The Madisonian. [volume], October 05, 1837, Image 3

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

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n?r u>J mad" ?n '* "PP"1'1?
op^iii.'U to^ r^n ^'{jj^-huseu., replied U>
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Mr Lincoln, as ui ihe it-iK* "*
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(iHOLSOIf Mid CLAIBORNE ha*. been duly
OHOtJW mm ihe 1J5Ji Cuw^wm cuo.
run*! by the House. Y.as?l,-y *; and
The House adjourned.
IKNATE.
Wkunkspay, October 4.
Mr M'KEAN prwMUtJ remonstrances from the
State of Penn?*lv?ni? against ^ admu.^n of 1m?
Mr GRUNDY submitted a joint rMoiution, autho
-risiM the Pointer General to require tbe paymeut of
?]| postages on letter* sent by the Eipress Mail, in ad- |
which wa. read a first and second time, and
The bill to regulate the fee* of District Attorneya, in
certain cases. wa. tsken up for consideration
The question being on the amendmeul of Mr. Web
" Mr CLAYTON offered a aubatitute for the amend
ment, looking to the same object.
Mr WEBSTER accepted the amendment, aa a wo
dlfication. . . .
Mr. CLAY, of Ala , mored an amendment, requiring
ih? consent of the sureties.
M, WEBSTER ?>ul Mr GRUNDY stated .hat
this was already provided for in tho directions of the
Secretary
Mr CLAY withdrew his amendment.
The amendment of Mr. CLAYTON waa then agreed
W Mr CLAY, of Ky.. said he undeiKood that there
were 4,000 bonds Ut be renewed in a single ?*>rt, which
would give to one attorney, at a fee of five dollars,
above $20,000. Wby noi leave the business in Ihe
hands of the Cu??oin House Officer! The charge of
ihe collector was only sixty cents on each bond. Con
gress had behaved with lilierality to the merchsnts, and
he would be sorry to spoil the grsce of the act. Some
of the bonds did not exceed fifty dollars.
Mr. GRUNDY explained the course of the commit
tee, and defended it.
Mr BUCHANAN said that the present Solicitor of
the Treasurv never charged a cent on this subject, while
he wis Attorney in Philadelphia, and he assured Mr. B.
that three-fourths of the Attorneys of the If. 8. had
made no charge. He wished to amend the bill by
making the fees to be in proportion to the amount due
on the bond.
Mr. TALLMADGE moved to lay tho bill on the
table until to-morrow, to give lima to concert upon it,
but withdrew it.
Mr WEBSTER said the practice of high charges
had spread from New Yock to Boston, in which Istter
place there could be no pretext set up on the ground of
law.
Mr. CLAY, of Ky., was more inclined to give fees
to the collector, and read an amendment winch, at a
proper stage, he would propose.
Mr. WRIGHT read a letter from the District At
torney of New York, explaining and justifying his
cour.se. The bill was then laid on the table.
SCR TtF.ABPRY SYSTEM.
The bill imposing additional duties, as depositories in
certain cases, on public officers, was read a third time. j
Tbo question being on it* passage,
Mr. CLAY of Alabama, gave the reasons which in
duced him to support this bill. He considered the bill
as holding out an inducement to all solvent banks to re
sume specie payments, because the Government, by
agreeing to recieve their notes, in effect endorsed them.
He referred to the over issues of banks in consequence
of the addition made to their trading capital by the dc
posites, and the necessary snd irresistible demands of
the country, for the use of money ; and considered that
this bill would prevent a recurrence of such a state of
things. He repelled the idea that any of the public
officers would hoard up any portions of the revenue
which might be in their hands. It would excite a me
lancholy smile in meintwrs of Congress, who annually
received and disbursed soinc half million of dollars, to
tell tbein that they hoarded up the public money, when
it was seldom that they took away as much as they
brought here with them. The bUI would reduce the
business ?f banks, and the amount of their circulation
to a proper and wholesome standard. How would that
bill increase Executive patronage ? The President has
not recommended the appointment of a single officer ;
he had done no act to increase his patronage. The ex
periment of the state banks wss not a new one ; it had
existed from the function of the constitution. The
Government having had, at all times, depositee more or
less, in the stale institutions. The experiment had fail
ed to do what he had expected from them, and if these
agents could not carry on the business of the Govern
ment in a time of profound peace, how could they be
expected to do so when the nation should be involved in
a foreign war. With his eyes opened he was not dis
posed to renew this experiment, or any other which has
been tried, and has failed to promote the prosperity of
the people; as to the Bank of the United States, wss not
that also an agent, and had not that agent also failed
He aketched the contest between the Government and
the bank, in which the greatest dsnger of breaking down
the power was for some time apparent. He believed a
United Slates Bank would be no longer a safe deposi
tory of the public revenue. No agent can be safe
which is either uncontrolable, or which seeks to control
its superior. He detested the "course which the bank
had pursued for some years past, and thought that it
had usurped a power, which, in lime of wsr, might en
danger the country. He alluded to the declaration of
an individual during the war of the bank, that there
were no Sabbaths in revolutionary times ; and after he
concluded,
Mr. WEBSTER said that the charge of having ut
tered this language had t>een before made against him,
and a gentleman of the other House, who had been in
his company, on the occasion of his addressing the peo
ple of Baltimore, and he declared that a more false,
more slanderoua, more calumnious statement was never
uttered.
