THE MADISON IAN.
EDITOR AHO MOril.TOI.
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Tim Madisonian will be devoted to the support of
the principles and doctrines of the democratic |>arty, as
delineated by Mr. Madi>on, and will aim to consummate
that political reform in the theory and practice of the
national government, which haa been repeatedly indi
cated by the general sufferage, aa aaaential to the peace
and proaptrity of the country, and to the perfection and
perpetuity of its free inatitutione. 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 unuaually disordered ;
every ramification of eociety ia invaded by distress, and
the social odifice acema threatened with disorganization;
every ear is filled with predictions of evil and the mur
mu rings of despondency ; the general government is
boldW assailed by a large and respectable portion of the
people, aa the direct cauae of their difficulties; open
resistance to the lawa ia publicly encouraged, and a
spirit of insubordination ia fostered, as a necessary
defence to the pretended usurpations of the parly in
power; aoine, from whom better things were hoped, are
making the " confusion worse confounded," bv a bead
long pursuit of extreme notions and indefinite phantoms,
loully incompatible with a wholesome state of the
country.. In the midst of all these difficulties and em
barrassments, it is feared that many of the less firm of
the frienda of the administration and supporters of
democratic principle* 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 ill the anticipa
tion of dismay and confusion amongst the supporters of
the administration a* the consequence of these things,
the opposition are consoling themselves with tho idea
that Sir. Van Burcn'a friends, as a national party, are
verging to dissolution ; and they allow no opportunity to
piss unimproved to give eclat to their own doctrines.
They are, indeed, maturing plans for their own future
government of the country, with seeming confidence of
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 confidcnce in the credit
system, which ought to be preserved and regulated, but
not destroyed, have tended to increase the difficulties
under which the country is now labouring. All these
seem to indicate the necessity of a now 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 tho great body ot its sup
porters. The necessity also appeara 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-reaped at
hoinc, and to the promotion of the honor and credit of
the nation abroad.
To meet these indications thia 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 tho
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
The Madisonian will not, in any 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 subject 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-.
atitution of the United States. Moreover, in the same
hallowed spirit that has, at all periods since the adoption
of that sacred instrument, characterized its defence
by the people, our press will hasten to its support at
every emergency that shall arise, from whatever quarter,
and under whatever guise of philanthropy, policy, or
principle, the antagonist power may appear.
If, in this responsible undertsking, it shall be our
Sood fortune to succeed to any degree in promoting the
arinony and prosperity of the country, or in conciliating
jealousies, and allaying the asperities of party warfare,
by demeaning oursclf amicably towards all; by indulg
ing personal animosities towards none; by conducting
ourself in the belief that it is perfectly practicable to
differ with others in matters of principle and of expe
iency, without a mixture of personal unkindness or loss
reciprocal respect; and by " asking nothing that is
not clearly right, and submitting to nothing that is
wrong," then, and not otherwise, will the full measure
its intention lie accomplished, and our primary rule
for its guidance be sufficiently observed and satisfied.
This enterprize has not been undertaken without the
approbation, advisement, and pledged support of many
of the leading and soundest minds in the ranks of the
democractic republican party, in the extreme north and
in the extreme south, in the east and in the west. An
association of both political experience and talent of the
highest order will render it competent to carry forward
the principles by which it will be guided, and make it
useful ss a political organ, and interesting as a journal
of news. Arrangements also have been made to fix the
establishment ujion a substantial and permanent basis.
Tho subscriber, therefore, relies upon the public for so
much of their confidence and encouragement only as the
fidelity of his press to their great national interests shall
prove itself entitled to receive.
Washington City, D. C. July, 1837.
THE SUBSCRIBERS, having leased the Exchange
Hotel, (late rages'*,) and having fitted it up in first
ralo style, will be prepared to receive visiters on MON
DAY the 9th inst. The locution of the houg?>, being w ith
in a few minutes walk of the depot of the linltimore and
Ohio, Washington and Baltimore, and Philadelphia Rail
roads, as well aa the Steamlioat to Philadelphia, Norfolk,
and Charleston, S. C., makes it a desirable place to all
travellers going to either section of the country. This
HOTEL attached to the Exchange Buildings in this city,
has been erected and furnished at a great cost hy the pro
prietors, and is designed to fie a first rate hotel. It u
the intention of the subscribers to make it for comfort, re
spectability, ice. fltc., equal to any house in the United
States. The undersigned flatter themselves that they
need only promise to all who may patronise the establish
ment, that their beat efforts shall be exerted to please, and
at chargea which they hope will meet their approba
JEWETT St DE BUTTS.
Baltimote, Oct. 7, 1837. 4w2l
HOUSE FURNISHING GOODS?We have for
50 pieces ingrain carpeting, which we will sell low.
50 do Brussels.
f>2 do 5-4, 6-4, 10-4, and 12-4 Linen Sheetings.
100 do 7-4, 8-4 Barnsly Diapers.
H-4, 10-4 and 20-4 fine Table Cloths.
Napkins to match.
1 bale Kussia Diaper.
1 bale w ide Crash.
Also, 50 Marseilles Quilts.
BRADLEY & CATLETT.
Se p 9?3tw2w
VOL.1. WASHINGTON CITY, TUESDAY, NOVEMBER 14, 1837. NO. 32.
ing the origin?l
( village lots no.
3 una 4.
