it well, and would no doubt
enter into arrangements with the Treasury for doing it
permanently, arid on beUer terms than it could be done
by the Federal bank. Mr. B. read an extract from Mr.
Jefferson's cabinet opinion, delivered to General Wash
ington at the creation of the first Federal bank, to sus
tain what he aaid of his opinions. The extract waa in
" ' The existing banks will, without a doubt, enter into
arrangements for lending (heir agency ; and the more fa
vorably, as there will be a competition among them for it;
whereas, the bill delivers us up bound to the national
bank, who are free to refuse all arrangement, but on their
own terms, and the public not free, on such refusal, to
employ any other bank. That of Philadelphia, I believe,
now does this business by their post notes, which, by an
arrangement with the Treasury, are paid by any other
State collector to whom tbey are presented. This expe
dient alone suffices to prevent the existence of that ne
ceaaity which may justify the assumption of a non-enu
merated power aa a meana for carrying into effect an
enumerated one. The thing may be done, and has been
done, and well done, without tnia assumption ; there
fore, it does not stand in that degree of neceasity, which
can honestly justify it."
"Mr. B. ssid, that what Mr. Jefferson affirmed in 1791,
waa aftewards proved under his own administration, snd
that of Mr. Madiaon. During the wholo of their admin
istrations, a large portion of the public moneva was kept
in the State banks, and aafely kept there. Mr. Gallatin,
in answer to a call made by lite Houae of Representatives,
sometime before the expiration of the charter of the first
bank, showed that the public moneys were then kept ii
twenty different banks, of which nine were the Unite<
States Bank and ita branches, and eleven were Stall
banks! Mr. B. thought this point so material, that h<
would read an extract from Mr. Gallatin'a report, to shov
that he neither ovciatated nor mistook the facts. Hi
then read the names of the State banka employed by Mr
Gallatin, and the amount of public money in each. The
were: the Bank of Columbia, 9 lift, 192; the Bank o
Alexandria, 9 61,917; the Bank of Newport, Rbod
Island, $35,788; the Bank of Pittaburg, $137,462
Roger Williams's Bank, $53,882 ; the Bank of Penri
sylvauia, 992,628 ; the Bank of Saco, 928,528 ; th
Manhattan Bank, 9188,670 ; the Bank of Maine, 950,
747; the Marietta Bank, 919,601; and the Bank o
Such, said Mr. B., waa the distribution of the depo
sites of the public moneys in the time of Mr. Gsllatin
more State banks employed than the whole number o
branches and the mother Bank of the United Slates pu
together! In several inatances, a State bank was ein
ployed in the same place in which a branch of the Fede
ral bank was situated, and some of those einployod thou
arc employed now. Gf this class, Mr. B. instanced the|
Manhattan Bank of New York, and stated that the
stock of this bank was, at this day, about twenty dol
lars in the hundred higher than the atock of the United
States Bank ! And this after all the efforts which had
been made to shake public confidence in the State banks,
and especially those of New York. The Bank of Alex
andria,-which he said had lately stopped, with a small
amount of public money in it, and the payment of which
is secured, was also in tho liat of Mr. Gallatin'a deposite
banks, and had double as much money in it in his time,,
as when it lately stopped. That bank had been a depo
site bank for forty-fivo yoars, and tho Government had
lost nothing by it, notwithstanding the attempt lstely
made to delude the public with a belief that it had just
been selected by Mr. Taney, and had immediately failed,
with an immenae loss to the United States.
Mr. B. said, it was thus proved, by an experience of
twenty years^?an experience running through the whole
of the administrations of Jefferson and Madison, and a
part of their predecessors?that the public moneys may
be safely kept in the State banks; and that Mr. Jeffer
son was, right, in his cabinet opinion of 1791, when he
gave it as his solemn opinion to President Washington,
that there was no necessity for chsrtering a Federal
bank to act as the fiacal agent of the Federal Treasury,
and that the State banks would enter into arrangements
for that purpose, and do the business well!
