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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, October 07, 1837, Image 3

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Stales, ItfM 8rj4., 1H37
( Concluded )
And now, sir, permit we u> say something in re
,a|d to the machinery i? proposed to be sub, u
futed lor the Sate Bank*. C*n you rely upon 1 I
l?,ie> it afford any adequate guarantee lor the safety
of the public money# ' i suv you cannot, all expe
iiein-e proves you cannot. Look at the records ol
v ?.r Treasury Department, and see in how many
instances your receivers ol public money, fail to pay
wr as they are required to do, the moneys collected
b ? theii'i. UxjW at a brief, but most pregnaut, reoou
?ade on 23d ol February, 180), to this body, by Mr.
Crawford, then Secretary ol the Ireasury lie
states, the amount lost to the Government by the in
fidelity of offieere employed in the collection ol the
public revenue, from 1to 1819, at one million and
I half of dollars: and the losses sustained by the mis
application of the public money by the officers ol go
vernment employed in ihstmrsinx it, he adds, there
.-in Ik- no doubt, grtmUy exceed those which have
b ,'u incurred in the collection." Here, then, we
have an aggregate loss to the government Irom the
infidelity of its officers, employed in the collection 01
disbursement of the revenue, during the first thirty
vears of its existence, gftaUy ending three uii -
lions of dollars! This period, it must be remarked,
0 . was one chaiacterfoed, during the greater por
tion of it by'extreme simplicity in the organization
of tin- government, as well as by a very moderate
amount b .tli of revenue and expenditure. It must
k. borne in mind also, that the losses sustained were
bv the infidelity of officers employed merely in the
collection or disbursement of the public money, who
held possession of it momentarily and in transitu
only till they could hand it over to the banks in which
it was to be deposited, or pay it to the public credi
tors whose claims were to be discharged with it. But
under the system now proposed, these officers are to
be themselves the depositories of the public money,
and to retain continuous possession ol it till called
for bv the actual expenditures^ of the government.
IIow infinitely would the hazards of infidelity and
misapplication be increased by such a state of things!
. With "real deference, then, to the honorable Sena
tor from New York, (Mr. Wright,) this system has
not even the merit of being an "untried expedient."
It has been tried, though to a limited extent, in the
operations of this government itself, and the bitter
fruits of that partial experiment are found in the
facts I have just stated. But, sir, it has been fully
tried in my own State. The Treasury of Virginia,
was formerly organised on that principle ol personal
custody ami control of the public moneys, which is
now proposed to be made the basis oi a new system
of fiscal administration here. Without entering into
painful details, I will only say, that the experiment
signally and mournfully failed: and from that pe
riod, the public moneys have been kept in and dis
bursed by the banks, under efficient checks, against
abuse and misapplication by the public officers au
thorised to draw on the public funds ; upon which
plan the finances of the State have ever since been
conducted with perfect success. When 1 consider !
the infirmities of human nature, I am utterly opposed !
to a system, which would subject it to such cruel j
trials as that now proposed, must inevitably do. 1 j
hope, sir, my standard of virtue and integrity is not j
much lower than that of other men; and yet 1 can |
conceive, that even an honorable man, having a larpe !
sum of public money lying idle in his hands, lor j
which there was no call in the public service, ap- <
pealed to bv a friend in distress, whose destinies \
and those of wife and children might depend upon i
pecuniary relief at a critical moment, confiding in
the solemn assurances of that friend that whatever
money was advanced to him should be restored, be
fore there could be any occasion for its application
to the public use.?1 say, sir, 1 can conceive that
even an honorable man, thus situated, and thus ap
pealed to, might be prevailed upon by the feelings
and sympathies of his heart to yield from an idle
public hoard, the means of salvation' and relief to a
numerous and interesting family, and his calcula
tions npon the return of the money, (thus momenta
rily diverted.) disappointed in the end, find himself
at last a defaulter to his public trust. But, sir, the
temptations of another character, arising out of the
necessities or speculations of the officer himself, hav
ing a large amount of idle public funds at his dispo
sal, would be constant, habitual and powerful. To
these would be superadded the danger of misapplica
tion to political purposes. It often happens that pub
tie officers are zealous and active partizans. Sup
pose that such a one had in his hands a large amount
of idle public money, at the moment of a critical
election, on which the continuance of his employers
in power depended, would he not be strongly tempted
to use the funds in his hands to sway the result, and
would there not be the more danger of his yielding
to the temptation, as he would naturally rely on the
indulgence of those for whose benefit he had violated
his trust! We are now, Mr. President, to found a
system that is to Uist, and which may influence, for
good or for evil, the destinies of the country, in all
future time; and consequences and dangers, however
remote, or improbable they inay appear tosoine at the
present moment, ought to be looked to and weighed.
In this view, I cannot but fear, that the system pro
posed, will be found both demoralizing arid unsafe.
The President in his Message says, that the objec
tion to the proposed system as being unsafe, must
proceed on the assumption that "a vault in a bank is
stronger than a vault in the Treasury " This ob
servation does not seem to me to be well considered.
It overlooks the important distinction that if the
vaults of a bank be despoiled, and the public moneys
b ? taken therefrom, the loss is not that of the Go
vernment, but of the bank, whereas, when the vaults
of the Treasury are violated, the loss falls wholly
and exclusively on the Government. In the one
case, the stockholders of the bank are interposed be
tween the Government and the violated vault, (their
whole capital being baund to make good the loss,) j
whereas, in the other, no shield is interposed, but the
Government is left naked to the spoiler.
