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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, October 20, 1837, Image 3

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Rkode IsUmt?The application lo the 8opren?e
Couri of Rhode Island, lor an injunction against We
Merchant's B.mk of Providence, has been continued
until December nexl. The Couri expresisinK confi
dence in the solvency of ihe Bank, and iu expecta
lioo " thai in liie meantime itM circulation would be
reduced k> whal it vu in sound business limes.
From tht Albany ArgMM.
Arebate statement of the condition of the Banks
of the State of New York, on the first day of (>c
tober, 1837, lakeu from their reports to the Bank
Commissioners, pursuant to law:
21 New York 27 N. River <7 Country
Cilv Bank*, it L I.Bunks Banks.
Disc'd bills <fc n'.s, 29,89 1,638 1-.>,071,838 16,422,523
Other loans. 3,828,937 899,648 431,876
Real estate, 916,682 47*2,502
Overdrafts, 84,878 !W,376 N9.8II
Expe'sApers'l est. 146,181 53,6o2 110,(2*)
Bank fund, 355.560 l<n,048 161,750
Specie, 1 ,!W>5,832 527,407 439,870
Notesof other bks. 4,789.(M8 399.799 444,930
Cash items, 466,761 451,267 472,181
Due fin city bits. 5,114,*>3 1,158.308 8,391,308
Fm oth. bks & cor. 6,686, 148 549,144 541,177
Other invesi'ts. 3,915,807 465,355 312,733
Total resources, 57,194,765 17,213,582 22,261,651
Capital stock, 18,111,800 7,085,900 9.155.000
Circulation, 5,411,338 2,579,080 7,018,718
Loans 2,534,300 293,438 3! 18, >41
Due canal fund, 638,375 990,050 1,074.590
Due S. Treas'r. 161,539 276,090 439,004
Due U 3. Treas'r. 431,290 8,327 77,320
Dueiruliv depos 13,3R4,UO 1,893.378 1,502,400
Dividends unpaid, 57,042 16.457 4,340
Due citv binks, 4.651,486 573,031 325.944
Due oth. bks?& cor. 5,277,365 1,932,822 421,608
Profits, 3,547,021 1,466,207 1,793,785
Other liabilities, 2,869,696 92,743 110,383
Total liabilities, 57,194,765 17,213,582 22,964,651
Total Resources of the 95 Banks.
Discounted bills and notes S58.391.999
Other loans 5.160.461
Real estate 1,847,874
Overdrafts 273.065
Expenses and personal estate 310,473
Bank fund 624,358
Specie 2.933.109
Notes of other b:inks 5,633,777
Cash items 1,990,509
Due from city bulks 8,663,909
Due from other banks and corporations 7,749,569
Other investments 3,693,895
Total resources $96,672,998
Total liabilities.
Capital stock $34,351,160
Circulation 15,139 145
Loans 3,156,279 !
Due canal fund 2,709.624
Due State Treasurer 876,t>33 1
Due United States Treasurer 516,937
Due individual depositors 16,779'897
Dividends unpaid .'. 77,839#
Due city hanks 5,550 161 i
Due other banks and corporations 7 634 795
P"lfiLr ?????; 6,807', 106
Other liabilities 3 072^251
Total liabilities $96,672,998
In those thinos which ark essential, let there
The divorce bill which on Saturday last
was laid on the table in the House of Repre
sentatives, originated in the Senate, and was
passed in that body by an administration nia
In 1834.two joint resolutions, one condem
natory of the reasons assigned by the Secre
tary of the Treasury for the removal ot the
deposites, the other directing them to be re
stored to the bank, originated in and passed
the Senate then, by a majority opposed to the
administration, and like the divorce bill of the
other day were both laid on the table.
The Globe of the next morning (the 14th
of June) contained the following notice of the
proceedings of the House :
" Mr. Clay's last resolution, the one declaring the
Secretary's reasons insufficient for removing the ite
posites?the other directing the restoration, were nailed
to the table of the House of Representatives yesterday
by a most decisive vote. This was a most contemp
tuous mode of disposing of Mr. Clay's grand stroke of
policy, which he supposed was a sure triumph alter the
distractions of the Speaker s election. The vote against
the resolution impugning the Secretary's reasons, stood
114 to 102 That against the restoring resolution was
118 to 98."
It will be seen that one of the above reso
lutions was laid on the table in the House of
Representatives by a majority of 1~ votes;
and that the (5lobe then considered that a
most DECISIVE VOTE, nulling it to the
table, as well as a " MOST CONTEMPTU
The bill of " Divorce," or Sub-Treasury
scheme, was on Saturday last laid on the table
in the House of Representatives by a majority
of 13 votes.
Both of these propositions passed the Se
nato: both were laid on the table by the
House; the latter by a larger, consequently a
more " decisive" vote than the former.
Now we should like the Globe and its read
ers to point out, wherein, the action of the
two houses of Congress differ on the two pro
positions ; and why, if the former was "nailed
to the table" and disposed of in a " contemptu
ous mode" by a " decisive vote," the latter has
not shared a similar " contemptuous" fate.
