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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, October 17, 1837, Image 1

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Thk Madisosciak i* published Tri-weekly during the
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delineated >>v Mr Mad. 0.1, and will ami to consummate
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cated by the general autlWage. ssassential to tbe peace
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iruws of despondency ; the general government is
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neoi.lc as the' dircct cause of llieir difficulties ; open
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spirit of insubordination is fostered, as a necessary
licfcuce 10 the pretended usurpations of the party in
oo.ver. some, from whom better things were hoped, are
making tho ?' 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
barrassinents, it is feared that many ol the less hrm of
the friends of tho administration and supporter. 01
democratic principles are wavering 111 their confidence,
and beginning, without just cause, to * lew with distrust
those men to whom they have been long attached, and
whose elevation they have laboured to promote Irom
honest and patriotic motives. Exulting m the anticipa
tion of dismay and confusion amongst the supporters ol
the administration as the consequence of these things,
the opposition arc consoling themselves with tho ulea
that Mr. Van Huron's friends, as a national party, aie
vetgmg to dissolution ; and they allow no opportunity 10
pass unimproved to give eclat to their own doctrines.
Thev are, indeed, maturing plans for their own liiturc
government of the country, with seeming conhdence of
certain success.
This confidence is increased bv the fact, that visionary
theories, and an unwise adherence lo the plan lor an
exclusive metallic currency have unfortunately carried
so.ne beyond the actual ami true policy of the govern
ment; and, by impairing public, confidence in the credit
system, which ought to lie preserved and regulated, but
11'ot destroyed, have tended to increase the difficulties
under which the country is now labouring. All these
seem to indicate the necessity of a new organ at the
seat ol government, to be established upon sound prin
ciples, and to represent faithfully, and not to dictate, the
real policy of the administration, and the true sentiments,
measures, and interests, of the great body of its sup
porter.!. The necessity also appears of the adoption ol
more conservative principles than the conduct of those
seems to indicate who seek to remedy abuses by de
stroying the institutions with which they are found con
nected Indeed some measure of contribution is deemed
essential to the enhancement of our own self-respect at
home, and to the promotion ol the honor and credit of
the nation abroad.
To inect lhr?e indications this undertaking his been
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Or evil passions. It w^ll rely invariably upon the prin
ciple, that the,strength and security ol American insti
tutions depend upon the intelligence and virtue of the
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its intention be accomplished, and our primary rule
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Approbation, advisement, and pledged support of uianv
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Wamiinoton Citv. D C. July, 181)7
I'M IE ST'BSCHIBEHS, having leased the Exclmnirc
Hotel, (late Tngi-Vs,) and havintt fitted it up m first
rate stvie, will lie prepared to receive visiters on M( 1V
PAY the '.llli inst The location ol the house, lieint! with
in a lew minutes walk ofthe depot ol the Baltimore and
< 'loo, V\ ashiu^toii and Baltimore, and Philadelphia U.i I
roads, as well as the Steamboat to Philadelphia, Norfolk,
and Charleston, S makes it a desirable place to all
travellers goin^ to either section of the country. Tins
HUT EL attached to tin Exchange Buildings in this city,
has been i-reeled and furnished at a great cost by the pro
prietors, and is designed to be a first rate hotel, it is
the intention of the subscribers to make it for comfort, re
spectability, \e vVc., equal to any house 111 the Tinted
Slate* 'I lie undersigned flatter themselves that they
need only promise to all who may patronise tbe establish
ment, that their best efforts shall be exerted to please, and
at enarges which they hope will meet their approba
Baltimme, Oct ?, 1S;)7. Iw'21
E I t UN|.sll|\0 (i(it)DS..?We have b>r
5<> pinces ingrain carpeting, which we will sell low.
M do Brussels.
tij do 5-1, 6-1, 10-t. and \2-t l.incn Sheetings.
MO do 7-1, M-1 D'arns'v Di tp, r?
f t. 10-4 and !KM fine Table Cloths.
Napkins to match.
i bale Russia Diaper.
I bale w ule Crash.
Also, .'ill Marseilles Quills.
S, p 'I?It w 2 w
MRS Fa*<.B'S BC)AIDING 1 lOESE, on "FT,\.
. uhu.i A\ ??line, opposite tbe Cent,re Markil per
sons s 1 vitnm W ellington ca.i !>e comfortably inti rtuim 1
by tlit- day or wu?k.
IM & tL)0
1T7ILL DR PUBLISHED on Mondav next. No 1 of
MOCRATIC REVIKW, with ft full length engraving in
copper of Col. IImM tddnmiaj the Svuule?lifter a fine
?k?tcli by Feudericb.
1. Introduction. The Democratic Principle?
The importance of its uamioit, and ?p
plication to our political ?ystem ?nd lite
rature. ? I
I IV Batlle-Field. By YV'iu, Cullru Bryant. 15
3. Na'haniel Macon. ? 17
4. Autumn. By Mr* K. L. Fullun. ? 27
5. Th?' Constitution Oak 2S
0. The Toll-Gatherer's D.*y, a Sketch of Tran
sitory Life. By the Author of "Twiee
T'.hl Tale*." 31
7. The Worth of Woman. From the German
of Schiller. 35
8. Mexican Antiquities of Palenqtu- anil Mit
lan, in the Province* of Chiapa ami
'J. Palestine, An Ode. By J. G. Whittier. 47
10. Miriam, a Dramatic Poem, ... 49
11. Sturm St an in*. C7
13. Glances at Conirrcs*. by a Reporter, No. I.
?The Extra Session?the American I'nion
?the Halt of the House?the Speaker
Henry A. V\ ise?-Eli Moore?Caleb Cusli
ing?John Quincy Adams?C. C. Ciuuhru
leng?Ogden Hoffman.
13. Enigma. By A. H. Everett, Es<j., Boston,
M assachusetta.