Another most important objection to this system is
the .dangerous increase of Executive patronage it
would bring with it. If I seem to give way too
much to old Republican jealouses, 1 hope gentlemen
will pardon me. I imbibed them early from the fa
thers of our political church, and 1 cannot now get
rid of them. I have always been taught to believe j
that the great danger to liberty is in (lie growth of j
Executive patronage. Every day's observation of j
the operations of our Government confirms me in |
the conviction that here is the pcccavl part of our j
system, and that it cannot be too closely watched by j
the vigilance of the people and their Representatives, j
The bill upon your table, sir, for organizing a new I
fiscal agency,is the latent germofa vast growth of Ex- \
ecutive patronage, which will spread and spread till j
it overshadow the land. If the immense moneyed i
concerns of this Government, which have heretofore
been managed through banking institutions, (extend- j
in;' in number, sometimes, to near a hundred,) are j
to be henceforward committed to individual agen- j
cies exclusively, an enormous multiplication of those j
agencies will he inevitable. The bill now offered, j
frely introduces the principle. Let the system
fire receive the sanction of law and it must go on. ;
H will generate a force in itself that will be compe
?"ut to carry it forward to a fearful development. I i
was informed, during my residence in France, that j
this Sub-Treasury system, which prevails in that j
country, embraced there not less than one hundred j
thousand officers. Our population is already near i
one half that of France; and whether we are not. in 1
time, to have here a swarm of official locusts, that I
will bear a corresponding proportion to those that j
now darken and devour that fair land, may depend
upon the issue of our present deliberations. 1 re
peat, sir, that the bill upon your table is but the grain
of mustard seed, the least of all seeds, but when it is|
grown, it will be a large tree, overspreading the land
with its boughs, so that the fowls ol the air, yea, sir,
bird's of prey, will come and lodge in the branches
But, it has been alleged by some that there is as
much, if not more danger, of an increase of Execu
tive influence from the employment of banks, in the
fiscal operations of the government, as f rom the new
official agencies that are proposed to b? organized,
under the absolute control of the Executive. What,
sir. are the h inks ? Are they not institutions of the
states, created by the states, supervised by the states,
and dependent on the states. A breath of the states
has made, and a brertth of the states can nnmakc,
them. They arc subjected to the constant survcil
lance of the st ite governments; and if any thir.gkiiu
pioper should occur in their administration, or exist
in their connections, it would be promptly detected,
and as promptly and vigorously corrected, by the
authority of those governments?the natural and
1 "us guardians of the public liberty against fede
ral influence or encroachment. How powerless a
"hate of tin' public deposites would be t,> sway these
institutions, is strikingly shown bv uhat occurred
m nay own state in the very origin of the State Bank
deposite system. An arrangement had b?en nnjie
between the Treasury and one of the banks to be.
( ..me the depository for Virginia, on certain condi
tions agreed upon by the parties. When the ar
rangement was submitted to a general meeting of I
the stix-kholders, they refused, by a large majority
ol voices, to accept tile deposiies on the conditions
proposed, and.Imni?hcd bv their d 'ision, a conclu
sive and prat i a! denionstra ion of the fallacy of the
argument I am now noticing. Gentlemen seem to
me to give a free some, inked, to their imagK
tions, when rhey gravely compare the influence to
be exercised over insiitittioos liR Ulese, made indS
pendent, loo, tar the v?nr term* of the law (which
does not permit them to be discontinued, when once
selected a? dcpcwitories, except for .
to b, laid before Congress,) w,I h I hut which wo?Ud
e ?? ?riuv u' bscaJ officers. subject to .he
wt'KX^reSernV^ ^
fn,,s'nlar'ninK and portentous aspects
of this Sub-1 reasurv scheme still remains to bee...,
Si.le.-ed IOmy view .t has a squinting, an "awful
squinting, towards a Treasury Hank-a hank un
der the sovereign and exclusive control of Executive
agents. Ii appears from the report of the SecreLarv
of the rre^ury that the contemplated fiscal agJi
cies are to fl.rn.sh "a paper medium 'for the *,m
munity, by usumg certftcwes and dralls LLhil
in sjieeie to bearer or order, and nudeSK
lor all ptiblu due-.. Alter descanting on the ud
vantages ol " this kind of paper/'he wys " f S
demand I .r such paner increased, public and private
convenience might be promoted, and an equal .man
tity of specie, at the same time, preserved in the
country, by receiving lor this puriHjse from anu a!
a "T ? iStSRSf a
f"r'^ ^ at a few important and convenient points
to render a greater numb -r of certificates redeem
able there with the very coin, whose representative
they are intended, and honestly ought lo be." These
views o! the Secretary are referred to and implied
W sanctioned, by the President in his message.!
Now sir, Is not this apparatus, to all intents and
F .TT; t (lor'rn"'"tJ ?"?*. The fundamental
idta of a bank is an institution which " issues and
circulates a paper credit, founded on a de.^ite of
com or other property, which paper credit is to an
swer the purposes ol money!" this project fulfils
every feature of the definition. The officers of the
government aie to issue a paper credit in the form
of certificates and drafts, founded on a deposite of
specie in the 1 reasnry and Sub-Treasuries, which
paper credit is to answer the purposes of money or a
?rllinrii i n,1?!!'!* " ?' is a remarkable
to-incidence that this scheme is the precise embody
ing of the outline given by Gen. Hamilton in 17i|
of what he describes and avows to be a bank?a. ??-'
rernment Hank. Such, I believe, is the tendency
and virtual operation of the Sub-Treasury scheme
I ask gentlemen, then, if thev are willing to or
m?Q?yed machine like this, and put
J. lor all future tune, in the hands of the Executive;
... ,ty a?tT ,he ,()rin a fiscal agency to
create a treasury Hank, with its ramifications pene
trating every part of the Union, to be managell, di
rected and controled exclusively by Executive agents
lo my m.nd it presents a fearful conjunction?re-1
alistngthat union between the moneyed and politi- j
. power,,! he country, which reflecting men have
hitherto considered the most fatal, of all devices, to
thii liberties oi the people. I have revolved the
subject deeply and anxiously, and I can see but two
possible issues to the scheme proposed. It will either
ln.i.1 K.reat Treasury Bank, such as I have
ut cubtd, affording a fatal accommodation to the
moneyed concerns of the country at the expense of
its liberties, or otherwise failing, in any degree to
relieve the actual derangement of the currency?on
the contrary abindoning that currency to wild dis
order and confusion,?the people, finding the incon
veniences of such a state of things no longer tolera
Die will, with a voice extorted by their suflerinirs
call tor a national regulator in the shape of an in
corporated National Bank ! Either alternative is to
my mind, fearful and alarming; but believing one
or the other to be the destined result of the scheme
proposed, I entreat gentlemen to pause and consider
well the consequences of their decision.