In resuming specie payment, it is necessa
ry for the banks that there should be both con
cert and system ; ;:nd this will produce confi
dence among themselves, and inspire confi
dence in the public?without which, it would
be vain to expect any success from an attempt
to accomplish so desirable and important an
For a parallel to the present derangement
of the currency, as well as a mode for its re
lief, we must,turn to the past; where happily
we shall liud, in both respects, but one exam
ple, and that was in 181G-17.
\\ e give below the arrangement that took
place between the United States Hank and
the State Hanks in 1817, to enable the latter
to resume specie payment.
' Resolution and arrangement irith thr Stole Ranks
for thr resumption of specie payment.
Jancary 31, 1817?At a meeting of the President
and Directors of the Bank of the United State*
The b >ard took into consideration the proposition
ot the convention of banks, made through a com
rait lee from that body, to a committee from this
b >ard, and reported by the latter at the last meeting;
and utter som-* liuie ?|<eut in cou.->idering the .tame,
certain modification* were made, and the committee
on the part of thia Bank authorined to agree to the
proposition* as modified, as follows, rii:
" The committee of the Bank of the United Unites
respectfully submit the following modifications of the
propositions received from the committee of the Stale
Bunks, viz:
" 1st. That the incorporated banks of New York,
Philadelphia, Baltimore, Richmond, and Norfolk,
engage <>u the 20ih of the ensuing month, to com
mence, and thenceforth to continue,specie payments
lor all demand-* upon them, and reciprocally to support
Ik* trtdd of cock other in their several districts, upou
any emergency, until the balances existing between
theiu shall finally be paid off.
"'3d. That the whole of the public balances in the
receiving binks of New York, Philadelphia, Balti
more, Richmond, and Norfolk, be immediately trans
ferred to the Bank of the United States, and retained
in its vaults (except so much thereof as may be re
quired by the Secretary of the Treasury to meet the
current expenditure) until the 1st of July next, when
the same shall be paid off, together with the interest
" 3d. The payment of the balances which may ac
cumulate against the aforesaid banks, subsequently
to the transfer of the balances first mentioned, shall
not be demanded by the Bank of the United Stales,
until the said Bank and its branches shall have dis
counted for individuals (other than those having du
ties to pay) the following sums, viz:
For those in New York, twn millions;
For those in Philadelphia, two millions;
For those in Baltimore, one and a half millions;
For those in Virginia, five hundred thousand dol
lars: Provided, that if the said Bank shall be willing
to discount, and shall not have the required amount
of good paper offered within the term of sixty days
from the 20th of the ensuing month, nt New York,
Philadelphia, and Baltimore, and within the same
term after the operations of the offices of the said
Bank in Virginia shall have commenced, the afore
said banks shall, at the expiration of that time, at
the aforesaid places, respectfully, pay to the Bank of
the United Slates the balances due by them respect
liveiv, together with the interest thereon.
"4th. That the Bank of the United Slates will
engage to discount the required amount, nt the re
spective places, and wiihiit the time mentioned in
tne preceding articles, provided good paper to that
amount b^ offered.
'? 5th. That in the event of the Bank of the United
States and its branches not having a sufficient amount
of good paper offered at the respective places men
tioned in these articles, within the |ieriod therein
stipulated, then the Bank of the United Stales will
engage to discount for the said banks the amount of
the deficiency at the respective places, according to
the amount of the capitals of the said banks, respec
"6ih. That the banks aforesaid shall engage, re
spectively, aud in proportion which their loans may
b.-ar to their capitals, to reduce the amount of the
said loans, in the ratio of the discounts required of
the Bank of the United States and its branches, and
that the said reduction shall take place by the 1st of
July next
" 7th. That the Bank of the United States will in
terchange pledges of good faith and friendly offices
with the respective banks, and, upon any emergency
which may menace the credit of any of the afore
said banks, will cheerfully contribute its resources,
to any reasonable extent, in support thereof, con
fiding in the justice and discretion of the banks, re
spectively, to circumscribe their affairs within the
just limits indicated by their respective capitals, as
soon as the interest and convenience of the commu
nity will admit.
"8th. That upon the mutual agreement of the par
ties to these stipulations, the same shall be submitted
to the Secretary of the Treasury, for his decision
upon those points that involve the public balances;
and, when approved by him, shall be obligatory on
all the contracting parties."
It is proper to remark in relation to the "2d"
foregoing stipulation, that with regard to the
present deposite banks, Congress has stipulat
ed, by law, the time when their balances shall
bo paid, by instalments, viz :
On the 1st of July, 1838,
" do. January, 1839,
" do. July, 1810.
As to the undertaking of the Hank of the
United States, in the " 3d" stipulation, to dis
count sundry millions " for individuals, &c."
it will be recollected, that the agreement was
not fulfilled.
To show what the RATE OF EX
CIE, were, at the time the banks in 1810
were making arrangements to resume specie
payments, we shall take the whole of that
year, as follows :
| At N.York | AtPhila'hia | At Baltimore
a 20
October, a-i to.'i
November, I ?