14. Political Portraits, with the pen and pencil.
No. 1. Thomas Hart Benton. [With
an engraving.] ? . ' . . . 82
13. Epitaph. Kroni the Greek Anthology. 90
10. European Views of Aoiciii an Democracy.
De Tocipieville. 90
17. The River. ......
15. The Moral of the Crisis.
19. Retrospective view of European Politics.
(Introductory Article to the Historical Regutrr of ICurojmni
The system pursued at the Congress of Vienna?Its in
fluence on France?England in 1815 and IK35.?
FRANCK. Gain in Democratic Liberty since the Re
volution?I?uis Phillip*'?Boerue on Liberty. GER
MANY. Policy and effect of alailishiitg the Empire.
PRUSSIA. lis [Kilicy and influence?The tariff union
and currency?Philosophy of the Germans?School
system? Military organization?Municipal government.
AUSTRIA. Its internal condition and political posi
tion? Hungarian diet?and Baron Wesseleny. MI
Polish Revolution. SPAIN AND PORTUGAL
an influence?Fortifications of llrixen. RI'SSIA.
Probabilities of collision with England?Consequence
of the ascendency of the Democratic principle in Eng
Office of the U. S. Magazine and Democratic, Review
corncr of 10th and E streets, Washington. 3t?23
[N. Y Eve. Post and Com. Adv.]
PLUMBER'S BUSINESS.?The subscriber, from
Baltimore, takes this method of informing the citizens
of Washington and vicinity, that he will remain a few days,
and make arrangements for undertaking any of the follow
ing kinds of work in his line of business, viz. The erect
ing of Water Closets, Force or Lift Pumps, Baths, hot or
cold, fitted in a superior manner, the conveying of water
from sprint's to dwellings, and through the different apart
ments, draining nuarries or any kind of lead work. He
can be seen at Mr. Woodward's.
N B.?He has w ith him a few Beer hud Cider Pumps,
to lie seen as above.
Berwecn 10th and 1 Ith Ms., Penn. Avenue.
Oct. 18?23
40 South Charles St., Baltimore,
HAS just received and is now opening, five hundred
and tarty package* of the above description ol goods,
adapted for the Southern and Western markets?Cou
stantlyon hand, English, Iron Stone, and'Granite China,
suitable for extensive hotels and steamlioats?all of which
will lie sold on as favorable terms as can be bought in any
city in the Union,
Oct. 10. tf22
SAMUEL HEINECKE informs his frienda and the
public, that he has taken a room four doors north ol
Doctor (iunton's apothecary store, on ninth street, where
he will carry on his business. He feels confident, from
his long experience in cutting all kinds of garments, that
general satisfaction will be given to such as may favor
linn with their custom. sep 23 3law3w
A.deluded remnant of a gallant people still defy |
the power of the United States. The Seminole* i
have not surrendered, and refuse to lay down their j
This contest, howsoever diminutive the scale, is |
made, by many considerations, a national war, and
national honor demands a naiion-il effort to bring ii I
to a speedy issue. Except in the persons of a few of
her g-tllant sons who belong to the standing army,
Virginia has supplied no part of the forces hitherto
employed agtinsi the Seminole*. I httve tendered
myself to the United S ates, to command such force
as may b? raised in the Commonwealth, and I
appeal to your hereditary patriotism to unite with
mo iti the approaching campaign. The co-operation
of live companies is wanted?to name that so little
aid is desired of you, is but, I hope, to have it prof
fered. Decision "and activity are requisite, the season
for active operati >ns is near at hand, and time is an
invaluable element "in a Southern campaign.
Una. GeiU., 5th Virginia Brigade.
IVarrenton, Fauquier, Ya. 'ith Oct., 1HIJ7.
N. 11.?Each company will consist of I Captain;
1 Firsi Lieutenant; 1 Second Lieutenant; I Ser
geants; 4 Corporals; and not less than <> 1, nor more
thm 100 privates. Commissioned officers to be
elected by their companies, and commissioned by the
Governor. Term of service, six months, unless
sooner discharged. As soon as a company is raised
an officer of the United Suites army will muster ii
into service. Communications to b* addressed to
ok rue
\ E W Y O 11 K K E V I E W
at' a nt k it i? v <? iir n c n jorn jiai,.
THE plan of this Publication embraces extended ro
views of important works, and discussions of impor
tant subjects in every department of literature and think
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It proposes, also, a brief annlyticnlsurvey ol the literary
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itulii'ations of their character and \alue in their respective
(leiin i t ments.
It embraces, likewise, n register of the most important
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ticularly in rclcrence to the stale and progress ol the
The oBJKt'T of the whole work is to exhibit, as far as
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A11angements have been made to secure the aid of the
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'/'trim.?The work w ill contain an average of 250 pages
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lull Ii .
Oct .5.
29nt Acoi'sT, IN37
\T the regular meeting of the Board thm dny, present,
the President and nine 01 the Directors, it was una
lir,?t,?l, 1st That on and after the first of Septcmlier
ne?t the notes of this Bank tie redeemed in specie.
2d. That all deposites remaining undrawn, (the same
having neatly all been received since the suspension of
specie payments,) and all luture deposites. other than
such as in iv l>e made in specie, and lie at the time so en
tered, he pay a! i|<* in notes current in the District of t o
3*1. That all collections for Banks ami individual*, anil
all curtails, be ree*.(vi d in tiote* enrreni a* aliovc ; and
that all sums so collected be paid in like funds.
W. GUN TON, President.
JAS ADA Mai. CukUisi ctwlU
(hi thtf bill imposing fitlditioiuil duti?9t&$ tlf'po$it(irit$,
in certain cusrt, on I'allic Officeri.
the Senate oj tU I niied SUitel, Septcmter Si, 1MJ7.
[Coucluihd ]
Mi K said the Utter part of thn second proposition.
and (Wc whole of the third, seemed to bo esiabhshed by
inference from tlie positions already established, and too
proof# already adduced. The only further proof that
could be deemed necessary on these pointi, waa to es
tablish thu fact that at the very time we were importing
large sums of specie under the encouragement of the
wise policy of the Executive, as it was called, we were
enormously indebted, not only on a commercial balance,
but also for money burrowed m the very face ol this
commercial balance against ua.