1j*OK SALE, OH BARTER, for property |
in the city of New York, or land* in llli
aoia, the following valuable property in the
village of Oiwfm;
The rapid growth of Oswego, ita nn
?uri>a??eil advantagca and great prospects, are too well |
and too geue rally known to require a particular deacrip
BTj* A very minute description of the property ia deem
ed unncceasary as it ia preauined that purchasers living
at a distance will come and see, before they conclude a
aargain. Suffice it to say, that it ia among the very beat
bn the plat?
1is r*un? ??? lands ?r tlwt flr?t quality, with a perfectly
?.tear title, and free of ineuiubr ace, will be taken in ex
IiLT ueiieis post paid, add re seed to the aubecriber, at
Oewego, will meet with prompt attention. An ample de
acription of the property offered in exchange u requested.
In East Osweoo.?The Eagle Tavern and Store ad
loining, on First street, with a dwelling bouse and atablea
on Second atreet, being original village lot no. 90, 06 feet
on First atreet, running eaat 200 feet to Second atreet.
The south half, or original village lot no. 44, being 33
feel on Firat street, running eaat 200 feet to Second street,
with the buildings erected thereon.
The norlb-eaet corner of Firat and Seneca (late Tau
rus) streets, being 99 feet on First, and 100 feet on Sene
ca atreeta, with the buildings erected thereon?comprising
part of original village lota noe. 41 and 42.
Three lota, each with a dwelling, fronting Second atreet;
the Iota are 22 feet wide by 100 deep, being part of original
village lot no. 41.
Lot, with dwelling houae, [original village lot no. 26,]
being 66 feet on First atreet, running weat about 260 feet,
acroea the canal into the river, ao thai it has four fronts.
In Wiser Oawioo.?Lot corner of Fifth and Seneca |
Slate Taurus) stmeU, opposite the public equate, being on
Fences street 143, and on Fifth street 108 feet, with dwell
ing, coach house, stabling, and garden. The latter is well
stocked with the best and rarest fruit, ornamental shrub
bery, flowers, led.
A lot adjoiniug the above, being 78 feet on Fourth strert J
by 58 feet in depth.
Six lots on First street, each 22 feet in1
front, running east 100 feet to Water j
street, with the buildings thereon.
The Wharf and Ware houses on Wa
ter street, opposite the foregoing, being
132 feet on Water street, and running
east about 110 feet to the river. [This
wharf has the deepest water in the inner I
Lot oorncrof Seneca and Second atreets, being 24 feet
on Seneca, and 66 feet on Second atreeta. Five Lota ad
joining the foregoing to the east, each being 22 feet on
Seneca street, by 06 leet in depth. The above being part
df the original village lot no. 36.
The north half of block no. 63, being200. feet on Utica
[late Libra] street, by 198 feet on Third and Fourth
On Van Bcjeen Tract.?Lot no. 1, Montcalm street,
ueing 200 feet deep, and running north along Montcalm
street several hundred feet into the Lake.
Lots no. 2 and 3, Montcalm street, each 66 by 200 ft.
12 ?' 13 " "
13, 14, and 15,being 345 ft. on Bmnnon st.
210 on Van Buren St.
300 on Eighth st.
North 3-4ths of lot no. 25, corner of Van Buren
* .id Eighth streets, being 200 feet on Van Buren, and 148
t eet on Eighth streets.
Lot 82, south-west corner of Cayuga and Eighth atreeta,
66 by 198 feet.
Lota 83, 84, 85, 86, 87, on Cayuga st. 06 by 198 ft.
88, s. e. comer of Cayuga and Ontario streets, 198
by 104 feet.
89, s. w. corner of do, 198 by 195 ft.
70, on Seneca St., 66 by 198 feet.
58, s. w. corner of Seneca and 8th sts., 66 by 198 ft.
50, n. e. corner of Ontario and Schuyler streets, 198
by 104 feet.
59. on Seneca street, 00 by 193 feet.
75, s. e. corner of Seneca and Ontario streets, 198
by 101 feet.
76, s. w. comer of do. 198 by 130 ft.
64, n. e. corner of do. 198 by 104 ft.
40, 47, 48,49, on Schuyler st., 60 by 198 ft.
The incumbrances on the whole of this property do not
exceed sixteen thousand dollars, which may either re
main, or if deaircd, can be cleared off.
J. C. BURCKLE.
Oswego, N. V., Aug. 22, 1837. 2m0
LUMBER S BUSINESS.?The subscriber, f rom j
Baltimore, tskes this method of informing the citixcns
of Washington and vicinity, that he will remain a few days,
and make arrangements for undertaking any of the follow- I
ing kinds of work in his line of business, vix. The erect
ing-of Water Closets, Force or Lift Pumps, Baths, hot or
cold, fitted in a superior manner, the conveying of water
from springs to dwellings, and through the different apart
ments, draining nuarries, or any kind of lead work. He
can bo seen at Mr Woodward's.
N B.?He has with him a few Beer and Cider Pumps,
to be seen as above.
Bcrwcen 10th and 11th sts., Penn. Avenue.
QitlMi ? ?
CHINA, GLASS AND QUEEN'S WAKE.
40 South Charles St., Baltimore,
HAS just received and is now opening, five hundred
and forty/ package* of the al>ove description of goods,
adapted for 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 lie sold on as favorable terms as can be bought in any
city in the Union.'