December, I ?
a 12
a G
Bills on
? 3*
a ?i
Bills on | Bills on
London I London
a 10 to 124 i a II to 15
a 12 to 13 i a 15 to Hi
a 2} to Iti 1 a 1(> to 20
a 11 to 1(5 i a 18 to 20
a 16 to 20 ; a 18 to 20
a 174 to 20 a 20 to 22
a 18 to 10 a 20 to 17
a 10 to lt!i a 17 to 11
a II to 15 j a 10 to 18
a 12 to 15 j a 17 to 15
a II lo lti} j a 15 to !)
a 5J to 7 I a 9 to 10
It may be remarked, that the rate of foreign
exchange at 12 1-2 per cent, is considered as
at par, owing to the difference of value in
The banks at New York, and south of that
city, suspended specie payments on the 1st of
September, 1811, and in pursuance to their
arrangements gave notice to the Secretary of
the Treasury that, on the 20th of February,
1817, they should resume specie payment;
and, we believe, they did accordingly.
At that time, according to Mr. Crawford,
there was an aggregate balance due the Gov
ernment of more than $11,000,000 in the de
posite banks.
At this time how different is the condition
of the present deposite banks ? Had not the
bill passed to suspend the payment of the 4th
instalment of the surplus, how insignificant
would have been the balances due to the Gov
ernment ?
On the former occasion the Government
and the United States Bank united to lend
their aid to the State hanks ; but how different
a state of things does the present occasion
present??We forbear to characterize it in
the language of reprobation it deserves!
We shall suspend our remarks on this sub
ject for the present, but resume them soon.
We are gratified in being able to lay be
fore our renders to-day, n porlion of this very
able production, the most powerful and con
vincing argument, it is admitted, presented
during the session upon the floor of Congress.
We w ish it might be in the hands of every
reader, pndthat it might be read to every en
lightened hearer in the country. It is the
production of an orator and a statesman, of
the most extensive information and the most
sagacious and logical mind. It must carry
conviction to the conscientious inquirer alter
truth, and shatter even the strong holds of
prejudice and delusion. It speaks in the
voice of truth and patriotism, arid should
" reach every log house beyond the moun
tuin," awakening the deluded from their
dreams, and the enlightened mind lo a lively
appronation of the true policy of a free civil*
iaed mate, and to a realising senate of the
dangers that are bcsetiug tlio path of our on
ward career. Credit ia essential to a free
mate ; it haa been the great lever of our pow*
er; the secret of our success. An exclusive*
ly metallic currency was the policy of the
dark ages: it in unworthy the countenance
of an uulightened mind of modern times.
A correspondent of the Boston Pont thua
justly speaks of the author of this speech :
The most eloquent man in Congress, is Mr. Lc
gare <>1' South Carolina. This gentleman is happy
in declamation, but he dues not depend upon it for
eticct. lie is logical and argumentative, persuasive
and conciliatory, and declamatory without being
rapid. He unites in himself, in my opinion, more
of the graces of the statesman and orator, than any
other man now living, ili* eloquence partakes of
the energy of PiU, and the fancy of Uratton. As an
American statesman, and as an orator, he affords an
example worthy of the imitation of young aspirants
for ]iarliameutary fame.
The speech will be issued from this office
in pamphlet form.
The distinguished member from New York,
representing the Chenango District, did us
the honor to nominate the editor of this paper,
as a candidate for Printer to the House of
Representatives. For this hienous offence,
some few of his constituents have called hitn
to account. Me has answered them fullv in
a letter, which we publish to day, addressed
to the odttor of the Norwich (N. Y.) Journal,
and to the Central Corresponding Committee
of Chenango. We respectfully call the at
tention of the Globe to the letter. It will see
itself as in a mirror; and in the presence of
its own self thus shadowed forth, it will either
deny the resemblance, or start back terrified
at seeing its own portraiture, bearing the
double face of Janus, " an honest ghost," of
its past character. We'll take the ghost's
" word for a thousand pounds."
Republicans who have ever plumed them
selves upon their consistency, if they have
any regard for principle, any sense of recti
tude and honor, or sincerity in their profess
ed attachment to tho ancient landmarks of
their party, may see the ground they have
forsaken, and must be forced to exclaim,
" cursed be the heart that forced them to the
shift," or else their " shame must strike them
Mr. Clark has spoken with honesty and
with truth. The administration may see in
his remarks the reasons of that sad change
that is passing from one extemity of the
Union to the other. That it might be checked
before it is too late, is our sincere desire ; but
if the war upon the credit and currency of
the country is to be kept up, we confess we
have no hopes that it will be. The time will
yet come, we verily bcliovc, when the admin
istration will regard tho course of Mr. Clark,
and others, who have acted with hitn, as not
only having been dictated by an honest desire
to promote its best interests, but as the best
calculated to insure the continued success and
ascendancy of the party by which it came into
We received, yesterday, the closing num
ber of this firm, able and consistent supporter
of the administration, and the republican prin
ciples upon which it came into power. It
contained the Editor's farewell address to the
public, and the cause which called for the sus
pension of the publication.
