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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, October 07, 1837, Image 1

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tniroi a s u r B o r a iistob.
Tub Maimsomian i* published Tri-weekly during the
iittiii/n of Congre**, wild Semi-weekly during the re
cc*s, *l #5 per milium For ill months, ?3
No ?ubscriptiou will he taken for a term short of *ix
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rmi'K or AUvtkTiMiNO.
Twelve line*, or less, three insertion*) - 81 00
Each additional insertion, ... 'Z'i
I,ou^er advertisement* at proportionate rate*.
A liberal discount nadu to those who advertise by
the year.
\W Subscriber* may remit by mail, in bill* of solvent
banks, paeiagt paid. ?< our risk; provided it shall ap
pear by a |?>stma*U>r'a certificate, that such remittance
has been duly mailed.
A liberal discount will be made to companie* of Jive
or more transmitting their subscriptions together.
Postmasters, and other* authorised, acting a* our
agents, will be entitled to receive a copy of tlie paper
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on subscription* generally ; the term* being fulfilled.
Letter* and communications intended for the esta
blishment will not be received utiles* the pottage '*
P 110 S P.E C T U S .
Tiik Madmoniai will be devoted to the support ol
the principles and doctrines of the democratic party, a*
delineated by Mr. MadirOn, and will aim to consummate
that political reform in the theory and practice of the
national government, which has been repeatedly indi
cated by the genera! sud'erage, as absentia! to the peace
and prosperity of the country, and to the perfection and
perpetuity of it* free institution*. At this tune a singu
lar state of affair* is presented. The commercial in
terest* of the country are overwhelmed with embarrass
ment ?, it* monetary concern* are unusually disordered ;
every ramification of society i* invaded by distre**, and
the social edifice seems threatened with disorganization;
every ear I* filled wftlh predictions of evil and the mur
muring* of despondoncy, the general government is
boldly availed by a large and respectable portion of the
people, a* the direct cause of their difficulties ; open
resistance to the laws is publicly encouraged, and a
spirit of insubordination is fostered, as a necessary
defence lo the pretended usurpation* of the. party ill
power, some, from whom better things were hoped, are
making the " confusion worse confounded," by a head
long pursuit of extreme notions 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 less firm of
the friend* of the administration and supporters of
democratic principles are wavering in their confidence,
and beginning, without just cause, to view with distrust !
those men lo whom they have been long attached, and
whose elevation they have laboured to promote from
honest and patriotic motives. Exulting in the anticipa
tion of dismay and-confusion amongst the supporters of
the administration as the consequence of these things, j
the opposition are consoling themselves with the idea j
that Mr Van Huron's friends, as a national party, are j
verging to dissolution ; and they allow no opportunity to
pas* unimproved to give eclat to their own doctrines. |
fhey are, indeed, maturing plans for tjtcir own future |
pTii iii'iniii ||^ yf the country, with seeming confidence of I
certain success.
This confidence is increased by the fact, that visionary j
theories, and an uuwiso adherence to the plan for aii '
exclusive metallic currency have unfortunately carried j
some beyond the actual and true policy of the govern- j
inent j and, by impairing public confidence in the credit
system, which ought to be preserved and regulated, but ?
not destroyed, have tended to increase the difficulties
under which the country is now labouring. All theso \
seem to indicate the necessity of a new organ at the
seat of government, to be established upon sound prin- I
ciples, and to represent faithfully, and not to dictate, the J
real policy of the administration, and the true sentiments,
measures, and interests, of the great body of its sup
porters. The necessity al*o appears of the adoption of
more conservative principles than the cortduct of those
seems to indicate who seek to remedy abuses by de
stroying the institutions wtth which they are found con
nected. Indeed some measure of contribution is deemed
essential to the enhancement of our own self-respect at
home, and to the promotion of the honor and credit of
the nation abroad.
To meet these indications this undertaking has been
instituted, and it is hoped that it will produce the effect
of inspiring the timid with courage, tlie desponding with
hope, and the whole country with confidence in the
administration of its government. In this view, this
journal will not seek to lead, or to follow any faction, or
to advocate the views of any particular detachment of
men. . It will aspire to accord a just measure of sup
port to each of the co-ordinate branches of the govern
ment, in the lawful exercise of their constitutional
prerogatives. It will address itself to the understandings
of men, rather than appeal to any unworthy prejudices
or evil passions. It will rely invariably upon the prin
ciple, that the strength and socurity of American insti
tutions depend upon the intelligence and virtue of the ?
people. ?
The Madisoxian will not, in any event, be made tho
instrument of arraying the north und the south, the cast
and the west, in hostile attitudes towards each other,
upon any subject of either general or local interest. It
will reflect only that spirit and those principles of mutual
concession, compromise, and reciprocal good-will, w
so eminently characterized tho inception, formation,'1'0'1
subsequent adoption, by the several States, of tho c0""
stitutiou of the United States. iMorcovcr, in the satne
hallowed spirit that has, at all periods since the adoption
of that sacred instrument, characterized its dbpkncb
bv tiik PKOPLB, our press will hasten to its support at
every emergency that shall arise, from whatever quarter,
and under whatever guise of philanthropy, policy, or
principle, the antagonist power may appear.
If, in this 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 matters of principle and of expe
diency, without a mixture of personal unkindness or loss
of reciprocal respect; and by " asking nothing that is
not clearly right, and submitting to nothing that is
wrong," then, and not otherwise, will the full measure
of it* intention be accomplished, and our primary rule
for its guidance be sufficiently observed and satisfied.
This enterprise has not been undertaken without the
approbation, advisement, arid pledged support of many
of the leading and soundest minds 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 principles by which it will be guided, and make it
useful as a political organ, and interesting as a journal
of news. Arrangements also have been made to fix the
establishment upon a substantial and permanent basis.
The subscriber, therefore, relies upon the public for so
much of their confidence and encouragement only as the '
fidelity of his pross to their great national interests shall
prove itself entitled to receive.