Mr K. said, it here again became his unpleasant duty
to prove that the President was mis la ken in his estimate
of ihe amount of o ir foreign debt. It was important to
notice this mistake with another view. We would no!
act in reference 10 our true situation a* debtors, if w<
believed we owed nothing The President gives the
rstimato of our foreign debt in March last, at Unity mil
lions of dollars The President could have had no un
worthy object in this imtk*r estimate; but still it i? a
mistake, anil one that should be noticed and corrected
If th>' estimate of the President were correct, the debt
had evidently been paid, and over paid. He had seen
an estimate more than two mouths ago, which seoiiK'd
reasonable, and probable in all its details, whic h esti
mated the liquidation of our foreign debt since the sus
pension of s|>eci? payments at $32,000.000 \\ e had
been remitting specie, and exchange, and shipping cot
ton ever since ; and he had not the slightest idea that
we had paid and liquidated in different ways, since
March last, less than forty-five, and perhaps fifty mil
lions of dollars; and vet we find the exchanges heavily
against us He hoped, then, our banks would not begin
to expand, and our people to overtrade, on the presump
tion that Europe waa ludehti d to us
Mr K. snd no one could pretend to accuracy as to
the amount of our foreign debt in March last, but lie
thought he could satisfy the Senate that if every species
of obligation were taken into account, it was much
nearer one hundred and thirty millions of dollars.
Mr. K then proceeded to furnish the Senate with
such evidence as he had to offer on this subject In
the lirat place, he look the commercial balance alone for
the year 1830, as reported by the Secretary ol the I rea
surv, at upwards of sixty millions. It seemed, by the
report furnished at this session by the Secretary, that he
estimated the commercial balance which remained as a
foreign debt, at over thirty millions ; and perhaps this
statement misled the President, who took the Secreta
ry's commercial balance ol one year lor the entire ba
lance Bt the period referred to. He thought, however,
that the Secretary was mistaken even as to this com- |
mercial balance for 1836 He seemed to have deduct- |
ed thirty millions from the sixty, (as Mr K supposed,) j
for our share of the profit# of trade. Mr. K. thought j
not a cent should he deducted. W e had it from English j
accounts, and had too much reason to believe the
that the principal articles of American exports declined
from 30 to 40 per cent, between July, 1836, and April, |
1837. He believed, then, we had lost on our exports
the full amount of profit, and perhaps more ; and that
the gross amount of balance might safely be estimated
as a foreign debt against us for the year 1836 alone.
Mr K then proceeded to show the amount of money
we had borrowed in Europe in the space of one year
ending in the fall of 1836 As Europe owed us nothing
on an exchan e of commodities, of course the amount j
of specie (bevond that inclndrd in the statement ol nil
ports) which we obtained from them, must have been
obtained on credit, in some form or other It was im
possible to get at any thin-,' hke correct official informa
tion on this subject. As there was no duty or prohibi
tion cither on exports or iuyiorts of specie, there was ,
but little attention paid to it at custom-houses either in |
Europe or America. I.arge bankers, whose business
gives them an interest, as well as knowledge of loans
and specie shipments, were the only class from which I
much information could Ik? obtained, and they rarely
knew of any except large and notorious transactions. A
statement made by Mr Fayott, of Paris, a man ol great (
research and many opportunities, lie believed as much .
10 be relied on as any other This statement was made j
in the latter part (if he mistook not) ol 1836. and pur- j
ported to be an estimate of the specie shipped from Eu
rope to America during the year preceding the state
ment. This statement Mr K read, as follows :
Statement from Frederick Fayott'* essay, published in
Paris, in 1836. of the amount of specie shipped from (
Kurope to America in one year previous to the date |
of the essay. |
England, from documentary evidence, say ?6,041,666
Holland, two loans, forming together
?2.500,000, one-half shipped in oqo i
specie, . ? ? ? ? '*"> ' |
Iri France, the indemnity 18.000.000
francs, and Ilottingeuf loan 14,
000,000, together . ? ______
?8,621,91)9 !
If the above statement be correct, (and it was ccr
tainlv more hkelv to be under than ove; the Uue amount.)
we had imported near forty millions of dollars in one
year, besides the indemnity, which, if the lawa ol trade
had been allowed a free operation, would have been
more profitably drawn for than ....portedAd.ling he
above sum to the commercial balance of 60 000,000,
and we had evidence of about 100,000.000, less only
the specie included in imports. In addition to this, it
was well known, he said, that we had been issuing cre
dits to a greater or less extent ever since the commence,
incut of 1834, and the entire foreign debt might aalely
be put down at much more than 100,000,000 in larcu
last The debt being established, it follows that the
state of our foreign exchanges have been false and de
lusive, and, having been effected by the use ol credit.
have been no indication of the true balance of trade on
a fair exchange of commodities ; credit having the same
effect on the exchanges as the exportation ol an equal
value in coui,nodit.es. Mr. K however, concluded this
branch of the subject by adding tliat it would not be ne
cessary to pay tiic whole dibt before exchanges would
he equalized ; a very large portion ol it having
cd the form of investments, on which we should only
have to pav the interest ; and, moreover, the nature ol
the commerce between the two countries will bear a
very considerable foreign debt against ua, without allect
uiL' the exchanges ,
l^lr K said that he hoped he had proven to the satis
faction of the Senate, that the causes of the present
distress were not common to other commercial coun
tries, which, iu fact, had suffered only by tneir connec
tion with us They had not over-traded, over-issued,
nor had any speculative rise iu prices similar to our own
The causes, then, must be located in our own country ,
and Mr lv said he would endeavor to explain when,
how. and by what agency they originated here.