We trust, however, that the publication of
the Times may be resumed before long, and
continue to give its aid to the administration,
and its support to the best interests of tho
We need not say how deeply we regret
the loss of so able a co-adjutor at this time ;
but we hope it may awakon the public atten
i tion to the tendency and danger of that spirit
of radicalism which has so evidently contri
| buted to produce the regretted result.
We commend bath articles in the Times
to the careful and serious perusal of our read
I ers?from which wo hope they may take a
lesson as well as warning, and come to a firm
resolve, in the language of the address,
" steadily to oppose the fanatical and insane
principles of Loco Focoisrn, and uphold and
maintain the purity of the Constitution."
\Ve deny that it was " understood" that Mr. Web
ster made a "tender of his iervices." Thev were
pi ten!!?{Haiti more') Commercial Ckroniclc and Daily
Mary lander.
We thus stand corrected! We never
knew before, that a thing could be "given"
without being " tendered" (i. e. offered,) at all.
But let tho Chronicle, and whomsoever it may
concern, understand, that we are far from de
nying or underrating Mr. Webster's service
on that important occasion to which it alludes,
when Nullification took the field against the
Administration. Wri? know, that though he
"protested beforehand against a resort to
force" in a speech at Worcester, in October;
yet, in December,at Fanuicl Hall, he changed
his views, and rallied all his patriotism in a
powerful speech in defence of the constitu
tion and the country. And we have reason to j
recollect that his speech in Congress against i
nullification was most "powerful indeed, be- j
cause we know that the late lamented Major i
Henry Lee sent from Paris to procure a
copy of tho speech, pronouncing it the most
able forensic argument and best defence of
the constitution he had ever seen.
'hkuvmption ok specie payments.
The Albany. Argus states that the Mecha
nics and Farnrrs Bank, and the Canal Bank
of that city resumed specie payments on the
13th inst.
The Manhattan Bank, and the Phoenix
Bank, of New York, redeem their five dollar
notes in specie.
The Eastern Republican OOO of tho most
decided administration prints in Maine, makes
the following startling confession to account
for the loss of the late elections in that State.
" The radicalism of the times, the nltra and agra
rian spirit abroad, the fierce attacks on lime-honored
institutions, the unrelenting warfare upon business
*11 '.au^ub'e enterprise, the prevailing disjiosiiiun to
pull down and overturn, without knowledge, means
or ability u, build up, and the deuuigogui.siii and pro
.f'lVy. ?f l^0!M3 who would mouut any hobby and
ride like death on the pale horse, rough-?hod over
the necks of the People, and every thing opiiusing
their mad career, reck less of consequences ami heed
less <il principle?this iucubus and deadly sirocco,
all these withering influences, pressed heavily on
the party, and urged to the mournful result."
A correspondent of the Richmond Enquirer asks
the editor to solve some of the enigmas of the
.Richmond Whig, and is thus good-naturedly answer
ed :
We cannot answer.?We should as soon under
take the oflice of (Edipus, and solve the enigmas of
the Sphinx.-?The game would not be worth a
candle ?In fact, we attach so little consequence to
the revelations of the Whig?it has spoken so many
languages, exhibited so little discretion, trimmed s-j
ptten, misrepresented so much, abused its opponents
with so little truth; it is, as the July Edinburgh
Kevnw says of certain newspapers, so " frequently
the self-respect, good faith and courtesy,
which b-long to good society"?that we never pin
ourselves to the trouble to look it up. We do not
see more than one number out of 10, and, of course,
we are unacquainted with, its zigzag course, its
ctiriou-. doublings, and its ludicrous contradictions.
What can be more disgusting to every reader of
taste and decency, than its coarse and illiberal at
tacks upjn Mr. Rives]?These strictures are so
harsh, so unjust, so little supported by the facts, and
so little called for by the occasion, that we under
hand, one of its own Whig clique, (the Lynchburg
Virginian,) has scathed the assailant, and attributed
them directly to the private griefs of the acting
[ Benton ]
We select the following gem of veracity from the
llth number of the Kentucky and Ohio Journal, a1
new administration print, published at Cincinnati,
Ohio II this be true, we can only say that
" Truth in a monitor of such fiightrul mem,
'I hat, to be hated, needs but to be seen.
" Who, let me ask, have given a death-blow to the
confidence which has been reposed in the banks, by
a too confiding people ! Have not the b inks them
selves? Have they not wantonly abstracted from the
pockets of the people, at least FIFTY MILLIONS OF
HOLLARS?and do they not still retain it? NO
ONE WILL deny it V
embellished with fourteen beautiful engravings, with
poetical illustrations. Philadelphia : Carey, Lea &
Blanchard, 1N37.
This is the second number of this splendid quarto
Annual, and a great improvement in all respects
upon the first. For beauty, finish, and elegance, it
stands, we think, at the head of the class of Ameri
can Annuals.