Washington City, D. C. July, 1837
WINES, Acc.?J. B. MORGAN tV CO are m.w re
ceiving from the Robert Gordon and President, u
fine assortment of wines, iVo., partly as rations
Wines of th<- lihinr?Hoekhcinn r, vintages |N.1], I^'27,
1825; KmlrsheimerCabinet, ism ; Johanncsliergcr, 1*27,
130t; Marcqbruner, IS'27, IN:M; Steinwein, 1834 ; Stein*
beriter, 18"27. With a number of low-priced Hock wine*.
Champagne*?Of the Cabinet, (this is said to lie the
first brand of Chani|>n^nes imported,) Anrhor, Grape,
Bacchus, and Heart, brand*.
Cordials?Marisehmo, Curaroi, Abscynthc, Stomach
Hitter, and other Cordial*.
SherritM?Pale and Brown, very superior
Madtir<u?From Blackburn & Howard, Mureh ?V Co.
Otard'a Pale Brandy, very superior.
1.ondon Porter. Brown Stout, ami Seot< h Ale.
Sardines, truffles, anchovy pnste, Frenrh mustard,
piekleS, <Stc. 30,000 superior Havsm Segar*.
We have about '2(1,mx) bottled of old wine*, Madeiras
and Sherries, most of them very old , with every tnrii ty
of wines and liquor* in wood.
All orders from abroad punctually attended to, and no
charge for packing.
srpt W?fit J. n. MORGAN <V CO.
THE New York and Boston Illinois Land Company
will offer at public auction at their oilier in the town
of Quincr, Adams County, Illinois, on Monday the 27lh
day of November next, 100,000 acre* of their Lands situ
atnl m the Military T.raet in said State.
List* of the lands may lie had at the office of said Com
pany in Quiiioy and at >1 Wall Street, New York.
A minimum price will be affixed to each lot at the time
it is offered.
Agent forthe N. V. B. Ill L Qo.
Auc is, i?nr.
lawtNov? -8
U L AIS fe..?-Madame IMIICMAN hm re-ofmn her
French aud Knuliiih Hoarding i>ay 8chool. Hhc
tenches herself the h rrncli schiMi', and a very competent
young ludy (mm New Vork inches thr English school
situate Oil loth street, four doors from tbe. Avenue.
Madame Don mam will devote three bourn in the even
ing to ('.inferences and Conversations in French, for the
improvement of ladies of mature years, and of young
ladies who study or have studied this lan?ua*c, us it is the
best way to remove and prevent the objections that those
who have learned this language by study arc seldom able
to converse it. Atthe North, Conferencesand Converaa
lion rooms, such as Madame Dorman propoaes, are always
crowded; this manner of instruction being both pleasing
aiul fashionable.
1 jiulifs wishing to attend them will please apply to I
Madame Dorman. j
S'T!- M? 2aw3wll
IllA\ h just received (rum the North a vcn' lurae sup !
ply of Stoves, Orates, nnd double Block Tin Wure? !
Cofloe Uiirtrim, Dressing Boxes, &c<-. I have Stoves of I
almost all kinds, suitable lor wood or coal. In the first
place, I have the Kotury Cooking Stoves of all the differ
cut sixes, No. 0, 1, 2, and 3. Ten Plate Stoves of all the i
different Sizes, tsith for cooking and plain. Franklin
Stoves "I all the diflcrcut sues. I have some very splen
did I'arlor Stoves for burning iiWor loam. Coal Stoves
of all sizes. l)r. Spoor's Coal Stoves, fancy and plain j
tops, from No. 1 to 5. foul Stoves of other kinds. Dr.'
Sjstor's Coal Stoves and the Globe Stoves are most suit- |
able for Public offices, large halls, churches, stores, ar.d i
I steainlsmts, or any apartment where you wish a strom;
heat, lu fact I have Stoves thai will heat anv place, either
with wood or ooul, 1 have the latest fashion Mantle j
Urates, lioth low and high fronts, very cheap?and if I '
j have not a pattern of Urate on hand that w ill suit, i can
j make it at the shortest notiqa, to suit any fancy. I am
i fully prepared to do any kind of Tin, Copper, Sheet Iron,
I Stove, Urate, Lead or Zinc work, at the shortest notice.
| Anv person or persons (myitis Stoves or Orates from the
subscriber, or any other thing in his line, will have them
sent home in good order, free of any extra charge. Stoves
j will be put up ready for use, free of any extra charge. i
Allth" alsive articles will be sold very low, and all or- !
ders thankfully received uud punctually attended to, with
despatch, us I shall have a number of tirst rate workmen.
Five doors Fast of D. Clagett's Dry Oood Store, next ?
door to E. Dyer's Auction Store, Penn. Av.
Sept. 0. (Intel, and Olobo.) 3t8 I
i 29th August, 1837. |
AT the regular meeting of the Hoard this day, present, ;
the President and nine of the Directors, it wast una
Rrtah cd, 1st. That on and after the first of September
next the notes of this Hank be redeemed in specie.
2d. That all deposites remaining undrawn, (the same
having nearly all been received since the suspension of
specie payments,) and all future deposites. other than
such as may be made in specie, and lie at the time so en
tered, be payable in notes current in the District of Co
, 3d. That all collections for Banks and individuals, and
all curtails, lie received in notes current as above ; and
that all sums so collected be paid in like funds.
W. GUNTON, President.
JAS. ADAMS, Cashier. fiteodti
PLEMAN has tor sale al his Book and Stationary Store, i
opposite the General Post Office, all the Journals of Con- '
grrss, from IT? I to 1837. Galea and Scatou's American
State Papers in 21 folio vols., from the first to the 24th
Congress inclusive, or from 1781) to I H'J.t
The Regular Series of Documents in royal 8 vo. vol- '
umes, as published each Session, from the 18th to the |
21th Congress inclusive, or from 1823 to 1837. The Laws
of Congress, in 8 vols, containing the Laws from the first
to the 22d Congress inclusive, or from 178!) to 4th of
March, 18.13; the sei tes is made complete to the 4lh of !
March, 1837, by the pamphlet Laws of the 33d and 24th I
Congress. Tlus is the edition used by Congress and the j
Public Offices.
Story's Laws of the United States, in 4 vols, from 1780
to 4th o! March, 1837. The 4th vol. contains an index to
the four volumes.
The pamphlet or Session Laws of the United States I
from the 5th to the 21th Conrgess inclusive, or from 1707
to 1837. Any separate pamphlets can be furnished.