Mr. B. said it was true that the Federal Government
had since lost about a million and a half of dollars by
Slate banks ; but that loss took place in a season of
universal embarrassment, growing out of a state of war
and general stagnation of trade and commerce ; a season
which cannot be made the rule for judging State banks,
without extending it to the Federal bank alao ; and
then it would lie fatal to that bank, for the United Slates
lost about eleven millions of dollars in sustaining the
present Federal bank in the same season of embarrass
ment, and saving that bank from sharing the general fale
of the State institutions. This statement, Mr. B. said,
was one of those fscts which it was good to prove, and
aa the proof was in the documents of the Senate, he
would use it, and extinguish at once this delusive and
deceptive comparison between Stato banka and the
Mr. Benton wan sustained in his preference
for the Stato banks by Mr. Wright, of New
York. The present Speaker of the House,
in a spcech delivered by him on this subject,
on the 20th of June, 1834, ably vindicated
the State bank system, in the course of which
he made the following remarks :?
" The State banks, then, are to be employed, either
under our law as it exists, or under the law as Congress
may modify it. The bill before us proposes modifi
cations, limiting and defining, with more precision thsn
hss heretofore been done, the executive discretion and
power. It is tendered to the House, and eapecially to
thoae who have raised the cry of a union in the Presi
dent of the sword and the purso, when in fact he pos
sesses neither. The present Executive does not desire,
snd never has desired, to retain any discretionary power
in the execution of the laws, which, from its nature, is
susceptible of being defined by law. The Executive,
and his friends upon this floor who sustain him in the
recent executive measure of tho removal of the depos
ttes, desire to see him, and not only hitn, but his suc
cessors in the executive office, relieved from the respon
sibility of exercising discretionary power in relation to
the safe-keeping, management, aiid disbursement of the
Eublic monev, aa far as, by legislative provisions, it can
e done. The bill which haa been presented contains
provisions suited, in the opinion of the committee who
Kred ?nd brougfc it forward, to attain thi? end I
invited gentlenen who may think ka provisions in
adeqeate, at who mqr euppoee that too much power *
elill left ta the handtyuf the Executive, to CMM Ibrward
with their modificalisns, atiU further limiting and con
fining hia |lower, tf they will wither accept thia bill,
nor propoee to amiad and make it mow perfect, the
eonekaaicn muel ho, that they prefer the Uw aa it ia to
any new Ugialative pwieion. If they do not co-operate
with ua in perfecliuf and psaaing thia bill, the conclu
aion will be irreeiatble that the cb t<e wbich has been
?ade againet the 'resident, of a deaire to seixe upon
powera which do MM belong to htm, waa designed to
produce an en?ne?ua iropreaaion upon the public mnid,
and ia wholly unlsunded in tact; that they prefer the
dieting law# to tny ainendiacnU which can be made,
and, in a word, tlat the real purpose to be effected by
all the violent and impassioned appeala which hare been
made, charging hiti with uaurpatwn, waa to operate up.
on the public, wi^ ? view to procure.? contuiuance of
the present odioui bank monopoly."
In a speech delivered by him on the 10th
of February, 1835, he said?
"The State banka arc not only competent to furnish
all the domeatc exchange required for the convenience
of trade, but Ihey furnish it at cheaper rates, in many
parte of the Ipioft, than the Dank ol the Uuited Statee
baa hereiofort done the same buaioeae."
In telaton to the sub-treasury scheme, of
fered by Mr. Gordon, which seems to be the
pioneer jf the present, in the same speech,
Mr. Polk said?
" Aa regarde the second objection, the alleged incom
petency of theee W?k? ae fiecet agents, the mannw MS
which they have performed and are performing these
dutiea mutt remove all double which may have existed
on that point. It ia no longer a question of doubt
whether they can, with facility and promptness, transfer
the public funds to the most distant points for disburse
ment, and perform all other duties wluch, aa fiscal
agenta, they may be required to perform ".
