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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, November 14, 1837, Image 2

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Work a* this mmtioe; a?d I fell it to be too .now to j
cafip mvself under any nu't banner, or mi any
mni*. bidding, w nunwo rr now* oa in abaxdom
isa rr roe Atrr nrraico u?d mr?raojt*D sxrcai
Morr The additional consideraiiom which influ
enced me in coming to ibi* determination, 1 mill
state in my next and concluding letter
' ?*-fc5WSc? oTSmith
Portland, Nor. 1,1*37
In my last communication, I remarked, that it was
through the ankle in the Glob-, which I quoted, that
I was for (he first time apprised, that the Secretary
of the Treasury ever entertained (he opiuiuu that,
Ue interests rkicA / represented were antagonist to
Umt of the Treasury Department As 1 represented
the iateresu of the Deptwiie Banks, in part, therefore
it rnuM hare been their interests, which were the an
tagonist interests lu those vi the Treasury.
As the Globe made reference to the testimony of
its editor, giTen bsforc the " Wi-? committee"
it he committee of which Mr. Garland was chairman)
hare turned to that, for (be first tiiue I ever saw it,
and find the following as part of the answer which
he gave to the first interrogatory propounded to him
by the committee. Mr. Blair staled :
" What the precise character of the agent's (mr)
" business was, the witness* (himself ) was never in
" formed in detail, but understood, generally, tfcut it
" was to superintend their interest*, as the Deposiie
" banks. The witness, on some uccatioo, in conrer
" sal ion with the Secretary, was desired by him lo
" bear in mind that those "interests were not always
" urged by the managers of the binks in such wise
" as to be compatible w ith that of the public, and he
" therefore, guarded against the ag nt as one who
" might be representing an adversary iu.erest to
" that of the public."
That such a feeling should have been entertained,
is new to me, and for bow long a time it has existed,
I know not, andthat neither the bonks which I repre
sented, nor myself, should never have been appris
ed of it, does truly surprise me : and that the editor
of the Globe should have b?en "guarded against
the agent," that he might be upc*i the watch, and
'? scrutinize Use design*" of that " i^fent" (myself) is
now learnt with no undiminished surprise.
It would seem to be a contradiction of all the prin
ciples which characterise the intercourse w hich
must naturally subsist between principal;nd agent,
that such couul have been the fact. An antagonist
interest of the agent to that of the principal must
inevitably lead to a speedy dissolution of the
connexion. Such an interest, as vr>n as it was
discovered that it existed, would foibid a longer
continuance of it on the part ot the principal.
Whether or not, while I have been acting for some
of the deposite tnnks, I have been " representing on
adcersnry interest to tAat of Ike public," that public
has a right to know. The Banks, too, have a
deep interest in knowing, whether 1 have been
faithful and have acted w ith fidelity towards them,
or have been guilty of so representing tl eir interests
as to make them appear adversary to that of the pub
lic. I cannot but view- it in the liffht of a serious al
legation against me, which I am bound by every ob
ligation of dntv and principle to vindicate myself
from, at the earliest moment it came to my know
There are additional considerations w hich unite
with the foregoing to impel me to the undertaking,
in discharge of what t consider an obligation of
The emplovment of State Banks as the fiscal
agents of the federal Government, and the suspen
sion of specie payments bv those b'ink? while so act
ing, are Vxh circumstances, destined to occupy a
conspicuous place in the future history of this coun
try. All that is immediately connected wuh tho?e
two events, therefore, belongs to the country; and, in
my opinion, every individual having in his posses
sion tacts calculated to reflect new lights or colors
upon one or both those circumstances, w ould be doing
wrong by withholding them.
It is recorded in the pages of our national history,
that General Jackson took on himself alone the "re
sponsibility" of the removal of the deposites from
the Bank of the United States,1 and the employment
of State Banks as depositories of the public funds?
that he declared the measure to be his own ; and, that
it was an " Experiment " General Jackson's repu
tation was staked on the success or failure of that
It was under these circumstances, that the early
selected banks entered into agreements with the Go
vernment lo become ils fiscal agents. With them it
was no less an experiment, than it was with the Go
vernment. The whole interests of the proprietors
of each one of those banks, together w ith the repu
tation of those to whom they had entrusted their
management, were also staked on the success or fail
ure of their undertaking. They and the Govern
ment had one, and but one, and that was a common
cause. It could not in the very nature be, that an an
tagonist interest could have existed. If there had
existed such an interest with the banks, aeainst tint
of the public, it would seem hardly possible that it
should not have operated to have marred the success
ful operation of the measure to such an extent in the
course of four years, as to have become visible to
those who were the sentinels on the tower, watching
and guarding it. No such discovery appears ever
to have been made. None such was ever announced.