Oct. 10. tf22
SAMUEL HEINECKE informs his friends and the
public, that he has taken a room four doors north of
Doctor Gunton's apothecary store, on ninth street, where
he will carry on his business. He feels confident, from
his long experience in cutting all kinds of gannents, that
general satisfaction will be given to such as may favor
him with their custom. sep 23 3taw3w
PROPOSALS for publishing a Second Edition of the
Military Laws or the United States, by
George Templeman. The first edition was compiled by
Major Trueinan Cross, of the United States Army, and
published under the sanction of the War Department in
1825. It contains the most important of the reaolutiona
of the old Congress, relating to the Ariny, from 1775 to
1789?the Constitution of the United States, and all the
acts and resolutions of Congress relating to the Army and
the Militia, from 1789 to 1824.
The second edition, now proposed to be published, will
contain all the matter embraced in the first, carefully re
vised, together with all the laws and resolutions of Con
gress, bearing upon the Army, Militia, and Volunteers,
which have been enacted from 1824, down to the close of |
the present session. The corrections and additions will
he made by Major Cross, the original compiler.
Officers of the Army and Militia, and others, who have
used the first edition of this work, have testified to its |
In a country like ours, where the authority of the law is
paramount, the necessity of such a work is at all times
manifest; but it is especially so at present when a large
and mixed force of regulara, volunteers, and militia arc
called into active service.
The work w ill lie of royal octavo sixe, and will lie fur
nished to subscribers at ?2 50 per copy, bound in law
MKS. PAGE'S BOARDING HOUSE, on IVnnsyU
vania Avenue, opposite the Centre Market. Per
sons visiting Washington can be comfortably entertained
by the day or week.
Oct. 5. tfl9
Valuable property for sale ? By virtue
of a deed oftrust, executed by Duff Green, and bear
ing date the tenth day of July, in the year eighteen hun
dred and twenty-nine, will lie exposed to public sale on
Wednesday, th. twenty-second day of November next,
the valuable real estate described in said deed as lieing
" that two story brick house or tenement on part of lot
numbered six, (6.) in square numbered three hundred and
seventy-seven, (377,) in the city of Washington, being the
west house of three houses formerly built on said lot by
Charles Cist, deceased;" "and also the part of said lot
appertaining to aaid houae, extending back due north
from E atreet to a public alley, ami alao the whole of
lot number (7) in the aaid square."
The terms of sale will be one-third eaah, anil the ba
lance in two equal inalalinenta of three and six months,
with approved security and on interest from day of sale.
The sale to take place immediately in front of the pre
mises, on E street, at eleven o'clock in the forenoon of
the dav above mentioned.
For the Bank of the Metropolis :
JOHN P. VAN NESS, President.
Oct 30-2 aw
G2.L<)VKSUSPENDERS, STOCKS, WOOLLEN
r SHIRTS, AND DRAWERS ?We have to-day
30 dox. Suspenders, best kind.
50 do. superior Gloves.
50 do. Stocks, best make.
50 pieces Silk Pocket Handkerchiefs.
50 doxen Gentlemen's Ribbed Woollen Drawera.
50 do. do. do. do. Shirta.
6 do. Raw Silk Shirta.
50 piecea Irish Linens.
200 do. Sea Island Cotton Shirtin.s.
BRADLEY dt CATLETT.
Sept. 8. 3taw2w8
A PUBLIC UKBTIHO
Of a portion of the jxapU of Ike County of Albemarle,
On last Monday, that being Court day, and
there being a very large assemblage of the
|?eople present, Major James Garland, the
preseut representative in Congress from the
I which this county composes a part,
addressed the people. After he had conclud
ed his speech, Col. George W. Kinsolving
proposed to organize a meeting of the people,
so as to obtain an expression of their opinions,
upon the great question of the state of the
currency, which is at this time of such vital
interest to the community. He called Henry
White to tho chair, and upon the motion of
Sbeltoo *. Leake, George Carr was appoint
ed secretary. The meeting being organised,
upon motion, the chair appointed a committee
consisting of Shelton F. Leake, Thomas VV.'
Gooch, Garrett White, T. W. Mauray, G.
W. Kmsolrmg, John Morris, J. H. Craven,
K. D. Simms, James E. Chapman, Rodos
Goodman, Robert B. Mills, S. C. Sneed, J P
?Sampson and John Douglas, to draft and re
port a preamble and resolutions, for the con
sideration of the meeting. The committee,
alter having retired, returned and reported the
following preamble and resolutions, which
were adopted t
Whereas, it is both the right and the duty
?J}-'re? P??P,e to express their opinions on
public affairs; and it is especially incumbent
on them to do so, when innovations are pro
posed in their laws and usages, which threat
en their liberties and highest interests with
danger; and, whereas, the people of Albo
marle, here assembled, friendly to the election
ot the present Chief Magistrate of the Union,
cannot but regard with the most serious ap
prehensions the scheme proposed for conduct
ing our national finances on a new system
a system disapproved by our republican an
cestors, and which is justified only by prece
dents drawn from Imperial Rome and the
kingdoms of Europe?
1st. Resolved, Therefore, as the sense of
this meeting, that we view the Sub-Treasury
scheme now, as it was viewed by us, in com
mon with the great body of our political
brethren in 1834, as anti-republican in its
character, dangerous and demoralising in its
tendencies, " enlarging the influence and pat
ronage of the Executive, and placing in its
hands the means of corruption.
