The Madisonian. [volume], October 03, 1837, Image 3

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

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New YorJc, payable l??im0
iulK30, lH40andlMI, 1,000,000
Instalments due from the
Bank of the U. Stales
,n IH3H, I83S>*nd 1W0,
exclusive pf inlaw*, b,000.w?
'21,000,(*10
*i4,000,000
LUU?un'in? appropria
tion, deducting 'he
amount which lonnOOOO
tecuMitat
Treasury notes, '
a?,000,000
. ri,.f sneerh Mr. C. moved to amend the
After a briel spi wn.' * enacting clause,and
bill by striking JSH bill.
inXirli,|an^T? after an animated speech in which
Mr 1' hi's HW.rob it.cn of the uroooaniou to
h, eipre^ h.? ?P| r frim aU fc^s, moved
di^onn^ the gown jnf?for Tr^sury notes,
u> amend the bill, by . a to the govern
hills receivable tu paymriu
nicnt. ,, 'bm (,> extend the pay
Mr BELL 'bought the t.m ^ ^ passe(f ^
moot of the merchant. |ni||ee_ |( was unomii
\ tore that now b 'tore ,r,mid pass, not yet
,oUS to take another, tfie tirms pf
acted on, while ^(.h ' RP. The
which were pre< c ^ ^merchants were to have
Kief,'"(the granting ?^?c"e%^
ttKheJ nSlns for the suggestion that
Mr. B? S1 ., i mken up; and siiid it
the other bill shou Id.befit* Ween fUp ^ ^;(nled
should also ^ det" lhis bill sha|i be acted on.
10 Mr WiSBHEL?N? replied. He said he was
Mr. I. *? delay in the passage ol the bill
not to.blame 1 . in the House last lii^ht. Nor
Mh mid he dtdu>Mhis bill, the terms and meaning nt
whi' h must perfectly familiar to every man in
,,"Jl,TKibLtSeraU'd his hope that it would be
first ascertained that there would be a deficit in the
Treasury, before the measure now proposed should
b<Aiff some further conversation, the committee
' T he House adjourned till Monday.
SENATE.
Monday, October '2.
Several petitions were presented by
U1S and Mr. ALLEN remonstrating against the
admission ol Texas.
svb-tbeastby system.
The Senate resumed the consideration of the bill
imposing additional duties as depositories in certain
' '\lr Plit'sTON gave notice that, at the proper J
time he should move an amendment to the bill, to
make the Slate Banks the special depositories of the
' ".Mr BAYARD adverted to the great'importance
of the crisis, and the various measures proposed to
meet it He looked at these measures as inade
"uate to supply a remedy. The idea of a pure me
tallic currencY he regarded as too visional v to be
entertained bv any Senator ; and the only difference
ofopiniou was as to the ratio of its admixture w. h
a paper currency. The practical effect ol ban sh
in- all notes under ten dollars would banish one
half of the paper circulation j and the banishment or
all notes under twenty dollars would extinguish two
thirds of the paper circulation. He sustained these
statements by reference to official expositions
which had been made. The circulation of this
country is 1*> millions in paper, and 48 millions in
specie Gold and silver is the standard of value
over the world, and paper in proportion to its nu
merical amount, in a mixed currency will expel the
coin unless restricted, because a certain amount ol
silver alone is necessary for the purposes and wants
of society. He quoted some portions of Mr. Bent
on's speeches sustaining -and eulorcing this senti
ment The coin emanates from the Government,
and the Banks furnish the paper. IIow then can
the Government divorce itsell from the banks when
the reductive power of the government is absolutely
necessary to restrict the paper circulation and pre
vent it from expelling the coin. In reterence to
our present condition he said it was apparent thai
there is an inconvertible pajnir currency for the
people, while the Government is attempting to es
tablish a metallic currency for itsell. He asserted
that it is the duty of Government to furnish a sound
currency of coin and convertible paper to the peo
ple. Government acting under trust powers is
bound to furnish this coin and convertible paper
not for itself, but for the whole people, and this can
only be done bv regulating and restraining the banks
which issue the paper. How is this to be done ll
we divorce ourselves from, and banish the b inks.
The proposition of Mr. Rives was good as to its ob
ject but defective as to the means by which it
proposes to accomplish the object. The mostef
feetual mode of restricting the paper wasby a
bank of the U. States, and (n the absence of such an
institution, the most effectual mode won d be by di
rect taxation?by affixing a stamp duty to bank
notes. There could be no dispute as to the power
of Congress to do this. It b.ing the first duty _ of I
Government to produce and maintain a sound cur
rency, the power of taxing in order to|carr> into |
effect that greater power must be conceded.
He remarked that commercial distress was caiised
bv speculation and overtrading. 1 he present diffi-1
eulties originated in New Orleans, where grea ;
loans had been made to planters to enable them to
purchase land. The cause of the hostility to the
? inks he found in the desire to throw out some food
for public excitement, according to the policy of tht
Emperor Napoleon, something new must be done
every three months; if you stand still you are un
done. He quoted from a speech ol Mr. Calhoun, to
show that tliat Senator had not always entertamted
the same opinions on this subject as those he had now
expressed, to show the practical effect of the new
scheme, he turned to the Executive Documents o
last session, and reminded the Senate of the ease of
the receiver of the Land Office at Fort Wayne who
instead of holding only thirty thousand had fi\t
hundred and forty thousand dollars of public money
in his possession. He read the reasons which were
given to excuse this officer for not having deposited
a single dollar of the public money from Match to
June. Examination was made into the causes of
this neglect, and it was explained that th? press ol
business, and rlic difficulty of transporting silver,
had prevented the officer from making deposites.