But, year after year, testimonials in duplicate, were
issued from high places, of the most complimentary
and flattering character, both as lo the complete suc
cess which had aUended the measure, which was no
longer looked upon as an " experiment," and to the
ability, zeal and fidelity which the banks had mani
fested in all things connected with the agency which
they had embirked in.
But a few short months after the last of these testi
monials was laid before the American people, a ca
tastrophe befel not only the Banks employed by the
Government, but all the banks in the Republic." All
were involved in one common fate. The notes which
were but a Utile time before sung so loudly to the
praise of the Deposite Banks, were now on the sud
den instant, changed to tones of loud and bitter
condemnation. They were stigmatised with every
base epithet, furnished in the vocabulary, to degrade
them, and those connocted with them, in the eyes of
the world. The evils which the catastrophe caused
were upon the land. The banks were charged with
producing them.' Few Stopped to inquire whether
justly or wrongfully. A popular clamor was raised
against them. Enough were found to add fuel to the
flame to keep it burning. Few to quench it.
My part of the history of the Deposite Bank sys
tem, I will now commence.
The views which 1 entertained in relation to the
principles upon which that system ought to be con
ducted, to secure its permanence snd usefulness to
the country, will be fully made manifest as I pro
gress. How far the interests I represented, or the
mode and manner in which 1 represented them, were
antagonist to those of the public, will be made equally
The deep stake which t}iose brinks, first selected,
had involved, caused it to be " antagonist"to their
wishes and interests, that the number of brinks em
ployed should be augmented beyond the actual neces
sities for the fiscal convenience of the Government.
Thev had a deep interest, too, that no bank should be
newlv selected arj added to their number,and there
by add to the responsibility of their undertaking, the
condition of which was not so perfectly good and
sound, as in no way to endanger the success of the
Under these circumstances it became a part of my
duty to watch and protect the interests of my employ
ers in these particular points.
The first occasion, that presented, wherein I felt
called on in the discharge of my duty to my consti
tuents to express any thing like a" remonstrance
Against a contemplated addition to the number of the
Deposite Banks then employed, was soon after the
close of Congress, in March, 1KI5. On the 2i!d day
of that month, I addressed a letter to the Secretary of
the Treasury, from which I make the following ex
tracts :?
" Acting as I do, in the capacity of agent of many
of the Deposite Banks, it may be proper, previous to
my entering upon the'subject which led to this com
munication, for me to state: That while thus acting
as agent, if 1 know myself, I could not be induced
from that consideration to recommend, or advocate
the adoption or rejection of any measure, which
would in any way prove detrimental to the public
interest; or which could, in the remotest degree, re
tard the successful and final completion ot the mea
sure of employingStateBanks as fiscal agents of the
Government, in place of the Bank of the United
States. Ifthcreisany one measure, above allothers
the success of which I deeply cherish, it is that. I
can most sincerely declare, that should rov agencies,
at any time, reou'ire any thing to conflict w ith the
public good, I shall not hesitate to sacrifice any one,
or all of them for the benefit of the latter. I believe
there Is not a bank that has appointed me its agent,
which does not perfecdv understand that I am to ex
ert myvtlf to promote the general good, in place of
individual interests, excepting in cases wnere the
interests of either may be individually affected inju
riously without any tendency to benefit the public."
" Tne application of the Agricultural Bank of
Natchez, I understand, is hard pressed to be appoint
ed a deposite bank in Mississippi, to participate with
the Planters Bank in the Government agency."
Under all the circamstaaflw to admit thlt Bank
to a participation with one who*- fidelity 10 io un
dertaking during ibm wool Iit ing ?venii>, Wild *?<-.!>
wi be but poor encouragement to the exercise of zeal
fidelity and firraaes#, on future occasion*."
? II ur other reasons were deemed necessary k> be
urged ut this case, 1 would lay before vuu ihe ex
i ended condition of that bank. By i heir statement it
appears, that un the '21st of January last, the demand*
j exiting against them, called " immediate demand* "
; ??? fcl,5a6,l{?
j Means of all sorts immediately applica
ble to meet them, ....... 144.976
j I can safely sar, that there is not one of the De
posite Bank>, whose immediate means and imnte
liabilities are so very disproportionate as this."