recur now, Mr. President, to the question more
particularly involved in the bill 1 ask leave to intro
duce. 1 think I have shown, sir, that the exaction
ot the public dues in gold and silver, while the
giyat mass of the circulation shall consist of bank
paper, would b> oppressive in practice?that it is
anti-republican in principle,as drawing an invidious
line of demarcation between the Government and
people?and, especially, that in the present circum
stances of the country, it would indefinitely retard if
not render impossible, that resumption of specie pay
ments by the b inks, which is the great and urgent
object of the public solicitude. In considering the
propositions which the occasion has brought forth I
have been stongly reminded of the words of a great
man?of one born to serve and instruct mankind
speaking ot the province and duties of a practical
statesman, that great oracle of political wisdom says
? s,er,nan (""ers fr?m a professor in an univer
sity. The latter has only the general view of socie
ty?the former (the statesman) has a number of
circumstances to combine with those general ideas
and to take into consideration. Circumstances are
Infinite, and Infinitely combined, variable and tran
sient; and he who does not take them into considera
tion is not erroneous, but mad, mcUiphiisicalh, mad.
A statesman, never losing sight of principles, is to
be guided by circumstances; and judging contrary
to the exigencies of the moment, may ruin his country
Jor ever. I ask, sir, is this the moment when the
country is weak and suffering, to subject it to the
action of so violent a remedy, (if remedy it can be
called) as that involved in the proposition to colled
the revenues in gold and silver. Does it show a
wise regard to circumstances, at such a moment
when that credit system, under which the country
has grown up to power and greatness, and with
which, lor the present at least, its most vital interests
are identified?at a moment when that credit system
thus incorporated with the country, has already sus
tained one of the severest shocks to which it has
ever b-en exposed, is it wise and prudent, I say to
introduce an innovation in the fiscal policy ol ihe
Government, which aims a fatal biowatthat system
and all the'wide-spread and diversified interests con
nected with it. The effect of this innovation at the
present moment, must b >, as I have already shown to
hx upon the country, for an indefinite period of time
the curse of an irredeemable and depreciating paix-r
currency, or otherwise, to force, violently and prema
turely, an exclusive metalic circulation, by compcllin"
the b inks at onecto wind up their concerns. But what
would be the consequence of thus compelling the
B mks precipitately to wind up their atrairs 1 Thev
have vastly more debts due to them than they owe.
Compel them, then, to wind up, and you turn them
loose, or rather drive thetn, in necessary self-defence
upon the community. According to the most recent
and authentic statements upon the subject, the a-'LTe
gate amount of debto due to the bnnks is between
lour and five hundred millions of dollars. Force
thein by your policy to collect this vast sum from the
community, and what a wide spread scene of desola
tion, embracing every class of the community, must
ensue , 1 he binks -will press upon the importing
merchant, the importing merchant upon the retail
dealer, and the latter upon his customers; the laborer
the mechanic, and the farmer. If the result of this
desolating process should not b?, in the language ol
Burke, "the ruin of the country forever," it would
bat, least, to inflict upon it, causelessly and heed
lessly n blow, from which recovery could be effected
only through long years of suffering and distress.
I stand here, Mr. President, as no advocate of the
pinking system. 1 have been the constant enemy of
its ii buses, the correction of which, by salutary and
progressive reforms, 1 have steadily pursued with
out aiming however, at the destruction of the system'
Itself, which the country has chosen to adopt, and
under which it has hitherto attained a prosperity un
paralleled in any age or quarter of the world, The
measure I now offer to the consideration of the Se
nate is, in my humble judgment, one of the most
effective reform. 1 have no interest whatever in
I) inks. I do not own, never have owned, and never
expect to own, a single share of stock in any built
nor do I owe a debt, even of the smallest amount, to
a n ink. 1 mention these things, nol because I could
suppose that other gentlemen, who might happen to
- ? ditlerently situated, could, in the slightest degree
be influenced by considerations of this sort. I deem
too highly of the patriotism of mv fellow citizens not
to b-lieve them ab ,ve all personal considerations as
I a in sure all with whom I have the honor to be as
sociated on this floor, are, in pronouncing on great
public questions, involving the interests of the coun
tr>. I know, however, that there are ungenerous
minds, which impute other, principles of action to
public men, and following the example of the Senator
Iroin South Carolina, who spoke yesterday (Mr
Calhoun,) I have thought it not improper to state
what, from the nature of my pursuits, happens to b <
mv situation, in this resjiect. Those pursuits identify
me hy interest, as my feelings and tastes do by sym
pathy with the great agricultural body of'the' eoun
'rv. I am under no bias to regard the interests of
other pursuits or other classes of the community, ex
' n,lv ' believe, that, under our happy institutions,
.11 pursuits and all classes arc blended in one com
V nnJ ",nst or decline together.