Gales and Seaton's Register of Debates in Congress.
All Documents on Foreign Relations; Finance, Coin
merce, and Navigation; Internal Improvement; Military
and Naval All airs ; Indian Allans ; Public Lands, and on
Claims o! every description etui be furnished separately
in sheets.
Also, for sale as above, a large collection of files of
Newspapers published in Washington, and sonic of the
principal cities in the United States.
Aug. 23. tf3
50 pieces ingrain carpeting, which wc will sell low.
50 do Brussels.
02 do 5-1, 0-4, 10-1, and 12-1 Linen Sheetings.
1(H) do 7-4, 8-4 Barnsly Diapers.
'8-4, 10-4 and 20-4 fine Table Cloths.
Napkins to match.
1 bale Russia Diaper.
I bale wide ("rash.
Also, 50 Marseilles Quilts.
Se.p Q?3tw2w
WE have for sale, which we will have made up in the
liest manner?
20 pieces super, black Cloths.
1(H) do ribbed and plain Cassimeres.
20 do plain and figured velvet Vesting*.
50 do colored and black Silk V-eslings.
Sep 9?3tw2w8
r SHIRTS, AM) DRAWERS ?Wc have to-day I
30 doz. Suspenders, best kind.
50 do. superior Gloves.
' 50 do. Stocks, best make.
50 pieces Silk Pocket Handkerchiefs.
50 dozen Gentlemen's Ribbed Woollen Drawers.
50 do. do. do. do. Shirts.
6 do. Raw Silk Shirts.
A l.so,
50 pieces Irish Linens.
200 do. Sea Island Cotton Shirt in?s.
Sept. 8. 3taw2w8 j
8AMI KL HEINECKE informs his friends anil the
public, that he has taken a room four doors north ol
Doctor (iuiiton's apothecary store, on ninth street, where \
lie w ill carry on his business. He feels confident, from I
his long experience in cutting all kinds of garments, that
general satisfaction will be given to such as may favor
him with their custom.. scp '23 3taw3w
PHRENOLOGY.?The subscriber has taken an office
for a lew days, in Elliot's buildings, near the Native
American Hotel, where lie 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 arc 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, art- invited to call.
Each examination will lie accompanied by an extensive
Work upon the subject, presenting a full view of Phreno
logy and also preserving the description given.
IE7*Jndividuals will be waited upon at hisofficc, and
select parties and families ut their dwellings.
THE SI BSCRIBER wishes to procure a Lot of
ground of about 20 or 25 acres, intended for Wheat
or Rye, this season, as near the Capitol as possible ; for
the purpose of exhibiting during the present session of
Congress, his Patent Revolving Harrow, iVc, As a proof
of the superiority of this implement over the common drag
harrow lor pulverizing the soil, and the destruction of
weeds,he is willing to lake one half of the field vvith three
good horses, to be worked abreast by one man,against k.x
common drag harrows, each Iwo horses and one man ; iu
doing which, he pledges himself, that the earth shall be
put in as good, it not better order in the suine s|iacc of
time, which may be required with the six common harrows.
After the work is done, disinterested judges will he se
lected onIlie spot to examine the same with a four pronged '
fork or nike, to enable them to decide correctly which of |
the implements is Is st calculated for preparing the soil
for the reception of the train. And ss a furthi r proof of
the value nnd superiority of his Rotary Harrow, the grain
will lie turned in by it on one-half of the field, and the
other half in the usual way by the drag harrow. When the
nrraiu is reaped, threshed and measured, he does not hesi
tate to insure an increase in the crop of 10 per cent., over
that hall which may be cultivated by the common burrow. !
When farmers are in the habit of ploughing in their grain,
I"' will take 5 pecks to the acre, and produce 10 per cent. '
mote by Rotary Harrow, than 0 pecks turned in with the
NcBr the West Market.
Sri|llfl 2n. c.
VV PHI pieces Black Silks, superior make
50 do Figured Blue Black do
150 do Colored Figured Silks
100 do Plain do
The above Will be sold low.
SO?3tuw3w (Globe.)
or NKW York,
Oft Ike Hill imposing atUltiiovil HiUitt as dtpoti/trri's,
i? crUin ca>ts, on PMt< of/ucrs Dtlxvendim th.
HctuUof the Unit d SluU.t, &ept. ?, IW37
Mi. Pubudbvt:
The bill on your tab!.- proposal to establish for the
reception, sate keeping', and disbursement olthe re
venues of the Government, what is generally Urui
ed the 8t B-TuEAutnv Svhtkm. This measure hxs
been brought forward in purmance of thereeom
mendation of the President of the
his recent Message to Congress. I do not lUtcri.T
self that I can add much to the arguments which
have so nhly and so eloquentfy urged, by-my
friend from Virginia, (Mr. Rives,)against thismea
sure But, coming from a state where its praetica
operation, for good or for evil m^be ao ?rmnbly
felt I deem it mv duty to give frankly to the Sinate
the views which' I entertain in relation to it.
Sir f linve b -towed upon this subject all thai re
flation which is due to it, from the high source from
which it emanates. Every consideration both per
sonal and political, would incline me to its ^"PP"*'
if mv judgment could be satisfied that its ado[
would promote the great interests of the eountry.
Natives of the same state and of the same couny,
the President and myself have been, from my hr
entrance into political life down to the present time,
on terms of intimacy. In his political career, ><
has on all occasions received my cordial support. I
has b :en my fortune to bJ placed in situatioiis at
certain trying periods of his history.whiclihaveen
abled me to render him "some service. It is vrttli
uo ordinary sensation, therefore, that I find myselt
constrained, bv higher considerations than the**of
political attachment or personal friendship, to differ
from him on the question now b -lore_us?considera
tions of public d.i'v which involve the puWIe weal.
But 1 have the satisfaction to know, that he neither
expects nor desires me to support this or any other
measure' merely b^ause it bears the stamp .of an
Executive recommendation In submitting this
Sub Treasury System, the President, has only
obeyed an injunction of the constitution, which
he is sworn to support, and which ^''olares tha
"He shall, from time to time, give to the (con
gress information of the state ol the Union, and
recommend to their consideration such measures
as he shall- judge necessary and }
This is one of those measures?the President ha
discharged his duty in recommending it to our con
sideration, and 1 ,rus'we shall discharge our. by
diving to it that calm investigation and Ire discus
sion which are so well calculated to produce cor
rect'results, in regard to measures that involve the
great and vital interests of the people.