'-'d. Resolved, That believing a common
interest between the governors and governed
a fundamental maxim of free institutions ;?
and that the most effectual means " of restrain
ing the former from oppression is to make
them feel and participate the burdens of the
latter, we regard the establishment of one
currency for the Government and another for
the people, as alike oppressive in practice
and despotic in principle.
3d. Resolved, That a war upon tho credit
institutions of the States by the policy of the
General Government, is inconsistent with
tho jndopendence and rights of the States,
and the obligations of our Federative com
pact, and in the present instance, if persisted
in, threatens the most serious consequences
to every class of the community ; the farmer,
the mechanic, the tradesman, "and the mer
4th. Resolved, That we consider a mixed
currency, consisting of the precious metals
for ordinary transactions, and a sound paper
medium, equivalent to specie, for larger ope
rations and commercial uses, that form of
currency the best adapted to the wants of the
country; the most congenial with the habits
and interests of the people, and uniting, in
the highest degree, the requisites of safety
and convenience, and that on this subject
we heartily approve the sentiments expressed
by our republican Governor, and the policy
advocated and sustained by our Senator in
Congress?Hon. W. C. Rives?and our
Representative from this district?Hon. Jas.
5th. Resolved, I hat a wise and progressive
reform in the State banking system which
shall secure the above mentioned results, and
not the total overthrow and destruction of that
system, is, in our opinion, the true policy and
approved creed of the republican party ; and to
force the country back now to an exclusive
metallic currency would cripple all its energies
and enterprise, and operate a disastrous revo
lution in the value of labor and property, and in
the practical cflfect of all existing contracts
between man and man.
6th. Resolved, That the Sub-Treasury
scheme having been rejected by the Repre
sentatives of the people, at the late session of
Congress, we are persuaded that the Presi
dent, as a republican chief magistrate, will
acquiesce in that decision, and no longer urge
upon Congress and the people a proposition
which can have no other effect than to divide
the political party by whose votes he was
elected, and to agitate and alarm the public
I mind, at a period when confidence and repose
are demanded by tho best interests of the
And, whereas, we have seen with indigna
tion the simultaneous attacks, by the leading
administration press at Washington, and the
opposition journal at Richmond, on the faith
ful representative of this district, and our
county-man and long-tried public servant, the
Hon. VV m. C. Rives, one of the Senators of
Virginia, in Congress?and, whereas, the ap
probation of the constituent body is the high
est incentive to, and the just reward of fidelity
and good conduct on the part of the represent
ative, and it is especially proper that the peo
ple should come to tho encouragement and
support of their faithful public servants, when
assailed and traduced for the honest and inde
pendent discharge of their duties
Resolved. Therefore, that we recognise in
the conduct of the Hon. VVm. C. Rives during
the late session of Congress, the continuation
and consistent illustration of the principles,
moral and political, which have uniformly
marked his public career, and that we hereby
tender him the assurance of our undiminished
confidence and the pledges of our zealous
Resolved, That we cordially approve the
course of the Hon. James Garland, during
the late session of Congress; and he may
rest assured that he will never be deserted
by a republican constituency, while ho so
ably and faithfully maintains their rights and
On motion of Thomas W. Maury, it was
ordered that the proceedings of this meeting,
be signed by the Chairman and Secretary,
and that copies be furnished to the Editors of
tho Jetfersonian Republican, the Richmond
inquirer, and tho Madisonian, with a request
that they publish them in their respective
j This meeting then adjourned.
HENRY WHITE, Chairman.
(jkoroe Cakk, Secretary.
A LETTKIt FROM MR. SMITH,
member or conorem from Maine, in vindication
or uia vote against the scd-treasuhy bill.
To the Editor of the Eastern Argus.
Sir?In my former letter I show, by bjok, page
?nd date, that the whole scheme of divorcing the
Uovernment from all bink agency, and of reporting
to an exclusive metallic currency in collecting an<
ViXvlrsin? t',e revenue of the Government, was in
1835 condemned and repudiated by both the Execu
live and Legislative department of the Government,
(including therein the united vote of the delegation
ol this State,) both because of its inherent insufficien
cy, and insecurity, and bacause of its comparative
inferiority in all the essentials of responsibility, safe
ty, convenience, and economy, to the local bonk agen
I now propose to show upon whose recommenda
tion, for what reasons, and by whom, besides myself,
local bank agencies and convertible bank paper with
specie payments, were adopted for the collection and
disbursement of the public revenue. From these
data, I shall deduce and exhibit to you ray additional
reasons for continuing to repudiate the scheme of
Sub-Treasury agencies of the denomination and with
the restrictions provided in the bill against which I
voted in Congress. I shall conclude with a sugges
tion of the only practical divorce of Government
' 'k*? ^as occurret' to my mind, and the
which I was prepared to offer to the House, had
an opportunity been afforded me for it at the late
The agencies of local Banks were adopted for the
Government throughout the country by President
Jackson, with the most implicit confidence in their
disposition, capacity and safety as fiscal agents.