Mr. CLAY expressed himself content with this ex
planation.
Mr. SOUTHARD then sddressed the Senate against
the passage of the bill, and in reply to the arguments
which had been advanced in its favor. He asserted the
opinion that although a Bank of the United Slates could
not with expediency be advocated now, the time would
come, and shortly loo, when such a bank would be es
tablished. He did not know whether tho passage of
this bill would not accelerate the establishment of a U.
S. Bank ; and on this account perhaps, the friend* of
such an institution might very properly vote for this
measure. He believed that the people of the country
had altogether imsunderatood the sentiments of Mr.
Calhoun. The written record of his opinions was in
contradiction to those which ho had now uttered, and
he (Mr. S.) and the country had never before under
stood him. He insisted that the Government could not
separate from the banks, without separating from the
business of the country, all of which has been carried
on through the banks of the country.
After Mr SOUTHARD had concluded, the question
was taken on the passage of the bill, snd it was decided
ui the affirmative. Yeas 26, nays 20.
The Senate then went into the consideration of Exe
cutive business,
And then adjourned.
HOl'SE OF UKPKBMRNTATIVES.
Wednesday, Oct. 4.
Mr. HOW ARD offered a resolution, railing for
the proceedings of the Court of Inquiry, held at
Knoxrille, on Gen. Wood, in reference to his con
duct in the Cherokee country. Agreed to.
national bank.
The House renewed the consideration of the re
solution, declaring that it is expedient to establish a
National Bank
Mr. SERGEANT moved to commit the resolution
to the Committee of the Whole on the stale of the
Union, for discussion.
Mr. CAMBRELENG opposed the motion.
Mr ADAMS moved to lay the resolution on the
table, but withdrew it.
Mr. CAMBRELENG expressed his utter astonish
ment at the Inconsistent course of the gentleman
from Massachusetts. How could that gentleman
wish to charter an association of "counterfeiters."
Had not the gentleman denounced Ihe bink presi
dents, cashiers, directors, and stock-holders, as
counterfeiters? He called upon the gentleman to,
" toe the mark." '
Mr. GLASCOCK opposed the motion. There
were other subjects before the Committee of the
Whole, on which gentlemen could speak in relation
to the Ranks. As to the course which the gen'lernan
from Massachusetts wished to pursue, it was idle, he
said, to attempt to lay the subject on the table, after
the decisive vole given against it on a former occa
sion ?
Mr. CLARKE, of New York, enld the people
were nick of the bink question. They h?.ii been
stuffed with it, till they were disgusted. They did
nut expect u?, at this session, to gu ialo this ques
tiuo.
Mr ROBERTSON, of Virginia, thought that, as
the Chairman of the Committee un Way* and
Mean* had thought proper to bring this subject before
us at this session, there was a peculiar propriety in
di.vu*?inj( It in the Committee of the whole.
Mr WISE concurred with hia collegue.
There were three different plan* before us. The
administration measure: the Bub-Treasury scheme
was in the Committee of the Whole; the State Bank
plan, offered by his colleague, was also before that1
Committee; and why should not this third project,
though presented in a negative limn, be entitled to
the same consideration. The administration have
forced this question upon us, and uow wish to stran
Se the issue. The object was to dispose of the ques
>n of a National Bank in a summary war, so as to
aid the adoption of the administration plan. He
wanted a fair discussion, on a clear field. He want
ed an opportunity to discuss the question whether
this National Bank, monster as it was, and odious as
it had baen made, was not half as monstrous and as
odious as this Hub Treasury scheme. There was a
large portion of the country, if not equal in number,
equal in intelligence and patrlotismtoanyotherclass,
who do regard a National Bank as the true remedy
for the evils under which we labor; and they w?re
entitled to have their views heard, and to have equal
time and space for presenting them. Mr. Cambre
leng here called for the orders of the day, and the
House went into Committee of the Wnole, (Mr.
Connor in the chair) on the bill authorising the
issue of
TSEASURY NOTES.