" I think that any bank which would to gratify its
stockholders, extend itself, so as at any time to pre
sent the condition uow exhibited by the Agricultural
Bank i? nut deserving the countenance or confidence
! of the Government."
i " Believing it is of the greatest importance to mul
I tiply deposite banks as little as pnoble; I respect
fully suggest, whether It ?ill not b.> better to avoid
selecting another in the State of Ohio, where there
' are already two. If it should be wished, I know that
one of the binksat Cineuinaui, or that at Pittsburgh
i will make arrangement", whereby (he receivers can
deposit* in one of Ihe banks at Columbus, at their
credit, for which they mil become responsible to the
I Government. So also, either of them will place
| funds at Columbus, if wished for disbursement there.
The Clinton Bank, I perceive by its statement, bsues
no:es of the denomination of 1, *2 raid 3 dollars; and
I b.-lieve the Franklin Bmk does so also. Ought
j this not to be a weighty objection to any bunk ?"
i The Clinton and Franklin Bank 'at Columbus,
were both pressing their applications for appoint
ment at the same time.
Af.er this communication, the applications of those
bink< were left at rest until the month of May fol
j lowing. In that month learning that the necessary
? pipers were preparing to be forwarded to the Ag
ricultural Bank for it to execute, previoos to being
; appointed a deposit* bank, 1 felt it my duty to appeal
to ihe President, who, upon my repre*eniing thecon
di.ion of that bank to him and other facts, directed
that there should be no further proceedings towards
its app tinimcni. In consequence of which the pa
pers that had b.-en prepared were no: forwarded.
The Clinton B-nk ol Columbus. notwithstanding
j the whole of the notes, which it had issued, were bc
i low the denomination of five dollars, was about the
same time appointed a deposite b ink ; though there
1 was a siding regulation, that no deposite hink
| should receive any bank no'e in payment of public
dues of a denomination le>? than five'dollars. 1 con
fess. I was somewhat surprised, when 1 learnt that it
, had been appointed, from the small amount of the
, capital which had at that lime been paid in?the de
no nination of all the no;e> which it had then in cir
culation, being under the smallest denomination al
lowed tob*- received on accoantof paymeuts to the Go
vernment ; and, because I could not discover that the
convenience of the Treasury Department called for
a deposite bank at the place where it was located.
In December of that year, (1H35,) I felt constrained
again to make an appeal to the President, and re
monstrated again against the Agricultural Bank's
: receiving the appointment it had b-en so long en
; deavoring to obtain; and I wrote him a leuer, from
; which I take the following extracts;
" December 31, 1*35.
" The Agricultural Bank at Natchez continues its
pressing applications to be appointed a deposite bank,
j This btnk refused to take a part of the depositee
during the panic of 1834, when they were oflered to
, it, and thereby take a share in the contest of that
I dav. Now, alier the battle has been fought, that bank
asks to participate equally with those who stood the
brunt of the baule, and suffered the sacrifices attend
1 ing such a conflict.
"it cannot be denied that the Planters' Bank dis
played the greatest zeal in the execution of the
trust reposed in it. and sustained heavy losses in do
I ing so, at a period when an effort was made to de
| stroy it."
"1 cannot perceive any necessity for selecting an
additional bank in Mississippi. The only excuse
j which can be urged, that I perceive, is to receive the
| proceeds of the lands sold at P.mtitoc. Thai is ob
; viated, bv the fact, that the Union Bank at Nash
ville, has agreed to take from the receiver at Ponti
toc all the public money, and give the Government
credit at Nashville free* from all expense."
"If another bank was necessary in Mississippi,
the one at Vicksburgh, which is an applicant, is
much nearer a great number of Ihe Land Offices
which denosite at Natchez; and if another should be
selected, I think the interests of the public call lor
the selection of that one.
" The officers of that bank have applied to me to
become its agent in case it is appointed, with the
oiler of a liberal salary. So well convinced am I,
that nothing whatever will tend so much to endanger
the success and permanency of the deposite system
as an unnecessary increase of banks, that I have in
a number of instances, (as in the case of the Vicks
burg Bank,) discouraged their appointments, in op
position to my own pecuniary interest."
"I need not now repeat to you, the deep interest
which I feel in the permanent success of the depo
site system. It never can fail, unless hampered by
; legislation, if the following principles are rigidly
| adhered to, viz; Ever keep it alciof from politics.