More or less in number had been employed previ
ouslv since the organization of tbe Government, as
will be seen by and by. They were adopted in lieu
of and to render unnecessary, either for the purposes
of the Government or op the people in their busi
ngs affairs, a National Dank. Speaking of the
information he had acquired of them, through a spe
cial agent selected and employed for the purpose,
President Jackson, in a paper read to his cabinet on
the lHth of September, IH33, held the following lan
" 1 he President thinks that these facts snd circum
" stances afford at strong a guarantee as can be had in
"human affairs, for the safety of the public funds,
" and the practicability of s new system of collection
" snd disbursement through the agency of the Stale'
In December following, that is, 1833, in his mes
sage to Congress, he endorsed the report of the then
Secretary of the Treasury upon the subjcct of State
bsnks, in this emphatic language, " I concur with
him entirely in the view he has taken of the sub
In that report the Secretary said,
" The State banks selected are all institutions of high
"character, and undoubted strength, and are under the
" management and control of persons of unquestioned
" probity and intelligence." ? ? ?
" Enough has already been done to show that, even on
" the score of expediency, a Bank of the U. States is
" not necessary, either for the fiscal operations of the
" Government, or the public convenience, and that eve
" rv object that the charter to the present bunk was
?' designed to attain, may be as effectually accomplished
" by the State banks." ? * ? "In the
" selection, therefore, of the State hanks as the fiscal
agents of the government, no disadvantages appear to
have been incurred on the score of safety or conveni
ence, to the general interests of the country, while much
that is valuable will be gained by the chsnge."
In a sneech made in the U. S. Senate on the 30th
of Jan. 1H34, Mr. Wrioiit, Senator from New York,
thus expressed himself. Every body understands
what his relation to the late administration and all its
friends was, and what it is now to the present admi
nistration?that of an able, distinguished and most
" The Senator from Massachusetts, (Mr. Webster,)
has asked if you will neither ro-charter the present bank,
nor establish a. new one, what will you do ! As an in
dividual, sir, and speaking for myself only, I say I will
sustain the Executive branch of the Government by all
the legal means in my power, in the effort now making
to substitute tho State banks instead of the Bank of the
United States as the fiscal agents of iho Government. I
believe they aro fully competent to the object. I am
wholly unmoved by the alarms that have been sounded,
either as to their insecuiity or influence, or any other
danger to bo apprehended from their employment."
On the following Feb. (11th, 1834,) the official or
gan of the administration (the Globe) under its edi
torial head, made the following announcement to the
" In making the State Banks the fiscal agents of the
Treasury, the President has taken a course which marks
his kin a i. determination in relation to this subjcct. He
is convinced by tho experiment already made, that well
managed State banks are fully adequate to the per
formance of all the duties connected with the collec
tion, the .rack-keeping and transfer of the public
funds?the only duties which it is necesssry the govern
ment should require of such institutions to facilitate the
operations of the Treasury."
" Ho is also satisfied that they are fully competent to
carry on the business of domestic exchange between dif
ferent parts of the United States, in a manner that will
be both convenient and satisfactory to all parts of the
country, and that this can and inil be conducted by
them upon terms at least as favorable to the country,
and probably more so, than has heretofore been done by
the Bank of the United States ; and we feel autho
rized to state, that nil rcnorts to the contrary are
mere inventions of the ENEMY"?and that the Presi
dent is firmly resolved to adhere to his plan of the Stale
banks. He distinctly assorted this intention in his ex
pose to his Cabinet, and ho repeated it with equal clear
ness, in his recent conversation with the New York
The before named report of the Secretary of the
Treasury was the subject of a special report from
the Committee of Ways and Means on tne part of
the House, on the 4th of March, 1834. The Com
mittee's report was made by Mr. Polk, now Speaker
of the House. This report stated?" The Commit
tee are satisfied that the State Banks are fully com
petent to perform all the services which the Gene
ral Government ought to require, in the collection
and disbursement of revenue." " The State banks
are now firmly interwoven with the institutions of
This report concluded with a resolution which was
adopted by the House, (117 to 105) that the State
banks ought to be continued as depositories of the
public money. On this resolution, the delegation of
this State voted as follows :?
AYES?Hall, Jarvis, Kavanaugh, Mason, Mc
Intire, Parks, Smith.
On the 5th of March, the before ndmed official
onran of the administration, the Globe, in an editorial
article, thuscommented on the report of the commit
tee of Ways and Means :?
" The Committee gave their opinions at lsrge upon
the subject of the State bank agency in the management
of the public finances. They show thst RELIANCE
ON THEM, WAS PART OF THE LONG
SIGHTED POLICY WHICH INDUCED THE
FKAMEK8 OF THE CONSTITUTION TO RE
JECT THE PROPOSITION TO CONFER THE
POWER CREATING CORPORATIONS UPON
CONGRESS, and that it teas in fart the resort of the
confederacy before, as well as after, the adoption of the
The same committee, through Mr. Polk, on the
8W of April, 1834, reported a bill to provide for the
selection of State Banks as depositories of the public
money, pursuant to the resolution of their first re
port. On the second of June following, in a debate
that arose in the Senate of the United states on Mr.
Clay's resolution for the restoration of the depositee
to the United States Bank, Mr. Benton moved to
amend it by striking out all after its enacting clause
and inserting the abuvementioned House bill entire;
and on this occasion he made one of his most able
speeches in defence of the local hanks?in prai?e of
their capacity and fitness lor ail ibc purpose* of I be Go
vernment, and exculpating them horn ail blame lor
pus pending specie payments under the embarrass
ments of commerce that existed in 1816. I will make
a few extracts from the report of this able effort of
the Missouri Senator.