?ill ii ? . looking to the whole country, and
I that we shall, I trust, discharge our
rviw iiiit fin Th. ^r above the nar
? , ' ',h'- "'[''rests of party, and demands the
?hU -i veS ?f nM ' T ,ho The measure
have ?.nn^.H ik "n<* ? hi, h I
f , l parties might unite, as all parties
have heretofore uniiril i,i?m?
self will h. i I ? 1 oir' r,> 1 Persuade mv
?t,n. T')'" oon1dence and to furnish
i? t tV Ai ? r ? of encouragement
and the pledges of a wise and stable policy, procced
n g from the nationaj councils her., we shall soon see
our \ou'hfnl and vigorous country rising from her
momentary prostration, and Antfriv lik? ?r-i-herin<f
strenyhfh from her fall
In tuonk thinus which ask ksskntial, lkt thkhi
I hat the issue intended to be ultimately made, by the
advocates of lite Sub-Treasury scheme, from tbe mo
ment it was prn|>os*d to the American jieople, u, Hank*
or no Hanks, ia apparent 10 all who have watched the
progress of events, and the circumstances which stimu
late the original projectors of the scheme to urge its be
ing laid before Gongress for adoption.
If any farther proofs were wanting than those previ
ously existing, to satisfy- the minds of the most incredu
lous, the Globe of Thursday "ight laat, furnishea in one
' of ita editorials, in our opinion, those of the most con
clusive chancier. In referring to the votea taken in
the Senate and House of Kepreseutatives, as to the ex
pediency of a Bank of the United Slates, it aays : " The
votea of the Seriate yesterday, and of the House to
day, are ominous, that the dynasty of banks, great and
small approaches its end."
Thus it will be seen, that the votes of the two Houses,
declaring it inexpedient to charter auch an institution, is
to be considered as ominous of the fate of the State
Banks ; in other words, of their dinenfall,
Why is it that the Globe speaks of the "dynasty" of
the banks great and small T What other object could
it have in view to accomplish, but to excite a prejudice
against all the banks ! When was it that the Slate
Hanks ever contemplated to .exercise Goeerment Sove
reignty. They never did it. The insinuation of the
Globe to that effect is without any foundation to justify
it, and is a mere catch phraze to gull the "democracy
of numbers'' and to enlist the passions and prejudices
of the excitable elements of the community against the
legitimately established institution* vf the Slates, and
the friends of good order in society.
The issue is made, it cannot any longer be blinked ;
it behooves the people to look well to the protection of
their true interests and just rights.
The sub-treasury system is not an untried
expedient. Its principles have been tested
by the General Government, and by one of
the States, and found by both to be so defec
tive, as to make it indispensibly necessary to
abandon it.
Under the administration of General Wash
ington, (he principle was adopted of allowing
the public moneys, as they were collected,
to remain in the hands of the individual col
lectors, and to be by them deposited in banks
to their individual credit. During this peri
od, many and large defalcations took place
among the officers of Government. The col
lector of the City of New York, a revolution
ary officer of high and irreproachable charac
ter, became a defaulter to a large amount,
not by fraudulently appropriating the Govern
ment money to his own use, but by a mista
ken feeling of indulgence to others who bor
rowed it. The same result took place with
the collector at Boston ; and so fatally did
this .system work to the prejudice of the Go
vernment, and the ruin of individual charac
ter, that by an order from the head of the
Treasury, the principle was changed, and the
public money was ordered to be deposited in
the banks to the credit of the Government, to
be subject to the- drafts of the Treasurer.
Thus was the measure tried by the Govern
ment, and thus did it fail, and was abandoned.
In the State of Virginia the system was
tried, and most signally did it fail. Two of
the most distinguished gentlemen of that
State were in succession appointed Treasu
rers of the State, and having custody of the
whole revenue, they both proved to be defaul
ters to large amounts, and the sequel was as
tragical as the eVcnt was mournful. Virginia
abandoned the measure, and ordered the pub
lic money to be deposited in the banks to the
credit of the State, where it has always been
safe, and where the trust has been performed
with scrupulous fidelity to the entire satisfac
tion of the Commonwealth. All this is a prac
tical commentary upon the Sub-treasury
scheme, now so pertinaciously urged upon the
country, which ought not to be disregarded. I
The truth is, the system is demoralising ; the
temptations arc too many and too strong for
the frailties of man, and we should be admo
nished by the divine principle which teaches
us to ask, " lead us not into temptation."
The more we reflect upon this subject,
and the more we learn, the more confirmed
are we in the soundness of our opposition
to it.
Since the modern voyagers havo brought ro
light so many wonderful discoveries in the
science of political economy, we have been
not a little perplexed to comprehend and ap
preciate the avowed importance of these new
discoveries. ?
After the experience of a half century, un
der the practical operation of the banking
system, during which time we have had a
larger share of prosperity, we have grown
faster in national importance, and we have
accomplished more than has fallen to the lot
of any other people on earth ; we are, in the
midst of this career, gravely told, that , the
banking system is ruinous to the country, dis
astrous to the Government, and dangerous to
our liberties ! ! !