But it appeared that there had prevailed a practice
?f shaving money, current money was received and
uncurrent money exchanged, the profits being for
the officer himself. This fact shows that the suppo
sition of the President that control would be exer
cised over these officers, and the funds in their cus
tody is without foundation. The security of the
fund's in the hands of these officers is not therefore
so great as was its security in the banks. He dcsir
nl lo draw the attention of the Senaje to the politi
cal influence which may be exerted in this way. In
the letter of the Commissioner who was appointed
to examine the matter, it is stated that the remiv
val of this officer might cause some excitement,
therefore it was better to let it be. Mr. Woodbury s
letter in reply, says, that the reasons of this officer
would probably b;. satisfactory. Among the reasons
of this officer was this, that his democratic f riends
thought it better for him not to leave, as an election
for President was coming on. The money in his
hands might probably bs useful in promoting the re
sult of that election which was desired.
He then referred to the balances in- the hands of
tmasters. He particularly referred to the ease of
P. Blair, one of the securities of a postmaster at
Frankfort. This person was editor of the Globe;
and there is a note in .which the department gravely
tells us that in Debember, lK!.r>, th;it the parties could
not be found; although it was about that time this
Mr Blair was dailv in the habit of being at the de
partment, and was printer to the other House, yet
the official eye of the department could not see him
lie quoted this merely to show the abuses to which
the Sub-Treasury system would be subjected.
Mr CALHOUN made explanation to free him
self from the charge of inconsistency.
On the suggestion of Mr. GRUNDY the bill was
then informally passed over, while a bill to limit the
lees to be taken in the extension of merchants bonds,
was read a second time.
Atter some short explanation from Mr. liKi rv
M r. WEBSTER said this bill did not reach the
evil There was some process by which the attor
ney (as he had been informed, and as he believed)
made a greater income than the law allowed to the
President of the United States, and that clerks made
annually w hat would pay the salary ol the (. hiel
Justice three times over. ' He hoped'some just limit
would be imposed.
Mr GUNDY said, the bill contained all that the
resolution authorized, although he believed the sub
ject required a close examination.
Mr WEBSTER moved an amendment allowing
twenty days to the merchant to file his bond, with
out rttiv additional cost : bove five dollars.
On motion of Mr. BUCHANAN, the further
f
consideration of the bill was postponed till to mor
row, uod the amendment of> Mr. Wta?Tm, wua or
dered lo be printed.
* The consideration of the bill imposing additional
dutie* u d?(K*iwiw>, in certain eases, on public of
ficers.
Mr. WRIGHT then obtained the door. He said
the object was lo make the debts of the Government
payable in paper, convertible into specie on the spot.
Practically speaking, Ihere was no such paper. He
complimented the Senate on the time and character
of the debate which had occupied the last few days.
The bad working of the system of Slate Banks was
seen by all; every one had his plan; and the Presi
dent 'had given his plan. lie showed that in
separating the banks from the Government,
the Secretary had only rendered obedience
to the express provisions of law. He hail
not indeed wUhJinAu the money as requited by
law, but hod eitendwi indulgence'to them He re
plied to arguments of Senator* against the system of
measures recommended by the Committee on Finance,
and vindicated these measures He atated that aome of
the principal bankers lit the country acquiesced in the
propriety of the separation. Once separated, the credit
ol the banks will be their own, and not the result of any
connection with the Government. He denied that the
withdrawal of the deposites could effect the ruin of the
banks as some had apprehended. The establishment
of the uew system would give stability to the currency
of the treasury, and erect a standard on the part of the
government, to which the bauka muat come up,
or lose the confidence of the people. If the government
erect a atandard equal to gold and silver, the bank* must
do the same. 1'he Treasury inust preserve its currency
sound, or the whole of the currency would be deprecia
ted and disturbed, lie stated that if the officers of the
government were paid in depreciated currency, he would
have lo pay an additional price for the commodities he
purchsaed. He said that it was an objection 011 the
other side to the State banks; that it increased the Ex
ecutive patronage. Why then should it be cast 011 the
administration as a reproach, that they were about lo
withdraw that patronage I Because the collector at
New York keeps the public money, will he be more under
tlie power of the Executive than he was before. The
withdrawal of the deposites may effect the public con
fidence in these institutions for awhile, because of the
denunciation of their measures. But there never could
be a better period for the removal than now, when there
m a suspension of specie payments by the banks. He
regarded the plan ol Mr. Hives as a return to the system
of the last year. He could not believe that any one, af
ter the experienced the country, could have the same
confidence in these institutions, which ho had before
that experience. On his inind the confidence which ex
isted is displaced by doubts aud apprehensions, and he
would by no meana restore the system. He would use
the banks with all possible indulgence in the collection
of the balances, aud then takeaway the power of these
banks to charge us with producing these misfortunes,
and take from them the power of speculating on our
money. He replied to what had been urgeu on the
subject of security, and of the Government being in
etfect a bank. Ho admitted it might be so ; but it
was the most unobjectionable of banks, because there
was the gold and silver behind it, and the issue would
readily find gold and silver.
The bill was then informally passed over, and the
Senate pracecdcd to consider the amendment of the
House of Representatives, to the joint resolution, fixing
the day of adjournment. This amendment fixes the 16th
instant as the day of adjournment.