Among the best and most interesting of the en
gravings are, The Sisters, (the frontispiece,) by
I hotnson?a very beautiful and perfect specimen of
the art; Medora, by Hopwood? which has the fault,
however, of representing a person sleeping, rather
than dead?a difference requiring the perfection of
the art to distinguish ; Beatrice, by Cook?this is the
Beatrice of Shakspeare, and one of the favorite
characters of that unrivalled delineator of human
nature, Mrs. Fanny Butler?the poetical illustration
is fine, but the painter or engraver, has given too
sombre a cast to the countenance of the masker?its
the sad, not the merry Beatrice : Caroline <f- Agues,
bjthby Robinson,are.very beautiful?and their illus
trations among the very best in the book?more espe
cially, that of the latter, (which will be found in our
columns next week;) Isa, by Mote, is well drawn, and
well engraved?but not of the character, which
pleases us so much as some of the others.
The rest of the embellishments represent Oriental
Scenery and Temples, conveying to the mind all the
voluptuousness of the Eastern clime. They are very
fine, but not easily described.
We should have mentioned, that the fine print of
Agnes, was drawn by a lady, Miss L. Suarpe, and
we might add, that there is all the characteristics
ant! delicacy of the woman, in the conception of the
In conclusion, we must say, that for the encourage
ment of the native arts, and the reward of native
genus, this beautiful Annual presents the strongest
claims to public patronage.
The b >ok is for sale at Mr. Taylor's,the Waverly
Borkstore, Pennsylvania Avenue.
THE OASIS, a monthly Quarto of 3'2pnges, edited
and published by Neilson &. Randall, Oswego,
New York.
This periodical, of which we have received the !
first two numbers, consists of original and selected
articles in prose and poetry, and reviews of the cur- ;
rent literature of the day, and is conducted with
Triough the selections are very good, we think the
originals are not always very select. We shall not
stop to argue the matter, however, but simply allude
to one article on the literary character-cf Bui.wrr, in
which the Editors are guilty of the " original sin" or
den\in? to his transcendent genius the attribute of
H<ar the charge:
" Wiih all his greatness, he wants originality !"
And now hearken to the evidence!
" We occasionally meet with sentiments and |
thou jilts in his pages which evidently owe their ori
gin even to Spinoza, Hobbes, Shaftsbury, and Bo
And this is the evidence of a " want of originali
By this rule, this new and original canon of ori
ginality, Fulton would be deprived of all his immor
tal honors, by the first old gossip who used a teapot!
By this rule, the genius of Rnphael must be surrend
ered to the paint-grinder; and that of Shakespeare
to the scene-shifter and candle-snuffer?(" put out
the light!") By this rule, tha discoverer of the
New World must yield the palm to the first savage
who paddled a canoe ; and the Tamer of Lightning,
to the housewife who spun the twine with which he
drew down the thunderbolts from Heaven.
We arc ashamed of having said so much (where
so little seemed to b? required) in defence of the
masterly genius of a man, who was Scott's superior,
and Byron's equal; and is Brougham's rival. But
it is our nature to slop and slay a rabid opinion, as
we would a rabid animal;?we have only to add,
that if the Oasis lets loose many more such opinions,
instead of being a " green spot in a desert," it will be
a desert surrounded by a very palr.green?corcr!'
October 12, 1837.
Permit me to direct attention to a few things,
which it is important the people be reminded of, on
all fit occasions.
In the Speech made by Mr. Clay, in the Senate,
on the '25th of September, IM37, he very significantly
inquires with reference to the Sub-Treasury scheme,
'? what has become of the dismissing power?" This is
certainly an important question, and about which
Mr. John C. Calhoun must surely feci no little
solicitude. It is a question, or rather it was a ques
tion, in 1780, of the greatest magnitude. After that
Speech by Mr. Clay, embracing his pregnant ques
tion, Mr. Calhoun made a Speech on the 3d of Oct.,
1837, in which he intimates, distinctly, and surely
" not with any feeling of egotism," oh! no, not he,
that "the rabble of objections" to the scheme urged
by those to whom he was pretending to reply, was
not worthy of * oondescending notice from h? mtsl
lecfttally superior ?<*f ? may b. ? ^ hjs
.s(JMck in reply, he ?u ao taken with himaelf, " ihe
honest Nullifier" of Unions, ibai, in eaffiag the
noticeable things his upponenta had said, froiu '< the
labble of their objections," be omitted, by accident
an?l not on purpoae, to notice the pregnant question'
as ''' bX Mr. Clay, "trial hat become of Ike Presi
iUiU's power U'jcmev* subordinates from uJJIce.