"Mr. Benton said he deprecated the spirit which
?coined to hare broken out against Slate Banks and
that it augured badly for the rights of ike Stale*. The
strongest current of consolidation that ?v*? now observa
ble in the Union, was that which sat in favor of the
Federal Bank and again*! the State Banks, and threat
ened to consolidate all moneyed power, and with it all
|K>liticai power, in favor of a great central institution,
independent of the States, and able, by its own avowal,
to crush the State institutions at its pleasure. He said
this spirit against the State Banks was an impulsion
of modern origin?unknown to the fathers of the lie
public, and to the early history of the country?and
strongest now where the spirit of consolidation was
atrongest, and where the defence of Static Kranra teas
weakest. At the commencement of the Federal Go
vernment. said Mr. Benton, there was no Federal Bank,
and all the public moneys were kept in Stale Banks, or
drawn direct and at fast as they were received, out of
the hands of receivers and collectors. General Hamil
ton when Secretary of the Treasury, kept the public
moneys, for the first year of his administration, in these
banks, and kept them safely there. When the Federal
Bank was proposed in 1701, a?d the keeping of the
public moneys was one of the aervices attributed to it
Mr. Jefferson, then a member of President Washing
ton s cabinet, denied the necessity of a Federal Bank
for any such purposes, and openly declared himself in
favor of the Slate Banka. He said these banlu had
already done thi* business for the Government, and
done it well, and would no doubt enter into arrangements
with the Treasury for doing it permanently, and on better
terms than it could be done by the Federal Bank. Mr
Benton read an extract from Mr. Jefferson's cabinet opi
nion delivered to General Washington, at tho creation
of the Federal Bank, to austain what he had said of his
opinions" ? ? ? "Mr. Benton said, that what
Mr. Jefferson affirmod in 1791, waa aflorwards proved
under his administration, and that of Mr Madison Dur
ing the whole of their administrations, a large portion
of the public moneys was kept in State Banks, and
safely kept there. -Mr. Benton aaid
it was thus proved, by an experience of twenty years
an experience running through the whole of the admi
nistrations of Mr Jefferson and Mr. Madison, and a part
ofthoir predeccsaors?that the public monevs maybe
safely kept in the State Banks; and that Mr Jefferson
was right in hia cabinet opinion of 1791, when he gave it
aa his solemn opinion to President Washington, that
there waa no noceaaity for chartering a Federal Bank to
act as the fiscal agent of tho Federal Treasury, and that
the State Banks would enter into arrangements for that
purpose, AND DO THE BUSINESS well !"
? * ? " Mr. Benton said, that having shown
that he stood upon JEFFERSONIaN GROUND, and
I'PON safe ground, in recommending Slate Banks for
places of deposite of the public moneys, he would make
a few remarks, particularly applicable to the amend
ment which he had offered."
In the House of Representatives on thelOth of June
1831, Mr. Pot,K made his speech upon the same bill
and embodying his usual talent and argument!
He cited with approbation parts of a report of Mr.
Gallatin in 1811, while Secretary of the Treasury
containing the following opinions:
" Slate Banks may be used without any insuperable
difficulty." * ? ?
" That the public moneys are safeh by being weekly
deposited in banks, instead of accumulating in the hands
of collectors, is self evident. And their transmission,
whenever this may be wanted, forlue purpose of making
payments in other places than thoso of collection, can
not, with any convenience, be effected on alirge scale,
man extenlive country, except through the medium of
banks, or of persons acting as bankers. The question
therefore is, whether a bank incorporated by the United'
States, or a number of banks incorporated by the several
States, be most convenient for those purposes. Stale
Banks may be used, and must, in case of a non-renewal
of tlve charter, be used by the Treasury."
"Slate Binks then, said Mr Pole, were not regard
ed by Mr. Gallatin as incapable of doing the public busi
ness ; and I undertake to affirm, and to prove, that they
were not so regarded even by the Congress of 1816, by
which tho charter of the present bank was granted."
? ? ? "The argument then, so much relied upon to
prove the incompetency of the State Banks, and the ne
cessity of a National institution, as a Govemment'agen
and regulator of currency, seems to be not only without
just foundation, but to be wholly disproved both by the
authorities cited, and the practice of the Government
from the date of its organization."
On the SMfh of June, 1831, the bill adopting the
deposite bank system passed the House by a vole of
11*2 to ill). The delegates of this State voted as fol
lows: Ayes, Hall, Jarvis, Kavnnaugh. Mason, Mc
Intire, Parks, Smith. Nay, Evans. But the bill
was lost in the Senate.
In the annual message of Dec. 1834, the President
said " Happily it is already illustrated that the agen
cy of such an institution, (U. S. Bank,) is not neces
sary to the fiscal operations of the Government.?
The Shite banks arc found fxUly adequate to the per
formance of all services which were required of the
Hani: of the United States, quite as promptly and with
the same cheapness. They have maintained them
selves and discharged these duties, while the Bank
of the United States was still more powerful, and
in the field as an open enemy ; and it is not possible
to conceive that they will firul greaUr difficulties in
their operations, irhen that enemy shall cease to exist.
On the 1-2 of December 1834, the Secretary of the
Treasury made the deposite bank system the subject
of a special report and recommendation to Congress.