Mr. HUBBARD moving to adjourn on the 9th in
stant, aud thinking it probable that might be done,
wished to reject the amendment.
The amendment was then agreed to ; and,
On motion of Mr. CALHOUN,
The Senate adjourned.
HOlT8K OK IlEPKKSKNTATIVBS.
Monday, October 2.
Alter the presentation of petitions, Mr. W. C.
Johnson moved that the bill authorizing the issue of
Treasury notes, sent to this House from the Senate,
be returned to that body; lost.
national bank.
The House resumed the consideration of the re
solution from the Committee on Ways and Means,
declaring that it is inexpedient to establish a Na
tional Bank, together with the various amendments
moved thereto.
Mr. SERGEANT resumed his remarks on the
subject, and pointed out the odious and invidious
character of tlie distinction now made by the Trea
sury Department in the mode of paying public cre
ditors. He asked if it had not become the interest
of the officers of the government to perpetuate the
difference between the value of specie and of bank
paper, and to increase that difference. They were
nearer to the government than other public credi
tors, and could secure their pay in a currency ten
per cent, more valuable than that which is paid to
others. It was, therefore, that the government had
recommended to us the measure in relation to the
present state of things; for the Sub-Treasury scheme
was a scheme to leave things as they were, and to
continue to the officers of the government the ad
vantages which they derive from it. The divorce.
proposed had already been made "a menra el thoro."
But it was a divorce, not from the banks, but a di
vorce of the government from the. people. The
people no longer set at the same table, nor partake
of the same fare with the government. The differ
ence between them was ten per cent. After the se
paration has b ten legalized, What are we next called
upon to do? Why, by this resolution, to give security
lo the government that the connection should not be
renewed. We must come up and take an oath that
the means bv which this crying evil can be removed?
by which the people shall be put on a par with the
government?shall never be resorted to. He stated
it as his opinion, that the resolution was intended to
proclaim to thepeopleof the U.Statesthat they should
no longer exercise tncirundcrslandingsnortheir con
science upon the subiect, of any relief from their
Sresent sufferings, otner than that which the Presi
ent proposes in his Sub-Treasury scheme?which
was to equalize that state of things of which they
complain. The door of hope must be closed upon
the people. They must bj told we have made up
our minds; it is in vain for you to agitate the ques
tion, even if you can show us, as with the pencil of
light, that what lias forimrly cured the evils under
which you suffer, will again remove them.
Mr. spoke about one hour on this subject, and
without concluding, gave way. at the expiration of
the time allotted for the consideration of reports.
adjournment.
The joint resolution from the Senate, fixing the
9ih October for the tcrmation of the special session,
was taken up, and Mr. HAYNES moved to amend
it, by striking out the i)lh and inserting the 12th.
Mr. COST JOHNSON, after alluding to the im
portance of the measures before its, and the interest
felt by the people in the decision of this House upon
them, resisted any adjournment, at present. A pre
cipitate disposition ol these questions would be dis
graceful to us. He was not prepared to act blind
folded, and at haphazard. He wished to deliberate
upon, and discuss, these subjects. To leave them in
doubt, would inerense the embarrassments of the
people; for, in this state of things, they could not
tell now to adapt their business to the policy of the
government. If any gentleman wanted leave of ab
sence he would agree to it. We had arrived here
with payments in gold, and, if we adjourned, we
should get, by our construction, double milage also
in gold. Would not this render us liable to the sus
picion of preferring our own interests to lhat of the
public 1 He moved that the resolution aud amend
ment He on the table. l?st.
Mr. PICKENS felt bound, he said, to do some
thing towards adjusting the questions before us.
Commerce has furled her sails, and agriculture is
lenning on her plough, while the action of Congress
is waited lor on the measures b.-fore us. If we post
pone the great bill of the session?the bill to disburse
to the government from the banks?what would
be the consequcnce 1 The resolution of 1816 would
renew the connection very soon, as the cotton crop
was now coining in. The connection now renewed,
the chain would bs (listened upon us forever. He
called upon gentlemen now to come forward, and to
prove their sincerity, as advocates of that measure.
Mr. CAMBRELENG concurred with the gentle
man who has just spoken, as to the propriety of dis
patching ihe business before us; and. in order to
afford a sufficient time for it, he hoped the gentleman
Hon. Georgia would move the lb:h instead of the
l?iih. JCnes of no, no.l
Mr HAYNES modified his motion so as to move
the Itith of (Vtober.
Mr. SMITH of Me., opposed the motion, and said
he had heard no reason for protracting the session
beyond the day fixed by the Senate. Those who talk
ol waiting till we settle what is called the great mea
sure of the session, must know that it cannot be set
tled without a continuance of the session till the
nexl_ session hrgin*. Gentlemen, must know, too,
that if we send forth this resolution, with any altera
tion, to the o her House, we shall never have an
opportunity to get it b ick a^ain on any terms. He
had learned this, as others had, in conversation with
Ihe Senators. He warned those gentlemen, there
fore, who were opposed to a continuance of this
session till the next session begins, not to let this re
solution go bick.
Mr. J. d. ADAMS spoke in favor of the sugges
tion heretofore made by him, to strike out the 9th
October, and insert 1st Monday of April. We had
done mischief enough already, to please the Admi
nistration, and we might as well adjourn to-day aa
next Monday. There was no pretence for the ad
journment, except for our own accommodation.
Mr. PATTON moved thai the further considera
tion of the resolution be postponed till Monday next,
and spoke, at length, in opptwition to the resolution.