These evidences, added to the fact, that
upon the question of adopting the sub-treasu
ry plan proposed by Mr. Gordon, every friend
of the administration, save one (Mr. Beale, of
Virginia) voted against it, as did a majority of
the opposition. It has been said that the
friends of the administration voted against
this scheme with a view of trying the suffi
ciency of the State bank system, that is to
make an experiment; but General Jackson s,
Mr. Woodbury's, Mr. Benton's, and Mr. Polk's
assertions are at war with this imputation.
Each of them attested that the State bank sys
tem had been well tried, and found amply
sufficient for all the purposes of fiscal agency,
domestic exchanges, and sound surrency. ^ I
cannot believe that the friends of the admin
istration would thus have experimented upon
such an important and delicate subject as the
currency, when there was presented for their
- ltotice w teovb
A great diversity of opinion exists, as may
be observed by the result of the vote, in re
gard to the policy of withholding this instal
ment. Many think it would be a more seri
ous inconvenience to the states to withhold,
than it would be for the Government to issue
Treasury notes, or borrow money to the
amount of the instalment, which is nine mil
lions. The people of several of the states,
expecting it would be paid over at the time
appointed by the law, have made appropria
tions, and entered into obligations in various
forms and for various purposes, founded upon
We regret the necessity which calls for
the issue of Treasury notes. As they must
be issied, however, the more the better for
the pr?sent time. They will doubtless go
abroad in liquidation of the foreign debt; be
used at home for the purposes of transmis
sion, a?d, as Gar as they can be made, to sup
ply the place of bank paper, will enable the
banks to diminish their circulation without
inconvtnience to the community, and very
greatly facilitate the resumption of specie
Maint.?We have information (under date
lor sua ueienaing iue ?????? -
become a bank aristocrat; from this it would
seem tlat democratic principles, like derang
ed currency, is somewhat fluctuating.
Mr. Chairman, experience, which is the
most uierring of all human guides, one troth
tested iy which is worth a thousand theories,
has taight us that credit is a plant of delicate
charac-er, and cannot, with safety, be rudely
handlel ; it must be touched as cautiously as
vou weuld touch the sensitive plant. Often
has th* soundest credit, with the most ample,
although not immediately available means,
withered and sunk beneath the breath of un
just awl unwarranted suspicion. -No credit,
and no credit system can be sustained, with
out confidence?confidence is its very es
sence, and whenever withdrawn, whether
justly or not, seriously affects it. The bank
ing institutions of the country are sustained
cntireW by confidence, without it their notes
would have no circulation, and they would
not be able to conduct their business profita
bly. Want of confidence, then, or withdraw
al of existing confidence, must, in the nature
of things, greatly prejudice these institutions,
and derange and embarrass their operations.
Tho recommendation of the President and
the Secretary of the Treasury to discontinue
the present deposite system, and tho receipt
of the notes of the banking institutions, is
based upon the allegation that these institu
tions have been unfaithful to their high obli
caions, and therefore not worthy of continued
canfidence. The present suspension ol spe
ce payments and its consequences, is the
o-ound upon which this recommendation is
founded. I propose, Mr. Chairman, briefly
ta examine whether the present condition of
tie banks, both as rclatos to their ability to
meet all their liabilities, and the propriety of
tie suspension of specie papments, justify
tlis charge, and the entire withdrawal of P?**
lie confidence. That the deposite banks will
be able to redeem all their liabilities, and that
at no very distant period, is very manifest,
not only from tho report of the Secretary of
tie Treasury, but from their actual condition
ai ascertained and reported to this House.
After the cautious and rigid scrutiny institut
el into the condition of the State Banks when
they were about to be selected, 1 suppose it
will not be doubted, that the selected banks
were entirely responsible, and in high credit.