Employ no mote banks than are absolutely requisite
for the fiscal operations of the Government. Pre
vent the selection of any bank for the purpose of
In the faithful performance of my duty to my em
ployers I f >und myself obliged to remonstrate against
the appointment of the Illinois Bank, as a deposite
buik. Its first application was made in August,
1S35. I was applied to to act asitsagent, with a pro
posed liberal salary. In this case, also, to prevent its
receiving the appointment, I was compelled again to
| make an appeal to the President. By his direction, the
appointment was suspended, until it could be ascer
tained whether the charter which it had obtained,
was in strict compliance with the provisions of the
Constitution of the State of Illinois. The bank, to
avoid the investigation, soon after withdrew its ap
plication. That circumstance, and the bank making
application to the Legislature at its next session to
have its charter amended, which it obtained, fur
nished full proof that its charter at the lime it was
about to b- selected, was unconstitutional But be
sides that objection which I raised; I could not per
; ceive that the selection of this bank was called for to
i meet the convenience of the Treasury Department
The importunities of the Agricultural Bank did
! not cease with my letter to the President, last quoted.
Finding that they were ab iut to prevail, I again ap
pealed lo the President by letter dated, '21th March
j 1836. From that I make the following extracts. '
" I have already on more than one occasion, taken
the liberty of communicating to you my views, as to
the course necessary to be adopted and adhered to
! lo C3r,7 out successfully the present deposite
' system." r ?
i "'rhe ""newed applicaiion of the Agricultural
j Bank to b; selected, furnishes a new occasion; and
| the deep interest which I fee! in the permanent sue
I cess of that measure, as much on account of others
as myself, leads to avail of it lo express to you
| again the same views."
I " Fisrt. I have believed from the commencement of
[ the e.rpirrmrnt, that it was necessary to adopt as an
undeviating rule, to select n"t a single bank beyond
the number actually required for Ike- con~cnienec of
Ike Treasury Department.
" Second. In case Ihe above rule is adhered to all
applications of banks to become depositories of'the
I public money, for the mere purpose of being built up
\>n the credit of the public money, or increasing and
establishing a reputation bv the use of the same, will
be met with a prompt and decisive answer. So, also
in cases where bank applications are pressed by
political partisans, in most cases, more from con
siderations of private character than the interests of
the nubile; a ready answer will be at hand.
' I am satisfied I do not err in making the assertion
that you are sure of permanent success, while you
! no more banks than are absolutely demanded
for the convenience of the Treasury, in conducting
the fiscal operations of the Government; and taking
care that these shall bo of sound condition and well
conducted ; while, in case that rule is deviated from
the ultimate consequence will be an entire and totai
After referring to various objections which weigh
ed with me. and led to such strenuous rem<>nsta|B|s
against its being selected, I slated that I had Mt
which were paramount to all the others TTose
were lo be found in the condition of the bank which
"was as follows :
Notes in circulation, deposiies and balances due to
other banks, constituting immediate liabilities,
n , , ? , *1,618,000
Specie and notes of other banks, compris
ing immediate means, .... 222000
I then remarked, that " under anv circumstances
whatever, to select a bank in the condition the Agri
cultural Bank is in, would, in my humble opinion
The application of the bank, after this letter, was
again directed to be delayed.
On the 23d day of June, 1*36, the act of Congress
regulating the Deposite Banks was approved, and
became a law. The embarrassing features it con
j tained. a?d tfcr manner in which 1 ?pprehmdcl,
I ftum pi?mm experience, thai it wo?W !*? csrrUrf
in j exrcsilos, ltd u?e t? j>rufhe-y, m thai time, the
coming of lite eriti which have since overtaken us
Resolved to omit nuthiug, which I believed could
be resorted lo, lo arrest the etriU which I feared and
dreaded; on the **h June, (three days after (he
pacing of the act) I addressed a letter lo the Presi
dent, Ir jw which I wake the follow ing extracts.
" Jhe deposile *>sieu? ha* h_-en doclarad by yuo lo
be your own measure. In cart ying it out, others
have become deeply involved in iu success or fail
ure. The public ha* identified me among those
individual*; whether justly or not it is nut my pur
pme lo ?tup lo examine.
" Nearly three year* have now elapsed since the
adoption of the system. The most perfect success
has attended it, notwithstanding a fierce war ha*
|>.*q kept up against the Administration, the sup
porter* of the measure, aud again*! the Depusite
Banks themselves. Legislation has at length taken
place; but not of that character calculated to promote
and facilitate the future operations of the system;
but, on the contrary, to throw embarraMinents in the
way, impose restrict ious, (Serous duties and even
taxation on the bunks, of a new and unheard of cha
racter in this country. The objects of some of the
movers cannot b-* doubted To defeat thoae ob
ject# and preserve the system, requires, in my opi
nion, okjut iascaiMiNATio*, Micu resolution, ana a
ready willingness to assume bbki*onmjnlity. With
out the exercise of all these qualifications, there is
great danger of a total overthrow of the system, in
which ease the recharter of the Bank of the United
Suites will inevitably follow.