Mr. THOMPSON, of ?. C , agreed with his col
league, as to the importance of ike chauge of policy
proposed. A change from a paper system to a hard
money system, so fatal and disastrous to the country,
he would uot sutler to be- made without some delibe
ration. Fie wished to go home and consult with his
constituents ujimi this subject. We were now in a
state of separation from the bonks; und therefore, aa
we were in the full fruition of its advantages, he did
not see, that any thing was to be U?s( by the postpone
ment of the divorce bill till next session. Alt that
sustained the little confidence that still lingered in
the country, was the hope that something would be
done for its relief. His colleague need not, therefore,
be afraid that the banks would resume during the
recess. He feared there was little hope of it.
Mr. BOON moved the previous question: lost.
Mr. WISE contended that it was not the intention
of the friends of the administration to bring up this
divorce bill.
Mr. CAMBttELENG said, there was a flinching
as to lliat bill. He would pledge himself to bring it
up; and then we would see who would play the non
committal nu. He wished to see whether the
gentleman from Massachusetts,(Mr. Adam*,) would
tow the mark, according,to his celebrated letter about
the-banks.
Mr. WISE said, the gentlen ai's answer had con
vinced him more than ever, that he did not intend
to bring up his plan. The idea of a metallic cur
rency was never seriously meditated by them. He
votea for the Sub-Treasury system in 1834-5, on
purpose to show the country that it was nut the plan
of Uie Administration. Tne essence of the Presi
dent's Message was the Sub-Treasury system; and
every movement here had shown thin it was insin
cere. Some nerilleinen had been caught in the trap,
and they would be left in the lurch.
Messrs. GLASCOCK and WISE spoke at some
length on the subject.
Mr. HAMEK spoke against the postponement.
The motion to postpone was lost.
The question was then taken on the motion to
strike out the IHh and insert the 10th, and it was
agreed to.?Yeas 115,. Nays 103.
Mr. MEltCER moved to postpone the resolution
till 1st of April- Lt>st.
The question was then taken on the resolution as
amended, and it was decided in the affirmative.?
Yeas 153, Nays 65; and the resolution was returned
to the Senate for concurrence in the amendment.
MISSISSIPPI ELECTION.
The report on the subject of the Mississippi elec
tion was next taken up. and the discussion tnen was
continued by Mr. BUCHANAN, chairman of the
Committee of Elections.
At half past 3, the House took a recess.
THE MADISONIAN.
WASHINGTON CITY.
TUESDAY, OCTOBER 3, 1837.
OKKICE E ft f KF.KT, BETWEEN NINTH AKD TENTH.
In those things which are essential, let there
BE I'NITV IN NON-ESSENTIALS, LIBERTY, AND IN ALL
THINGS CHARITY. AugllStin.
We receive many complaints that our
paper is not regularly received, and in some
cases, that it is not received at all. We re
gret that it is not in our power to remedy a
fault, which we are confident rests not with
ourselves. Our papers have been Tcgular-ly
mailed to those quarters from whence the
complaints come. The difficulties lie some
where between the carriers and the complain
ants.
Subscribers should bear one thing in mind.
Our rule is, to send no paper to the country
that is not paid for in advance.
The history of mankind shows, that no pu
rity of individual character is exempt from the
assaults of the vicious, and the history of the
world gives proof, that no purity of religion,
no excellence in government, can stay the
restless spirit of the infidel, or the revolution
ary cravings of unsatisfied and diseased fac
tious. It was to have been hoped, that in the
perfection of our own form of government,
we might have been free from the agitations
of the factious and the schemes of the vi
cious, which have been rile iu the old world,
but we, too, are destined to encounter these
trials, thbugh they may only touch the surface,
and after a brief existence, be lost in insigni
ficance and infamy.
Our day of trial is at hand, and the follow
ing brief but pregnant extract, gives the sum
and substance of the doctrines of the loco
focos.
"That all debts be declared to be debts or
HONOR ; THAT THE JUDICIARY RE REFORMED, AND PRE
CEDENTS ABOLISHED, THAT THE PUBLIC DOMAIN BE FREE
TO ACTUAL SETTLERS, AND THAT A STATE CONVENTION
BE HELD IN UrlCA, ON THE SECOND MONDAY IN SEP
TEMBER NEXT, TO DEVISE A NEW CONSTITUTION, WHICH
SHALL BK BASED SOLELY UPON A PRINCIPLE OK RIGHT
OR CONSCIENCE," AND WHICH SIIALL RECOGNIZE NEI
THER LAW NOR THE LEOAL PROTECTION OF LIKE AND
PROPERTY.
This vile and atrocious code, should be read
and pondered upon, by every man throughout
the wide spread land. They are not the Uto
pian dreams of one man, and he a distemper
ed enthusiast; they are the doctrines of a
party, organized and cancerous. Their aim
is not to partial localities, or to a brief dura
tion ; they are reaching out to the entire per
vasion of our country, and their conquest is
for all future time. The beautiful temple of
our social edifice, the altars of our sacred re
ligion, the structure of our civil code, and the
artn of our federal compact arc struck at with
sacrilegious vandalism. Arc we prepared by
any course of degradation ; are we prepared
by any stage of infamy, to submit to this pol
luted and destroying revolution ? In the name
of that spirit which gave us the liberty we en
joy, in the name of those fathers who framed
our government, and by the cherished hopes
of civil and religious liberty throughout the
world, we answer no. Hut a successful re
sistance to this pestilence is not to be gained
by a passive reliance upon the strength of our
position, or the weakness of the assault. The
destroying cancer is first seen as a small ab
rasion on the surface, nnd the incendiary's
torch is lighted from a spark. We invoke
the thinking, stable, moral portion of society,
to come forward in all their strength and
crush now and forever the monstrous here
sies, and more than odious doctrines of" loco
focoism." Wc would caution those who in
discreetly court this faction from a fear of its
strength, or for objects they may hope to gain
by using them for their purposes, that they
are l?ouiid by every obligation of duly, ho
nor, and prudence, to give to it no counte
nance in any form or for any object. 1 hey
will share the stain of the contact, and the
disgrace of the copartnership.