W e arc admonished to flee from this scourge i
as from the wrath to come. This doctrine
has been urged with so much seeming gravi
ty, that we have studied to reach the truth,
and we do most solemnly believe that a grea
ter delusion, or a more fatal error never gave
a pretext for the operations of a party, or
threatened the general prosperity with more
calamitous consequences. It is to us incom
prehensible, how any rational mind can sub
scribe to these monstrous doctrines, in the
face of facts that go directly to controvert
If there was but a tithe of truth in the char
ges that are brought against the banking svs
tem, how is it that they were never known until
the alarm was sounded but the other day,
when for the first lime gold and silver were
worth ten per cent, premium, in consequence
of the foieign debt ? If the system be really
so ruinous, how is it that we have looked to
it as our friend, and, with 'the experience of
fifty years, have found it so T If it has blight
ed our prosperity, where is it lo be seen T
If it has injured the country, where is the
proof ? If it is dangerous to our safety where
is the evidence ? 'l'he truth is, that these
things are no where to be found ; they have
been conjured up in distempered minds, and
exist only in the region of unworthy preju
We take our facts in vindication of the
banking system, from the past and present
history of the country; and we say that these
facts are opposed by nothing stronger than
abstractions, unaided by any practical proof,
or sound inductions of reason. The common
sense opinions of the country will be led
away from the evidence of every thing, when
it is in proof around us, that the period of our
greatest prosperity was, when the banking
system was travelling on harmoniously as an
ally with every great interest, untocuhed by
the modern spirit of destruction. Whore now
is that prosperity ; and where is its friend
and ally, the banks ? Languishing together
upon a bed of sickness, where the pestilential
breath of innovation has brought them. In pros
perity together they lived, and in adversity
together they have fallen Together they
must rise if we wouklyft^lcomc a return of
the peace and joy that once gladdened the
whole face of our land.
Wh le the Dully News, We should be pleased to
will nuiutain the principles see " an exposition of the
and usages of the Dcmo-jviews" of Mr. Clark in vot
cratic party with all the|tng for the National Intelli
power it possesses, it willjgencer, " under the name
nevertheless pursue a fairjand style" of Thomas Al
and candid course towards|len. If the democracy of
Chenango is made of the
stuff, we think it to he, Mr.
Clark may not be able to
its opponents.
Il will never descend lo
odious personalities or scur
rility If it cannot support
give "an exjiosition" that
its course by facts and ar- will t>c entirely satisfactory
gumcnts, it will not resorlllt might also tie well, while
vulgar and indecent their hands arc in, to in
quire what declarations
Mr. Clark made mihisci'y,
*hile on his way to Wash
ington, in relation to other
officers of the House of
Rerepresentatives. ?N. Y.
Daily Sews.
abuse of those who differ
from us in opinion. It will
maintain towards i s con-j
tein|?rarics,wheiher friends
or opponents, that courtesy
and good feeling which
should ever exist in a well
rcgilated cointnuuity.?
Vroj pectus of the N. Y
Daiy Neves.
What sort of an idea has the Daily News
of " fairness and candor ?" Is there either
" fact or argument" in the " odious personali
ty" against the honorable, talented, and high
minded member from Chenango ? Or is there
either " courtesy or good feeling" in this
" vulgar and indecent abuse of those who
differ from us in opinion ?" We arc not dis
posed to charge any thing wrong to cither the
Editor's head or heart; but wo are inclined to
think that he may be a litile disordered in his
" consistency," when we find him in the same
paper, in the same breath, in the same para
graph, and in juxtaposition, utter this senti
ment of despair:
" Some are saying, lo here, and lo there ; and behold
when the subject is investi gated, there is no solid basis
to rest upon, no common ground upon which we can act
And hen this heart-cheering one of exul
tation !?
"The President's glorious Message has presented to
the demojracy of the whole country a rallying point,
and we si? the north and the south, the east and the
west, dravn together by one common consent, to give
their undivided support to us doctrines and measures."
We diflsr from the Baltimore Republican in regard
to the conduction of a letter that wc published a few
days ago from that city. The writer expressed his
opinion merely that the " democratic party of the ' Mon
umental city,' and the adjacent parts do not look with as
much favor upon the Sub-treasury scheme, as you might
be disposed to judge from the language of the Haiti more
Republican." We cannot conceive how the Republican
can constrie such a remark into an attack upon the de
mocracy rf Baltimore. Whether the expression is cor
rect or not, is a matter between the Republican and our
correspondent, which it is impossible for us to settle by
argument The letter catne with references of the high
est authoiity, and to its opinions wc must yield as much
respect an to those of the Republican. But let the Re
publican b'-ar in mind its own expression, and we should
be glad if it were impressed upon othets, that " a differ
ence of opinion does not necessarily require a hostility
of feeling."
The Republican charges us with a want of courtesy
in not sending it the number containing the letter refer
red to. That paper, we believe, is the only one in
Baltimore that does not exchange with us, and wc feel
under no very singular obligations to trouble ourselves
with sending our paper to those who send nothing in re
The Republican may enjoy its opinion about them,
and gain all the credit it can in disrespecting them,
but wc take this occasion to say that the letters wc have
published are the voluntary contributions of distinguish
ed Republicans, all of them ; and wc publish nothing
thut is not authentic, and entitled to confidencc.
If the friends of democracy would clearly and distinct
ly avow their principles, it would tend to unite the de
mocratic party more than any other measure that could
be adapted.? A'. Y. Daily Newt.
Did not the friends of Democracy on the 20th Nov."
1834. through "organ at present distinguished by the
conlidcnce and favor of the administration" " clearly and
distinctly avow their principles" in relation to the St n
TRKasi'BV Svstkm, and denounced it as " disorganis
ing anil revolutionary, subversive of the fundamental
principles of the (internment and its entire practice
from 1789 iloicn to the day. And on what subject do
the friends of democracy differ now, hit (he Scb-tkk i
srFV System. And whose fault is it that the "organ
at present" Ac., and its partisans now disavow the prin
ciples they avowed in 18:14!