* ? 1 ? ? ,
In ihe same Speech, Mr. Calhoun says, "he de
sires nothing from the Government or lie people,"?
oh! no, not he. Not even the office of President of
the United States! ? ? . ,
Mr. Clay, in that Speech, says of Mr Van Buren
the President of the United Slates: " He is too good
a democrat; and the tenor of his whole life shows
that whatever other divorce* he may recommend,
the last that he would desire would be one between
him and the people." Every friend of the President
must be pleased, to hear such high praise of the
nation's favorite, from hit* opponents, (t is his aflee
tion for the people who have been so long wedded to
him, and from whom he will never consent to be
divorced, which begets confidence in "the Spartan
band, thai he will not again recommend that the
legitimate union ol Hank and State be permanently
"nullified." ? ? . \
In the Speech made by Mr. Garland, in the House
of Representatives, September 25, 1*37, he says:
" The vacuum which was anticipated by the refusal
to renew the charter of the Bank of the United
Stales, was never produced; for, contrary to all ex
pectation, the capital and stockholders of that bank
were subsequently incorporated by the State of
Pennsylvania, which continued in circulation its
nolos, and prevented any ma-erial diminution in its
discounts. Such is the undeniable fact. Yet bank
ing capital was created in nearly all the States, to
fill a vacuum that was not! And on this fact hangs
an interesting inquiry. By which party was the
binking capital so unnecessarily enlarged 1 In Vir
ginia, I can answer, it was by "the Whig party,"
w ith a considerable defection of those from the re
publican ranks, whose constituents or themselves
were to be directly benefitted (they thought) by such
an augmentation of capital, and the establishment of
the new " Exchange Bank." Was it not so in other
States 1 Ought not the (act to be known ?
In the speech referred to, made hy Mr. Clay, the
following occurs, of which it may be eminently im
portant to remind the people, to wit: " An auxiliary
resolution might be adopted with salutary effect,
similar to that which was adopted in 1810, offering
to the State Banks, as a motive to resume specie
payments, that their paper should be received for the
public dues; or, as their number since that period
has greatly increased, to make the motive more ope
rative, the offer might be confined to one on two
in each State, known to be trustworthy."
ron tub madisonian.
No II.
W ith reference to the financial remedy proposed, a
synopsis of which appeared in your publication of the
10th Inst., the writer will submit hia commentaries in
successive numbers, for the puq>ose of attracting the
public attention to a topic of all-absorbing interest; and
that the principles and details of the specific propoaition
may be critically examined, and tested by the severest
scrutiny upon the several points of constitutionality,
practicability, equity, expediency, adequacy, congeniali
ty, and fitness to the genius and spirit of our institu
tions ; and, indeed, upon all its bearings and relations,
with regard to the general welfare. And he will enter
upon the discussion with the greater freedom and alac
rity, under an assurance from the highest authority, that
a fair trial shall be given to any system that may be
adopted w ithout the surrender of insuperable objections.
1 pon a thorough and deliberate review of the plan, it
seems to be founded on principles strictly equitable and
conservative, with powers sufficient for every beneficial
purpose, and without any inducement to inflict evil. It
may, indeed, be well believed, that if earned into effect
it could not ruin or injure the country, because ail its
tendencies are clearly conclusive to amelioration.
It is obnoxious to anv physical impossibility, as ex
perience has proved the practicability of concluding a
monetary institution throughout the Union?and if so
found, under the action of vicious principles and limited
means, with what greater confidence might we antici
pate the successful operation of a system based upon
the faith and property of the icholt nation, and guaran
tied by the States, inth a circulating medium receivable
in all pub:,c payments, and immediately convertible into
coin. ?
It would not increase the existing depression, nor
produce a far spread stagnation of business, but rather
would it animate the energies of ihe country?stimulate
enterprise, invigorate industry, and diffuse the elements
of common prosperity and happiness.
It would not impede the resumption of specie pay
ments, but essentially accelerate the desired event, and
establish confidence in all the relations of social inter
It would not diminish the supply of money, nor pro
duce the disastrous consequences of dearth or scarcity ?
but by its stable ami abundant resources, AN ADE
1 IIKOLGIIOU T I HE UNION, would be established
for every purpose.
It would not cause the depreciation of property, but
by its action, would equalize values on commercial
principles which always lead to equilibrium ; and facili
tate transfers and convertibility, in just accordance with
the laws of trade.
It would not excite an invidious distinction between
the functionaries of the Government and the common
people ; but actually avoid all just complaint by a vir- ,
tual removal of the cause in an equalization of the mea
sure of the value.
It would not endanger the public'funds, as the faith
of the States, with tho super-addition of "policy and
interest," would interpose the strongest assurance and
It would not compel the solvent banks to wind up, as
all such private corporations which should possess suffi
cient means, and bo properly conducted, would be
"preserved and regulated," and proceed in harmony
tcilh the confederation of public institutions, whilst the
unsound portion of them would cease to exist and vex
the country.
It would not, in practice, be anti-republican and
dangerous to liberty, but prove peculiarly adapted to
just and equal representation?eminently calculated to
cement the Union, and to preserve, in perpetuity, the
fair fabric of our freedom.
The enactments proposed to effectuate these import
ant desiderata, (to be found in Doc. 0, of the current
extra session of both branches of the national Congress.)
arc esteemed sufficient for their appropriate designations,
and as such, are commended to the attentive perusal of
every citizen ; and more particularly to the profound
consideration of patriotic statesmen, charged with the
legislation of a great, but afflicted, people.
The subject proposed will be prosecuted according to
the liesurc and ability of the writer, and the notices of
editors, disposed to promote the object in view, arc re
spectfully invited? P1IILO FISCUS
Oct. 11, 1837
The I laindealer, the oracle of Ix>cofocoifm, in the
City of New \ ork, has been discontinued.