" There are two principles which, in my opinion,
must be adhered to as the Pilar Stars.
" First. That not a single bank shall be selected
beyond the number actually called for to meet the
! requisitions in the act of Congress.
" Second. That not a single bank shall be selected
! for the purpose of gratifying political frauds, under
any circumstance* whatever.
" In regard to the number of banks that it will be
j necessary to select, in addition to those now employed
i lo comply with the ad, 1 am convinced, thai beyond
one in Florida, one in Kentucky, ouo in Illinois, one
1 in Delaware, one in New Jersey, one in Boston, and
some in New York,there is not another place where
a new selection will be required.
" Circumscribe the numb -r as much as practicable,
there have b*en so many embarrassments thrown in
the way by the act of Congress, that w ithout a ready
willingness to assume responsibility, and extend every
liberality lo the banks consistent wiih.and permitted
by the act, there will be great danger of bringing
upon the system serious impediments."
The whole number of banks .employed at the lime
of the passage of the act, was but thirty-six. The
whole number to which they were increased, was
1 eighty-nine, inakiug the number of new selected
banks, alter the passage of the act, fifty-three.
One of the first binks selected, immediately after
i the passage of the act of Congress, and I think the
very first one, was the Agricultural Bank, which,
! for nearly eighteen months previous 1 had striven
1 against, partly on account of its extended condition,
and partly because I did not conceive that il was
called for. The same objections existed, in my
opinion, at the time it was appointed, that had pre
viously existed. It had at that lime, notes in circu
lation, to the amount of 81,550,000, and owed to other
banks a balance of about 8100,000, making an aggre
I gate of nearly two millions; and it had but S10?,000
! in specie with which to meet thit debt. Nor was the
i selection called for on account of the capital of the
Planters' Bank, which was four*millions of dollars,
three-fourths of which belonged to the Slate.
Th is, I apprehend, is the most appropriate place
to di -pose ol the Agricultural Bank. Its fate was U>
be the first bank that failed in the Union, in May
last. It stopped on the 5th day of May, with eleven
hundred thousand dollars of tne public money in its
hands, o > a public draft ot 5150,000, which it could
not pay cither in specie or the notes of other banks!
In my next paper I shall pursue this subject.
With great respect,
Your most obedient servant,
Washington, November 13, 1837.
No. VII.
Having essayed, and I trust successfully, to demon
strate the constitutionality, practicability, and expe
diency of the system, presented in the documents,
No. 6, of b>th branches of Congress, at the late extra
session, the discussion of its equity, adequacy, con
geniality and fitness to the genius and spirit of our
institutions?as well as to its other bearings and re
lations with regard to the welfare and prosperity of
the country remain lobe entertained.
That it is purely equitable and democratic in its
principles cannot be denied without impugning our
scheme of government, as it proposes to diffuse a va
luable boon in the liberal distribution of a National
Currency, and the benefits incident to the collection,
custody, and disbursement of the public moneys, to the
WHOLE PEOPLE, and not to enrich a special
TORS?constituting, in effect, AN OLIGARCHY
classes?as if born to consume, the fruits of the soil,
without contributing to its production in due de
gree. By the Federal compact, THE PUBLIC
GENERAL GOVERNMENT exclusively?and the
States, (on which are devolved the serious burdens
of local legislation, judicial and executive officers?
county,corporations and pdice disbursements, consti
tuting an aggregation of expenditure greatly exceed
ing the proper expenses of the former) are, conse
quently, reduced to the necessity of resorting to direct
taxation, or to incidental sources tor means to meet
the necessary charges of'their administrations in all
their variety of ramifications. This is truly an un
equal apportionment of fiscal poicers, and justifies the
employment of any equitable expedient to restore an
equitable equilibrium upon principles consistent icith
" tie genius and spirit'' of a free republic.
The receipt of income to the national treasury
from the mere circulating medium does not appear
to have entered into the consideration of the framcrs
of the constitution?the benefits, therefore, derivable
from that resource may justly be regarded as a reser
vation to THE WHOLE PEOPLE, to be enjoyed in
their respective STATES and TERRITORIES.