The question being on the amendment offered by
Mr Rueit, of S. C., substituting " Bills receivable in
payment of public dues," without interest, for the
Treasury notes, bearing interest, which are provided
for in the Senate bill. [The 3d section of Mr.
Rheus amendment, providing that the bills issued
shall be reimbursed and redeemed by the U. States,
at the Treasury, upon the presentation thereof; they
were made transferable on assignment. The
Secretary is authorized to purchase said billa ai par.]
Mr. BIDDLE, of Pa., suoke at length in reply to
the remarks heretofore made by Mr. Rhett, of S. C.,
and in relation to the currency.
Mr. ROBERTSON, of Virginia, followed, de
claring his intention to vote against the bill, as unne
cessary for the Treasury.
Mr. THOMAS, of Md., took the floor, and the
hour for the recess having arrived, the Committee
rose, and the House took a recess until four o'clock^
THE MADISON IAN.
WASHINGTON CITY.
THURSDAY, OCTOBER 6, 1837.
IN NINTH ANSI TENTH.
In those thinos which ask essential, let there
BE I'NITV IN NON-ESSENTIAL*, LIBERTY, ANO IN ALL
TUINOS CHARITY. Augutti*.
It was the policy of the lute administration
to enlarge the metallic circulation by the pro
hibition of small notes, and the power of the
General Government of erecting a standard
at the Treasury, was looked lo as the means
much to be relied upon as " auxiliary" to its
accomplishment. But principles seem to
have changed on this subject, quite as signal
ly, since last spring, as they have in respect
to the deposites since 1834. Some are in- i
clined to roll back the too rapid progress of
civilization half a century, and return to hard
money and the strong box, according to the
practice of early times, of the Celestial Em
pire, and some other despotic countries of the
east. Some indeed urge a return to the
palmy days of the Roman Republic, and pro
pose to defeat the corrupting machinations of
the " Rag Barons" by the adoption of a cur
rency of corn and iron, and the collection of
revenue by depredation.
England confides in convertible notes which
boar Mie crodit of specie. Fxsamis colloaU
her revenues by an hundred thousand receiv
ers, somewhat more expensive it may be im
agined, than the fiscal agency of the Bank of
England.
In Italy and Spain, the victims of the
mountain banditti purchase their ransoms
in hard money, for villiany and guilt ex
tend no confidence even to innocence.?
The policy of priests and despots embraces
the metallic medium, because confidence,
which is the foundation of credit, awak
ens enterprise, and atimulates people to
emulate their masters. After the world had
slumbered upwards of a thousand years, in ig
norance and darkness, Germany awoke, in
the 12th century, to a sense of the high moral
and social distinction of man, and gave new
wings to the hopes of Europe by the introduc
tion of the credit system. 11 doubled her po w
cr, and for a time gave her the preponderance
in " Gaul." From the codes which were
formed in the forests of Germany, we are
indebted for some of the most essential fea
tures of the American Constitution. The
system passed into Britain, and made her mis
tress of the sea. It aided in stimulating the
various voyages of discovery, which resulted
in the settlement of America. At the com
mencement of the Revolutionary war, we had
no gold and silver at all commensurate with
the wants of the country. Confidence and
credit took their place'and earned us triumph
antly through, thanks to Robert Morris.
The second war came, and the same resource,
rallied our conquering armies, and rigged and
manned a triumphant navy. We have culti
vated peace, enlarged our territory, and con
nected and affiliated the interests of twenty
six states, by the most unexampled works 6T
internal improvement. Have we ever had,
up to 1834, a specie circulation greater than
thirty millions ? Yet, we have paid o(T about
two hundred millions of debt. Confidence
and credit, the secrets of our success, are the
pride and glory of Republics ; hard money is
the policy of despots.
Our policy is tQ preserve and regulate the
credit system. It reposed upon the banks.
Their paper forms the actual currency of the
country. Restore it to the constitutional stand
ard. Eradicate, correct, reform, where these
things are necessary and justifiable. Infuse
a larger portion of the metals into circulation,
sufficient for minor dealings, to protect the
poor agninst the danger of losses by depreci
ation or otherwise. That can never be done
without the prohibition of small notes. Nei
ther will specie ever circulate, when at a pre
mium. Two currencies of unequal value can
never circulate together. Specie and small
bills will never circulate together; the latter
will drive out the former. If the Government
insists upon gold and silver exclusively, in
payment of duties, the people will sec no
thing but "tho local currency, and the smaller
deuomin.uioiw of that mum be increased, By
receiving the notea of apecic paying banks,
that issue no bills of denominations less than
$20, the local currency would be stimulated
and enhanced, the small notes discouraged,
and specie be used in minor dealings. It
will be totally impossible to get specie into
circulatiou under the present system.