And in it he embodied a most elaborate and un
qualified eulogy of the safety, disposition, capacity
and efficiency of local deposite banks as fiscal agents
of the Government, and declared that unitedly they
" possessed specie, in proportion to their notes in cir
culation, greater than did the Bank of the United
States on the first of July" preceding, "or the Bank
of England on the 1st of January" preceding. " He
cherishes," said the report, "great confidence that
the system of fiscal agency now recommended for
the Treasury, so far as regards the safe preserva
tion and convenient disbursement of public money,
will continue to prove successful; ana, if not in ev
ery respect, equally so with the system preceding it,
or with any other that could be substituted in the
form of a National Bank, yet that in some material
respects it is superior, ami "in others so little inferior
as not to justify an abandonment of it for any other,
beset with such grave questions of general expedi
ency and constitutional power. Public confidence
in the correctness of this conclusion may justly be
strengthened by our experience during the past year,
when the newly selected State banks, though in the
infancy of the trial, with many novel difficulties to
encounter, and assailed by a panic unexampled in
this country, surrounded by extraordinary distress,
real or imaginary, without the aid of the power
ful means of the Hank of the United States, if not
with those means in some places indirect hostility,
have yet passed through the fierv ordeal in perfect
safety, without the faitureof one of them, and with
out the loss of a single dollar to the Government.?
Besides this, the operations of the Treasury, chiefly
conducted through these banks, have proceeded, ge
nerally, with ease, promptitude and fidelity, even
in the remotest sections of the Union; and the ge
neral currency of the country has in the mean time
greatly improved, instead of deteriorated. Over
twenty millions of dollars have probably been added
to the specie portion of it."
He concluded his report in this most pointed lan
guage in favor of the system and against the sub
treasury system of " individual agents "
" It is gratifying to reflect, however, that the credit
fiveri by Government, whether to BANK PAPER or
1ANK AGENTS, has been accompanied by SMALL
ER LOSSES in the experience under the system of
State Banks, in this country at their worst periotls and
undt, I heir severest calamities, than anv OTHER
CREDIT the Government has ever given
m ^Vion to its pecuniary transactions, . Hence, unless
the States, and the United States, should BOTH deem
it proper, gradually, and in ihe end entirely, to dispense
with the paper system, and which event is not an
ticipated, the Government cannot escape occasional
losses from that quarter; and can never hope to escape
all losses from hanks as fiscal sgrnts, except liy the
employment in their place of OTHER ami INDIVI
DUAL AGENTS, who will PROBABLY, be found
LESS RESPONSIBLE, SAFE, CONVENIENT,
and ECONOMICAL "
On the 16ih of the same December (1835,) Mr.
Poi.*, as Chairman of the Ways and Means, report
ed to the House a deposite bill for the selection of
local bjnks according to the plan of the President
and Secretary of the Treasury.
hi lite debate on this bill on the 10 of Feb. follow
ing, Mr. Polk mid, " li will only be necetwary on
litis occasion to present a few prominent facU, with
the conclusions to which they uecesarily give rue,
to saiufy not only the House but the country, that
the present financial system is no linger to do* re
garded as an experiment. Through the agency of
the Stale banks, the fiscal operations of Government,
have, during thv past year, been eminently success
ful. The collection of the public revenue, and the
transfer of funds to distant points for disbursement,
have b -en made by the deposiie bank*?promptly,
efficiently, and without charge to the public. No
thing has been lost to the Treasury, and no part of
the public service has suffered inconvenience by the
employment of these agents. All this lias been done,
nut only without the aid of the National Bank, but
against its power, in defiance of its efforts to cripple
their operations, lo distress the community and era
barrasA the Treasury." ??????
" 1 might, was it deemed necessary, proceed to show
the success with which these duties were performed
by the ritate banks f rom I7H9 lo the creation of the
present Bank of the U. 8. during which period they
were employed as fiscal agents." ? ? ? ?
" It has D *en my object to show from well attested
facts, that they are as sake as any other description of
agency could be." * * * * " It is no long
er a question of doubt whether they can, with facility
and promptness, transfer the public funds to the most
distant points of disbursement, and perform all other
duties which, as fical agents, they may be required
In the same debate Mr. Cambrf.i.kno said?
" I am a* little di?|>o*ed i> cither of the gentlemen
from Virginia, (Messrs Robkhtsom and Cioanow, who
advocated the divorce plan then) lo advocate the caoa*
of State bank* ; but at the present moment there are
two reasons for continuing the plan adopted by the
Treasury. The Stat* banks sclect?d. a?* th*
SAKEST PLACES or DEPOSITS WH THE PUBLIC MO
Mr. Patton said?
" Tho employment of State banks aa depositories of
the public inoncy is called an experiment. * * *
I deny that it can with propriety be called an experi
ment. There is nothing novel in it?Hi has been going
on from the time of the establishment of the first btate
bank to the present day. Stsle banks have been se
lected snd employed by tiie Treasury, as fiscsljsgcnts of
the Government in collecting snd disbursing the public
money during the whole period from the ailoption of the
Constitution to the present moment; and this embraces
periods when a Bank of the United States existed, and
when it did not exist. ? ? * Through all thia
time, then, from 1789 to 1816, through all administra
tions, and by all political parties, and especially by that
political party which wat called " republican, this
" infernal agency of tho State banks, as it has "'*?n
characterized by one of my honorable colleagues (?.
