The Madisonian. [volume], October 20, 1837, Image 1

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

Image provided by: Library of Congress, Washington, DC

                
THE MADIHONIAN.
TIIOMAS ALLEN.
IDITOI AND riOHIITOI.
Th? Madisonian i* published Tri-weekly during the
sitting* of Coogreu, and Semi-weekly during the re
tew, at 95 per annum For aix months, 93.
No subscription will bo Uken for a term short of six
months ; nor unlaw* patd for in advance
price or advkrtisino.
Twelve lines, or less, three insertions, - 91 00
Each additional insertion, ... 2ft
linger advertisements at proportionate rates.
A liberal discount made to those who ad\ertise by
the year
IE7 Subscribers may remit by mail, in billa of solvent
banks, postage paid, at our risk ; provided it shall ap
iiear by a postmaster's certificate, that such remittance
has been duly mailed.
A liberal discount will be made to comjianiea of fivt
or more transmitting their subscriptions together
Postmasters, and others authorized, acting as our
agents, will be entitled to receive a copy of the paper
gratis for every five subscribers or, at that rate per cent,
on subscriptions generally ; the terms being fulfilled.
Letters and coiniuumcaliona intended for ths esta
blishment will not be received unless the pusligt is
pud.
PROSPECTUS.
This Madiso.niam will be devoted to the support ot
the principles and doctrine* of the democratic |>arty, as
delineated by Mr. Msditon, and will aim to coiisuiuiaate
that political reform m the theory and practice of the
national government, which has been repeatedly indi
cated by the general sufferage, as assential to the peace
snd prosperity of the country, and to the perfection and
perpetuity of its free institutions. At this time a singu
lar state of affairs is presented. The commercial in
terests of the country are overwhelmed with embarrass
ment ; its monetary concerns are unusually disordered ;
ever ramification of society is invaded by distress, and
the social edifice seems threatened with disorganization;
every ear is filled with predictions of evil and the mur
muring* of despondency ; the general government is
boldly assailed by a large and respectable portion of the
people, as the direct cause of their difficultiea ; open
resistance to the laws is publicly encouraged, and a
spirit of insubordination is fostered, as a necessary
defence to the pretended usurpations of the party in
power; some, from whom better things were hoped, are
making the " confusion worse confounded," by a head
long pursuit of extreme notions and indefinite phantoms,
totally incompatible with a wholesome state of the
country. In the midst of all these difficulties and em
barrassments, it is feared that ulany of the less firm of
the friends of the administration and supporters of
democratic principles are wavering in their confidence,
and beginning, without just cause, to view with distrust
those men to whom they have been long attached, and
whose elevation they have laboured to promote from
honest and patriotic motives. Exulting in the anticipa
tion of dismay and confusion amongst the supporters of
the administration as the consequence of these things,
the opposition are consoling themselves with the idea
that Mr. Van Duron's friends, as a national party, are
verging to dissolution ; and they allow no opportunity to
pass unimproved to give eclat to their own doctrines.
Fhey are, indeed, maturing plans for their own future
government of the country, with seeming confidence of
certain success.
This confidence is increased by the fact, that visionary
theories, and an unwise adherence to the plan for an
exclusive metallic currency-have unfortunately carried
some beyond the actual and true policy of the govern
ment ; and, by impairing public confidence in the credit
system, which ought to be preserved and regulated, but
not destroyed, have tended to increase the difficulties
, tinder which the country is now labouring. All these
seem to indicate the necessity of a new organ at the
seat of 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
porters. The necessity also appears of the adoption of
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 of the honor and credit of
the nation abroad.
To meet these indications this undertaking has been
instituted, and it is hoped that it will produce the effect
of inspiring the timid with courage, the desponding with
hope, and the whole country with confidence in the
administration of its government. In this view, this
journal will not seek to lead, or to follow any faction, or
to advocate the views of any particular detachment of
men. It will aspire to accord a just measure of sup
port to each of the co-ordinate branches of the govern
ment, in the lawful exercise of their constitutional
prerogatives. It will address itself to the understandings
of men, rather than appeal to any unworthy prejudices
or evil passions. It will rely invariably upon the prin
ciple, that the strength and security of American insti
tutions depend upon the intelligence and virtue of the
people.
The Madisonian will not, in anv event, be made the
instrument of arraying the north and the south, the east
and the west, in hostile attitudes towards each other,
upon any subiect of either general or local interest. It
will reflect only that spirit and those principles of mutual
concession, compromise, and reciprocal good-will, which
so eminently characterized the inception, formation, and
subsequent adoption, by the several States, of the con
stitution of the United States. Moreover, in the same
hallowed spirit that has, at all periods since the adoption
of that sacred instrument, characterized its dki km k
by TiiK peopi.e, our press will hasten to its support at
every emergency that shall arise, from whatever quarter
and under whatever guise of philanthropy, policv, or
principle, the antagonist power may appear
If, in this responsible undertaking, it shall be our
good fortune to succeed to anv degree in promoting the
harmony and prosperity of the country, or in conciliating
jealousies, and allaying the asperities of party warfare
by demeaning ourself amicably towards all ; by indulg
ing personal animosities towards none; by conducting
ourself in the belief that it is perfectly practicable to
differ with others in matters of principle and of expo
lency, without a mixture of personal unkindness or loss
reciprocal respect; and by " asking nothing that is
not clearly right, und submitting to nothing that is
wrong," then, and not otherwise, will the full measure
its intention be accomplished, and our primary rule
for its guidance be sufficiently observed and satisfied.
I Ins enterprize has not been undertaken without the
approbation, advisement, and pledged support of many
of the leading and soundest iniiids in the ranks of the
democractic republican parly, in the extreme north and
in the extreme south, in the east and in the west An
association of both political experience and talent of the
highest order will render it competent to carry forward
the principles by which it will be guided, and make it
useful as a political organ, and interesting as u journal
of news Arrangements also have been made to fix the
establishment u,?.n a substantial und permanent basis
I he subscriber, therefore, relies upon the public for so
much of their confidence and encouragement only ai the
fidelity of his press to their great national interest, shall
prove itself entitled to receive.