Something should be done to restore the
confidence of the community in such banks
as are solvent, and to bring up their notes to
the specie standard. We wish to protect no
banks that are not sound and capable. We
abhor irredeemable paper money. We wish
to see no paper money that is not convertible
at the will of the holder into specie. Now
specie has been carried abroad by overaction
on the one hand, aud abstracted from the
banks by the policy of the Government on
the other. The currency is disordered;
debtors to the banks cannot pay; aud the cur
rency of the latter is not convertible into
specie at par, as it should be. It is essential
to the " general welfare" that it should be
made convertible, and it seems to us that the
Government is bound by moral and consti
tutional obligation, to extend its aid to the
people in this emergency, as far as it can by
a just exercise of its powers, rather than turn
away with the selfish declaration that " it has
nothing to do, bat to take care ofittelf." Let
the circulatiou of the country first be placed
upon a solid aud substantial basis, and the
people accommodated with a good and well
regulated currency, by the co-operation of the
General Government for that purpose, and
then we cau hear with more patience, the
proposition that the Federal Government has
no control over the general currency of the
country, and the " general welfare" of the
people.
IVB-TRKilllRV VS. BANKS.
It is no longer to be disguised, that the
tendency of measures, advocated by a party
in Congress and out of it, contemplates the
total overthrow and annihilation of all the mo
neyed institutions of tho country. These
persons are aware, that the public mind is not
prepared to make the issue openly and avow
edly ; and, as a matter of policy, their object
is concealed. But nevertheless, they are so
shaping their measures, as to indoctrinate
the people for the final attack, in order to
march unheeded to the consummation of their
scheme.
They may say, as" they do say, that they
have no hostility to the moneyed institutions
of the country, and that they are willing they
shall get on the best way they can ; but not
with the aid or countenance of the Govern
ment. Yet, they virtually denounce them ;
and all their measures aim to discredit and
dishonor them. They say to them in behalf
of the Government, "We can hold no com
merce with you; stand off; we are holier
than you !"
We say to the PEOPLE, that if this is to
be carricd successfully into operation at the
bidding, and under the power, of the Govern
ment, it wdl paralizc the whole country; dry
up thousands of streams that have heretofore
fertilized it; blight every germ of enterprise ;
impoverish commerce; stop the spirit of in
ternal improvement; interdict foreign capital;
and embargo emigration. And all the great
resources of this much favored country, which
we have recently seen so energetically and
successfully brought into operation, will be
palsied under the ruinous reign of that poli
cy which meditates the downfall of the mo
neyed institutious of the country,?not at the
instigation of the people, hut at the arbitrary
mandate of the federal will.
We ask the states, if the banking system
has not long been considered a part, and a
vital part, of their policy ? Is it not inter
woven with every interest, and considered
more or less important to all ? Several of tho
states are stockholders in their local banks ;
and they became so from a conviction that the
policy was sound, and the benefits were great.
A large portion of the citizens of the states
are directly interested in these institutions as
stockholders ; and all the citizens are indi
rectly interested in them, as a recognized and
settled policy of the states.
Have not the states, under the operation of
this policy, for half a century, been happy
and prosperous ? Have not all the younger
states, looking to the experience of their old
er sisters, and to the improvements of the
age, adopted this policy as wise and benefi
cial ? Have the states in their sovereign cha
racter evinced any where, or in any thing, a
dissatisfaction with the policy, and a willing
ness to part with it ? On the contrary, are
they not constantly extending it, and relying
upon it, as auxiliary to their prosperity ?
We appeal to tho stales, aud ask if they
anj willing to see this right and policy insidi
ously invaded by tho strong arm of the fede
ral Government ? It is true that the Govern
ment has no power to reach this right direct
ly, but it is by indirection that it is contem
plated ; and if Government can succeed in
dishonoring and discrediting the state institu
tions, it takes from them the scope of their
usefulness and the elements upon which alone
they can live and be valuable.
If there be a federal power equal to the ac
complishment of this schemr, (and there is
great reason to fear that there is,) then the
rights of the states will fall one after another
until they are lost in the great vortex of con
solidation.
We would respectfully ask Senators and
Representatives in Congress, if their allegi
ance to their slates, in their assuming the
functions of federal representatives, is to be
surrendered, or evon weakened ? Or, whether
there is any obligation they owo the federal
I power, that should induce them to yield up
the rights and interests of their states to the
policy of that power? If there be not?and
there can be won*?then we admonish them
to look to the crisis, and the actual conlett
that is now waging between the Government
and the local institutions of the country ??
tlituitunt of tk? ft ale* ! If they bliuk the is
sue, it it criminal; and if they aid in con
summating the scheme, it will be suicidal.