The President himself anticipated much diversity
of sentiment on this subject. He anticipated also
that Congress might, in its wisdom, adopt some
other system?and he gave the assurance of his co
operation in any other plan which might be ulti
matelv established. He says,
" With these views, I leave to Congress the mea
sures neeessarv to regulate m the present emergen
cy the safe-keeping and transfer of the public mo
neys. In the performance of constitutional dut\ I
h i ve stated to them without reserve, the result of my
own reflections. The subject is of great impot
tance, and one on which we can scarcely expect to
I,, as united in sentiment as we are in int.nst I
deserves a full and free discussion, and cannot f.u
to be benefitted by a dispassionat - comparison o
opinions. Well aware myself of the duty of reci
procal concession among the coordinate branches
of the Government, I can promise a re^nabk spi
ri' of co-operation, so far as u can be indulged in
without the surrender ..f constltutional objectio^
which I b -lieve to ba well-founded. Any s)stem
that may be adopted, should be subjected to the full
Sl3 provision, so as to leave .... thing to (he Ex
ecutive but what is necessary to the discharge of the
duties imposed on him ; and, whatever n an may be
ultimately established, my own part shall b - so dis
charged as to gi ve to it a fair trial and the b.-st pros
^1 trust then, that thie friends of the administration
will view this question as one of expediency, and
not suffer any difference of opinion between them
selves to become a difference ol principle upon
which they arc to divide If it be not
who will take the responsibility, and* ho will vouch
for the consequences of a contrancourse .
subject on which men may honestly differ, ana it r
air that reason, amongst others, that such difference
should be. expressed with perfect frankness and with
the utmost freedom. Mv mind has long;been m^
un against it; and the reasoning of the Messa^,
whilst it has not convinced me to the contra)',
only served to confirm my p.ev.ous opn o.is l : -
therefore bound to say, from a sense of the most nn
iterative duty, that in my judgment, this measure is
fraught with more mischief than any schcrac which
has heretofore bren broached in reference to th; fi
nances of the Government and the currency of the
country In.saving this, 1 "certainly intend none
other than the most profound respect for the distin
guished individual who has, m an official
brought it to our notice. f
Neither is this scheme'new to the democracy
the country?It has once been passed upon by them,
through their Representatives in Congress, and re
ceived their vnwnlljUd enndemwdton. It was
brought forward in the House in the session of
1H34-5, bv a member of the opposition. _After an
animated debate, it was most signally defeated. It
was put down by every administration vo.e, savi
one li is, however, due to the opposition to say,
that it was received with so little favor by then as a
party that only thirty-three members could ba found
'who" were willing to record their names forit or.the
journal. The defeat of this measure, at hat ti ne,
was a matter which every friend of the administra
tion, from President Jackson, down, had wry much
at heart. We all took a deep interest in it.?We all
looked upon it as calculated to undermine our fice
institutions?tis subversive of the very principles of
the party to which we belonged; as accumulating
power and patronage in the hands of the Execu n e,
to which we had always been opposed y as unitin^.n
his hands the purse and the sword, about which so
much had b:cn said on a then recent occasion, and
which we had repelled in a manner, and with aspnit
which became those who were honestly desirous of
preserving the powers of the Government as they
were originally intended to be distributed bv the (on- >
stittuion Nay, sir, we wen. farthcr-We Ikn.mnml j
it as a "proposition disorganising and ^evolutiona
ry subversive of the fundamental .principles of our
Government, and of its entire praet.ee lroml ^t,
down to the present day. We denounced a a
scheme, which would "bring the public treasure
much nearer the actual custody and control of the
President, than it is now, and expose it to D piun
dered by a hundred hands, where one cannot now
reach it." The party was never more unanimous
on any occasion than this?their abhorrence ot the
scheme was universal; so powerfulI were the arKj"
ments against it, both in and out of Congress, by the
Republican Representatives, and by the Republican
press that it received no favor in any quarter.
Wen' the opposition, notwithstanding they were
against the Suite Banks as depositories ot the public
money. could not b- brought to the supp.?rt his
measure, although it was introduced and urged by
one of their own number. S > mischievous in its
tendency, so unsound in principle did they deem .