THOMAS ALLEN.
W ashixotox Citv, D C. July, 1837
(From the Knickerbocker.
TIIK NBA.
I have no tics to bind mo
To any spot on earth ;
I leave no love behind me,
No warm familiar hearth ;
But I roam with the changeful wind
Upon the changeful sea,
Mid isles tlut shed their fragrance forth
Like the blessed Araby ;
And in the deep and cloudles? night,
We watch each dewy star,
And our fancies rove through that shadowy light,
Where the gentle sj.irits are :
* ? ?
?
Strange playful fi8h arc gambolling
Around our white-winged bark,
All harmless, gladsome things are thev,
Except that soft-eyed shark.
When the foam, torn from the billow,
Flies furious and fast,
And the good mast, like a sapling,
Bends to the mighty blast,
^ ateady heart and ready arm,
f earless, unmoved, we stand?
(' >ur liright bow flashing through the sea,)
My own, my gallant band !
WASHINGTON CITY, FRIDAY, OCTOBER 20, 1837.
EXCHANGE HOTEL.
THE SUBSCRIBER*, having Iruwltlw Exchange
I Hotel, (late ragr?'?,)uud having filled II up lu first
rale style, will Imi prvjiural tu receive visiters oil MON
DAY tin- U(li in?t. 1 be lixaiaxi of the house, being wilh
iii a few miuulcs walk of fee depot of the Baltimore and
Ohio, Washington and Balljnore, and Philadelphia Kail
roads, as well as the Sleainluul to Philadelphia, Norfolk,
and Charleston, S. C., makea t a desirable place to all
traveller* going to either sectian of the country This
HOTEL attached to the Exchaige Buildings in this city,
has been erected and furniahed at a great cost hy the pro
prietors, and is designed to lie a tirat rale hotel. It is
the intention of the suhacritiers to nake it for comfort, re
spectability, die. dw>., equal to any house in the United
States. The undersigned Halter .Iteiuiu Ives that they
need only promise to all who may patixmiM the establish
uient, that their liest efforts shall be exerted to please, anil
at charges which they hope will meet their approba
tions.
JEWETT At DE BUTTS.
Baltimoie, Oct. 7, 1837. 4w21
HOUSE FURNISHING GOODS?We have fori
?*>?
50 pieces ingrain carpeting, which we will sell low.
50 do Brussels.
02 do 5-4, 0-1, 10-4, and 12-4 Linen Sheetings.
100 do 7-4, 8-4 Barnsly Diapers.
8-4, 10-4 and '20-4 fine Table Cloths.
Napkins to match.
1 bale Russia Diaper.
1 bale wide ('rash.
Also, 50 Marseilles Quilts.
BRADLEY & CATLETT.
Se.p 9?3tw2w
MHS PAGE'S BOARDING HOUSE, on Pennsyl-|
vania Avenue, opposite the Centre Market. Per
' sons vimling Washington can be comfortably entertained
j by the day or week.
I W. 5. 111!)
WILL BE PUBLISHED on Monday next. No 1 of I
the UNITED STATES MAGAZINE AND DE
MOCRATIC REVIEW, wilh a full length engraving in
copper of Col. Benton addressing the Senate?alter a line
sketch by Fenderich
tadi.r of contents.
1. Introduction. The Democratic Principle?
The iin|M)rtance of its assertion, anu np
pliration to.our political system and lite
rature. ]
2. The Battle-Field. By Wm. Cullen Bryant. 15
3. Nathaniel Macon. ? -, ? 17
4. Autumn. By Mrs. E. L. Follen. 27
5. The Constitution Oak. 28
6. The Toll-Gatherer's Day, a Sketch of Tran
sitory Life. By the Author of "Twice
Told Tales.'' 31
7. The Worth of Woman. From the German
of Schiller. 35
8. Mexican Antiquities of Palenqne and Mit
Ian, in the Provinces of Chiapu and
Oazaca. 37
9. Palestine, An Ode. By J. G. Wlultier. 47
10. Miriam, a Dramatic Poem. ' 4'J
11. Storm Stanzas. . - - - . 07
12. Glances at Congress, by a Reporter, No j,
?The Extra Session?the American Union
?the Hall of the House?the Speaker?
Henry A.Wise?Eli Moore?Caleb Gush
ing?John Quincy Adams?C. C. Cauibre
leng?Ogden Hoffman.
13. Enigma. By A. H. Everett, Esq., Boston,
Massachusetts.
14. Political Portraits, with the pen and pencil.
No. 1. Thomas Hart Benton. [With
an engraving.] 82
15. Epitaph. From the Greek Anthology. IN)
10. European Views of American Democracy.
De Tocqueville. 1)0
17. The River. ......
18. The Moral of the Crisis. - - - *
19. Retrospective view of European Politics.
(Intrmluctory Article tu thejftstorical Kegmter of European
Events.)
The system pursued at the Congress of Vienna?Its in
fluence on France?England in 1H15 and 1835.?
FRANCE. Gain in Democratic Liberty since the Re
volution?Louis Phillip*:?Boerne on Liberty GER
MANY. Policy and effect of abolishing the Empire.
PRUSSIA. lis policy 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
NOR STATES IN GERMANY The Press?The
Polish Revolution. SPAIN AND PORTUGAL
HOLLAND AND BELGIUM DENMARK AND
SWEDEN. SWITZERLAND ITALY Austri
an influence?Fortifications of Buxen. RUSSIA.
Probabilities of collision with England?Consequence
of the ascendency of the Democratic principle in Eng
land?Conclusion.
Office of the U. S. Magazine and Democratic, Review
corner of 10th and E streets, Washington. 3t?23
[N. Y Eve. Post an<l Com. Adv.]
PLUMBER'S BUSINESS?The subscriUr. from
Baltimore, takes this method of informing the citizens
of Washington and vieinity, 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 Puinps, Baths, hot or
cold, fitted in a superior manner, the conveying of water
from springs to dwellings, and through the different apart
ments, draining uunrries, or any kind of lead work. He
can be seen at Mr. Woodward's.