When the institutions of the states and the
interests of the people, are assailed, by fede
ral power, we take our stand in defence of the
states and the people, and stand or fall with
them.
We find in the N?w York American an ar
ticle quoted with comments, from the Alexan
dria Phenix, in which we fiud the following :
Our CeoMrvitivM profeaa to be anxious slso to
preserve our instuutiooa-?but like only HisliloUone that
mm tee, which tliey are e*cs?diugiy de*m>u? to pre
serve, are the Hunk* !
"The uue bank party of the country, therefore, are
Mr. Rive*, Mr Garland, Mr. Patton. and their political
aaaociatea?the Couaenrativea, a? they call themaelvea,
or, aa they ahoukl be called, the Bank Pksotms.
They go for the banks?the whole bank*?w?d nothing
but the banka. Tliey, wl*o aufcred the Pusuc Lisss
Tv tobetra.npM upon by General Jackaon throughout
hia whole admmiauaiion. without raising their voice in
ita defence, now cry slouil and apare not when the banka
are menaced !"
This article is introduced by the American
in connection with a commentary upon some
remarks of our own.
From all we have seen, we can scarcely
hope thnapy professions we may make will
be believed,evj>n though backed by certificates
and affidavits. Whether truths we to be re
ceived, or thaforce of reasoning acknowledg
ed, will, it seems; depend upon the whims or
the iuterest of the moment. Whether one
gets any credit for honesty, will depend upon
whether his views square with those who are
to yield it. Triumph seems not to await
truth, but clamor.
Tie state banks have hitherto been em
ployed as the depositories of the public funds,
and iheir notes have formed the actual cur
rency of the country. An unforeseen and ir
resistible calamity, overtook them, as well as
the w hole community, and by common con
sent, tliey suspended specie payments. One
great source of their credit, was the confi
dence which the Government reposed in them;
tha: was withdrawn.
Because we are falsely charged with "suf
fering the public liberty to be trampled upon,"
is it evidence that we are wrong in now sup
por tag the banks ? But if we have neglected
a djty at onetime, is ita good reason why we
should disregard all duties, at all limes ? We
do not understand the American to condemn
the " defence of Banks," but only to condemn
m for defending them, because we are falsely
churged with a sin of omission. This sort of
logic may satisfy the American, but will it
convince the public T
We support the banks now, because they
are, if not in the only, in the greatest danger ;
and because they are among the very earli
est and most valuable, important, and indis
pe isable institutions of the country.
" The Madisonian has thua far argued that the Go
venment should receive irredeemable paper. ?Wellt
?burg (IV) Gazelle.
Thbse who thus misrepresent us must have
been napping, or they would hardly have pre
sumed to make a statement which is so irre
concilable to the fact. A single paragraph
cannot le found in this paper, in which we
have either " argued" or intimated such a
policy. Others have " argued" the receivea
bility ol Treasury notes, a kind of paper
which nny be redeemable or irredeemable ac
cording to the condition of the country and
the Treasury. We have urged the policy of
collecting and disbursing the public revenue
i> jn the egal currency of the United States,
or in the notes of banks payable and paid on
demand ti the said legal currency." If there
is any heresy in this, then the whole Repub
lican'pary have been heretics ever since tho
joint resolution of 1816, since which time
this polity has been practised. It was re-af
firmed at the last session, and a bill to exclude
small noies would have become a law, but for
tho Executive liberty of pocketing bills pass
ed by li?c-sixths of the American Congress.
" Light!* our darkne?*?u)hal, ho, ' a candle herd'
? The Addisonian has only lately commenced ita ca
reer therefore, cannot be expected yet to have heard
of the oriiin ?nd first commencement of the l,oco-foco
nartv in New Yoik. The editor of the Madisonian la a
vounir harrl at the bellow*, and could not be expected
to know this. Let him enquire what it was, and re
member it in future V Daily New. .
WeJuiow where we are ; we know where
the News is ; and we know what Loco-foco
ism is, ab ortgine. We saw the original
? darkness lightened" by the veritable Loco
foco match committee at Tammany Hall, in
j 835 ? and we unfortunately got greased by
a ? candle" there. We heard their honora
ble chairman proclaim that their "lights" were
not to be hidden under a bushel. We s:tw
him scatter the sanctifying grease upon the
multitude, and was so unfortunate ourself, as
to receive so much of the unction, as to go
home sadly reminded by our own plight, of
ho*r?
" Aaron* precious ointment
Down Aaron's beard did go,?
Down Aaron'* beard it downward went,
Hi* garment skirt* unto."
We shall always "remember it \n future,"
and at all other times, if there happen to be
any other.