Expi.orimo Expedition?The fleet composing the
expedition arrived at New York on Monday morning,
from Norfolk, Va., in three days, and consists of the fol
lowing vessels : ship Macedonian, (besring tho broad
pendent of Commodore Ap Catesbv Jones,) Comman
der Armstrong ; ship Relief, Lieutenant Commandant
Dornin, with brigs Pioneer, Lieutenant Commandant
Newman, and Consort, Lieutenant Commandant Glyn.
4MD I.OM or Mtn.
Two gentlemen who were saved from the wreck
and arrived in iln? city yesterday in the steambM&t
Columbus, from Norfolk, brought intelligence ot the
loss of the steam p*c?kt Homs, while on tier passage
from New York to Charleston. She wiled from
New York on Saturday, the 7th instant,?and at half
past ten o'clock on the evening of Monday following,
suruug aleak when off HaUeras, and was run on
shore six miles North of Ocraconk in order to save
the lives of those on board?but went to pieces in a
few minutes after she struck. Out of ninety pasaen
tfers, seven t vfperished; and of a crew consisting of
furtv-ive twenty only were saved.
The U tzeiir states, on the authority of one of the
passengers saved, thst at the time the leak was dis
covered, they were about twenty-five miles from
shore, and the vessel had nearly four Jeet water in
the hold. With all the pumps going, and qll hands
including passengers billing, it gaiued upon them
so last tliey were obliged to desist and seek their own
personal safety. The b >at grounded about a quarter
of a mile from shore, and went to pieces in the space
of twenty minutes. Those saved got on shore by
swimming, and on pieces ol the wreck; only two
Were provided with India Rubber Life Preservers,
and it is supposed that if there had been a hundred
and fifty ol these on 1> >ard, very few persons would
have perished.
Among the passengers saved was an old lady said
to be above eighty years of age, who was so fortu
nate as to lav hold of a settee which floated near her,
and by the aid of it was supported till she reached
the shore, where she arrived so much exhausted that
without the assistance she there obtained she must
have perished.
The following are the names of some of the un
fortunate persons who perished:
J Root, Mr. Tileston, J. M. Roll, Mr. James, Mr.
Rohrs, Mr Walker, Mr. Benedict, M. Cohen, J.
Boyd, Q. H Paltner, H. C. Bangs, W Whiting,
Rev. J Coles, Mrs H B. Hussey, C. Willemm,
?H. B. Croorp, Miss Croom, T. Anderson, Mr. Wi
ley, Mr. Weld, O II Prince, Mr. Walton, Mr Ca
ruttiers, Mrs. Bund, Mr. Des- by. ladir .-mil servant,
J. Paine, A F Bostwiek, Miss Levy, Miss M. Levy,
Mrs. Carnock, Mrs. Whiting, Mrs. llill, Mrs. Stow,
M iss Robert, Mrs. Prince, Mrs. Boyd, Mrs. Faugh,
Mrs. Hyme and two daughters, Mrs. Miller, A.
Desabye, F. Desabve, Professor Nott and lady, Mr.
Smith, Mr. L&roque, Mr. Broquet, lady, child and
servant, P. Domitigues, Mr. L^badie, Mr. Hazard,
Mr Finn, Mrs. Ri viere.
The Charleston Courier (slip,) of the 13th an
nounces the arrival of the steam packet Charleston,
from Philadelphia, whence she sailed on the morn
ing of Saturday, the 7ih inst. On Sunday the 8.h,
off Cape IIat!eras, the Charleston experienced a
strong gale of wind, commencing irom N. E.
Weathered Hatteras. While between Hatteras nnd
Look Out, it blew a perfect hurricane, with the sea
running very high Started the spoudings, when
they immediately lilted with water; stove the bul
wark's and carried away several of the stauncheons,
with considerable other damage. R'tn for Look
Out Shoal, and anchored under the lee, in ten fa
thoms water, 16 miles west of Beaufort, and re
mained there all Monday night, with two anchors
ahead. On Tuesday, ran for Beaufort.?Baltimore
additional PARTICULARS.
We avail ourselves of some additional informa
tion from the American, of this morning, derived
from Messrs. Rowland and Holmes, two of the
passengers on board the Home, who passed through
this city on their return to New York, to replace
their papers, &c.
" They state that the " Home" made rapid progress
after she left New York, and had proceeded as far
as to the southward of Cape Hatteras, when the
wind, which had blowed very freely all Monday
morning, 9th inst. increased to a gale about two
o'clock, P. M., and caused the boat to labor very
much. It was soon very generally manifest that her
frame was not strong enough to withstand the
violence of the sea, and we learn that she raised in
the bow and stern at least three feet from her proper
line. It is supposed that she leaked freely, tor she
soon settled so deep in the water as to render her
wheels entirely useless, and her sails were then
raised to run heron shore."
About seven or eight o'clock. P. M., the water had
quenched the firo under the bailors, and she continu
ed neaiing the land by means of her sails, until half
past ten o'clock at night, when she struck the shore,
near Ocraconk, and immediately went to pieces!