We humbly suggest to the Daily News, that in our
opinion, it is of much more imjiortancc to support
"principles," than to " aroic" them ; and that disavow
inptlicm.is as little likely to "unite the democratic
party" as " any other incasuro that could be adopted."
As a text to the article from which we have quoted
the preceding paragraph, we find the following, anion?
other " democratic, principles" extiactcd from Jeffer
son's Inaugural Address t
" Absolute acquiescence in the decisions of the MA
JORITY, the vital principle of Republics, from which
there is no appeal but lo force?the vital principle and
immediate parent of Despotism."
Is this " vital principle" acquiesced in now relative
to the St'n-TR*AseRY system, which was supported in
1831, if wc mistake not, by only 33 members of the
Home of Representatives out of210'
And wa* this " vital principle" acquiesced in last
March, when Mr Hive#' Currency Bill, (which i* r?J?
tally tijif/uMed to the SuL-lreatui y scheme) was p*s?ed
by a vole of 41 lo ft ill the Senate, and 43 to ft'J in tbe
House, and pocketed by the President 1
We go for the surrorr not for the avowal and
disavowal of principles.
We are lold tbaf lieretofore we h^ve been at variance
with the Globe, ?? u*til rHK kkcknt union."
What union !?'I Iu Hf/uimtr.
The uiuon of " divorce "
Hbnkv M. Jkmibon, Frederic city, Md is agent for
the Madiaoniun, in and for that city and county.
"Philo Fiacua" ia unavoidably deferred until our
Mr. RIVES' SPEECH.?3'he conclusion of this
able Speech, which w ill be found in our paper to
day, treats particularly oflhe Sub-Treasury System.
Vj T he pamphlet edition will be published to
day, and ready lor delivery.
Mr. TALt-MAnoe'a Spekch.?The statesman like
viewa of thin able and eloquent apecch will come home
to the business and bosom of every man in the com
It/The pamphlet edition will be published on Mon
The packet ship England, Captain Waite, arrived at
New York, on Thursday, from Liverpool, whence she
sailed on the 3d ultimo.
The cotton market, says the N. Y. Commercial Ad
vertiser, was brisk in Liverpool, and had advanced in
price, a farthing per pound.
The King and Queen of Belgium. have arrived in
London, to pay a visit to Queen Victoria.
The money market was quiet in Loudon, and money
was plenty.
Mr. Stevenson, the American Minister, has arrived
in town from Kamsgate.
The newa from Spain is unfavorable to the cause of
the Queen.
Thursoay, Oct. ft.
Mr. M'KEAN and Mr PREN I'lSS presented re
monstrances against the admission of Texas.
On motion of Mr LINN, it was ordered that when
the Senate adjourns, it adjourn to meet on Monday
Mr. ROBINSON, from the Committee on the Post
Office and Post Roads, reported the joint resolution re
quiring the |>osiiiges to be paid in advance on letters
sent by the Express mail, without amendment.
Mr LINN laid on tho table a resolution requiring
the Secretary of the Senate to transmit further docu
ments to the delegate from Wisconsin, and
On motion of Mr. LINN,
The Senate adjourned till Monday.
Wednesday Evening, October 4.
The House, on meeting in the evening session,
went into Committe of the Whole on the state of
the Union, Mr. CONNOR in the chair, and resum
ed the consideration of the " bill toauihorise the is
suing of Treasury notes," with the amendment to,
or substitute therefor, of Mr. Rheti.
Mr. DUNN briefly opposed the bill, and gave no
tice of his intention to submit an amendment, when
it was in order to do so.
The amendment of Mr. RHETT was disagreed
Mr. WILLIAMS, of North Carolina, also op
posed the bill.
Mr. DAWSON moved an amendment to restrict
the number of clerks to four, and limiting their com
pensation to 31*4)0 each.
Mr. CAMBRELENG had no objection to the
Mr. McKAY suggested the introduction of the
words " iH'r annum" which Mr. Dawson accepted
as a modification, and so modified, the amendment
was agreed to.
Mr. RIVES moved to strike out the second clause
of the bill, which provides that the notes should
bear interest. He explained, as (lie reason of his
motion, that he was in l'avor of the bill as originally
reported in the House from the committee of Ways
and Means, that bill not providing lhat the notes
should b;ar interest. [This was the main dis
tinction between the House and Senate bills;?
the latter making the notes bear interest, the former
Mr. SNYDER said he would vote for the amend
ment of the chairman of the Committe of Ways and
Means, if we were under the necessity of issuing
ten millions of paper money; for one, he thought it"
important that the paper should be of equal value
with specie, unless it is, the consequences will be
thai the issue of this paper will add to, in place of
diminishing, the evil which at present exists ; for,
disguise this as you may, it is a deb! which we are
involving the nation in to the amount of ten mil
lions of dollars. I have been in the habit of always
legislating in a manner that my constituents would
understand <my acts; hence I would much prefer a
loan of ten millions to the present proposed mode of
issuing warrants to that amount, mleemrble in one
year; for, depend upon it, if we keep our l'aith with
the Slates, we have ten millions to pay them in
1839. There is now a deficit in the Treasury of
two millions and upwards, this, together with the or
dinary expenditure of the Government, will con
sume all the revenue of the next year; and at the end
of that time, the money must b,? raised to redeem
the warrants, and rest assured that the people will
understand it, when they are called upon to pay it.?
It is objected to, that if these warrants bear interest,
they will be anxiously sought for, and being more
valuable than specie, they will be locked tin and
withheld from circulation. Admit this, It will take
ten millions of specie or its equivalent to withdraw
from circulation the warrants, thus adding to the
means of the banks to resume specie payment. Not
("fnlv 'he wants of the people, but the character of
"the Government, imperiously demands that we
should issue none other than a circulating medium
which would relieve the deranged state of the cur
rency, and have'an equal value with specie. I re
peat sir, I would prefer a loan to the odium of issu
ing a paper currency, not based on a specie capital,
and which the taxes of our constituents must in the
end nay.