Hut " the Madisonian is a young hand at
the bellows." Did not the/ News, when it
seat us its No. 1, think us old enough to give
it a puff ?
The sub-treasury scheme passed to its
third reading in the Senate on Tuesday, by a
majority of two votes.
Four Senators were absent, whose votes,
however, would not have altered the majori
ty. Judge RoootEs was called to Philadel
phia on business of urgent and indispensab e
necessity.
Hoth Houses of Congress have concurred
in a resolution to adjourn on the 16th inst.
f he porttm* of Mi. Rjvk'n speech, which
we polish to day relate* r0 the State Bar*.
The reaidue, which appertains particularly to
ihe sub treaaury scheme, wiU be published on
Saturday, and the whole issued ia pamphlet
Mr. Tallmadoe's speech will appear on
Saturday.
Several communications and the residue of
Say, will be (ound upon the first page.
Southern Literary Journal.?We have
received the September number of thia inter
eating and neatly executed periodical:
FROM TEXAS?
Col. B. E. Bee has been appointed, by the
President of Texas, Secretary of War.
I he Hon. W. H. Wharton, who recently
made his excape from MeUunoras, is said to
be now in Texaa.
From the Concord (Mase.) Freeman.
We Have received .ever.I Nos. of the MitUMin,
the new W ..biiigtoii paper. It i. opposed to a National
n ? but does not enter into an indiscriminate warfare
agaiiiHt the Slate Baukn, which we suppose ia the reason
why it meet. wiUi ao little favor froa> the radical portion
of the democratic party. We look upon the views ef
the Madiaoatao in this reaped a. both sound sad judi
cious. Aa it regard a other questions, the paper (alias
democratic ground. Kroin what we had seen mStaaled
?a lending admimitratum journal* at the lime Ik* Vsitt
toman made ill appearance, we were inclined te leok
upon it as as enemy in dugutee; it may yat prove ao,
but until it does, we conceive it unjuat sod reprehenct
ble to attempt to discredit it in the eatunauon of ihm.
P*ttv, it ia labortug to enlarge and perpetuste. v
We daily receive notea like the above, reminding ua
of the iiijualice we have auffered from thoae to whose
support we huve come in the hour of need We .I14J]
not pauae now, in the heat of battle, to chastiae those
?' leading" calumniators, but we ahall not forget tliem
when the conflict ia over. There are none above or
beyond our reach, but aome below it.
CORRESPONDENCE.
Sept 30, 1837.
" If you have a right to receive bank notes at all to
treat them as money by receiving thein in your duea, or
paying them away to creditors?you have a right to cre
ate a bank. Whatever the Government receive, and
treats a. money, is money ; and if it be money, then
they have a right, under the couatitutiou, to regulate it."
?John C. Calhoun.
I have seldom seen so many fallacies crowded into so
brief s space. Before proceeding to point them out, it
may be serviceable to define the word money. It is
used very often to cover snd convey three distinct ideas
It is used to signify coin, or any piece of metal, com
monly gold, silver, or copper, stamped by public authori
ty, and used a. the medium of commerce; or, 2, bank
notes or bills of credit issued by authority, and ex
changeable for coin, or redeemable ; or, 3, wealth ; a.
for instance, in the Isst sense, a man of money. Hut it
is evident it is u.ed in the foregoing extract, in the first
mentioned signification ; or else, it is wholly misapplied
The fact that it is money, gives the Government s right
to regulate it, that is, its value, ssys the extract. Now,
there is but one kind of money which the constitution
grants Congress the right to regulste the value of.
" -The Congress shall have power to coin money, re
gulate the value thereof, snd of foreign coin." The ex
tract claiming a right, under the conalitution, to regulate
the value of its money, while the constitution gives the
Government power to regulate the value of but the one
kind of money, in using the word, must mean coin. If
it was intended in any other aense than that of coin, it
claims for the Government s right to regulste the value
of that which it has no granted power to regulate the
value of.
Under this definition of the word money used in the
extract, the correctness of which csimot be disputed,
the fsllscics in the extract are manifest. The Govern
ment, " long time sgo," created a Uuited States Bank?
received its notes in psyment of dues, snd psid them
swsy to creditors, snd treated them as money, " a me
dium of commerce." Still they were net money in the
sense in which that word is u.ed in the extract. " Long
time ago," the notes of spccie-paying State Bank, were
made receivable in payment of dues ; snd during a se
ries of yekrs, the Government received and paid them
swsy, snd treated them as money. Still they were not
money in tho sense in which that word is used in the
extract. Tho '? long time ago" friends of the lste ad
ministration rallied around the measure and vowed it
should be permanent ; but now they strive to have no
thing but money in the sense in which that word is used
in the extract. The Spartan band sav nay, snd the
people ssy never.