DAVID BAIN
N B.?He has with him a few Beer and Cider Pumps,
to be seen as above.
CLEMENT WOODWARD,
Berween 10th and 11th sts., Penn. Avenue.
Oct 18?23
CHINA, (JLASS AND (JI KKN'S WARE.
MOSES POTTER,
40 South Charles St., Baltimore,
HAS just received and is now opening, five hundred
and forty package* of the above description of goods,
adapted tor the Southern and Western markets?Con
stantly on hand, English, Iron Stone, and Granite China,
suitable for extensive hotels and steamboats?all of which
will be sold on as favorable terms us can be bought in any
city in the Union.
Oct. 10. tf22
SAMUEL HKINECKE informs his friends and the
public, that he has taken a room four doors north of
Doctor.Gunton's a|>othecary 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 lie given to such as may favor
him w ith their custom. aep 23 3taw3w.
TO THK MILITIA OK VIRGINIA.
A deluded remnant of a gallant people still defy
the power of the United Stales. 1'he SeminoLes
have not surrendered, and refuse to lay down their
arms.
This contest, howsoever diminutive the scale, is
made, by many considerations, a national war, and
national honor demands a national effort to bring it
to a speedy issue. Ercept in the persons of a few of
her gallant sons who belong to the standing army,
Virginia has supplied no part of the forces hitherto
employed against the Seminoles. 1 have tendered
myself to the United States, to command such force
as may be raised in the Common wealth, and 1
appeal to your hereditary patriotism to unite with
me in the approaching campaign. The co-operation
of five 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 operations is near at hand, and time is an
invaluable element in a Southern campaign.
JOHN ROBERT WALLACE,
Brig, Geni., blh Virginia Urigade.
W'trrcntnn, f\tuqnier, Va. 'Mh Oct., 1837.
N BEach company will consist of 1 Captain;
1 First Lieutenant; I Second Lieutenant; 4 Ser
geants; 4 Corporals; and not less than 114, nor more
than ltX) privates. Commissioned officers to b ?
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 oiHcer of the United States army will muster it
into service. Communications to b : addressed to
DANK OF WASHINGTON.
29th August, 1837.
\ T tlie regular meeting of the Board this day, present,
J \ the President and nine of the Directors, it was una
nimously
Rrmh-ed, 1st. That on and after the first of Septcmlicr.
next the notes of this Bank lie redeemed in specie.
2d. That all deposites remaining undrawn, (the same
having nearly all been received since the suspension /of
specie payments,) and all future deposites, other than
such as may l?e made in specie, and lie at the time so en
tered, lie payable m notes current in the District of Co
lumbia.
3d. That all collections for Banks and individuals, and
all curtails, be received in notes current as aliove ; and
that all suins so collected l>e paid in like funds.
w GUNTON, President.
JAS. ADAMS, Cashier. BteodO
LETTKRI OF TIIK
HON. JOHN C. CLARK,
Or NKW YORK,
To the Editors of the "Norwich Journal" imjusti
ftiah un of kts rote oh Uu eketton oj Printer to tie
House of RejmsmUatives, V. S.
TO TMR RUITOK* or TltK NORWICH JOURNAL.
Wa*hinotom, Oct., 1837.
(?RNTI.RMRN?A friend ha* enclosed to me a copy of
the Oxford Republican of' the 13th, in?t which contain*
two article! under the editorial head, denunciatory of
my vote for Printer to the Houae of Representative*. I
should, at an earlier period, have taken *ome notice of
them, hut on reflection I concluded, it would be more
proper to wait until the paision of the writer or writer*,
had been a little soothed by tune. Indeed, auch were
the tone and spirit of tho articles that I doubted whetner
I was in r proper frame o! inmd inyseU to tttake a suit
able response. ?
Tho motive* which prompted the autlior or authors to
make the hasty and uukind assault* therein contained, 1
do not feel disposed at this time to arraign. 1 concede
to the public press its undoubted right* to animadvert
in becoming language, on the conduct of the servant*
of the public. The spirit and temper in which the arti
cles are written, speak for themselves. They carry
with them an antidote to their poisou. A political
friend, under the lulluence of right feeling, would
not, with a pen dipped in bitterns**, h*vd indited Rrti
cle* calculated to arouse vindictive temper and unjust
prejudice against me, before 1 had an opportunity of ex
plaining the motives and ami?uing the reason*, which
governed my action, on the occasion referred to. How
? far it is consistent with the writer's sense of justice,
first to execute the object of his vengeance, and then
try bun, 1 preauine not to know. I envy not the condi
tion of that man, who can find it in his heart to con
demn unheard, a political eneinv, much ,less a political
friend. Who the author* may be, 1 know not, I care
not. PerhapR some political aspirant ambitions of niv
seat. Local and private grief?, growing out of a disap
pointed effort to remove the public buildings, and a de
feated application for a bank charter, may have had some
share in the production of these okms of impotent pas
sion and refined literature.
The *tyle and manner in which the writer, in the
abundance of his kindness, classes me among "political
black-legs," would seem to claim from me oiilv my silent
but heartfelt contempt And here I would stop, if the
magnanimous scribblers in the Republican were the only
|>ersons concerned?but others, my true political friends,
whose good opinion I highlv prize, who may have read
the articles alluded to, and who may in consequence
have been prejudiced against me, have a right to know
the ?' why and wherefore" of my conduct.
Soon alter my vote for Printer, I received from a
friend in Norwich, a letter stating that the " Loco
focos were dissatisfied with tny vote." 1 answered him
by saying what I now repeat?that as I was not ambi
tious of the prai*e of that party, so I was indifferent to
it* censure For that |>arty I entertained no sympathies,
and with it held no political communion. I view it as
composed of men, in principle, revolutionary, and iu
doctrine and practice, disorganizing, levelling, and agra
rian. In the city of New York, the only place where
they have assumed a " local habitation and a name,
they had exerted all their energies to distract and divide
the republican party, and have finally succeeded in its
total overthrow. To that portion of the democratic
party which has deserted the standard of its true princi
ple*, and joined itself to the political new lights of the
day I owed no allegiance. I was born in the true poli
tical church, that of the democracy, was baptised at its
font, confirmed at its chancel, in full communion with
it. I have thus far lived, and I trust in God that in it I
may die, strong in its faith and in charity with all its
members. As I shall do no acts meriting ex-communi
cation froin its pale, so will I make use of every proper
exertion to preserve my political reputation unspotted,
and to rescue it from the gross assaults of Robcspeierre
an ruffiaiirv, wherever and by whosoever made.