that they united with the lriciidsol
t,. defeat it But, what do we now bihold 1 W niist
they as a party, are still against the measure, we,
as the f. ien.ls of the administration, are called upon
to support the same proposition voir W UI '| VC ;^
friends of the administration put down P"'
down did I say 1 which we denounced as disor
"?ini/ing ami 'revolutionary," and as exposing the
public treasure to b< "plundered by; an hundred
hands where one cannot now reach it. I h? oD.| <
lions to it then were inherent m the sysi^
in" so no stale of things has since oceuired, or c,.n
hereafter occur, which can remove those objections
Still, we are now asked to change our Rr-mnd and
londonta proposition as a matter of expediency,
which received our decided disapprobation, at that
time as a matter of principle. ISo question was
.. r hVttcr settled on principle than this; and no
state of things can make that expedient now, which
WSir''TthSffi'S adoption of the State Banks,
n 1 .';? itndes of the public money, was the favorite
measure of the administration. Whilst the contest
with the Bank of the' United Stat^ was gmng
this Wens the erountl taken b/ the uhoio Pa^ * ,
w IS openly and publicly avowed by President Jaek
son and by every fri-n.l of his administration. Sir
Ji... M,.nate Chamber the question was frequently
?, priKly P*,. hy H i
State's Bank, to those who ^erc 'tpp.sing t wha
wilt mil do for a substitute fortius Institution it
S V chartered 1 The answer invariably was,
the St i e Banks are the sub.titnte. They are equal
ly Equate to the reception, safe-keep,ng and dls
burvment of the public revenue. They will equal
ize the currency and facilitate the exchanges of the
country. In truth, the leading frietdt of 'he adini
nistraii'in deemed the Suite Banks competent to per
form all the duties to the government and lo the
counlry which the Bank of the United States
had performed. For my own part, 1 never believed
they could perform those duties, in all respect*, as
well They lacked the capital and the concert of
action, necessary to render them equal 10 un institu
tion which had its branches at all the great busiucw
and commercial points of the counuy ; and which,
by one common interest and by one common impulse,
could ojterate more ?ucces?lully, and with more fa
cility, than the Stale Bank* could do, with less
means, and with less concert. But I conceived there
were other objections lo thai bunk which more than
counterbalanced any supposed advantages wuich it
possessed over the (stale Institutions. Be thai, how
ever, as it may, they were put forward bv the Admi
nistration as the only practicable substitute lor a
Bank of the United States. After the Dcposies were
removed from that Institution, they were placed with
the Stile B:ink>, which entered into an arrangement
with the Government lo perform all the duties whi?\i
had been required of, and had been perlormed by,
the Hunk of the United States. They entered upon
those duties?they performed them to the entire sji'|s
faetion of the President and the Secretary of the
Treasury. The annual Messages of the one, and
, the annual Report* of the other, bear ample teslimo
! ny to their competency and fidelity. For three sue
j cessive yen* was ihe whole nation congratulated on
the entire success of this experiment upon the fi
| nances of the Government and ihe currency of the
' country. Nay, ihe people were congratulated upon
the '? better currency," which had been introduced,
and upon the reduction of the domestic exchanges
from one end of the Union to the other, by reason ot
the superior advantages and the wiser management
of the State Banks, to which these duties had been
entrusted. If such were the results of the experi
ment with the Slate B inks, why are we now asked
to alandon them, and to try the " untried expedient"
of the Sub Treasury scheme I Why are we asked
to acopt a measure which we declared, when it was
foruerly presented, was "an effort to enlarge Exe
cutive power, and put ill his hands the means of c ir
rupt on I" Why arc we asked to substitute ii (or a
system which the Secretary of the Trenstirv, ai that
time, declared was " much superior to individual
agents of the United States 1"
The answer to all this is, that the experiment has
failed. Diies the failure of the experiment remove
the objections which were so strongly urged against
the scheme which we are now called upon to adopt !
Does it make that scheme less "disorganizing," less
" revolutionary 1" Does it render the rmblic trea
sure more safe and less liable to b" plundered !
l>>e- it cease to " enlarge executive power, and
does it take flrom "its hands the means of corrup
tion1" No sir, it does no such thing. These ob
ject ions si and in full force against it. They cannot,
in the nature of things, be removed from it. 1 hen
why insist on its adoption 1 These objections forbid
it. even if the experiment of the State banks had
tailed. But il has not failed. It has never been
fairly tried. The pecuniary pressure and embar
nssment, which have been felt throughout the Unit
ed Slates arc without a parallel in the history of our
Government. Every class in the community, but
more especially the mercantile class,.has suffered
f-om the great derangement of the monetary con
c?riis of the country- This derangement has not
1 "b'cn confined to us. It has pervaded Great Britain,
and in a greater or less degree, other countries of
Europe. Intimately connected as England and the
j United States are in their commercial relations, any
?cause which materially affects the one cannot fail,
1 in some sort, to atlect tYio other. It is not mv inten
sion, on this occasion, to trace the causes of l"C pe
cuniary embarrassment which has pervaded both
countries 1 intend merely to advert to some of the
more immediate, and which might, perhaps, be
termed secondary calces, so far as they have a beat
ing upon the alleged failure of the experiment of
the State Banks. Whilst I agree with the President
in some of the causes assigned by him, 1 do not think
he has taken as comprehensive and enlarged a view
of them as further examination and retlection would
have enabled him to do. But, enough has been said
to show that the banks could no longer hold out
against the pressure which was made upon them,
from whatever cause* it may have originated, run
lie confidence had become impaired. Confidence,
the very basis of bank credit, as well as commercial
credit, was taken from them. The suspension of
specif payments was the inevitable consequence. It
was without fault on their part. I know they have
b'^en tharged from a high source with treachery
and bid faith towards the Government and the peo
ple. Sir, 1 regret, more on account of the source
from whence such a charge comes, than for any
other teason, that it should have been made against
them It must have been made from misconception
or mi-apprehension, tind not from a real knowledge
of tlier situation, or of the causes which led to the
catastrophe so much deplored. Sir, there was no
propel effort, on the part of those who could have
done nost towards it, to maintain the confidence of
i the cimmunitv in them. On the contrary, every
thin" vas done to impair it. No sooner had the war
a-ains the Bank of the United Slates censed, than a
war mire violent and more unrelenting was waged
against the State institutions. Every means Was em
ployed hi impair public confidence. '1 hey were de
nounced in our legislative halls and by the public
press. Thev were denounced at public meetings by
those who advocated nn exclusive metallic curren
cv The Jacobinical terms of " Rag Barons and
" ra" Honey" were familiarly introduced into our
hiehesi legislative assemblies, and adopted by our
hMiq> political journals. The levelling resolutions
Oswald and town meetings were responded to by
men ii high stations, who were thereby tacitly as
senting to, and encouraging ihe anti-bank as well
as antisocial doctrines put forth on such occasions.
To crp the climax, the " specie circular was issued
bv lb' Executive, directing that gold and silver
should b-? received in payment for public lands in
stead if the notes of specie paying banks, as autho
rised bv the joint resolution of IHl<>. By this act, on
the part of the Executive, the confidence of the Gov
ernment was withdrawn from the banks, and was a
signal to the people to withdraw theirs also. It can
not be expected that the community shall maintain
its confidence in any institutions when the confi
dence of the Government is once withdrawn.