He then went back to the removal ol the deposites in
1833?a measure that he had frequently stH)ken of be
fore, as having been productive ol much mischief, and
?o counterbalancing irood. He had briefly noticed its
agency in bringing the country into us then present on
duion at the last aesston and every pred.ct..n >o
made had become true. ai\d < ncli cause had operated
the manner there slated, so lar as they had been since
developed He would only now say of it what all ad
mitted'-that u produced a panic which greatly depreci
ated evcrv article of home consumption in the latter
part of 1833 and part of 1834. wlnlst the price of our
exports was not affected by the measure m the foreign
market. The immediate effect was a rise in our foreign
exchanges, and twelve or Ion,teen millions of apec c
poun d in upon us. Thisellect was not ..it.cqwted by
he President as we could see by an exposition of his
view, whtm the measure adopted. He had no more ,
,dea of bringing specie .ban he had of bringing Undo.,
to \meri. a. by the removal ol the deposites Vet the
friends of the measure immediately boasted of it as one
of the h.ippv results of that wise measure, from which
country Well. sir. the cuirency was a ready full, it
not redundant; and that this specie, thus a'lddenl.v
forced ... upon us by violently striking down the value
oi home consumption, would displace an equ.l au.oum ,
of paper circulating in good credit, was one of those
stran-'e experimental notions by which people unac
quainted with the subject have be9n deluded, and jur ,
?,nances ruined. P*per must nrst be ex|? lied, and then
specie will fill the vacuum, by a law of currency.
pulsion must precede, and cannot, under such circum
stance* be extiecied to follow, the .ntroducl.on ol spe
ine wluct instead ol expelling paper, will become .he
has',, of further issues by banks, .1 they be Ml <mo ?
trolled by auv restricting or regulating power. Accord
I,i|>1v. much of this specie went into banks, or was col
lect. d together in the formation of. new banks t ?
whole com in io expand, and produce a .pCLul?U?
r;? iu prices, which, by .a reciprocating opeiatwu, pro
duced Kill farther expansions, by a well-known law of
finance This, of count?, produced speculation at home
?rid heavy importations from abroad, which at last even
extended to the necessaries of life. Our people lieing
intoxicated by tins delusive prosperity, every apccies of
property was embraced in the wid? range ot specula- >
(ton, winch speed ly reached the public lands. Every
one seeim d to think it much easier to gpt rich by spe
culating inland than by cultivating it; and by Iaigc
land (ales, added to Heavy importations, soon pioluctd
an enormous surplus in the Treasury, which was distii
buted m a great number of bank*. There was a great
anxiety to recommend state de|?osilories to the people,
ai d reconcile them to the loss of the United Slates
IJ nik, bv proving that institution to bo unnecessary,
and accordingly they were stimulated to accommodate
the community by llm use of the public funds. In tins
way banks were multiplied, paper issues were multipli
ed, speculations were stimulated, and produced Hut
bloated and diseased condition which began to manliest
Itsell lu (lie ^ miner of 1 *?!'].
li may be necessary in this connection more particu
larly to notice the means b, winch wo we.-. enabled so
lontj to keep up tills forcing process, and prevent an
earlier reaction by the operation of our foreign debt ?
This was plain enough, when the facts were known,
tho igh it h id continued long to puzzle the bc-t finan
ciers of Europe. The natural effect of the general spe
culative rise of prices here, from a redundancy of our
currency and credit, was to depreciate our foreign el
changes, and produce a call for the balance of our fo
reign debt. Vet we prevented this, by sending them
bonds, bank shares, stale stocks, and credits of various
dc?cri|>tioiM, to a greater amount than we owed them.
Uy these means we raised our own exchanges and de
preciated theirs, which drained thern of itinr bullion,
(as before intimated,) by means of the credits they ex
tended to us Tliese speculation* at home had produc
ed almost an unlimited demand for money, and wo
would take all their cash, as well as all their commodi
ties, and overbid their own capitalists to get them, pro
vided we could make the operation on credit Tims
we continued inverting the taws of trade, and utterly
confounding the bank directors and capitalists of Eng
land, until the summer of 183ft We find tti.it the bank
directors then made the discovery that the United Slates
had been draining them of their gold "on credit," and
they look steps to prevent it, by increasing the rate of
interest in June to -1 1-2, and in August to 5 percent.
I.i t us now return to the United States. In June,
1N3(>, the ruin threatened bv so large an accumula
tion of the public money, and the uses that were
made of it, and the unsound stale of the currency
generally, was so manifest that all parties uulted lit
the opinion that something must be done with it. Af
ter full discussion and great deliberation, Congress,
with uncommon unanimity, adopteil the law to distri- ;
bote the de|M>?iu>s among the Slates. Though no
measure t* free from objection, this was certainly the
wisest that could have been adopted in reference to (
the end proposed. It depleted the Treasury, and check- j
cd over-issues, bv a public law, with full notice, easy
terms anil ample time for its execution Tho Presi
dent was. unfortunately, opposed to it, and seetned
determined, not bnly to use every means to prevent
its efficiency, but to prevent its operation ou the west
ern and south-western deposite banks, which, in lact,
most needed its operation. With this view, he adopt
ed the famous specie circular?a sort of Order in Coun
cil?though the identical measure bad been a few days
before proposed as a legislative measure, and. with al
ino-t perfect unanimity, rejected by the Senate.
The principal?perhaps only object of this measure
was to safe from explosion some of the tottering depo
sile banks iu the west and south-west, when tliev should
be called upon to comply with the deposite law, and
surrender the public money. Ills object could not
have been to prevent over-issues, such an object be
ing inconsistent with his opposition to the deposite |
bill, which was certainly, of all others, the be?i con
ceived for that purpose. Whatever might have been
the motive, the measure was an unwise and uulortu
n>le one, deran.'iug the whole internal commerce of
the country, producing panic, breaking up exchanges,
and destroying credit, at the very time, of all others,
when the country should have been permitted to nuke
the best of its resources, without violence or sur
Mr. K ?aid he was sorrv to see his friends who had
voted against this Executive measure throughout, now
coming forward sanctifying an Executive triumph over
the legislative authority, by acknowledging their error j
His worthy friend from Connecticut had said that
though he had voted uniformly against it, yet that it
"might have done some good in saving the banks."?