I have selected eighteen of the principal banks
in which the public money was deposited,
and three others selectcdin 1835. rl he follow
ing comparison of their aggregate condition in
relation to circulation and specie, when they
wero at first selected, and now according, to
the la?t~returu?, prove* mottt coucluaively, that
in relation to apecie and circulation, their con
dition is materially improved.
Condition of IS of the uruteiml Dank* wUn firat ae
lected, and up to August 15th, ItTI, including tkrac of the
principal selected Banks under tU ai-U of IB30.
Capital. Circulation. Specie.
When first selected, 30,723,870 14.060,075 3.&3.2M
About Aug. 19th laat, 44,970,900 is.aos.7ao 5,457,536
14,345,MO 3,1*63,(MM 1,033,25#
The circulation not quite 3 to 1 of specie.
The annexed table shows their individual
Comparison of Exchangee.
In 1834, Exchanges of the Bank of the
United Slates, 0225,617,910
In 1830, by Deposits Banks, 420,463,211
All other liabilities and responsibilities are
improved ill nearly the same ratio. I refer to
the last returns from the Treasury Depart
ment, and those officially published by the
different and most important banks, to prove
that there has been a general improvement in
the condition of nearly all the banking insti
tutions. 1 have before me an official state
ment of the condition of the banks of Vir
ginia, exhibiting an improved, and improving
condition, and entire solvency. I might re
er to others, but time will not admit. The
Treasury reports prove that notwithstanding
he suspension of specie payments, the de
xtsite banks have rapidly reduced, and have
learly extinguished their debt to the govern
ment. On the first day of January last, there
'was in the deposite banks to the credit of the
'Treasury, $42,468,859 97, of this sum there
has been transferred and paid to the States,
under the .deposite act, 127,063,430 80, leav
ing a balance of $15,405,429 17; of that
balance and of all the deposites made since,
; there now remains only the sum of |12,418,
041 due to the government, of this there only
remains $8,166,492 85 subject to draft, drafts
having been issued for the remainder; and 1
do not doubt the amount is now much less.
Of this amount, there is due less than ?1,000,
000 from the banks in the Atlantic States.
Since the 1st of May, about the time specie
payments were suspended, according to the
report of the Secretary of the Treasury, the
deposite banks have reduced their discounts
$20,388,776, their circulation 94,991,791,
their public deposites $15,607,316, while
their specie has diminished less than $3,
000,000. The Secretary further informs us
that, " of the number of eighty-six banks
employed at the time of the suspension, ten
or eleven are supposed to have paid over all
the public money, which was then in their
possession, to the credit of the Treasurer. In
the custody of more than half of the others,
an aggregate of less than $700,000 remains
unadjusted. Several of the rest, still possess
large sums; but many of them have continued
promptly to furnish such payments from time
to time, for meeting the public necessities."
Mr. Chairman, these payments and these exer
tions afford most conclusively, evidences of the
fraudsand insolvency of the local banks; would
to God, all fraudulent and insolvent men would
furnish a little more evidence of dishonesty and
insolvency such as this, sir. The Secretary of
the Treasury from his report, does not expect
to lose a single dollar of the public money, so
that the disconnection recommended, can
not have any foundation on this pround. But,
sir, the Treasury Department affords us an
other important fact, in its circular to the
hanks of the 3d of July last, upon the subject
of the suspension of specie payments, and ad
ditional security for the public dues, he says :
" It affords mo much gratification to find, so far as re
gards the inquiry concerning the payment and security,
a great willingness expressed to make the United States
amply safe for the eventual payment of all that is due,
and a strong conviction entertsined by the banks that
no loss will be ultimately sustained by the Govern
Again he says,
" Another portion of that circular communicated in
formation concerning the lenient mode which, under
the severe losses experienced by many of the banks
from mercantile failures, and under the embarrassments
to others, cauaed by panic and want of confidence, was
contemplated to be adopted in recalling the public funds.