The manner in which ihe specie circular was is
sued was another item in the want of continence
which prevailed through the country. It was issued
bv the I'xccutive after a decided expression ot. one
branch of Congress against the propriety ol its adop
tion The proposition was introduced by the hen i
tor from Missouri (Mr. Benton) in the shape of a
resolution in April, of the session ot Ih3.>, and w is
rejected by nn almost unanimous vote. It w as again
brought forward the latter part of June, near the
do e of the session, in the shape of nn amendment
to some public bill, and was again rejected, and with
the same unanimity- Such was the opinion of the
Senate, at that time, on this measure, and such was
i>s decision twice distinctly made. It was consider
ed by every one, too, as a subject lor legislative ac
tion. What was our astonishment then when im
mediately after our adjournment, and before we
reached our homes, we saw the same measure adopt
ed bv Executive authority, which had tw ice own
rejected bv the legislative action of the Senate! It
j, not mv intention to examine the power by which
the Executive issued this order, and thereby created
n distinction between the kind of medium in which
different branches of .the revenue were be re
ceived. I do not doubt that the Executive acted from
the most honrsi and patriotic motives; and there
arc those who b-licve the order onerated well, al
though I am not one of that numb t. It was in
tended to diminish the amount ot the proceeds oi
the sales of the public lands. Before Us adoption
the-amount of sales had rapidly declined, and would
have declined still more rapidly without any inter
t'ercnce of this sort. But, w hen this circular ww is
Mted, speculation which had b>gan to flag, again re
vived?and 1 have heard of several w-ell authenti
cated cases, where associations and companies,
seeing this attempt to shackle the sales of the public
lands, and believing that, at the then next session of
Congress, the President would recommend to limit
the sales lo nrtiutl scttJ'rf, determined to avail them
selves of the present opportunity and purchase more
lhan they otherwise would have d me. Such pur
chases were more extensively made than they would
have been if the order had not b-en issued. No, sir,
ii did not effect the object of diminishing the sales.
Thev had already b -gun to fall off rapidly, and
would have fallen off still more lvi? for the specie
circular. These large associations and companies
had no difficulty In commanding the specie tor an
their purposes, and with aim.** ns much facill.y as
thev could have commanded the note* ot speeip | .t\
ing hanks It wn< no great hardship on them- b
it fell with peculiar force upon the individual pur
chaser who had merely means tutficieiit to buy a
quarter section. He was compelled to pay a premi
um tor specie, which according to his means, rend
ered it oppressive to him. I say then, sir, that this
order diu not answer a single purpose for which it
was issued, bit, on the contrary, was productive of
fjreat and incalculable mischief. I speak not now
of the hardship to individuals?I allude to the gene
ral derangement produced by it to the monied con
cerns of the country. The withdrawal of specie
from the A'lantie cities, where it was wanted, to the
Western and South-western states where it was not
wanted was the cause of general distrust and
alarm. It was ordering it to move against the cur
rent. It was commanding it to flow up stream. It
was deranging all the cmcerns of the business com
munity ?t the East without producing any corres
ponding benefits at the West, it was, in fact, inju
rious to the West. Any effort to force g.dd and -li
ver from one oart of the country to another, contra
ry to the regular course of business and the laws of
trad ', Is ever productive of injury Oold and sil
ver like water, will always find their level. I hey
will go where trade and commerce call them?and
if impeded in their regular channel, like a cataract
which has b?en obstructed, instead of irrigating and
fertilising the land-- through which it naturally
flows, it will carry desolation anj destruction to the
whole country, from theaccamnlated force and pres
sure which it has acquired. There was scarcely a
bank in city or country in the Northern and Eastern
states but what fell this constant drain. It thus,be
came the source of alarm, and the lack of confi
dence thus manifested by the Government became
the fniitfal source of distrust ?" the community at
large. ,
This Specie Circular became the subject of poli
tical discussion at the elections which took place
tha> se-ison The public mind was agitated?i on
press assembled, and immediately took measures to
rescind this order, which had been issued -igiinst
the clear and almost unanimous expression ol the
Senate, at the previous session. The currency bill
introduced by iny friend from Virginia,(Mr. Kite.-,)
was intended to rescind it. Sir, it is not necessary
for me to recapitulate the circumstances attending
the process ol that bill. 'I hey areiamiliar lo mo.->t
of us. SulTico it to say, that it passed the Senate
with only lour dissenting vo'.es, and ill abe.H the
same ratio in the House. This bill was retained by
the late Executive in the manner and t ?r the reasons
which have heretofore been given to the country. I
will not dwell on item. There is to my mind no
pleasure in the contemplation ot them. 1 could w-h
that the whole transaction were blotted from my me
mory. I only allude to it, for the purpose of >.ho-.v
in" its effect on the public mind in reference to pub
lie confidence, ami lor no other purpose. 1 desireto
speak of it in no other light. The attention ot the
whole country was turned to Congress, and was
watching the progress of this bill; and when it
passed I) ith Houses by such a powerful vote new
light seemed to beam upon those who were looking
to it as the source of relief in maintainlhg and re
storing confidence which had been So much impair
ed by the issuing and continuance of the original
order. But those who expected this relief were
doomed once more to disappointment. 1 hey na<l i
seen that the object was one which peculiarly be
longed to Congress?that the only power the Kxeeu- |
live had over it was derived from the jomtrwrolii
t.ion of 1816?and whenever Congress saw fit to re
sume that ]>ower, in whole or in j'arMbey aiiticipated
no obstruction from the Executive branch of the Go
vernment. They had read the constitution as it w as
understood bv its original framers. They had heard
Executive power defined as one r.0'rl
behests of ol her pom rs which luire a ngM,U> command.
They supposed that the will of Congress, on a sub
ject peculiarly belonging to the legislative |Weu
the Government, would have prevailed?and that
the country would have been relievred1 iromthe em
barrassment of a measure ab mt which, whatever
difference of opinion might have existed as to its
inception, there was none as to ii. cont'liuance. In
this 1 repeat, they were grievously disappointed.
They, nevertheless, clung to the only Impe that re
mained. The citizens ot New \oik, who kit. lit
must intense interest in this uiatterknewt^to.ihe
fourth of March their " favontcson ^.,1 thaHn
the reins of Government j and they believed that in
this eventful crisis he would not h
niiive stale whose fate was suspended by the brittle
,hrcad of confidence which remaincd altho^h a^
teuuated bv the adverse action ol the < hat Magu>
trate who had just retired. Sir, after the adjourn
ment of Congress, and when on niy way home, I
reached the city of New York, 1 found ' expectation
S on tip-toe." Enquiries, as frequent as they
were anxious, were made ot me as to the P^'hte
action of the President m reference to this ordi r. t
Ihority, llial H would fa' rescinded ?r??ld be
dified in a way equivalent to rescinding it. Jo\ ami
satisfaction beamed on every countenance, late and
animation were restored. Confidence wtis rin ived,
and the whole- business population of the cii) wtrc
ready to exclaim,
" Now is the winter of our discontent ^
Made glorious summer by this sun ot York.