The currency, indeed, being merely " a measure of
value" could not justly be made a subject of Federal
revenue?with equal justice might the States be
" taxed for scales and weights, or quarts and gallons,
or other measures of length or capacity."
From documentary information, and estimates en
titled to full credit, it may be fairly inferred that the
amount of contributions extorted from the people
for the use of a public right; and, insidiouslv, draim
from the land and labor, has exceeded the avails of the
duties on imports for a long series of years.
In a close inspection of this interesting concern
ment, it would obviously appear that, if such a
course of contribution is to be tolerated, the resulting
revenues ought to enure to the common benefit?and
the more especially as the resources of the States, with
the capital imparted by THE PUBLIC DEPO
SITES, so justly belonging to the states and PEO
PLE, would well sustain the proposed plan?and
the full enjoyment oftheAonn and benefits in contem
plation, being susceptible of producing avails of vast
extent, would not only enable the States to perfect
their lines of intercommunication already in pro
gress, or in prospect, as well as to promote improve
ments in literature and other desirable ameliorations,
but tend incalculably to increase productions in eve
ry interest?and, by augmenting exportable commo
dities, to supply and nourish exterior commerce, and
enhance the comforts of the people.
Sime people imagine that thpy are bound tn take
the opinions of the majority of tne principal men of
the party to which they belong, a? conclusive njvm
their consciences, they have no right to thinJc them
selves?unless they think with their leaders. This
doctrine would do well in Russia, where a man has
his choice?submission or Siberia; or in Turkey,
where a fearless expression of opinion would entitle
a man to the honor of the Knout, or a wet bath in the
Bosphorus?but in a republic it sounds rather strange,
and in the present day somewhat ominous of an ap
proach to despotism.? Tioga Gazette.
Washington city.
orrics i iiiiit, ictwio ninth tut tuti.
THINS* CHtllTT. AngU*tlU.
KrPen lis wishing u> subscribe to thia paper will
bear in mind, that we inrartabljr require payment tm
The polls in this State, for the election of
members to the two houses of the State Le
gislature, anil of county officers, were opened
on Monday week and closed on Wednesday.
We received the latest returns by the Ex
press mail of last evening, and the reault, as
far as heard from, is as follows:
From the X, Y Evrning Pv*t of Friday.
Sete York.?The whig ticket entire is probably
elected by ? good majority. It la not worth while k>
occupy our columns with particular* until the official
rrturns are in. Mr Verplanck, the whig candidate for
Senator, will have so.neUung like 3,000 majority.
Ktngt County?The democratic candidate for she
riff haa a majority of JO With thia exception, the whtg
Assembly. county clerk, Ac are elected.
Queen*?Et tire whig ticket elected.
RtrkmonJ?Whig majority tor Maetnblv, 18.
WtttchttUr?Whig majority for aaaembly, 1 IS. De
mocratic sheriff and clerk elected.
Orange?WW majority for aaaembly. 291.
UUltr?Complete return* have not been received,
two (owns heard from gi? mg whig majontiea. Thia
county gave 1741 majoniy for Van Buren laat fall.
Grunt.?The nelt whig majority in five town* heard
from, ta 144. Democratic majority laat fall in the
whole county, 1,093.
Dutekctt?Whig majority for Senator, 1,692; for
Aaaembly, 1,642 I*asl year democratic.
Henttelaer.?Whig majority, 235. Laat fall demo
cratic, 347.
Alhany?Whig majority, 771. Laat year, 686 de
tnocratic majority
?Sara ova?Supposed whig majority from 3 to 400.
Laat fall 300 democratic.
Montgomery?It i* believed that the Whiga hive
carried this alao, by S00 majoniy. Laat year large de
morratic majority.
Herkimer.?Thia county probably atand* ita ground,
but by a greatly diminished democratic majority. The
returna ahow a reduction equal to other couotiea.
Columbia.?Kinderhook gives 70 democratic majo
rity Other town* not heard from?700 democratic
majority last fall?Whigs now claim 360.
Schenectady.?Whig majority for assembly about
100?sheriff 300. The Argu* says the Whig* claim
In Oneida the Whigs claim 800.
The latest and apparently the fullest election re
turns are contained in the New York Journal of
Commerce of Saturday, as follows:
We have complete returns from twelve Counties.
The comparative votes last November, (for Electors)
and now, as follows:
1837. 1836. Elec Vote.