If an effort is making, as believed by some, to
transfer the democratic party to the foul and loathsoino
embrace of loco focoism, that effort I will resist. My
name shall not be found m the instrument which may
witness the disgraceful and degrading assignment
A prominent and leading article in the loco foco creed
is that which inculcates exterminations to our credit and
banking system. W hether the Oxford Republican has
given in its adhesion to the Jack Cade party, and joined
the crusade against the credit institutions ol his own
state, 1 know not. Judging however from an editorial
article in the same paper, in which I am consorted with
?' blacklegs," I should draw the inference that it was
preparing to lend its puny strength in aid of a party
which threatens to prostrate all that is valuable in com
merce, manufactures, agriculture, and the arts ; all that
is lovely in morals, and all that is sacred in religion. In
the common slang of the Globe, Evening Post, and
other affiliated loco foco pressed, it speaks of the " bank
ruptc\ of the banks," and styles them dangerous insti
tutions. (4uerc, were they dangerous when an appli
cation was recently made for a bank at Oxford ) I he
doubtful attitude which the Oxford press assumed in re
lation to the democratic nomination* last fall, its threat
ened secession from, and opposition to, the party, were
merely prepaiatory to a final desertion froin the demo
cratic corps, whenever a specious pretext was present
ed. The tune has come for the consummation of its
treason, and we find it (judging from its doctrines)
marshalled iu the ranks of the "levellers, hasty and
bitter in its abuse of the republican institutions ol New
York, and prompt in its denunciations of one at least of
her public servants who has been honored with the con
fidence of the democracy of Chenango, and one who
never has nor ever will do any act to betray it. I say
republican institutions. The banking system of New
York owes its existence fo tho distinguished citizen
who now so ably fill* the Executive chair of this nation,
aided by a republican legislature. It has been often and
ably vindicated by the talented democratic statesman of
our state, Gov. Marcv, and others in the Senate Cham
ber of the Union, and elsewhere, from the rude attacks
of it* assailants. Relieving, as I most religiously do,
that the best interests of the state of New N ork are in
timatcly connected with, and dependent on, the preser
vation of her credit system, I will oppose with all my
feeble power any man who shall attempt to weaken or
destroy it- As I opposed the election of the editor of
the Globe for the reason (among other reasons) that he
now waged a war against our credit and safety fund sys
tumandlud, if not directly, by necessary implication, cast
unmerited censure upon our democracy who through
their servants, Gov. Marcy, and the Legislature, had
come to the relief of the banks, and through them the
people I may be permitted to state to my political
friends in Chenango (for I now speak to them and not
to the loco foco writers in the Gazette) my views of the
banking system of our state, its vast importance to her
great interests, and to animadvert on the suicidal and
incendiary policy which would destroy it. I can speak
on this subject without incurring the hazard of suspi
cion or denunciation on the score of interest. I am not
the owner of n penny of bank-stock, neither have 1 ill
possession or ejpoctancy. any connection with any bank
either official or professional. I have no interest in tins
regard not held in common with all my fellow citizens.
I have no sympathies for banks, abstracted froin their
close and intimate union with all the business relations
of life Hut I have a lively regard for the interests of
the people, and for the prosperity and glory of the state.
I cannot believe that the republican party of the Em
pire State is prepared to join the loco loco crusade, and
with maniac hand, strike down a system which has ren
dered her the pride and boast of the confederacy, and ;
which has conferred upon her people such signal bene- |
fits What has placed her on the lofty pinnacle of I
wealth and greatness, which she now occupies! \\ hat
has constructed our magnificent internal improvements,
the wonder and admiration of the world What with
in a few short years has built up an almost continuous city
from the Hudson to the Lakes, and from ChainpUm to
the Vtlantic ' What has endowed >Hir colleges and
academies, and set apsrt our fund for the support of
common schools, adequate to the w.nts of our whole
population ; a fund Consecrated to the noble purpose 0f
general education?a fund which make* glad tne heart*
of the patriot and philanthropist 1 What has given
wings to our commerce, life to our manufacture*, and
activity to our agriculture! In a word, what has con
stituted us tho most enterprising, the most wealthy, (in
comparison of national age.) and the moil.happy people
on the earth! Credit?bank credit. I hi* i* no idlf
declaration The evidence* of its truth are all around
us We cannot close our eves to the wonderful results
produced bv the system It has been tried Its bene
ficial operation rests no longer in speculation History
and experience have placed upon them the signets of
their approval Let me appeal to every candid man in
the community on this Rubiect; to the farmer, to tne
merchant, and to the manufacturer.
In fancy I visit the green sunny hills and the rich lux
uriarit realities of Chenango, (to me of all earthly locali
iMLJS* place of my love?a *|>o( consecrated I
wUhVT.n!l ,ny ??d "?w them covered 1
'?> an iii'kuirioua, wealthy, moral, and inloilurent veo- I
manry, w|,m? ulad^ne face, baa^.k the Cme? !
which e'T W,"""'1!Urr0Unded w,lh ?? th" I'leaa.Mga
tence ' U ""i,10 ?' r'eh conlentment and compe
tence , ?,d I u,k, With a deep felt and twmbliiw aolici
E+Z* crhly EUu" entered and
deaecraNJby the arch enemy of wealth, of order, and
of 111' ul ,.e h'??'?g, reatleaa, devouring aerpcnta I
len Vandalism 1 la her induatry to be paralyzed
??r proapecta M,?htcd,^r alui !
he arr L 'd">WU ' U ah. to '
?Jhi , r onw"r'' career 'o wealth and glory, I
A,illf^ti ^a.fentUry ,n,? tl,e ?lou,? barb.ri.in '
atruriiv e ,? f?u' levelling and de- I
atructive ^uril of loco focoum,
'ettve '???? and fertile plain,
' ? wilU'ii uii that moor f"
God, in hit mercy, avert from her a viaitation so awful
I am now Holding converse with my coiiatituenla. I have
on? in my tiew Thirty year, *mce, he left hi. nat.ve
lV?? r|cl> "i nothing but a bold and honest
I) i! 1 f-'t??f"l dog anil hi. cherished axe ?