That mode was by such moderate drafts and transfers
as the public necessities should from time to time de
mand ; and an ear-est request having been made for a
satisfactory compliance with it on the part of the banks,
assurances have generally been given of a readiness to
answer those calls with promptitude, and in an accepta
Again he says,
" The returns of the condition of the selected hanks,
which were requested to be continued, have generally
been made with promptitude and regularity. But while
it ia very satisfactory to see, in most cases, a reduction
in discounts and circulation, and which course is the
moat efficient to cure one of the existing evils in bank
ing. and to enable the institutions which nave suspended
specie payments to resume them at an early day, and
with much greater safety, it is regretted that, in a few
instances, this course has not been adopted. But when
ever departed from in such a crisis, the error has tended,
and must tend hereafter, to impair the confidence of the
Department in the sound management of the institution,
and to justify such steps as may lead to a more speedy
withdrawal of the pubhc money, or to tb? procuremen
of increased security." ,
From these evidences, I take it for granted,,
that the deposite banks are solvent, and that
the government will not lose a single dollar
This is not the only evidence afforded by
the Secretary of the Treasury of the solvency
of the many of the deposite and the
reliance placed upon them to aid in redeeming
the country from ita present embarrassed con
dition?on the 13th of the present month,
while the bill authorizing the issue of Treaau
ry notes waa depending, the Secretary ad
dressed the following letter to several of these
institutions, proposing to them to purchase the
Treasury notes which shall t>^ authorized,
and to pass the proceeds to the er*du of the
Treasury ss tpeeit to be paid aa the wants of
the government may require?this is the let
" Tbbaiubt Dspabtmbst, I
September 19th, 1897. I
" Sis: A bill is now before Congrats to authorise
the President of the United S la lea to cause the issue of
Treasury notea for such sum or sums sa he may think
expedient; hut not exceeding in the whole amount of
notes issued, the sum of twelve millions of dollars, and
of denominations of not leea than one hundred dollars
for any one note, to be reimbursed at the Treasury of
the United Stales, after the aspiration of one year fiwn
the dates of the said notes respecUvely
" I will thank you to stale whether, in the event of
the passage of this bill, you will agree to take the said
notes from the government, and give the Treasurer of
the United Slates s credu for the amount; to be drawn
for aijtnay be neceeaary, and payable in apecie if required,
and, if so, to stats what amount you will receive, and
the lowest rate of interest lu be borne by said notes.
I sin, very respectfully,
Your obedient servant,
Yes, air, some of these faithless and un
worthy institutions ore appealed to, to pur
chase Treasury notes, and pass the proceeds
to the credit of the government, and hold it
until it was wanting by the government.
Judging from the generally admitted princi
ple, that the soundness of a bank is to be
determined by the proportion of its actual
specie capital to its circulation, the deposite
banks are sounder than the Bank of England,
or the English Joint Stock banks. Up to the
25th July last, the relative proportion be
tween the specie capital and its circulation
was as follows:
Bank of England - - 26,150,000
Private and Joint Stock Banks 00,000,000
July 1. $26,150,000
Bank of England - ? 91,305,000
Private and Joint Stock Banks 5,362,165
United States Deposite Banks 11,429,012
United States Deposite Banks 31,779,874
From this comparison it is manifest that the
deposite banks in the United States, were in
a condition belter to sustain a sound currency
and specie payments than the English banks,
unless some other cause should operate a
different effect. Yet, although the same
causes which embarrassed the commerce and
credit of the United States existed in En
gland, the Bank of England continued specie
payments, and the Bank of the United States
suspended?Why? four causes are manifest:
1. the Government of England continued
their confidence in their institutions, ours with
drew its; 2. a .large debt was due from the
American to the foreign merchants, and a
necessity for large specie exportationa pro
duced ; 3. the continuance of the specie cir
cular ; and 4. the execution of the deposite
act of the 23d June, 1836.
(To be Concluded.)
From the Frederick (Fa) Timet.
THE MAINE ELECTION.
IAVS THE PASTY !