1 I i false issues.
An effort is making to identify Mr. Riven'
Hill with the iutereut of the Philadelphia
Hunk of the United States, under the affected
apprehension that it will enable that Bank to
re-capture the Deposifes.
Nothing has been more popular than the
cry against the National Bank, aiul we are
not greatly surprised that it should be brought
into the arena for the purpose of defeating
this Bill. It is M strange, passing strange,"
however, that some, ou the one hand, who
have hitherto advocated a National Bank,
and others, on the other, who have zealously
sustained the State Bank deposite system,
should unite in denouncing a Bill which pro
poses, with modifications regarding the de
nomination of the uotes, wliat has been in
operation since the formation of the Govern
ment, as a measure calculated to benefit the
Bank of the United States.
The principle of the Bill is precisely the
same as that of the joint resolution of 1816,
and regards only the kind of money which
shall be received in payment of public dues.
What has such a principle to do with the
Bank of the United States, any more than it
interests a bank in Madawaska or Altakipas ?
The Bill does not propose what shall be the
depositories of the Government, but relates
merely to the receivability of gold and silver,
or their equivalent, bank notes convertible at
the will of the holder. Who can object to
this ? To effect it, indeed, has been the aim
of the united efforts of the democratic party,
for years. It proposes that the public dues
" shall be collected and paid only in the legal
currency of the United States, or in the notes
of banks which are payable and paid on de
mand in the said legal currency ;" and it has
no relation whatever to the depositories of the
Government. The selection of the deposi
tories is left to the discretion of the Secretary
of the Treasury, and if the Pennsylvania
Bank of the United States should be made a
Deposit!) Bank, if this Bill should become a
law, it would be by the choice and responsi
bility of the Secretary of the Treasury. That
Bank could not, by any possibility, profit, in
that respect, by the provisions of this Bill.
The issue, therefore, is groundless, anil raised
without reference to truth or justice, merely
to effect a purpose, to accomplish which, we
regret to see a coalition of antipodal princi
ples.
DIR. HIVE'S SPEECH.
The reader's attention is particularly di-"
reeled to the concluding argument, of the por
tion of this patriotic effort, which we publish
to-day, relating to the duty of the Govern
ment in respect to the general currency of
the country. The idea has been proclaimed,
that the Government had nothing to do with
the currency of the country, and it has even
been extended so far as to lead to the doc
trine that the Government, like a private citi
zen; has only to take care of its own interest.
The Government has certainly been trying
for the last eight years, to regulate the cur
rency through its revenue power, and it seems
to us of very doubtful expediency to abandon
it at this time of its greatest disorder, "to
take care of itself." We always understood
that the efforts of President Jackson were di
rected to the regulation of the currency, and
that he rilied upon the management of the
public revenue, as the most important auxilia
ry in effecting the reform contemplated by
him and lis friends.
The v.ew of the subject taken by Mr.
Rives, is sustained by the practice of the
past, and by the authority of Mr. Madison.
We have only time, at present, to quote
from Mr. vladison's Message to Congress of
I Dec. 3, 1H6.
" But for he interests of the community at large, as
i well as for ue purpose of the Treasury, it is essential
that the naton should possess a currency of equal value,
credit and i?e, wherever it may circulate. The consti
tution has entrusted Congress, exclusively, yith the
penrer of ertating anil regulating a currency of that de
scription ; md tiie measures which were taken during
the last sei?ion, in execution of the power, give every
promise of succcss."'
The principal of the measures referred to,
was the joint resolution of 29th April, 1816,
the whole substance of which is embodied in
Mr. Rives bill.
THE SUB-TREASURY SCHEME.
We invite the attention of our readers to
the ninth number of ".Say," which we take
from the Charleston Mercury of tho- 26th
inst. It treats the scheme which is now oc
cupying the attention of Congress, and the
whole American nation, with the master hand
of one well versed in the practical science of
his subject.
The Globe commenced the republication
of these essays, and gave credit to LANG
DON CHEVE?, as the author of them ; and
bestowed a deservedly high encomium upon
his character and talents, the exercise of
which alone saved the Bank of the United
States from bankruptcy in 1819.
As the Globe dissented from some parts of
number four, (the last it published,) as we are
sure it will from tho one we to-day publish,
we shall, as soon as space in our columns
will permit, commence where the Globe end
ed, ind lay before the public the remainder.
"EXTREMES UNITE."?[c.lobf. ]
Nothing can more thoroughly convince, as well
as satisfy, us, of the correctness of our course, than
to set the Globe, Keening Post, and Reformer united
in bunds of harmony?linked together like a band
of b"others, in a covenant of friendship, that Dio
nysins might have envied.
Was not the Globe established to supersede the
Telegraph, (since changed to the Reformer,) and to
oppose Mr. Calhoun 1
Has not the Editor, as well as the Senator, been at
constant variance with the Glob?, till their recent
union ?