1 ashing from Ins manly check, the tear whirh a separa
Z m,0'". "",d1 k"",r,'d cl",nM' with com
C" | ht; P"r?ued In. solitary way, and we soon see
1? J1U of tho Suaqueh.nn., a name
mi i J by tl,e mu"c of Campbell and by the
h". " 'ne H Dofore lho lhick 8lrok'" ?f
and ^ *te<i,Jtbe fur<",,:1 rece'led will, rapid pace,
anu .lion the wilderness buds and blossoms like the
we Ask him now of hi* condition. He point* vou
ohm rich .uJ well-tilled acres, to hi. .|? Jt s,lnd"l
mansion, to m. well-stored barn, and granene*. to his
locks and his herds, to hi. bonds and mortgage*?and
til* you there ?,e the fruit, of my toil. Ask him wlmt
i? has rece'vtd ifrom the merchant and manufacturer
exchange,fcr the products of his labor, and the
?wer is, bank ta|>cr; and when inquired of, he will te|J
vou hat rom the time the firet blo'w of hi.'.xe .Urtfed
he deer from hi. lair, to the present, he has not been
in possession of two hundred dollar, of the " metall.c
currency. B?t this man has alwavshad money enough
and is worth iwentv thousand dollars. And tins is the
history ?f nneteen-twentieths of the farmers of our
state, though the amounts of their propeity may vary
Ex uno di? et omnes " These remark* will apply
with greater force '.o the merchant and manufacturer -
? lost of them started in life pennyless, but by the aid of
bank credit .re in ^.session of wealth and happiness
these then are some of the benefits of the credit *ys
tein. And are republicans prepared to wage a war of
extermination ajfa.nsl it, or to give in any manner their
support to any man who seeks to destroy it. It will be
heir business and aims to correct the abuse* of the
system, to curtan bank issues to an amount required by
'<*K"',nate bv*me?* of the country, to increase the
specie basis by compelling the banks to keep m their
vaults a quantity of the precious metals bearing a pi.t I
and safe proportion to their issue,. They will slr.ve I
lo build up, beautify and perfect the edifice of credit. !
and not raze or destroy It we have loo much bank
capital, (which Ido not believe) as the charters expire
let them pas. easily and silently oil and wind up their i
affairs with as little inconvenience to the people (who
will always be their debtors) as possible, thus avoiding
derangement* m the currency of the state. This cur
rency is . subject of the greatest delicacy. It cannot
resist the rude shock of hasty innovation. It ha. been !
justly compared lo the sensitive plant which recoils
fromi the slightest touch. It must be approached with
caution, and its perfection must be the work of gradual
reform, rhe citadel of our credit system, against which
s directed with untiring aim the whole artillery of the
loco foco press, was erccted by a master's hand ?
I hough wanting m some respects in architectural
beauty and polish, its great outline* and general sy- 1
metry present a model far surpassing in strength, i
safety and durability, any financialfstructure which po
hlical economists have ever been able to trect Thus
aril has withstood the whirlwind which has with ruth
less fury desolated the commercial world and the fierce
shocks of loco loco assault. Although, from motive*
P?dence, from iheir inability to collect in their debts,
and Iroin a disposition to carry out the policy of the
Government, by keeping the specie in the country and
thus preserve a specie basis for the future operations
they have temporarily suspended specie payments, a
cannot be pretended that either the Government or in
dividuals will |o*e a farthing'by them
Ii rests with the republicans of New York ?),e
LJ,Sa,bHC Of ? u',al1 b" ti"ist,ed in beauty
Until a recent neriod there has been but one opi
nio? anion? the demcx ratic party of our State, astn
he necessity and importance of a well regulated
banting system. Gov. Van Bureti was convineed
of im importance, and of the disastruus consequen
ces vhicn would fiillow its destruction. In his me,,
sngeto the legislature, in 1829, he says,
uhiT:' ,:i'r,n>wilh br",lks all?^r,is an idea
I. ' if nS 1 j ave no advocate; and to makeour
selviB wholly dependent upon those established by
federal authority, deserves none !"
* * *
' experience has shown that banking operations
tob. successful, and consequently beneficial to the
community, must be conducted by private men, upon
the.'own account A State bank, with branches
established upon the same principles, in i*her re- !
specs as the present institutions, and in which the 1
otau should stand as a private stockholder onlv
would probably better subserve the interest intended .
to b promoted by the establishment ol' banks than 1
the [resent system; and if the question was a'new
and 11 all respects an open one, would doubtless have !
inati* advocates. But we cannot close our eyes to I
the iilliculties and pecuniary embtrrassments that
mus result from suddenly stopping the ..iterations I
of St. many and such long establfshed institutions.
Ul tie thirty millions that arc owing to them, the
principal part is probably due from merchants man-1
ufaetuwrs, and other large dealers in their vicinity
but tl.ev in turn, have their demands against persoiis
pursuing similar busines in the country*, and those
ajran must look to their customers i thus embracing I
all classes ol society, in the liability to contribute to- !
war.fc a general settlement. The amount due from
the buiks, especially all that portion which consists |
in bills issued by them, would b? found scattered
ihrot^h the whole community.