The passengers were now in the greatest confusion
and alarm?some leaped overboard and were drown
ed in attempting to swim to land, while others pos
sessed themselves of pieces of timber and floated
ashore nearly exhausted with the cold and fatigue.
One of the "gentlemen above mentioned informs us
that he remained quietly on the forecastle, and
floated ashore on it after the boat went to pieces.
Mrs. Sehroeder, one of the two ladies who were
saved, lashed herself to one of the timbers and
reached the shore in safety. Mrs. Lacoste,although
a very feeble old lady, aged about 7(1 years, was
safely dragged through the surf; she is supposed to
have been buoyed up by a settee. One ol the pas
sengers had on a life preserver, and got safely to
land by its aid. The b >at was entirely broken into
fragments, and the few trunks which were washed
on the bcaeh next dav were more or less injured.
Messrs. Rowland and Holmes remained at Ocraconk
two davs before they could get a conveyance to
Norfolk. They state that about twenty bodies had
baen washed ashore and were buried before they left
the beach, among them the bodies of two or three of
the ladies.
On referring bick to the New York papers of the
9.h instant we find a list of the passengers who
sailed from New York on the 7th in the ill lnted
vessel, which we subjoin. In addition to those here
named, there were some six or eight others who
went on biard just before the " Home" sailed, and
who are not included in the list. Those marked
thus ? are the survivors.
Passengers in the steam packet Home, sailed on
the 7th from New York for Charleston :?Messrs.
C. C. Cadv,* J Roo'. Tileston, J. Johnson, Jr.,*
a\ Smith,* J. M. Roll, T. Anderson. James Cokes,
Vanderzee,* J. I). Rolands,* W. S. Read,* Captain
Hill,* Kennedy, C. Drayton,* W.ilker, Fuller,
Cohen,* Benedict, M. Cohen, A. Lovegrcen,* J.
Holmes,* J. Bovd, G. H. Palmer, H. C. Bangs, W.
Whiting. Rev. J Cowles, B. B. Hussev* and lady,
C. Willeman, II. B. Croom and lady, Miss Croom,
II Anderson,* Wiley, Weld.O. H. Prince, Clock,*
J. Paine, A. F. Bostwiek, Miss Levy, Miss M.
Levy, Mrs. Camock, M,rs. Whiting, Mrs. Hill, Miss
Slow, Miss Robert, Mrs. Prince, Mrs. Boyd. Mrs.
Faugh, Mrs. Flvnn and two daughters, Mrs. Miller,
Miss M. Croom, Mrs. Levy, Mrs. Sehroeder,* Mrs.
Bondo, Mrs. Riviere, Mrs. Lacoste,* Mr. bes; bye,
lady and servant, Mr. A. Desabye, Mr. F. Desi.bve,
Captain Salids,* Professor Nott and ladv. Master
Croom, C. Q.uin,? Mr. Smith, Larocque, Broquet,
lady, child and servant, P. Domingues, Labadie,
Walton, Hazard, Camthers, and Finn.
The prime cause of this sad disaster, it will be at
once observed was the weakness of the frame of the
boat, which rendered it insufficient to withstand the
heavy sea. This will be a useful lesson, though
bought at a tremendous price, to the builders of
b mis intended for the open sea. Indeed, the steam
packets South Carolina and Georgia with a view to
the entire safety ol their passengers during the most
severe weather, have been built in a peculiar man
ner, with additional means of withstanding <hc ac
tion of the waves, and have, thus far, pursued their
voyages in storm and calm, without serious injury.
The South Carolina was exposed to the very gale
which broke up the Home, but by her peculiar struc
ture and superior strength, weathered it and arrived
in Charleston in safety.?Baltimore Transcript.
13th Octobcr, 1837. f
Congress has, by an act approved on the 12th instant,
authorized the issue of Treasury notes to the amount of
ten millions of dollars, in denominations not than
850 each, receivable in all payments to the ruled
States, and bearing interest al a rule not exceeding six
percent per annum. The undersigned, for the pur
ine of effecting payments to such of the pub ic ere i
tors as may not choose to receive ssid notes, invites of
fers for the exchange or loan ol tlicin for t ic cga cur
renev of the United States.
The proposals will state the pla.:c where the money
will be deposited, and the lowest rate of interest to b.
borne by notes when taken at par
Those who receive no reply will consider it s. ?uffi
. ili.it their offers are not accepted
cic?i c%'dcnr LEVI WOODBURY.
Secretary of the Treasury.
Wackixo aoainst timk.?The Philadelphis United
Ststc* Gazette states thst on Friday ami Saturday last,
a man named Jacob Schivcly undertook the formidable
is-k of walking one hundred miles in 24 hours, and
succeeded in performing it in 19 1-2 minutes less than
that tune Ho is a mechanic employed on the Girard
College, and was at work until noon of the day that he
accomplished the undertaking, having commenced it at
five o'clock in the afternoon
Mil PKI I.MAN having been NlM on professional
business, out of the eity, indispensably, requests
the favor of Ins pupils to grant him a few days leave of
oct 90?Glo., Intel., Alex. Gar

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