Thu confession of his friend was, perhaps, u harmless
offering to Executive power; but as he did not approve
of such gratuitous benevolence at the co?l of consisten
cy, it a matter of such importance to the country, he |
must say to Ins friend that he entirely disagreed w ith
him, I lid must call ujkiii linn for some ol the beneficial
effecti of this wise and salutary measure. The Sena
tor himself told us in the next breath that the deposite ,
banks, and all other batiks are broken, ami that the
public money, both specie and paper, have become un- ,
available in their vaults. The patient is dead, and yet
the treatment is lauded If a quack, ir defiance ol all
remonstrances, continues his treatment, and the patient
dies, we may conjecture that he would have done no
behei'with a different treatment, or without treatment;
but hoir he cimld In ice dime iro/.vr, it is somewhat diffi
cult to conceive This measure, then, condemned try
the Senate, condemned bv the Cabinet, condemned by
the People, after full trial, condemned by the whole
legislative authority, and condemned by the strong e vi
dences of mischief'it has produced, is still persevered in
by the Executive, lauded for its " salutary effects," and
was referred to by one Senator (looking ut .Mr Den
ton) as " the glorious specie circular." [Mr lienton.
" Yes, tho ever-glorious specie circular."] Mr K.,
with great animation. Ah. ves, it is all glory ant) no
good ~ Where are the evidences of your glory ! Is
there any thing glorious in the present unhappy condi
tion of the country ' Your Uovcrumcnl insolvent and
disgraced Our people branded by foreigners as a na
tion of fraudulent bankrupts and swmdleis ; your liter- i
chants bankrupt; \our manufacturers languishing in
idleness and distress; your planters ruined, and two
thuds of the laboring population of the United Stales
threatened with actual itarcation. These are the evi
dences of the " salutary" effects of the measures we
are called on to gloiilv. Why, sir, the Senator must
have forgotten that glory has depreciated m the market,
l.ike paper currency, it has been redundant, and is now
almost as much below par, as rag money ; very much
for the sainc reason, too Ou examination, we luid that j
neither has had a very solid basis to rest upon I
So much (said Mr King) for the glory ol this order I
I now propose to take a more dispassionate, and better
reasoned view of it as a financial measure
The plain objection to the circular as a financial mea
sure is, that It did violence to all the laws of trade and
commerce hij the finable interference if the (intern
ment The easing operations ol exchanges, so useful
ami necessary in adjusting ascertained balances between
different sections of the country, were suddenly and vio
lently interrupted The useful admonition ot an unfa
vorable balance, as indicated by the exchanges, was not
only disregarded, but that halaift f maUy tncreaxid ?
The destructive tendency of such interference by Oo- j
vcrumeul in the commerce of the country has been n:
knowledged by the Senator from North Carolina (Mr j
Strange.) though I thought the principle might have
been better applied by him. Such measures produce
the same effects in the same way. whenever and wher
ever applied in a free commercial country ; always tak
ing the People bv surprise, and breaking up lite estab
lished oider ol things The business ol the country is
as effectually deranged and disorganised by such vio
lence as is tiie human system by Ihe destruction of tho
Commerce has its laws. The people study them,
and by study, obcservation and experience, become ac- i
quaiuted with them, to a very great extent, and make
their calculations and regulate their business accord
ingly. They always must greatly suffer when forcibly \
deprived ol these advantages ; and particularly if the
force be applied to a paper or rutx? <1 currency. Doubtless
the evils of a paper currency (though it has some advanta- !
ges) are very great I do not know, iu inatiy reaper ts,
mat they are over-estimated by the Senator from Mis- :
so-1ri I hope he, however, after the most fatal expert- i
etice to ihe country, will come to the conclusion that ^
the evils of the system can only be reached by a lcgi-ia- ,
live authority that can reach the xyxtcrn itself. It is ac- ;
kpowledgi'd we have i,o power over lite system, and j
vet, by this Executive la-dung ami fretting, and chas- (
Using, and torturing, wc keep the country and the cur- i
renry ina perpetual fever and fluctuation, giv ing us all
tin evil* of the system, without its advantages. Sir,
you might as well undertake to make a full grown In
tellectual man, with trowel and mortar, and regulate the
circulation of his bloud with a linker's tools, as to un
dertake to make a uuiforui standard of value of a paper
or tuned currency, and regulato lis functions, as luo- ,
ney, by llie continu&l tinkering slid the successive and
sudden application ut' foice 4>y the iron lund of-Govern
meilt. Xtr, ytm tan ! ilu ityou have neither the ma
terial* nor the law* for such a consuiiiiftauon. Von
may do infinite mischief but you will never do any j;ood
You in lv break up business, and ruin the tndu&iiiuua
clisses, but yoil will do no good to any class, except
such as know how to profit by confuaioa, and speculate
on tho iiiisfortiNie* of their fellow-men.
tie said at tliu very lime tint strange order was is
sued, exchange was already sufficiently high agaio?l the
South-wcat and West, to have made the. transmission
of specie a profitable operation. Tins_was aeeu by ihu
Senate when they with ?uch uuauimiiy refused lo take
the responsibility of the measure. 1 he eflect. as lore*
aeen was first to raise the exehantfea, and then break
them up W hy, air, aaid he, if the whole currency of
the country had been specie, any measure opposing the
force of (Jovi rnmcnt to the la-vs of trade, the practical
ell'e. t of which should be to require the actual transmis
sion of specie against the rule of exchange, would so f.ir
ilnuhle the exchanges, upon a mathematical prmciplo.