W V.B. W. V.B. W gain
New York City....29-29.. .. 1069.... 4038
King's 180.. .. 453.... 613
Richmond 18.. ... lie .... 18
1st Senate dis .3107.. .. 1512....4619
Queen's... 242.. .. 255.... 497
Westchester 112.. .. 1260....1372
Dutchess. 1642.. .. 1637....3279
Rensselaer 235.. .. 347.... 582
Oranjre 291.. .. 1299.... 1590
Albany ,. 771.. 686....1457
Richmond 18.. .. .... 17
Greene 272.. .. 1093.... 1365
Columbia 123.. .. 716.... 839
'.Add Rockland. .... 37 .. 673.... 636
Sullivan 139.. 394.... 256
Schenectadv 150.. .. 331.... 381
Oneida 800.. .. 1856....2656
Saratoga 500.. .. 326.... 826
Ulster 550.. .. 1501....2101
Montgomery...... 300.. .. 1133.... 1433
Schoharic 340.. .. 1015.... 1355
Onondago 400.. .. 1795....2195
Herkimer 300 .. 1852.... 1552
22 Counties 9387 466 1 19,881 2l>,067
Showing, in 22 Counties, a Whig gain of 29,067.
Van Buren majority last Nov. on the Electoral ticket,
The following table from the N. Y. Even
ing Star, with some slight alterations of our
own, we believe, furnishes very nearly a cor
rect statement of the state of parties in the
House of Assembly:?
Alleghany ..
Broome ....
Chemung. ..
Columbia. ..
New York ..
Onondaga ..
Richmond ..
Rockland ...
Saratoga.. ..
Soh nectady.
St. Lawrence
Suffolk .. .
T ioga
Those marked * are Van Huren.
Those left open we have not heard from.
The Whigs, it seems to be admitted, have
carried every county (56) in the State, except
ing Herkimer,Warren, Lewis, Putnam, Rock
land, Seneca, and Sullivan.
In the House of Assembly the whig* claim
115 members?leaving 13 to the administra
tion. Last year they had but 37.
In the Senate there will be 20 administra
tion, to 12 whigs.
Out of the eight Senators elected, the
whigs claim 7.
Mr. Liviaf?toa (Adai.) is elected to th<
Senate Iron* the Third Senate District.
We must confess that ire were not prepar
ed for such an unprecedented change in the
Stale, although the vote in the city almost
precisely verifies our prediction.
Two weeks before the election, we predict
ed that the machination? of the Loco-Focos
would prove successful, and that they would
" defeat the administration in the city by 3000
votes." But that the State, which has for
years unwaveringly sustained the dominant
national party, and but yesterday elevated Mr.
Vsn Buren to the Presidential chair by the
signal majority of 28,000 voles over all other
candidates, could be so soon and so radically
revolutionized, we should never have believed
until we had actually seen the unprecedent
ed result.
In contemplating thi* result we are instinc
tively led to inquire into ihe causes which
have operated to produce it.
The sole aud proximate causes have engag
ed our minds from the moment of our first
establishment, and were the direct induce
ments to the course we determined on from
the beginning. W - foresaw the tendency of
the ultra doctrines which certain politicians
had attempted to propagate through the coun
try, and the inevitable consequences to which
ihey would lead the party. We came here
to employ what abilities we possess, in endea
voring to avert, if possible, the very evils
which we are now brought to mourn. The
pestilential breath of Loco/ocoisin had gone
forth, like the deadly simoom, infusing itself
into the very vitals of the republic, to poison, to
convulse, and to destroy. The Vandal spirit
of the Globe indulged its progress, and direct
ed its destructive course to the very citadel of
our prosperity. We sought in vain to inter
pose a shield ; in vain we expostulated, im
plored, prayed> we interposed history, cus
tom, facts and reasoning : we brought up the
testimonies of the dead, we produced the au
thority of the living oracles; but all in vain.
The spirit was beckoned on into the very em
brace of the 44 gods." The flaming sword was
placed in the hands of the destroying angel,
and sent forth to devastate and lay waste. It
invaded the sanctity of private life, and ravag
ed the habitations of virtue. No independence
of opinion, no dignity of character, was secure
from its assault. Bent on disorganising so
ciety, and throwing off all the obligations and
restraints which it imposed, it cast on all things
a false and lurid glare, and confounded all
forms and ceremonies, persons and things. It
pretended to a sense of burning wrong?a
wrong imagined to be inflicted by the aristocra
cy of wealth, and the partiality of legislation?
but it was the sensibility of ignorance, founded
upon the prejudices and jealousies excited by
the breath of designing demagogues. Its la
bor of love was,
First, the destruction of the credit system ;
Its second, the annihilation of all charter
ed rights;
Its third, the dissolution of all legal obliga
tions ;
Its fourth, the levelling of all character and
social distinctions;
Its fifth, the equal distribution of wealth ;
And lastly, its reward, the spoils of office.