Sir, whilst thus elated with the F^pectofrelief,
the cup of confidence was again dashed from their
lips The President declined to interfere with the
order which had been handed down by his prede
cessor as a legacy to him, and left an anxious com
munity in that condition, where "hope never comes
that comes to all." Far be it Irom me to j ame l e
President for the course taken >> him. He - doubt
less, had reasons satisfactory to himself, and it snot
for me to censure where One acts accordtug t'i lu
own judgment, and the dictates ot his own con
M sTr/l would not be understood as supposing, that |
the rescinding of the Specie Circular would hate
been a pon.icca for all the evils which then ftflictrd
the community. 1 know that there were "nn.v
other causes operating to produce the pecuniae m
barrassments under which the country then ahircd
?and Ib'lieve if public confidence had been main
tained, the country would have b >rne even a grea -
er oressure without the necessity ot a suspension
stK^ie Mvnien s by the banks. Is this not evident
from vvliat the Secretary of the Treasury states in
"pccio. wMOjHr
eliruUioo, cuuiiiufd >>i !>-; ?>"?? =?' ""J
as in November, It averaged more than one to
three or much more than has been customary ,?
the banks in this country, and was over doublt ti t
relative quantity held by all the banks in ^K>?J ??
the same period, and was in a protx.rtion one fourlh
larger than that in the Bank ot England itself
Their immediate means, compared with their ltn
mi?ili'lii1 liabilities were-sonicwliui stronger in ]V>
v ember til'" in May,but were at both perkidsnearly
I to*2 1--2 or greater than the usual ratio, in the b s
times of most banks which have a large amount ot
sr^ss- iypatr r
from want of public confidence I With all the ck
ments 6f iiro?i>eritv around us, with more than eight>
milli.ins of dollars in 1. fa dlffl?ll??
eeivc notwithstanding any over action in trnd? or n
other' branches of business, how such a neccssi v
should exist Confidence may be destroyed or >us
not material, thereiorc, whether the reminding ot
I he specie. ircular would in itself have 1 ,h.L
bmefieal effects which were anticipated from it. It
K sufficient that it was looked to as a source ol confi
dence and as long as it answered that purnose, it
was of no consequence whether it was a r??lor-n
imaginary caasc of the confidence which it treated
and sustained. . , j, . . ????
Sir, I might illustrate tny idea b> whst is gene
rally termed the panic session ot 1831. It ls " '
conceded that the causes of the pressure at that time,
were imaglnary-that the removal of a few mil ions
of dollars from one place to another could not, ot it
self, produce the alarm and distress which followed
The community, however, believed there was sutn
eient cause for it nil, and that was the same as it It
actually existed. The distrust which prevailed was
extended to our Slate institutlmis. 1 here, w as r,rwu
apprehension of their suspending specn- .,iymenK
In this crisis, the state interposed, and loaned its
credit to the brink* totheamoinU of six millions ot
dollars. No sooner was this done than confidence
was again restored, and the state never had .H-cnsion
to issue a single dollar of the six millions thus prot
fered for their support. u.vi, ?o
Had the large amount of sp?;cie, abotittwh
much has been heard, governed in ?'t{in | f|ir
ments, by the regular course of husm< , ,JlP
law s of trade, we should not have f'nf_ nf|(|once
evils which are so loudly complain'-' "1 ^ nsk,n
would have been maintained, ana
would not have followed. b >pn ohar?0(1
I know sir, that the bnnk-of ^ ^ for sinis
with treachery and fraud, j- th(, Unk, ln my own
tcr purjKe-cs. In rejja'" ,
stale I feel bound U? repel the imputation thus cant
urxm them. I sprak from personal knowledge and
observation when I say, they flopped not from choice,
but lrom the most imperative neeew?iry. In the city
of New York, they were amply prepared to meet ail
the demands at bill holders, but they could not an
swer the demand.-* of alarmed depositor*?alarmed
* not as to their eventual responsibility, but lest, in
ca.*e of suspension, their funds should be put be
yond their control until the liquidation of the con
cerns of the banks in the hands of receivers.?
Sir, they held out till the last moment that prudence
dicuiicd, and when they suspended, it was with the
approbation of every class of the community. The
legislature of the state, which wan then in sessiou,
by an utmost unanimous vote in both Houses, sanc
tioned the suspension, and relieved the banks, lor
one year, from the forfeiture of their charter,*.
I maintain then, that these banks suspended spe
c ie payments from causes entirely b'yond their con
trol nhd without fault on their part If they have
over-banked, they have been stimulated io it by the
action of ;he government, and bv the iini*ually and
extraordinarily targe surplus in their possesion, the
evil etiects of which were intended to t>- remedied
by its gradual withdrawal under the Oeposiie Act.
They were urped by the Secretary of the Treasury
to b' liberal in their accommodations to the mer
chants, and through them to benefit every class in
the community. The public depositee were the
means bv which these accommodations were to be
made. They were used as the Secretary of the
Treasury desired, until the banks themselves be
j came alarmed at the consequences' which might re
| suit from an over-extension, and from the political
! agitation which would lollop it. The evil effects of
I this large surplus, and which was constantly increas
j injj, were seen by the banks. They were desirous
I of averting them. And when the question of depo
| siting it with the states was before Congress, some
! of the principal ones were iu favor of the measure.
In the course I pursued, I acted under the advice of
i some of their principal officers?and the very propo
i si lion which I submitted to the Senate, in the shape
of an amendment, ami which was adopted with, great
i unanimity, was su^Kested by one of them. He said
| that as long as the monied concerns ol the country
I were made the subject of political discussion, so
i long would the business and mercantile community
, b - in constant agitation and alarm?'hat this surplus
ought to b: disposed of and thus res'.ore peace and
harmony in our money matters, which could no' b;
i anticipated whilst it remained in its present position.