Has not the Glob-;, as well as the Telegraph and
Reformer, maintained continued hostility for more
than two years against the Evening Post,.till the recent
armistice took plaec on the Sub-Treasury question 7
Was not Mr. Calhoun in 1N31 in favor of rechat
tering the Rank of the United States, and opposed to
the removal of the depositee, although he now says
he wa? then in favor of a Sub Treasury, which he
siifmatized as b-ing "liable to the objection of being
far leu safe tcoiurntieul and sJUwul than the prese/U
I deposit* system. J
Did mil the Globe in 1835 denounce the Evening
Post, and its coadjutors, as the " natural ally ?/ tie
NuUtJUaiun and Hartford Convenlun^ faction I
Did not the Gobe at the same time charge the nul
lifies with "contemplating a dissolution of the
Union," while it cliarged their "ally" with "scheme?,
involving the destruction of the confederacy 1"
What has now so wonderfully melamorphotscd
these most implacable foe?, into the most indissoluble
friends 1?Why simply a measure that was never
supported before by either of them, but denounced
by the Globe at the time when Mr. Calhoun is now
said to have supported it,?as "disorganising and
revolutionary, subvcrsire of the fundamental princi
ples of I he Government, and of its entire practice from
1769 doicii to this dtiy'f"
uncK or aume uouae ui pwee ui uw v~... ,
atroy 1 It would probably be well to try the experiment,
?t first, if st all, on a small scale.
A voice from Quincy baa proved ibat the enerme of
her ?ii?tingui?hed ?UtetuMin are not wholly eb?oibod u
Antimaaoiiry and Abolitionism, and haa furnished <
plaster, no douU very acceptable to the consciences o
counterfeiters, by a favorable comparison of 'heir gull
with that of directors of suspended banka. It is sin
cerelv to be regretted by those who have not been abii
u, divest themselves ei - - s'^" "f
i no ucncrai uovern- I he blessings of govern
ment like the dews of.
Heaven, should descend
alike u|K>u the rich and the
poor?(Jen. Jack ton.
We hold these truths to
be self evident; that all
men are created equal ;
that they are endowed bv
their Creator with ccrtairi
unalienable rights; that
among these are life, liber
ty and the pursuit of hap
piness. That to serure
these rights, governments
are instituted among men,
deriving their just powers
from the consent of the go
verned ; that whenever
any form of government
becomes destructive of
these ends, it is the rtghl
of the people to alter or to
abolish it, and to institute
a new government, laying
its foundation on such
principles, and organizing
its powers in such form as
to them shall seem most
likely to effect their safety
and happiness.?Declara
tion of independence.
merit, like an individual
citizen, has uothing to do
but to take care of us own
interests.?'Globe Sept'r.
12.
To Correspondents.
" Publius," " B." and " C." will appear in our
next.
From the Charleston Mercury.
NO. IX.
THE 817 B-TllEASl'IlY 8CIIEMK.
We have read with entire satisfaction, the Mes
sage of the President, with the exception of so
much as relates to the receiving and keeping of the
public revenue, and this we have perused with equal
regret. It proposes an experiment on the funda
mental principles of our currency and moneta
ry concerns. \Ve do not hesitate to predict, that it
adopted, it will be productive of much immediate
evil, and that, the country having suffered that evil,
it will be abolished before the existing Presidential
term shall expire. We begin to yield to the opinion,
in spite of our habitual charily, that the late ad
ministration was guilty of the lolly, and meditated
the mischief of intending to establish a sole specie ,
circulation, and that this part of the Message is the I
in i 1 of the boding meteor. We have too good an
opinion of the understanding of the President, to
believe that he could have originated a plan, which
shows so much ignorance of the commercial charac
ter of modern times, and of our own particular
country, as well as such a want ol reflection on the
character and extent of the measure.proposed. We
hoped better tilings of the judgment and Intelligence
of the chief magistrate, which we know to be of a
high order. We fear this is a 'saven of our times,
but hope it has not "leavened the whole lump."
The first objection to this part of the Message is,
that it calls for the adoption of a fundamental regu
lation, on a vastly important subject, at an extra
session of Congress, which allows little time for that
budy to deliberate, and none for the public mind to
pass upon it. We think it is Mr. Burke who says,
that every innovation requires to be justified, before
it be adopted. The proposed scheme is a great
fundamental innovation, and requires this previous
justification. It is said, not by the President, but by
other advocates of the measure, that it is not a
novelty, and that we have before us the examples ol
other nations, and particularly of Grent Britain and
France. We assert that we have no parallel ex
ample in the history of the world, and particularly
that Great Britain and France furnish none such.
There is no logic worse, more sophistical, and less
consequential, than that which compares dissimilar
things, and thence draws its conclusions. We are
a great, free, self-governed people, in our infancy,
with few established habits, covering sparsely a
great continent, in some of whose lakes the Island
of Great Britain might almost float: and we are
under seven and twenty independent sovereign ties.