It has been an invariable practice with certain press
es?profeiting to be devoted to the principles of the
Democratic Republican party, and pretending to be
anxious to maintain its ascendsncy?to misrepresent
our strength in several states where electiona have been
held during the laat three months. ' Such a course, un
less exposed by the true friends of Mr. Van Buren, ia
calculated to deceive his supporters and lull tbem into
fancied security, when iminent danger of defeat ia
threatening them. We have recently had elections in
Kentucky, Indiana, Alabama, Mississippi, Rhode Island
and Maine, where the Democratic party have sustained
losses truly sppslling to any sincere democrat! We
know it has been aaaerted by a press in this county
clsiming a close affinity with democracy, that we have
sustained no loss in Indiana and Kentucky. But the
editor of that print knew better when he made the state
ment. It is true they caat their votee for Gen. Harri
son in November last; but the entire Congressional
delegation from Indiana were good democrats, and a
third of the Representatives of Kentocky were of the
same clasa. How we stand in those states now, is too
melancholy and disheartening to reflect upon! Rhode
Island has belonged to us for the lsst three years, and
we have carried Maine by overwhelming majorities in
every election since 1831. Now we hsve lost Rhode
Island by a heavy vote against us, and Maine?if she is
not gone over to the enemy?is " shivering in tha
wind." Wc ask the people soberly and seriously to in
quire what is the cause of all this. Thirty or forty of
the most prominent democratic journal? of the United
States?in company with ourselves?have warned C"'*
tain high characters who seek to control the affairs of
the nation, that their extreme notiona about the curren
cy would bring the democratic party of tho nation to de
feat, unless they paused in their mad aud ruinous r.caree
Hundreds and thouaanda of the foremost champions of
Democracy in the State of New York and elsewhere,
have spoken to them in the same language. They
were told that, nothing short of an immediate abandon
ment of their wild theories would avert the approaching
overthrow of the Democratic party.
A solemn conviction thst the Sub-treasury scheme
of the Bentoniana would drive a large portion of the
Democratic party from Mr. Van Buren'a support, and
an oarnest desire to prevent that catastrophe, nas built
up the Conservative party, at the head of which elands
the Madisonian, the Richmond Enquirer, the New York
Times, the Hartford Patriot, the Cincinnati Republican,
and all the oldest Democratic papers in the country.?
And when we tum our eyes to tne halls of Congress and
find that the far greater portion of the talent, virtue and
influence of the Democratic member* ia enlisted in our
cauae, we are convinced that, they can vet save the
Democratic party from desUuction. Whatever may
now be ssid of tho ' Spartan band' of Conaervatives by
the unprincipled demagogues of the day, the time is not
far diatant when they will be hailed as the Saviours of
the Democratic party. If they have not numbers
enough to secure the triumph of their liberal and patri
otic measures, we thank heaven they have strength
enough to stay the tide of I<oci>-focoism which threaten
to aweep away all the foundations of Democratic secu
rity. And we thank heaven, too, that Mr. Van Buren
ia not so wedded to the Sub-treasury scheme, that he
will not bow with chcerfulnesa, to the will of the peo
Those who wish to represent him as the stubborn ad
vocate of that system, (whether they be Whiga or his
professing friends,) sro unfaithful Sentinels upon the
watch tower, and are anxious to bring the Democratic
party of thia country to the same mortifying defeat
which haa befallen them in other places.
We aay then to every true Democrat Be not deceiv
ed. The (Jonservstive party will interpose their ahield
between you and your would-be destroyer*. Turn out
in your pride and your atrength on Monday week, and
teach both claases of your enemies that you are yet true
to the cauae of a righteous Democracy.
At the snnual distribution of prizes gained
by the pupils of the various colleges which
form the University of Paris, the King'a
youngest sons were successful candidates;
the Duke D'Aumalle, 15 years old, gaining
the prize for history, and the Duke de Mont
pensier, aged 13, that for natural history.