by requiring two transits of S|ncie instead of oue. So
true is the operation of tin t pru iple, that even an u>bi
trury requisition that the paper money alone of lite At
lantic seaboard should be received for public lands
would have produced a heavy effect u|<on the exchanges,
because in the exchanges it would liaie added to the
wrong side of the account
But, sir, when we come to tho actual operation ill
question; when we come not only to take money fro n
a point where it is due, and send it to a point from
which it is ow ing?lo take it from the creditor and send
it lo the debtor, but perform this rough and anti-com
mercial operation by taking away the very basis upw?i
which five-aixlhs of tho currency re?ts, yo i produce ef
fects that can never be arithmetically calculated, and of
which no adequate conception can be formed, except
bv wilnessirg the actual elfecU almosl immediately pro
duced l>o the measure on the commercial seaboard, and
those sections upon which the measure was intended
to operate An exact ratio would contract the wh ile
currency in llie inouey uiouey mirket, Irom wtucli the
specie is thus drawn, in the proportion in which paper is
based on specie, thereby contracting six millions lor
every one tins abstracted, if the pro|?ortiou be five pa
per dollars based on oue of specie Hut we all know
tliut such measures do not operate in an exact, but in a
loose ratio, from the af prehension, the confusion, panic, |
and alarm which they create, and the commercial re- j
sources which they cut off Tins measure cut oflf. to a j
great extent, the resources of the Atlantic merchants in j
the enormous amount of debt d ie them from the West j
and South-west, lor it not only unnaturally sent their j
money from them, but prevented anv coming to them.
Hut determining to have some fiiends lo the measure,
it has been insisted that although it mav have ruined the
Atlantic merchants, and done injury to creditors, vet it
was a great-blessing to the people ol the \\ est. I hese
people, however, it seems, are not so easily gulled by
these forced blessings, for, after a full trial of it, their
representatives with great unanimity, voted last session
10 repeal it The able speech of one of their representa
tives (Mr. Walker) at the last session, explained to us
llie nature and operation of this blessing, and the legis
latuie of his state had, by a resolution, unanimously sus
1,imed him. lie dd not know how grateful his friend
felt for these blessings forced upon hun by the Lxccu
live, and which had contributed so largely lo bankrupt
his constituents; but for himself, Mr. K said, (to use a
rustic phrase) he would not like to bvfannellal, even
with champagne.
But what was its " happy eflect upon the Vi est and
South-west, whilst it ruined the seaboard W as the
debtor aided whits' the creditor was oppressed Not
ut all. sir Whilst I his specie w?*on the voyage of Us
exile and after it reached the'depositc banks, so lar as
the commercial and planting interests were concerned,
it might as well have been buried in the middle of lhe
earth, or carried back to the mines of Mexico. Did
it aid the merchant in paying Ins Northern and hasten.
debts ! No ; it immediately increased the cost to him
of such payment, by increasing lh.> rale of exchange,
whilst, at the same time, it closed upon linn all the usual
resources of obtaining money. This increase in the rate
r,f exchange increased the danger of a demand upon
llie banks bv the merchants, whilst they h id also lo an
swer the demands of their bill-holders, who m.?ht want
t? purchase the public lands. What Northern exchange
thev had was soon,exhausted iu reducing their cireula
tion, whilst thev co .Id not prudently do any business
that would place their own issues in the hands ol the
business part of the community. Auaumt thr brnn
ucti part if ilu-. community. Uh mcr. nanti and plant
trs thru irert nuddetdy and ,factually cloned I hey
could not pav out paper for fear specie would be de
manded for it. for the reasons belorc named 1 lie)
could not pav out specie or discount for meichants, bc
cause the high rate of exchange and diflicnlty ol pro
curing it at any price would have started it back in
c ntv-four hours lo the section from which u li.id been
.aliirallv exiled. They could not pay out specie lo
iIn- planters, for thev owed the merchants, and its desti
nation would have been the same. f. then, they did
?,y business at all, thev must do it with the purchasers
uf the public lauds, in which they were secure of a re
turn ofihe specie deposites. Accordingly they favored
tins class of customers, in order to do any business at
,, ul| and the President himself. m Ins Message, relets
lo the circular operation bv which they^contracted man)
millions of debt upon ? few millions of specie; and > el
,ne popular catch lo recommend this measure haa been,
that it was aimed at land speculation .
The measure, Mr. K. said, seemed to have been
iltend. il with untniiiglied mischief. Even "belles
" public lands had in .si prob ,b!y b-eti .ncrease b
it 1, f .tv the suspension ol specie pav inents. I hen
kvis no ii.her way of accounting (or the hu\\
?itioan, of those sales, after Hie mania for^-ewja
urn hadalreidv begun to decline. Moniv b.catnc.
It-ar and diili. ult to procure ami all
in market very much culled and selec ed . T k d<
positc banks in the new Stales had bp n dr ot . U.1
II, .St exclusively to the use of speculators. btoie
stjiied and m ireover, a great numb-r were inductd !
o go into the business after the adoption ol ihe M
ler who otherwise would not have ?. ght of^tt
Durs he snid, is an enterprising, ?pei ula.ivc Fi.oplt .
md whenever Government commrs an error, or
adopts tin unusual measure, thev b^?n i? think
tvhat e itib' made of it in a financial jwint of \ Itw.
heir capital, turned it into specie, and went in o the
visiness who, bit for the order, would not have
h.mzlit of it. For these reasons, an intelligent p ti
m an from the West had given it to him aslus
! ,K, that ,hr -alo l.a.l b.?