The proposition for disclosing of it was that of a bn
, sincss man. // iras In deposit il irith the states in Ike.
\ ratio of representation ; h> hike their certificate* of de
posit*, in the nature of a slock, redeemable at th-it
pleasure; and that the S>'crclary of the Treasury
should. at am/ tim:, for want of other mown in the.
Treasury lo wet appropriations made by Congress, be
authorized to sett these certificates in I he market, arul
in the. hands of the purchaser they should bear an iiUe
rest of Jive per ecnt. This wouid have been a regu
lar business transaction. It would have required
no legislation on the part of Congress or the states
to reach the money. It would have been always
within the power and control of the Secretary of tfie
Treasury. The states would have had the benefit of
it without interest, until it was required for the wants
of the government, and then would have merely pro
vided for the five per cent, interest on that which
was sold, and redeemed the principal at their-plea
sure. It was in this shape that the bill passed the
Senate. It was amended in the House for reasons
familiar to all who were here at the time, and which
it is no< necessary for my present purpose to repeat.
Had the bill passed as it went from the Senate, we
should not now be called on to replenish ail exhaust
ed Treasury. The Secretary would, ai this time,
have at his control the three instalments already de
posited with the states, amounting to some twenty
| eight millions of dollars. These certificates could,
| at any time, have been sold, and once in the market,
j would have gone very far towards liquidating our
foreign debt.
Sir, I am aware, that the execution of the Depo
site Act was a source of inconvenience, and in some
instances of embarrassment at those points from
which large sums were lo be transferred. But much
of this inconvenience and embarrassment arose from
the manner of its execution. 1 will not undertake
to say, how far the Secretary of the Treasury, under
I the provisions of this act. aiid under the general au
thority of his department, could have made the trans
fers other than he did.?But, 1 will say, if they had
j been made as a mercantile man would have made
them, they would have materially aided the domestic
I exchanges of the country, and would have promoted,
I instead of deranging, the regular business of the
j community. .1 am aware, too, sir, that some were
I opposed to this act, on account of the necessary with
drawal of a portion of these funds from places where
they had been loaned out by the banks. Such, do
not reflect, that if this law had not passed in 1R3?>,
thus giving a year to the banks to make their ar
rangements to comply with its provisions, that the
next Congress would have made a similar disposi
tion of the surplus, which proved to be much larger
than many had predicted or anticipated. The incon
veniences of such a disposition ol it, after the banks
had used the accumulated fund for another year,
j would have been much greater than those which
| were experienced under the law as it passed. But
| 1 do not intend to go into the merits of that measure,
! I have merely alluded to it from its connection with
the banks, and to show, that if the use of this surplus
was one cause of the suspension of specie payments,
by reason of any alleged over-issues on their part,
they were stimulated to it by the action of the Go
vernment itself. The suspension, therefore, was not
the result of treachery or bad l'aith on the part of the
banks, but was the result of circumstances over
which they had no control, and of the destruction of
confidence produced by no fault of theirs.
These banks are now as able, with the aid and
confidence of the Government, to perform all .the du
ties required of them, as they were before. VVe
have the testimony of the President and of the Se
cretary of fhe Treasuty, that they performed them as
well as the Bank of the United Suites. They are
capable of doing the same ag.tin. in the same way.
1 am not, therefore, prepared to say, that on account
of the calamity which lias bafallen the country, the
experiment has failed, and they ought not to be em
ployed a sccond time. No, sir?Such a catastrophe
may not occur again in the course of a century. One
reason assigned for it now, was the existence of an
enormous surplus in the Treasury. This cause is
not likely to exist hereafter, for every man is willing
io bring down our receipts to the measure of our
wants, anil under that, as a general rule, such a ca
tastrophe might never happen again. The banks
have abundance of means to meet all their engage
ments ; such being the case ail that is necessary is,
to create confidence, to restore confidence, and they
will be found able to perform all that is required of
them. Lei that confidence be extended lo them by
the Government in Rood faith, and let them be placed
on their former looting. Let the Government pur
sue a system which has been tried, and which we
know will prove effectual, instead of attempting an
" untried expedient," the disastrous consequences of
which cannot be anticipated, and which 1 fear ima
gination can scarcely depict.
This new experiment consists in a " divorce of
Bank and State. This is a mere catch phrase which
was originally introduced by artful and designing
]M>liticians to impose upon the credulity and honesty
of the people. Many have adopted il without reflect
ing or inquiring as to its import,or its consequences.
First impressions are favorable to it; it summons to
our recollection our early impressions of a "divorce
id' Church and State." But, it is the duty of wise
statesmen and discreet politicians to consider well
the evils which must follow fhe adoption of any sys
tem heretofore untried and of uoubful policy,
however euphonious the phrase may be which de
signates its character before the peonfe.
The proposition contained in these few cati h
words, strikes at the verv foundation of the cbboit
fvntkm <d' the country, it does not stop with the de
struction of bank credit, but strangles in its wither
ing grasp, commercial credit also. It establishes a
depreciated |iaper currency for the people, and an
appreciated specie currency for the incumbents of
ofhee, and for Government contractors. It give.s the,
baser currency to the master, and the " better cur
rency" to the servant. In a government like ours, it
is impossible long to preserve our,institutions or our
liberties, if such distinctions arc to prevail. It se
parates the Government of the people from the peo
ple themselves, as if those whom the people have
chosen lo direct theirafl.iirs were of a superior order,
or distinct class in society, endowed with peculiar
privileges beyond ihe rest of flic community. It has
a tendency t" alienate the affections of the people
from the Government. They will come to con
sider it not as a Government identified with their
feeliiurs and interests, but as something foreign to
ihem." Thisis not all.?The Government itself will
liwe in a measure, the idea of dependence on the peo
ple ' This want of dependence is too much felt al
ready. Put this additional power into its hands, and
the identity of interests uhich exists, or ought to
exist between them, is done away
The Senator from North Carolina,(Mr Strange,)
admits that the people will, under this system, have
a depreciated currency, whilst the Government will
eniov the lienefiw of gold and silver, whatever they
may be. But he says, they make that currency for
themselves?they need not take it except at their
own option. Sir, it is the common, ordinary curren
cy ot the country. It has hitherto been good enough

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