Robertson) has been employed, under the superintend
ence of the Secretary of the Treasury, and, as it would
seem, approved and admUird by all lo be ihe best in Iht
absence of a Bank of the U. StaJcs." _
No final vote was taken upon the bill before the
expiration of the session of llie 4th ol March,
In the annual message of the President in De
cember, 1835, the country was again told that the
experience of another year has confirmed the utter
fallacy of the idea, that the Bank of the United
States was necessary for the fiscal agent of the
government. Without iLs aid as such, in despite of
all the embarrassment it was in its power to create,
the revenue has b^en paid with punctuality by
our citizens; the b usiness of exchange, both lor
eign and domestic, has been conducted with conve
nience! and the circulating medium has been greatly
improved. Bv the use of the Stale Banks, which
do not derive their charters form the general govern
ment, aiuf are not controlled by it a"'hority, it is
ascertained that the moneys of the United Slates
can be collected and disbursed without loss or in
convenience, and that all the wants of the com
munity in relation to exchange, have been supplied
as well as they ever have bsen before.'
In the annual report to Congress of the becretary
of the Treasury, in December, of the same year, we
had this similar assurance:
" This department lakes pleasure in stating that
the public money continues to hi collected and
deposited under" the present system of selected
bniks, with great care and economy in all cases,
and with greater in some than at any former pe
riod. The transfers of it to every quarter ol the
countrv where it is needed for disbursement, have
never been effected with more promptitude, and
have been made entirely free of expense to the
On the 21st of March, (1H36,) following, Mr.
Cambreleng, from the Committee ol" Ways and
Means in the House, (of which Committee I had
the honor to be a member concurring in the report,)
reported anew the bill providing for the selection
and employment of the State Banks as the fiscal
a 'ents of the Government, and on the '23d day of
June following, it became a law by the signature of
President Jackson, having passed both Houses by
In August, (1H3?>,) following, preliminary to the
election of Mr. Van Bchkn to the Presidency, he
publicly declared his opinions of an adhesion to
this same local bank system of agencies, in a letter
to Hon. SitEiiaoD Williams, in the following empha*
?'I sincerely believe that the public funds can be
safely and conveniently transmitted from one portion of
llie Union to another, that domestic exchanges can bo
as safely and conveniently effected, and the currency
inado at least as sound, under the existing system of
State Banks, ns those objects could be accomplished by
a National Bank."
All must concede, after perusing the foregoing
authorities,?-the highest to be desired to establish
with democrats what has been the settled opinions
and policy of the democratic party on this subject,
and that the Sub-Treasury scheme was bronght for
ward at the expense, and to the utter overthrow of a
system which, to use the language of the Globe, "the
lone sighted policy of the founders of the Constitu
tion' placed their reliance upon in denying to Con
gress the power of chartering corporationsa sys
tem which, through the last four years of General
Jackson's services in the Presidency, was the theme
of his highest exultation and eulogy, and in each an
nual message to Congress; a system which his
Secretaries of the Treasury, (Mr. Taney and Mr.
Woodbury,) uniformly reported to Congress as both
safe and satisfactory to botn the Government and the
people; a system which Mr. Benton, as we have
seen, pronounced to have been approved " by an ex
perience of twenty years?an experience running
through Ihe whole of the Administrations of Jefferson
and Madison;" a avstem which Mr. Benton also pro
nounced to be " Jejfcrsonian ground;" a system which
Benton declared to be the antagonist of that spirit of
political consolidation, and of that infringement upon
Slate l ights, thut was auguring so badly to those rights
and " strongest noir where tie spirit of consolidation
was strongest, and where the defence of State rights
was weakest ; a system, to re-establish which, the
whole nation was kept in a convulsive condition from
the dav of 'he removal of the deposites from the
U. S. Bank, until the passage of the act I have
named, legalizing the system in all the length and
breadth that President Jackson and his Secretaries
had asked;?it was, I repeat, at the expense and
overthrow of such a system, and of all its concomi
tant advantages as promised by all its advocates that
the Sub-Treasury bill was to be adopted and become
a law?and all this, mainly because the force of the
most extraordinary pressure in the money market
' that was ever known in the business world, and the
which has been felt wherever trade or commerce
exists on the face of the globe, extended to our bank
ing institution#, through .the failures of their cus
tomers and debtors,sufheiently to cause a temporary
suspension of specie payments!
Twice before has tnc same event hnppened to tnis
same class of fiscal agents in the history of onr go
vernment. And the administration, the republican
party in and out of Congress, ail of us, knew this fac
lull well, when the banks were appointed fiscal
agents by Jackson and by the de^itelawsufee
ouenllv We knew that it might by possibility again
happen. It was mid again and again Iby
ncnts, that it would happen again. But we Mi' in
reply this alone is not a sufficient objection. When
it shall happen to the greater loss of the government
than other nscal agencies are certain of bringing
urion it then will it constitute j?n argument against
the expediency and superiority of our system. It has
hanoened. But no lot* to the government has oc
curred?none is anticipated. On the contrary, the
Secretary's late report shows the bonks to be in
equally g<**l condition with their best days, not only
in regard ?o specie, but all other resources. In view
of these truths, and of the abandonment of other
more important interests connected with the stability
of the system, ami which I must take anojher letter
to detail, I did not believe the passage of the Sub
Treasury scheme to be for the interests of my con
stituents nor for the honor of the government, nor
? for the success of Mr. Van Buren's administration?
of all which points I was of right my own judge,
under the circumstances;?and I felt constrained to
vote against tearing away the land marks which had
been set up under th.- last administration by my
and others, who then represented the dominant and
democratic party. I contributed my humble strength
in establishing the financial policy of "bat adminis
tration, until It became the common property and
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