Tne amendment was further bricflv discussed bv
Mr. CHAMBERS, of Kentucky, moved that the
committee rise, but subsequently withdrew the mo
Mr. BELL suggested that the question b? taken
'on the several amendments, the bill laid aside to be
reported, and the further discussion be had in ihe
House. He was also willing that all the bills should
b ? reported early, except the last, (the Sub treasury
Mr. t'NDERWOOD gave notice of a substitute
he intended to oiler, containing two propositions: I.
To authorize a sale, at ]>ar, of (he b mds upon -the
Pennsylvania Bank of the United States; and '2.
that il (he Secretary <)f the Treasury cannot sell
? those bonds, that he borrow the same amount of
money, (viz. $6,500.0()0,) at a rale of interest not
exceeding six per cent. |>er annum;
Afier some remarks from Messrs. Rives. Holscv,
Mi Kean, Dunn, Cambreleng, Robertson, Tillmore,
Chambers, Wise, Johnson of Maine, Duncan and
Orennell, the committee rose and the bill and amend
ments were reported to the House.
The House then adj'd.
Tiu RBnAr, Oct. 5.
Mr. IIAYNES submitted a motion to reconsider
the following resolution adopted on yesterday; which
motion was entered and lies over :
Hrsolml, That the Secretary of the Navy be re
quested to communicate to this House the cause of
the detention in the sailing of the Exploring squad
ron, together wi'h the correspondence between the
Department and the commander, and other officers
or persons who are now, or have been a' a,,y of"0!
attac hed to lhat service ; and also report what amount
of the appropriation made bv Congress for that pu' -
pose, has been expended, and whether an additional
sum will not be required, wilhin a short penud, to
carrv on the expedition.
Mr HOWARD submitted a motion to print ten
thousand exira copies of ihe correspondence in rela
tion to the Mexican b .nnd irv ; Which was agreed to.
Mr. ADAMS then moved that the same number
of the Brazilian correspondence be printed; which
was agreed to.
national bask.
The House then proceeded to the consideration of
the following resolution, reported trora ihe Coin in it
tee of Ways and Means, on the 25th inst., it being
the business next in order.
Resolved, That it is inexpedient to charter a nation
al bank.
Mr. WISE had moved to amend this resolution,
by adding thereto, the following, "at this tinie
" And be it further resolved, that it will be expe
dient to establish a national bank whenever there is
a clear manifestation of public sentiment in favor of
such a measure."
The question pending was the motion of Mr. Ser
jeant to commit the resolution to the Committee of
tne Whole on 'he state of the Union.
Mr BYNUM made some remarks in support of
the resolution, and in opposition to the ir xioii to
Mr. CU8HMAN moved the previous question.
Altera call of the House, the previous question
was seconded, and the main question was ordered to
be put.
Mr. OI.ARK inquired if it would now be in or
der to move to lay the subject over until to-tnorrow.
The Chair replied that it would n<it b^ in order,
the main question being ordered to be note put.
The main question was then reported as follows:
It's aired, That it is inexpedient to charter a Nar
t ion a I Bank.
Mr. WISE called for the yens and nays on the
main question, which were ordered, and were?yeas
133, nays91, as follows:
YEAS?Messrs Anderson, Andrews, Atherton,
Beattv, Beirne, Bicknell, Birdsall, Bond, B?uldin,
Brod head, Bruvn, Buchanan, Bynum, Canibreleng,
T. J. Carter, Casey, Chapman, Cilley, Claiborne,
Clark, Cleveland, Clowney, Coles, Connor, Craig,
Crary, Cushman, Dawson, Davee. Droingoole, Dun
can, Edwards, Elmore, Fairfield, Isaac Fletcher,
Fry, Gallup, Gholson, Glascock. Grantland, Gray,
Gritfin, Haley, Hammond, Hamer, Harrison,
Hawkins, Haynes, Holsey, Holt, Hopkins, Howard,
Httbley, William H. Hunter, Robert M. T. Hunter,
Ingham, Thomas B. Jackson, Jabez Jackson, Joseph
Johnson, Nathaniel Jones, John W. Jones, Kilgore,
Klingensmith, Leg.ire, Leadbetter, Lewis, Logan,
Arphaxed Loomis, Lyon, Mallorv, James M. Ma
son, Martin, M'Kav, A. McC'lellan, McClure,
McKiin, Miller, Montgomery, Moore, Morgan,
Matthias Morris, Samuel W Morris, Muhlenberg,
Noble, Ogle, Owens, Palmer, Partnenter, Patton,
Paynler, Pcnnybieker, Petriken, Phelps, Pickens,
Plutner, Potter, Pratt, Prentiss, Reilv, Rhett, Rives,
Rob.-rtson, Sheffer, Shields, Shipler, Smith, Snyder,
Spencer, Stewart, Taliaferro, Taylor, Thomas,
Thompson, Titus, Toucey, Towns, Turnev, Van
derveer, Wagener, Webster, Thomas T. Whittle
sey, Jared W. Williams, Worthington, and Yell?
NAYS?Messrs. Adams, Heman Allen, John W.
Allen, Aycrigg, Bell, Biddle, Borden, William B.