" From even this superficial view of the subject, it
must bs evident to all reflecting ininds, that the pe
cuniary convulsions that must result from a couipiil
sory dose of these extensive concers, would Ik- nei
ther slight in its degree, or transient in its duration,
lou will, I am convinced, concur with me in the
sentutent, that a responsibility ot so serious a cha
racter. and so fearful iu its possible consequences
should mil be incurred on slight grounds, or from
motives of expediency in the least degree question
able. Ol the inducements to such a step, it is your
right and your duty.tu judge; and I sincerely hope
as I firmly b -lieve, that your constituents will, in
the end, have reason to rejoice, that a trust so sacred
has been reposed in hands so deserving."
In obedience to this recommendation, a republi
can legislature renewed all the charters of the funks
under the safety fund system recommended bv him.
Since that period banks have continued to b/ char
tered by republican legislatures as the business wants
ol the community required.
In his letter to Sherrod Williams, he says, ?
1 he constitution gave to Congress express now
er to coin money and regulate the valur thereof, and
ol foreign coin, and it expressly prohibits the exer
cise ol similar powers by the States. ? ? ?
* , * '? Whether they also design
ed to divest the Slate* of their antecedent right to
incorporate brinks, it would now be more curious
than useful to inquire. That matter, so far as it
relates to the mere question of power, must be re
gariledl as y.UUd in furor nf t-h* eon-tinned authority
Assuming that this was contemplated
, "e 'rainer.s ol the Federal Constituti.in, ii is !
then most evident that the hopes of a sound curren- '
cv must have been tascd upoii the expectations that i
ine respective governments would faithfully dis-1
charge their peculiar duties, and as faithfully con-!
fine themselves to their respective spheres; that the!
f ederal government would exei i all its constitution- i
nl powers, noi only by creating and diffusing a me-I
allic currency, but by protecting a paper circula-'
lion of the same nominal value, whilst the State*
supplied such an emission of paper as might be ac- 1
u.i J demanded by the necessities of commerce, and i
n '.i '.uv'ir,'fnce either in denomination or amount i
with the existence of an adequate specie currency.- I
11,id such a p.licy b?en pursued, there is the best
rcast.n for believing that a just proportion between I
p i|x diiil sjxh'ic iiiii^lif have tv*en preserved, .Hid a !
sound currency uniformly maintained "
J ? i *nrf'^ '? Congress he avoirs himself a
friend to credit. lie ?rv*.
" In expressing these sentiments, 1 desire no! to |
under value the benefits of a salutary credit to any
branch of enterprise. The credit bestowed on pro
bity and industry is the jum reward of merit, and an
honorable incentive to further acquisition. None
oppose it who love their country and understand its |
welfare."
The Message contains no attack on the local
bin Its. In recommending the Sub-treasury scheme,
(about which there is an honest difference of opi
nion among many of the warmest friends of the de
mocracy and Mr. Van Buren) one reason assigned
is, that it will be for the interest of the bunks. He
says,
" It may, indeed, be questioned, whether it is not
for the interest of the banks themselves that the Go
vernment should not receive their paper. They
would be conducted with more caution and oil
sounder principles. By using specie only in its
transactions, the Government would create a de
mand for it, which would, to a great extent, prevent
its exportation, and, by keening it in circulation,
maintain a broader and safer basis for the paper cur
rency. That the bauks would thus be rendered
inore sound, and the cutumunity more safe, cannot
admit of a doubt."
Although it is doubled by many of the republicans
that such will be the consequences to the banks,
there could be no doubt of the sincerity of the Presi
dent in the expression of his belief, that such will be
the result.
Mr. Van Buren is pledged to the American peo
ple to carry out the policy and " tread in the loot
steps" of General Jackson, and that he will faithful
ly redeem his pledge I have no doubt. General
Jackson was a friend to the Slate banks. They en
joyed his confidence. In his Message recommend
ing them as proper depositories of the public money,
he spoke of .thAin as safe and sound institutions, un
der the direction of honest, honorable and intelligent
men. Bank directors were not considered by him
as meriting the ap|>cUations of rag barons and con
spirators with merchants to defraud the public, so
often reiterated in the Glob.- and other loco foco
presses. T he public moneys were entrusted to their
care, and after trial, he speaks of them in his Mes
sage in high terms of encomium, as did the Secreta
ry ofihe Treasury in all his reports.
In his Message of Dec., 1831, he says,
" Happily it is already illustrated that the agency
of such an institution (the U. S. Bank) is not neces
sary to the fiscal operations of the Government.?
'I he State banks are found fully adequate to the per
formance ol all services which were ret]uired or the
Bank of the United States, quite as promptly and
with the same cheapness. They have maintained
themselves and discharged all their duties, while the
Bank ol the United States was still powerful, and
in the field as an open enemy; and it is not possible
to conceive that they will find greater difficulties
when that enemy shall cease to exist."
In his Message of December, 1N3(>, he not only
pays them a just compliment, as faithful public
agents, but bespeaks of an highly important service
which they had rendered to the country, the negotia
tion of the foreign and domestic exchanges. He
says,
" Experience continues to realise the expectations j
entertained as to the capacity of the State hanks to
perform the duties of fiscal agents for the Guvern
nient, at the time of the removal of the deposites.?
It was alleged by the advocates of the Bank' of the
United States that the State banks, whatever might
be the regulation of the Treasury Department, could
not make the transfers required by the Government,
or negotiate the domestic exchanges of the country.
It is now well ascertained that the real domestic ex
changes performed, through discounts by the United
States Bank and its twenty-five branches, were at
least one-third less than those of the deposite banks
for an eoual period of time; and if a comparison be
instituted between the'amounts of service rendered
bv these institutions, on the broader basis which has
been used by the advocates of the United States Bank
in estimating what they consider the domestic ex
changes transacted by it, the result will ba still more
favorable to the deposite banks."
Thus we have the testimony of General Jackson,
continuing for years, and down to his last message, that
the banks were sound, safe, well regulated, and per
forming all tlk&t human angencies could perform in the
receipt, safe keeping, and disbursement of the public
revenue, and the regulation of the exchanges. His
object was to perfect the local bank system, and to
make use of the public funds, incidentally, to correct
their defects, to induce them to discontinue the issues
of small notes, and thereby infuse into common circula
tion a great portion of the precious metals.