Besides, ssys the extract, ?' if you hsve a right to re
ceive bank notes st all, you have a right to create a
bank I !" A clear non tetjutlem. The constitution
grants the power of borrowing money. When it speaks
of regulating the value of money, it specifies which
kind of money it mesns, to wit, " coin." When it
speaks of boriowing money, it is indeterminste and
wholly omits to restrict the exercise of the power to
any particular kind of money. "The Congress shall
have tho power to borrow money on the credit of the
United States." Money (but not in the sense in which
it is used in the extract) docs mean bank notes or bills
of credit exchangeable into coin, There being other
moneys than coin, and the Government having the
power to borrow money, without being restricted to
any psrticular kind, it follows thst it has a right to re
ceive other moneys than coin. It would be a solecism
to say that money may be borrowed, which the borrow
er has no right " to receive." It would be equally
solecistic and absurd to say that money may be " re
ceived" which the receiver has no right to pay away,
C.
From the United State* Gazette.
It is sthted in your Congressional Report this
morning, that the question in the United Slates
Senate, on Mr. Talmadge's amendment to the re
solution, declaring it inexpedient to charter a
National Bank, "was taken twice,"?that "in the
first iustance it was adopted, as shown in the report."
but that "it was afterwards put again, and negatived,
yeas 40, nays 3." This explanation of yours, upon
a further examination, you will find not to be strictly
correct. The original resolution, as reported by
the Committee of Finance, was in the words follow
ing:?
" Resolved!, That the prayer of the respective pe
titioners ought not to be granted."
This resolution Mr. Clay moved to amend, by
strikind out all after the word " Resolved," and in
serting "that it will be expedient to establish a
United States Bank, whenever a majority of the
people shall desire such an institution."
This amendment Mr. Tahnadge moved to amend,
bv striking out all after the word" that," and insert
ing in lieu thereof?"in the opinion of the Senate a
clear majority of the neople of the United States arc
opposed to the establishment of a National Bank,
and that it is inexpedient to grant the prpyer of the
petitioners." Upon this amendment of Mr. Clay's
amendm n/,?Mr. Benton asked the yeas and nays,
which were ordered accordingly?yeas 2!), nays 15.
Mr. Clay theu moved to am>-nd Mr. Tnlmndge's
amendment, by adding " but whenever a clear majority
of the people of the United States shall be in favor
of a Bank of the United States, a Bank of the
United States shall be established''?which amend
ment was rejected, yeas 16, nays 29.
The question theii recurred on the original resolu
tion, as it read a fter the several amendments proposed
by Messrs. Clay and Talmadgr. The amendments
proposed bv Mr. Clay, it will l:ave been perceived,
were not adopted, and the resolution at this stage of
the proceedings, was as follows:?
"Resolved, That in the opinion of this Senate, a
clear majority of the people of the United States are
opposed to the establishment of a National Bank,
and that it is inexpedient to grant the prayer ot the
petitioners."
This resolution, of course, could no* be supported
by the Whigs, and the majority of the Democrats
preferred the original resolution, as reported by the
FinMM CommitiM. The consequence vm, that it
wjs rijccUd, W uj 3, and the origin 1 resolution
afterwards adopted by a rue uf 31 to 15.
Respectfully.
Dlll . AFRIK.ND fo MR TALMADGE.
Philadelphia, Sept V), i<n
, The error above corrected alao occurred in the
Globe.?Ed. Mad.
APPOINTMENTS BY THE PRESIDENT,
By and with Ik* id rut and eonaant of the St mat*
John M'Kmlev, to be ooe of the Associate Justices of
the Supreme Court ?( the United State*
Henry D Gilpin, to be Solicitor of the Treasury.
John P Duval, to be Secretary for the Territory of
Florida
John M Read, to be Attorney for the Eastern Dis
trict of Pennsylvania.
Joseph Howard, to be Attorney for the District of
Maine.
Peter Solomon, to be Marshal for the District of
Georgia
Samuel H Duval, to be Msrehal for the Middle Dis
trict of Florida
Theodore 8. Fay, to be Secretary of the legation of
(he United Sutea at the Coofl of His Majesty the Ring
of Prusets.
Benjamin Roeh, to h? Secretary of lbs legation of
the United State* near Her Britannic Majesty
Clement Hinith, to be a Justice at the Peace for
the county of W?ahin;ton, in the Diet net of Columbia.
Alexander Waugh, to be a Justice of the Peace (or
the county of Alexandria, inlhe District of Columbia
Edward S. Cockle, Collector of the Customs, Dis
trict of Teche, Louiaisna, vice Edmund V. Da via, re
signed
Wdlism S. Bower, Collector of the Customs, Dis
trict of Bridgetown, New Jersey, rice Dsniel Garrison,
resigned
Joseph Ramsey, Collector of the Customs. District
of Plymouth, North Cawllua, vice Lavi Fagaa, m
signed.