A thousand other distinctions might be pointed
out, but those here stated, in two or three lines,
forbid us to be parallel with any other nation, ex
cept in few particulars, which always ought to be
sustained by-specific proof. What may be practi
cable and proper in a country of a few hundred
miles diameter, may be by no means so in one of
as nviny thousands. Wfiat may work well under
a simple monarchy, it is more than probable, will
not be at all suited to a government so exceedingly
complex as that of our Union What may be wise
when it is the result of a slow growth, keeping
pace with, and forming, or formed by the character
of the people, their early pursuits, their gradual
changes, and their ultimate maturity, may be found
to produce the worst of evils, among a people
who are in a state of formation, and with few or
no fixed habits. But the facts, independent of their
want of parallelism, do not exist in the principal
exemplars, which are held up to us for imita
tion. It is not a fact, for example, that England
either collects or keeps her revenue in the manner
proposed by the Message. The whole revenue of
England is" collected in the notes of the Bank of
England, and deposited in that Bank, without any
separation from the mass of its funds. Nothing is
deposited in the Exchequer chert but a piece of
n*-r, acknowledging a deposite, in other words,
eb! for which the Bank is liable to the govern
ment or its functionaries. This practice, in all its
essential particulars, accords precisely with the
past practice of our government, and has not a
single feature of the measure proposed by the
Message. But were it in all particulars alike, there
is this all-important difference: there is but one
Exchequer chest, but one centre of receipts and
disbursements in the whole realm of England.
This in itself, is a difference destructive to all pa
rallelism. If it should be imagined that the result
would be the establishment of a like centre, of equal
convenience, we should say, God forbid! It would
be a practical surrender, as regards our monetary
concerns and its consequences, of every thing else
essential?of the independence and sovereignty of
the States. Are we prepared to say, that New York
or Philadelphia, shall become commercially, politi
cally, and socially, the London of the United States'?
We would almost as readily agree that the Presi
dent should become the monarch of them. That
the measure will have a strong consolidating ten
dency, is an objection to it. There is by far too
great a tendency to this centralism, in the actual and
inevitable operations of commerce, and the dis
bursements of government, and we ought not to in
crease that tendency.
Under the British system, the revenue is remitted
from remote points to the central point, bv operations
of commercial exchange and bank drafts By the mea
sure of the message both these are excluded Now of
the little revenue collected south and west of Baltimore,
in ordinary times not one half is probably expended at
these points, though they pay immensely This is
grievance great enough ; but is it to bo aggravated by
Uiis scheme which requires that the balance shall be re
mitted, not by the operation of the gentle means of re
ciprocal commerce, but bv the violence of a "'"'n
ment of specie, to the points of expenditure rhis wil
be done, too, at the expense of transportation, tboug
exchange might bo purchased under par, and the same
expense must be incurred in sending it back, whither it,
or an equivalent, must go. if the first instance be
, transported in violation of 'he state of exchanges
It will habitually produce great occas.onal embarrass
ments and derangements in the currency Occasional
y?r? of grMt importations, such as we frequently ttt
r ' r*W bM,g from ?" of the
moil to New V ork and ihe adjoining points, where tbe
great uiMorik revenue will be locked up fo,. ?m? ,n
the. Executive chest, and m coo^quence, the currency
of the iwiiHs tkus drained, must be .uAJedy d4.uua.h
ed, and .1 the .v,U of a decreeing currency produced.
Tlie like dram will take place from the rce and
banks of lbe point, of collection, and like injurMM ef
leci. be produced on tbe currency of those place. A
audden aud great increase of tbe currency first uiodu
cea exhiliration, then intoxication. and finally ruinoua
luUtuaiion. A gradual increase of tbe currency is al
ways an evil. Mr Hume, in an essay on tbe subject of
liioncy, says, speaking of a decreasing currency-?
l here is always art interval before mattera can be ad
justed to their new situation, and this interval isaa per
nicious to industry, when gold and silver (*) are decreaa
ing, a* it is advantageous when these metals are increas
ing. The workmen lias not the same employinent from
the manufacturer or merchant, though he pay. the same
price for every tbmg ,n tbe market. The farmer cannot
cis|?ose of bu corn and cattle, though he must pay the
same rent to In. landlord. The poverty, beggary and
sloth which must en.ue, are easily foreseen.:' To these
e fleet a every year of large importation., every large ac
cumulation of revenue uiu.t, in a greater or less degree,
au iject the country. Even the ordinary and inevitable
accumulations of revenue will produce these sudden ex
pansions and contractions,?these spasms, they maybe
called, of the currency. We have the misfortune to
write where it is difficult to ascertain facts, and we there
lore cannot state what amount of revenue may suddenly
accumulate at the principal points of collection We
think it not improbable that five millions have been col
lected in three months in New York alone ; and that,
too, at a time when few or no disbursements of it could
*'lve millions of dollars (aay will not fail)
drawn from'the vaults of the banks in so short a time,
will derange the currency, it is quite a deceptive* view
of the subject to talk of ten tnillioua of dollars u a spe
cific fund for the purpose, which nevertheless would be
the virtual sacrifice of that sutn. Nothing can be set
apart lor the purpose, nothing will be left undisturbed,
"u* ?T Wl" or destroy the deranging cause, which
shall leave the system iindeslroyed.
Nor can we admit the justice of tho President's rea
soning as to the safety ol the deposites. The question
is not the relative strength of the vaults of the banks aud
the Government. 1 he history of the bank vaults in
< Imi teuton, wdl furnish two celebrated instances in
which one twentieth of temptation which ten millions of
dollars will afford, made stone, and locks, and bars, as
strong as art could supply, of little avail. Vital watch
fulness, not the strength of matter, is the only security
that is to be relied upon. The servants of the Union
are a drowsy race. '1 he golden apples of Juno were
guarded by a Dragon with an hundred heads that never
slept: we think no agents of the Government will be as
watchful, and yet the treasure was rifled. The con
st ant and steady eye of the hanks is a much greater se
curity than bolts and bars, and yet with all these united,
they have often been plundered.