Calhoun, John Calhoon, William B Campbell,
Chambers, Cheatham, Childs, Corwin, Cranston,
Crockett, Curtis, Cushing, Darlington, Davie*, De
berry, Dennis, Dunn, Everett, Ewing, Richard
Fletcher, Filmore, Rice Garland, Goode, James
Graham, William Graham, Graves, Grennell. Hall,
Halstead. Harlan, Harper, Hawes, Henry, Herod,
Jenifer, Henry Johnson, William Cost Johnson,
Lawler, Lincoln, Andrew W. Loomis, Mavin,
Simson Mason, Maury, May, Maxwell, McKennan,
Menefee, Mercer, Millig.in, Calvary Morris, Nay
lor, Patterson, Pearce, Peek, Phillips, Pope, Potts,
Rariden, Randolph, Reed, Rencher, Ridgway, Rum
sev, Russell, Sergeant, Augustine H. Shepperd,
Charles Shepard. Sibley. Slade, Southgate, S';-nlev,
Stratum, Tillinghast, Toland, Underwood, Albert S.
White, John White, Elisha Whittlesey, Lewis
Williams, Sherrod Willi.tms, Joseph Williams,
Christopher H. Williams, Wise, and Yorke?91.
So the resolution was agreed to.
treasury notes.
The House took up for consideration the bill and
amendments, reported from the Committee of the
Whole, to authorise the issue of Treasury notes.
Mr. RHETT renewed the amendment which he
offered in the Committee, to add the words "or bills
receivable" after Treasury notes, and spoke at more
length on the subject.
Mr. FLETCHER, of Mass., opposed the bill at
Messrs. CUSHING and CROCKETT followed,
and at half past two o'clock the House took a recess.
In the evening session, the subject was resumed,
and the debate was continued till B o'clock, when,
without taking any question,
The House adjourned.
Friday, Oct. G.
The Senate did not sit to-day.
In the House of Representatives, Mr. HAYNES
withdrew the motion which he yesterday offered, to
reconsider the resolution relative to the Exploring
expedition to the South Seas.
The bill to continue in force till the end of the
next session, certain laws about to expire, was con
sidered and ordered to a third reading.
The resolution heretofore offered bv Mr. Wise,
for an inquiry into the causes of the delays, failures,
and expenditures of the Florida War, by a select
committee, to be appointed bv billot, was taken up.
Mr. LOOMIS spoke in defence of his predecessor,
(Mr. Mann,) from the charges brought against him,
as a member of the majority of the committee of in
vestigation, of the last year, by Mr. Wise.
Mr. WISE replied, and went, at length, into some
details of abuses committed in the course oi the Flo
rida campaigns. So far from there being any danger
in giving a committee the power to send for persons
and papers, this House, with all its power, would
never bring to light, one-tenth of the abuses which
now characterized this war.
Mr. HOWARD spoke in support of an investiga
tion, bv the committee on military affairs.
Mr. aLASCOCK was in favor of an investiga
tion by a select committee, to bo appointed by tne
Chair, as usual, but not with power to sit during the
Mr. ADAMS spoke briefly on the subject. He
congratulated the House upon the re-appearance of
this resolution, which he compared to Charri's
stream, in Greece, which,after diving under ground,
and disappearing for a while, rose again in view.
He replied to Mr. Howard's argument in favor of
commuting the investigation to the committee on
military affairs. That committee was composed al
most exclusively of members from the southern and
western States, and consisted, with one exception, of
members of the Administration. In the midst of this
Florida war, which had cost so many millions, not a
single individual from the northern "and eastern
Stiites was placed ujKin that committee. Had that
portion of the country no interest in this war? Had
not much of their money been wasted in it 7 He
urged several arguments in support of the proposi
tion to appoint the committee by b'lllot. The Sjieak
er, he was convinced, irtniht nof appoint an impartial
committee. His experience in this House had also
convinced him that committees of investigation,
constituted on party principles, were* of little value.
In relation to this particular subject of Indian affairs,
he had also found it to be more difficult to get an
inquiry, than in reference to anv thing else Every
attempt at such an inquiry had failed. The subject
was tit one time referred, by resolution, to the com
mittee on Indian affairs; and Mr. Bell, from that
committee, asked leave to continue the investigation
during the recess, but the House refused to ijive them
permission, by t-h* Speaker's cmling vote. '1 his was
one example of the Speaker's disposition on this
subject. He referred also to the reception given by
the House to the memorials from the citizen* of the
south west, asking an investigation of the causes of
the hostilities of the Creeks, as a part of the disposi
tion of the House to get rid of such an investigation.
The House referred that memorial to the President
of the United States, from whom nothing was ever
heard of about it ' , ,
Mr. CAMBRELENQ called for the orders, and
they were taken up.
treasury notes. ?
The House resumed the consideration of 'he bill
to authorize the issue of Treasury notes T[het ques
tion b-ing on the amendment offered b> i It Under
wood, to authorize the stile of the bonds due to the
Government from the Bank of the I mt> <1 Slates, for
the supply of the deficiency in the Treasury, as a
si.Wit 1 for the issue of Treasury notes.
Mr BOND spoke against the bill, and for the
amendment. ^ , . ....
vfr M KIM supported the bill.
Mr CUSlllNG spoke, at length, in opposition to
1,1 At half past two, the House took a recess.
ilfANTFD IMMKDIATI l.Y a [?r?>n to net in the
\Y capacity of Matron and Teacher, at the Waahmg.
t<m (Iity Orphan Aavl'ii" Application to be made until
the 10th of till* month, at anv hour Iw lore 12 o'clock, to
Mrs. Laurie, Mr*, lfawley, Mra. O. P. Brown, or Mm.
Col. Ilenderaon.
Oct. 5. 2tl9
"IVl vania A venue, opjamitn the Centre Market. Per
son* visiting Washington can )>e comfortably entertained
bv the day or week.
'(.let. 6. tf!9

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