Elias H. Haines, Collector of the Customs, District
of Sandusky, Ohio, vice William H. Huntar, resigned.
James E S. Duffy. Horveyor of tha Reveuue, port
of Swanaboroogh, North Carolina, vies James Wade,
resigned.
Wdlism M Jone*. Surveyor of the Revenue, port
of South Quay, Virginia, vice William D. Hodges, re
signed
David M. Sheffield, Surveyor of the Revenue, port
of St. Msrks, Florida, vice Ambrose Crane, resigned.
Samuel C. White, Collector of the Customs, Dis
trict of Folly Landing, Virginia, vice William Gtllett,
deceased. ?? ????'?. ?
From tht Mobile Chronicle.
Win. H. Wharton, Esq. the Minister from Texas to
the United States, has made his escape from Metamo
ras, and has arrived in Texas.
Strangers and unacclimated persons sre still pouring
into New Orleans. The New Orlesns Bulletin says
there are near a thousand passengers on their way from
New York to New Orleans. One vessel is slready in
the river with upwards of a hundred souls on bosrd,
who will become fit subjects for the prevailing epi
demic.
The accounts of the Cotton of this State, which reach
us daily from the country, are very discouraging. The
dry weather and the wurtn have committed sad havoc
w.th the crops.
The steamboat Tomchita, Capt. Hutton, arrived on
Tuesday evening from Tampa. We learn th*' 0?!?:
Jesup arrived there on the 12th Instant; sickness to a
considerable extent existed among the soldieis arriving
from the interior. Nothing later from the Indians ?
Gen. Jesup, it is thought, will commence operations
shout the 1st Octuber. We understand that some two
hundred Indians will go over in the Tomchits to be en
gaged by the Government for the winter campaign.?
The Tomchita landed one hundred and fifty Creeka at
Pass Chriatisn. The climate ha* proved peculiarly
fatal to many of this tribe.
From BickneC? Reporter.
We have ssid that the money msrkct is much easier,
and nothing more clearly illustrates this fact than the
rate at which Treasury Drafts are now selling?viz :
tiro per cent, above par. Specie also, it will lie observed,
has fallen to fat per cent, and five and a half premium,
while we are assured by those who have paid considera
ble attention to the auhject, that the exports of this
article have, notwithstanding all the noise that has been
made, not very materially exceeded the imports. * ?
Tne excitement increases in the money market?but it
is the excitement of recovery, not depression. Specie
still falls. To-day it declined 1-2 to I percent , and
left off very flat and heavy.. The bullion brokers will be
freat losers by the new course which things arc taking,
t is probable that there arc 9300,000 among this fra
ternity in the street. Within the last few days, since
the prospect became strong of the relief measures pass
ing Congress, s|iecie has declined 2 to 3 per ccnt. On
the stock on band, therefore, the holders will lose
$ 15,000 smash, bv the fall. God bless usi There is
no demand at all for exportation in the face of the pro
posed issues of Treasury notes, and U. S. Bank bonds,
equal to 817,000,000.
NATIONAL. THEATRE.
Miss Turpin takes a benefit this evening.
Mr. Henry Wallace, of Covont Garden Theatre,
London, appears on Friday.
DEATH.
At his residence, in the vicinity of Frankfort, Ky ,
on Mondsy morning, the 25th ult., sfter s very protract
ed and distressing illness, the Hon. Isham Tai.bott,
for msny years a Senator in Congress, and one of the
most eminent public men of the West ?Nat Int.
ANTED IMMEDIATELY a person to act in the
capacity of Matron and Teacher, at the Washing
ton City Orphan Asylum. Application to be made until
the 10th of this month, at any hour before 12 o'clock, to
Mrs. Laurie, Mrs. Hawley, Mrs. 0. P, Brown, or Mrs.
Col. Henderson.
Oct. 5. ? 2tl9
MRS. PAGE'S BOARDING HOUSE, on Pennsyl
vania Avenue, opposite the Centre Market. Per
sons visiting Washington can be comfortably entertained
by the clay or week.
Oct. 5. tfl9
Native american association ?Themem
bcr* are requested to meet on Thursday next, the
5th instant, in the Theatre, on Louisiana Avenue, at 0
o'clock precisely. By order,
EDWARD INGLE,
Recording Secretary.
Oct. 3. It 19
WANTED,
A K<>o<l, steady, fast horse ; easy under the saddle and
good in single harness. Apply at this office.
Sent. ??
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