he oneratioii of the order, and lie (Mi h,) " 11 \
.1 i If then, it were so desirable to cheek the
iales of the pub)V 1 m\*, the object had failed : even
ht. president aeknowledtres. iu the Message, that
, ?| ,he order in that particular d ' '
,ver-estiinated. But this was not ih? object ol he
,rdir The ulveet of the order was to prop up a
re ? ti.'terin- d'. posite l anks, against the combined
!;; s:;iu^y op.'.Lion of ;
Sijaflhe de|HHl.C binks in the West and
siiiii'h-'west bad expanded enormous^, r.nd were in
a n ecarim. Condition, and exchange already suffi- i
dently high to endanger demands on them lor spe- I
ie: and he feared thai, when asked lor a'
ii?. .uihlie in-mev they would explode, and give a
iriumph to his enemies, by the failure ol
experiment. He determined to sustain than at c% ,
ery ha/ iid, and Without a suthcieni r'-gan to he
hiu? t e>ts of the people. Did he si.eeced in this eb
, ., i i No On the contrary, in ibis last grand ?>up |
tl'rtat, or. rather, roup d'arpn,', to S,,slal,\ 1
mcnt bv succoring a few tottering net banks, he ,
broke the whole; yes, sir, broke the whole; for.al- ,
.hough 1 do not intend to aitrihute l?|
important-than it deserves tn r.ns.n the , .un r^
into its present condition, net 1 h<irc not the rrmoun
v skin,Id have hod <r gearr?l fVfpen- ,
s,oa hf sp-ci- paymentf. and o national hnnlrvvtry, j
but for thr adoption of this ord r. lie "aid hp bdiev -
e,l he could prove litis to the satisfaction of nil w ho
would listen to the facts nnd impnr ially a ,r,'ni,r,'j 0
human passion its natural agency in sinnulaiiii^
What then would probably have been
thm thc conn rv. if ibis measure ha.
adopted ! It was. before the ad.mtion. ? ' ;epnl)re.
in a diseased, bl Mited.nnd leverish eom ? ^ n^.
ly at the mercy of our loreign en ditor- (,nl ,|lt,
?.f England had already lakcn s.ei ^ I.,fl(1 hy the
further extension ol our creui * rr)'.,| ,,nr eredi;
advancein th-rate of'inteie ^ t,,c ,imi.
drain upon their bullion, ' f|,|s raised the va
'lie ordei wvnt in';> o)^ra wtipr,. the K'tropean
lue of in m-v ?-n tie; ??? . We^.cru aJlJ Suuth*
dcU ww ?>vuitf CuU*u
western biuks, and individuals, which had b en
greatly ex ended by Northern and E istem b inks,
had b;en checked, . ndb.lauco were expected >o aid
in adjusting the foreign deb . This debt, every in
telligent merchant saw, must now press upon us to a
very considerable exent The Ju reign exchange
would have pressed upon the v .b >-ird; the se?ib Mid
would have pressed upou their Western, Southern,
and Southwestern deb ors. Much of the specie of
the binks ot this section would have gouebick to
the seab nrd, from which it had b-eu taken, and
gone to Europe, from which it fend b-en first b .rrow
ed We should have had a great pressure some
b mkrup'cie-> among merchants, and many failures
among speculators; many of whom, h iwever, never
bad any thing, and therefore could lose nothing but
their credit A great numb-r of imprudent and
unsound b ink-, would also have exploded, as they
should have done: itnd the impurities ot the system
would have run otf Many of these buiks were
mere fancy affairs?ihc mere funguses of the Trea
sury?built up withou1 capital, ana man .g d without
prudence. B inks thut cmid not sustain themselves
under the legitimate op ?rations of trade and com
ru rcial deuiiud, should have l> i-n permitted to stop.
The public good, ami even of prudent and solvent
b inks, required it What signified a few millions
of unavailable funds, in a few imprudent deposite
b inlt?, (even it' this measure had saved them, which
i' hud n > ) compared with 'he mischief and loss re
suming from b:e .king up the exchange*, destroying
credit,chokiii'.' it,.tie natural channels ol commerce,
ami preventing tlie ies aires ol the country limit
fl iwing to tho?e points where the demands ol com
merce required them ! The condition ol the coun
try was known, and the necessity of preparing for a
heavy revulsioubgan tob* felt. As usuil,however,
in the financiering ol the ex-Presiden', what was
raised by unsuccessful experiment, must b- torn
(I >wn by passion. Never, at any period in our his
tory. did we so mt*ch tie il the privilege of making
the b'st of our resources by a tree and undistuib >d
circulation of our means. Because the patient was
diseused bv (?xp.'rini ;iiis, w is this a reisonthat lie
could no; b; killed b,' quackery ? His condition ie
q Hired the greater c ire. and a treer circulation ; hit
thePresi.len > remedy like turning the pa.ien's
heels upwards to cure him of the apoplexy; or pul
ling him to the rack, to reduce a paroxysm of the fe
ver I-'if.een millions of specie?perhaps much
less?(hipped precisely at the tim \ (10:11 the poiu s
and at the rates which should have sen it to m.-et
our foreign d b, w.iuld h tve saii-iietl our foreign
crcdi ors f ir the nres -nt, inaint lined the v ine of
our expiris, and given us liin: 10 meet the b.lance,
b. economy and iiio:ner crop.
M'ti aie operated upon by the same pas 10ns,
whether ac'ing in number-. or as individuals. If
one nun. b; extravagance or bid mmage.nen , b -
comes indeb ed to nno her more than he hasimin>
di tie 111 ? ins 'o pav, but hones ly ackn >wledgcs the
d, b , piys down, with punctually, all the ready
means he has to spare, and asks for time to collect
hi - means, and mike ano her crop, the indulgence
will b ? gran ed. But if he instil ingly .ells the cre
di or h" h id no b i-iness to trust him?ih it this. dibt
shall 110 ?)? p lid. and adopts me 1 sure s to run oft his
me iti? in o tlie wilderness, to keep his credi or Ir >in
we'tin*' hold of the 11; openly b usts of ilie tricks by
which0 the creditor is thus defrauded; the latter im
media'elv stops all credi . and. instead ot receiving
put ho dem nils the whole, and resorts to the most
summary and violent process to collect the deb'.