The banks thus continued to enjoy the confidence of
the government' and the people, notwithsauding the
etrorts of the loco foco press to shake it, up to the lime
of the suspension of specie payments, and would* still
have enjoyed it undiminished, had it not been for the
course taken by the Globe and other kindred papers,
calculated to weaken it, if not to destroy it.
Owing to a combination of circumstances unprece
dented in times of peace, in the'history of the commer
cial world, the banks suspended specie payments ; an
act highly approved of bv nine-tenths of the community,
and ratified by the people through their Governor and
Legislature. What w?s the course pointed out by duty
and patriotism, and which ought to have been pursued
in reference to this crisis of our monetary atfairs! Was
it jiroper to denounce tlie banks?to cry " mad dog,"
to increase the panic and pressure; to inflame the popu
lar feeling, and to raise a whirlwind which would not
only prostrate tlie hauks, but the whole business and
commerce of the State 1 And what part did the Globe
act in this drama ! In anticipation of the stoppage, and
on the same day in which they did stop, May 10, the
Globe says :
"The idea that banks stop as a measure of relief,
resolves the whole"matter in the public mind into
an attempt t>n the part ol debtors to defraud credit
ors." That the stoppage was a "summary mode
which would not ne tolerated." Again?"The
attempt will prove fatal to every bank, and to the
reputation of all concerned in it.
"By doing this, (stopping.) they will throw off
their paramount obligation to the public. If they
shake the faith which the public have in them, the
Legislature, so far from sanctioning the procedure,
will rather devise summary means to forfeit the
charters of snch as have failed, and to enable the
note holders to reach their assets."
In oltedience to these instructions, the loco foco fac- |
tion, in the Legislature of our State, used all their
strength and tacl to defeat the "suspension law." I
was in Albany at the time of its progress through the
two Houses. Gov. Marry, in a special message, re
commended the passage of this law The message was
worthy of a democratic Governor?wprthy of the man
who gallantly flew to the relief of the people, on another
occasion, in panic times, and saved the State from the
ravages of the myrmidons of the United Slates Bank
The " Marry Mortgage," as it was christened by the
Whig press, must be fresh in your memory. The occa
sion presented to the levelling and destructive propen
sities of the loco iocos in the legislature an opportu
nity for the commission of mischief, too temping to he
resisted. They fancied they had the (tanks "upon the
hip," and with savage delight and keen appetites, were
ready to " feed fat the ancient grudge they bore them."
But their resistance was in vain. The hill passed the
Seuaic bv an almost unanimous vote, two only voting
against it in the Senate ; and the House, by all the votes
save some fifteen Agrarians. Thcv saw in its defeat
the death-blow to our business and prosperity. The
people were indebted to the hanks more than seventy
millions of dollars Had the banks been placed In the
hands of a receiver, by order of the chancellor, (as they
must have been had the bill failed,) and their concerns
speedily closed, what must have been inevitably the
result ??a w ide spread scene of bankruptcy aud ruin
A scene from which the true friend of the prosperity of
the State starts back wilh horror and affright. Law
suits must have been commenced indiscriminately
against the debtors of the hanks, and, their properly
placed under the hammer of the sheriff, would have
passed into the hands ofihe banks, at their own prices
At ihe sales there could have lieeu no conqietition, for
the obvious reason that there would have been no money
in circulation adequate to produce that effect. At the
tune of the suspension, there were in circulation some
twenty millous of bank pa|?er. Most of the specie was
in the vaults of the banks How then would it have
been possible for their debtors, with this twenty millions,
to have paid a debt of more than seventy millions' And
this state of things would have existed, if 'he counsel*
of the Globe had prevailed. But ihsnks to ibe *igi
lanee and patriotism of Gov. Marcy and a democratic
legislature, the catastrophe, so much desired I "
radicals, was averted 'Hie conduct of dor Marcy, on
this occasion, received the approving sanction of the
democracy. The nu mbers of the legislature, on the
eve of their separation, in addressing their coustitucnta,
<* ??*?. irzisai?
?vi ?:^:L^r"'''' ??"
Thua far he has retained the cot.Ue?c cf the ,l,mn
critic party, and I am happy to see that m ?n
conventions, recently- held ... our si 1" f?. y
?miliar to the above have been adopted. ' *? " 10,UI
the Ci i Uuk* l,?d ,to^d {ot the re??on? assigned by
faco/tijfen mtr"rJllh0 fale' t0 ?l.?rh the loco
Ixi/.aUu r ? C?""'?"ed lhejn' ??d tho Governor and
tu^ eoridln ?Uf e deilerved. ">*'ead of praise,
did reciive"(v"?n !" whict' 'hey virtually
-iv the Globe,) for coming to their relief
re^lt oW1 by the Globe, ?? a. th.
May 23 co?*piracy for their own relief."? Globe,
" A bare faced attempt to defraud the laboring classes
by passu^ off in exclwnge for their producU a.!d labor
their depreciated promise. to pay ? Globe, May 2<* '
moua engagements to England " Globe, June 10
do.,,, xr;
A deign formed " to drive tlw l.wfol com,*, out
'"uc ?f
/y the whole currency from ita use, subatitutinir their
own spurwut currency in ita stead." Globe, Ju.fe 22
A scheme 'designed to fill the country with a spu
rious paper currency, and to buy up specie at a DremiCm
to send abroad, deliberately planned and Mdlv execut
ed by the federal leaders, (was all the bank
and officers federalist.^ forclliego?2S?S
".bm.t to the dominion of a National Lnk l.'d ' .e
July 7 cwvensd ,u planners with shame." Globe,
" A manifest and flagrant outrage on the ?whi. nf (k.
country by A voluntary breach of the plainest moral duty
the redemption of their currency, which they have lasued'
for fheir own profit." Globe, July 22.
An act " which has placed them, (the banks,) by re
fusing to fulfil their solemn engagement*, in an attitude
ol direct hostility to the people, who are the actual suf
ferers by the depreciation of their paper." Ibid.
" A system of deliberate plunder." Ibid.