Hut we have not yet enquired, what are tho specific
objects of the scheme of the message? They are 1st.
To secure ten millions of gold and silver which shall be
received in the tollection of the revenue ; and 2d. To
enable the Government to pay its particular creditors in
a sound currency. The general interests of the com
munity ; of the merchant, the manufacturer, the agri
culturist and the mechanic have no part in it. This is
strange. I he first are minor matters compared with
the last, and yet they have engrossed all the care of the
Executive.
1st. The socurity proposed. It is, of course, to avert
some danger ol which we have been admonished by past
experience. \\ hat is the danger and what is this secu
rity ? The danger we understand is the insecurity of
banks in which the deposites of government have been
hitherto made. '1 he security is, the establishment of a
fexe government chests or vaults, we presume, in the
principal cities and places of trade. Now what has the
government lost in any of these few places in which
these depositories are to be established 1 We are not
aware that it has ever lost a penny in these particular
places, and the argument must be confined to the sphere
ol the proposi d remedy. If there be any danger of loss
within tin. sphere, it is understood to be in the hands of
the creatures of a previous government scheme,?the
Safety Banks of the State of New York. If the govern
ment has lost by these banks, which we do not yet be
lieve, let this failure of government schemes admonish
us, to beware of like interposition. Let old established
modes and habits prevail until we shall very clearly see
that they ought to be abolished.
The annual expense is estimated at sixty thousand
dollars. We think this sum is but an entering wedge,
and that it will be much nearer the truth to double it.
^ e do not think the government has lost, in fifty years,
a thousand dollars by the failure of banks within the in
tended sphere of the proposed institutions. But one
hundred and twenty thousand dollars per annum, we
believe, (we have no time to make the calculation) will,
with interest and compound interest, amount in that
time to twenty millions. To put the Presidential bant
ling at nurse for fifty years will therefore cost double the
sum it is worth.
2d. The next object is to enable the government to
pay its creditors in good faith with sound money. Now
there are but two occasions in the history of thia go
vernment, when this was not done. The first occurred
during the lute war with Great Britain, and for some
time after the peace, and the last on the late stoppage
by the banks. We arc suro the President has too per
spicacious a mind not immediately to discover that his
Lxchequer chests would not have prevented the first
occurrence. The last was, we think, in part the result
of a first example and in part the consequence of a
course of legislation which caused revenue to be
amased far beyond the wants of the government.?
If the surplus revenue had never been permitted
to exceed the capacity of the President's Exchequer
chcsts, we think it probable, notwithstanding the
"over action in all the departments of Business"
which we thiuk with him, was Ihe principal cause
of the present embarrassments, the Government
would not have failed to pay its Creditors in sound
money. Can the President give us any security that
in no time lo come, the wise men of the nation will
not be templed to legislate again in like manner. If
he can, we may become converts to his scheme.?
But what will be the effects of that scheme on the
people's money 1 This we have in part considered,
but we must enter further into the qnestion. The
bank circulation is the people's money. How is
that to be restored 1 What will be the operation of
the President's scheme on that measure 7 Is it not
obvious that the proposed experiment of the Go
vernment must embarrass it greatly 1 Suppose the
banks in New York, for example, to resume specie
payments, will not their vaults be immediately
emptied, even though the foreign exchanges were at
ease, to the extent of the duties to fce paid in that
city ? If the exchanges were against us, when dis
bursed by the Government, it would be shipped
abroad. If not, it would only refurn lo the banks, in
the most hopeful view we can take of it, to be drawn
out again when a heavy amount of duties should be
payable. But could the banks under the pressure of
such a demand and the incidental disparagement of
their currency, continue to pay specie 1 The paper
of the bonis would be diurcailed by the. 1\easury ex
ample. All money not equal in every respect with
the best parts of the circulation will necessarily and
inevitably be discredited. The holders of the "bank
paper, as long as it should continue lo be redeemed,
would undoubtedly, without a moment's delay, con
vert it into the preferred money; some to provide,
with abundant forecaste, for the payment of debts to
the Government not yet due j some with the h<>pe of
profitable speculation, and some to hoard it. If long
continued, there would not be a bank note in circu
lation. There would, however, be a speedy limit to
the procedure, from the inability of the banks-to
meet the demand, and they Mould again speedily
stop (>ayment and their general and final bankruptcy
would not unlikely be the result. A sole spcciecur
renev, sufficient only to tantalize a suffering com
munity, would be the miserable consequence. We
do not accuse the chief magistrate of any such view,
but his innocence of so unfair an intention, would
not lessen or avert the calamity.
?Gold and silver arc here used, only to represont tho
actual currency.
( To be ronrludeil )
Another Aerolite.?There has been another gathering
of matter from space. A metoric stone, weighing somo
600 lbs. fell on tbe farm of Ezekiel Harrison, near '
Oratigcville. Pennsylvania, on the night of the 6th inst.
and smashed to death a valuable ox, afterwards pene
trating the earth about ten inches.
COMMENCEMENT.
The Commencement of the Columbia College for the
pnidiiation of the Senior Class, will lie held on Wednes
day next, in the First Baptist Church, on 10th street; the
exercises to liegin at 1) o'clock, A. M.
The frienda of learning are re?l?etfully invited to at
tend.
The Procession will be formed at the City Hall, at 10
o'clock.
College Hill, Oct. 2.
WANTED,
A pood, steady, fast horse ; easy under the saddle and
Kood in single harness. Apply at this office.
Sept. 29.