This was precisely the relation b 'tween England
and this coun:rv when this order went in o opera
tion The B ink of England ascertained early in
Kit! ihat 1 he United Suiie- had ben draining them
ol their bullion "on credit." They adopted .he
most gen;le means in their power to restore the ex
changes and bring b ick a pari of their bullion. The
drain was stopped, but nothing or but very little re
turned to them. Bv thr "do/,I"f ctrcu"'r<
sn cif inn drawn out of active circulation to a great
eifnl. rnul bore a premium which drew it in the wrong
direction. This premium in the West, was at one
time 5 and ID per cent. Il w is drawn from the
commercial points by some to sell to small dealers;
?ill emi"rants drew and carried it, b.'sides what was
drtwiiV others lor larger speculations. Hut 11
was not on!u carried off by a premium in the wrong
direction, but that which was so earned off, and all
otker V'<" was tod: J up and prevented from flowing
lo Ih- point* where it was mint red. W !i it was the
result ' Whv the usual rate ol' exchanges did not
cirrv oil ihe specie except to a very small extent
While the foreign exchanges pulled one wa\, the
si run "'c l> dicv of he Presid.-ni was pulling the o.her;
?in 1 e"xcii inges was 12 or 1 i per cent, b "tore the sus
pension of specie payment*. Our enterprising mer
chants saw their dinger troin this unnatural wartare
a" iinst them, but s.ill continuedmanlully struggling
10 save their own credit and the honor ol then it ion.
This fact shows how unjust &Dil crucl have bwen
the charges heaped upon the merchants, ol con-pir
ii." against their own country by a run upon ilie
bmks Then conspired to prevent a run, as appears
bu the premiums th->i consented to pay for exchanges,
r;i h T ihan dem md specie. Even ti.eir .11 ?K? in
fact, is a suilicient answer to the leckless iliar^cs
which have b.'en made against them.
Well -ir we lef, England in expectation of get
tii," some remittances 10 restore a pari ot the money
W 'had borrowd Iron, her These remittances how
ever, were mulcU. a very trilling ex.ent. In the
hi on time, the presulenl and ms friends were boasting
(he wise poliru of the President in forcibly pre
rent inn th- operations 0, e^nge, and
the tfinmtnt ot our font an debt. This eiicular,
w ith ihe eulogiums on this " wu>-e policy, reached
lMi?land. and the enemies ol the li 11k ol England
b.r,? t? taunt 1 hem with the impo enev ot the
means tliev had adopted 10 get b ck the gold ? hich
i w is all??'Teii their own im>man; gemenl and uunt
,V foiesigh. had mi If-i red to b- dn.wn from them.
The temper inspired bv ihi> inc.,sure, and the taunts
and boasiing- which followed ii. was natural enough,
and mav b ? seen bv the language ol the deputy
Governor of ihe b 11k. It will be leeollected that
V, is jidmilted on all hands that .1 was the last ac ion
?l ihe 11 .nk of England on Aineric: n credits that
nroduced our suspension. It I prove that this ncuon
l is made nece-ary, or provoked by the specie cir
citlir and wh it followed it, I have iully established
ins- conclusions from admitted premi-.es.
What savs this oilicer of the b nk in reference to
ihe vanoriiigs ol the d. b or .who inck-.and defies his
li ,Vr ins'ead of paving him, or showing a will
1 wm s<?? u.
?A\I,wk!s.. ilten r.- .a from a late Konlish pamphlet
written bv llorsley Palmer ihe deputy Governor of
the b ink, in answer to the charges ol Mr. Llo) d :
" l? answer to the fifh objection, it is tobe slated
? hit no expectation was in ended lo be held out that
,1wo-il? re.urn from America so long as u proved
more advantageous .0 ship silver; but .he cxpecta
111 J , h< conveved was, that notwiihstimding
-'n'the bombast of the American President, bullion
would shortly return to Europe 1 torn the I ru ed
Stn.es, and tlml b,lief is now in the course of being
fulfilled by the daily expected arrn.ils ol si her,
w ith which gold is procurable in the markets ol
Eu rope.."
The "expected arrivals of silver," or gold either,
! r ,i 1 ..ol come or at most were very trifling.
t ? The principle of iencv i- p.?? If'^
There was one mode by which we could be
crushed in an instant, li was "10 blow up Aincri
ea red ?" when ollercd for discounter red,sen,ut
I It . American houses, or the joini-stock b nks.
This w^s post poin d 10 the last, from the disastrous
, L!L nivireheiided to the manufacturing
consequences ap^reheuu a ^ (hp ; b<)Ve
I'r e howevc W ill show .hat they were ready to do
tract, howe\ r, issary toprevent an insulting
X^Vf\ Swcw^ AmeriSn^rUsr'
ss"iw?' i??; r"e'iw
rtsr-1 a;?? i
they suspended; the (?o arc n?w assein
nat'ion b'-ame bankrupt; ? j ,,/orv of turning
ble.l to contemplate the wwl ? (,oWn to m;ike
the commerce ol '^'''"^oiirces .0 enable it to
ii prosper, and bur\ mg ^ fr >in (he ..(.nncxion
pay its deb ? VV no <?" cauJiI.s a,?i conscqucnres,
of facts and w|ih il>e finances pro
that this unwise 111 <' (k uf England which is
duei d the af*l,|'" ' Kilir,.,i the suspension 7 This Is
admitted to hay I ^ effort is made to draw our
all plain enoiig ?- ,.nu>ea by crying out cen-pi
aitension "?'n jrary between our merchants ai d
racy; y?% ? 1I()(1 ,{l(. B.,nk of England, to deleat
laiiflish boi Never was a in;-n beset with
KX'7''n-Pira.-i.-sas our venerable rx-Presidrnt.
enever ? rw financial system explodes, or one
r exnerimenls fails, he insists it is the result of
1 i nn b'nation ag:.inst him and his policy, and
" U nii n tlied-a 111 >i ra. v to rescue him from the
kilVTf l.i- enemies. Now, the Inleresl of the
, '1 suilicient guaranty against this, and it
pir-n v s. |,,rt?n-,iclv hnpptns to be contradicted
UTknZ: ^ hxftorual /X?he bmk rpplied Uj
iLve uim m to drive Ammtan ?cvrvttes ovt of the
uf l,i drive nmrricin ? ?
J Tbev weie saved bv .he l b rab. A cn.
T. r.\nst>ir..cv this; and rather an wnj.rofi.ible
oje uw mcihinks, lor merchants and bunkers to

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