More isolations might be given from the
Columns of > this hard-money raving loco foco
paper, all showing its deadly hostility to the cre
dit and banking system of the .States, all calculat
ed to shake public confidence in the honesty and sol
vency of the banks ; thereby adding to the panic and
pressure, and deferring the day of the resumption of
specie payments. If the banks suspended for the rea
sons alleged by the Globe, if they have been guilty of a
raudulent bankruptcy." a " flagrant and monstrous
breach of faith," a 'monstrous fraud," of an act calcu
ated to cheat I he people by flooding the country with
paper which they never intended to redeem, " an attempt
winch would prove fatal to the reputation of all con
cerned, 1 then indeed ij the reputation of all who camo
to their relief consigned to "fatality." Gov. Marcy,
and the Legislature, and the democracy of Now York
Who sustained them, in their action on the suspension
law are all fataliied. I have no doubt it was one of the
objects of the Globe in these attacks, to bring into dis
repute with the Republicans of our Slate, their faithful
and time honored servants And how "have the mad
vociferating of this loco foco prophet been fulfilled ?
Have the banks failed! No. If the people had paid
them their debts, the banks would have been able to
have fulfilled their engagements, and divided a surplus
of some thirty millions of dollars among the stock
holders Has the country been flooded with "worth
less rag money 1" No?as to circulation, it is reduced
1 he testimony of the Secretary of the Treasury, in his
recent report to Congress, falsifies the prophecy. The
following is from lus report?(and I should have referred
to it before,) when speaking of the able and faithful man
ner in which the banks, as depositing and disbuising
agents o( the Government, had performed their duties.
" Besides the general cautions with respect to the
excess of bank issues, and the dangerous conse
quences likely to ensue, which were detailed in the
last Treasury report, several instances occurred
where the course ol'business of some of the deposi
tories appearing from their returns to be injudicious
special letters ol advice were deemed proper and
were written. A rigid sysient in requiring addi
tional specie was als?, pursued in all eases of unu
sual deficiency. In regard to the effect of these steps
on the banks, it affords the undersigned pleasure to
add. that, lrotn the completion of their selection atter
the deposite act passed, to the last returns before
their suspension, a great reduction in the circulation
as well as discounts of many of them, had taken
place, nnd, in several eases, a much larger propor
tion of specie was kept on hand. Indeed, consider
in? the extraordinary amount of public money paid
out by them between last November and May
amounting to near 20 millions more than their re
ceipts during the same period, it is a fact highly cre
ditable fo their prudence and ability, that the specie
of all was reduced only from about fifteen to thirteen
millions, and their circulation, instead of increas
ing, fell from near forty-one to thirty-seven minimis.
As a whole, their specie, compared with their
circulation, continued to be almost as large in May
as ln November. It averaged more than one to
i if' "ir ",Jl" more than has been customary with
the b inks in this countrv, and was overdoub e the
relative quantity held by all the banks in 1-jigland
at the same period,and was in proportion one-fourth
than that in ihe Bank of Kngland itself.
I heir immediate means, compared with iheir imme
diate liabilities, were somewhat stronger in Novem
ber than in Mav, bin were ai both periods nearly I
to 2 1-2, or greater than the usual ratio, in the best
times, ol most banks which have a large amount ol"
deposites in possession. (See table U?)
" In this condition of things, the suspension of spe
cie payment bv the deposite b:inks was an event not
generally anticipated.
" The policy since pursued bv most of them has
b 'en lavor;ible to an early discharge of their en
gagements to the Frrtasury, and to a resumption of
specie payments. Many nave gradually reduced
iheir discounts and circulation, as well as paid over
much of i In1 publ ic deposiics. This may be more fully
seen in the tables annexed. (Statement of a few
heads of condition in November, March, July Mav
and August?see U ) Since the 1st of May, their
discounts, as a wh >le hare been reduced about #20
?tH8,77ti, their circulation $-l,?.KM.7!?l, and their pub
lie deposites $>If),(i07,i{lt>: u hile their specie has di
minished less than 83,000.000. ()l the number of
eighty-six banks employed at the time of the sus
pension, fen or eleven are supposed to have paid over
all the public money which was then in their pos
session, to the credit of the Treasurer. In the cus
tody ol more than half ihe others, an nggregale of
less than S7(N>,000 remains unadjusted. Several of
the rest still possess large sums; but many of them
have continued promptly to pavsu^h payments from
time to time, for meeting the public necessities, that
according to the last weekly statement, the whole
balance to his credit remaining unpaid in all of
them, was only $12,418,018. The amount thus re
tained by each, may be seen in the schedule an
nexed. (II.)"
Had the banks employed the most eminent counsel
to have written their eulogy, they could not have suc
ceeded better than Mr. Woodbury has in his iqtort.
By a reference to the last official report of the banks in
the State, it appears that from the 1st of January last
to the 1st of September, the reduction of their liabilities
is about 15,000,000 of dollars, and of their circulation
about 0,000.000 of dollars?another evidence of the
false prediction of the Globe.
As to the " wOrthlesstiess" of our bank bills, noargu
ments are required to show th?-t they are worth more
now, than they wpre at the time of Ihe suspension, by
a goodlv per cent.?or in other words, they will buy
more of any kind of produce or merchandise now, than
at ilist period?arid this is a necessary result of a dimi
nished circulation The prices of bread stuffs, dtc. have
fallen, because there n less money with which to pur
chase them?consequently, money has advanced m
v line. Tins is shown bv Mr Gouge in his work on
banking, referred toby the loco focos as their textbook,
ami as good authority on all subjects relating to banking
and the currency, he say* ;
" If the bmk medium should be suddenly reduced
only one-fourth, the fall of prices would be ai least
twenty-five per cent., and universal embarrassments
would the consequence. Many of those who have
acquired capital by ihe different operations of bank
ing, would not desire any thing better than the sud
den destruction of the system. Most estates, which
are now mortgaged for only one-third or one-fourth
of their worth at the present rate of valuation, would
fall into the handn ol speculators-"
Again he says:
' If an end were put to all transactions except by
means of barter, the fall of priccs would be at least
twenty-five j*r cent."