Impatient of restraint, it sought the estab
lishment of a new constitution, and the abro
gation of all legislative enactments. Under
the name of democracy it laid hold of the al
tars of St. Tammany, and set up a Shibboleth
at which every free thought was to be immo
lated. The man of property had no confidence
in his security?no institution felt any assu
rance of permanency. The disasters which
had overtaken the country like a cloud, were
aggravated and prolonged. The merchant
was mocked in the midst of his calamities, and
told that no honest man ought to regret his
distresses. A war of extermination was de
clared against all banks, upon which the credit
system, the most beautiful and beneficent result
of free institutions was based;'debtors and
creditors were arrayed against each other ;
the poor against the rich, and the protection
which the Legislature extended to the calami
ties of the times was denounced as a combi
nation to defraud; the banks were charged
with baseness, peTfidy and treachery for ex
tending relief to the people until they sunk in
the general vortex of the drowning credit; a
disregard of legal and moral obligation was
fostered by men high in office, as the true po
licy of patriotism ; and others from whom bet
ter things were hoped, were making the "con
fusion worse confounded" by a headlong pur
suit of extreme notions and indefinite phan
toms totally incompatible with a wholesome
state of the country.
In the midst of all these crying evils the
leading presses on the side of the administra
tion, with some few memorable exceptions,
stood listlessly by, and permitted the work to
go silently forward, or fanned the flame by
their active influence. We cntreatcl the Al
bany Argus to come to the rescue and help
to save the party; it only deprecated our ex
istence. We reasoned and expostulated with
the Globe ; it only grew more and more des
perate and insane, and denounced us in a
manner more consistent with its own charac
ter than derogatory to our own. We appeal
ed to the party, and beseeched them to open
their eyes to the gulph that yawned beneath
them; with a few honorable exceptions for
whom the gratitude of tho country is await
ing, they only turned us away pretending to
scorn what they were pleased to call our
treachery and corruption. Whatever way wo
turned to arrest the downward tendency of
ultraism, We met nothing but distrust, slander,
and denunciation. All who thought with us,
that we ought to 44 preserve and regulate but
not destroy," were stigmatized as federalists,
enemies, traitors and the Globe daily issued
its im-potent bulls to drive them from the
support of the administration.
Next came the Sub-treasury scheme, press
| *d UP?" A? country with a zeal correspond.
?ng with it* novelty and the difficultly% of iu
establishment. A scheme, to "change th*
entire practice of the Gorernment from 17*9
to thin dayby divorcing the Government
rom the bauks, exacting specie in payment
j for public due, ami placing the revenue* u?
the hands of iiHlividual amenta, against the
precepts of every distinguished republican
and financier. A scheme which, although
perhaps not so designed, we think suscepti
ble of mathematical demonstration, would
eventually destroy every bank in the coun
try. and for the time being supply the Go
vernment alone with gold and the people with
a depreciated paper currency, to their inde
scribable embarrassment. It was set up at
the criterion of party faith, and even man
whose " reason did not approve nor con
science sanction" the scheme, was denounced
: as an heretic and federalist, and ostracised
and driven off. This measure was calculated
' to alienate the confidence of the people
: from the Administration, and we have never
believed that any party could sustain .itself
! under its responsibility. No free people
would ever countenance for a moment the
idea that the government of their creation and
: choice had " nothing to do but to take care of
itself." It was counting too much upon ere
dulity and ignorance, to confide in popular sup
port when the whole tendency of measures
was to enslave, the very ton/ of our body po
litic. The American people are a free think
? ing, intelligent, business people ; they under
: stand their own interests, and are too well
j versed in the experience of the past, not to
have a quick understanding of the desists of
demagogues, and a proper appreciation of the
1 value of existing institutions, and the dangers
j which are always besetting the free. It was
1 uncharitable to suppose that the democracy
of numbers had any affinity for a partv of
' Loco-focos who would rob them of their very
bread, and ? great mistake to count upon the
patience of the people in instituting a "revo
j lutionary and disorganizing" experiment, at
such an impracticable period.
But all our reasoning and expostulation
were in vain ; our voice fell upon ears as
heavy and dull as death. Our warnings were
disregarded?our counsel disdained. Now,
that the sceptre lias departed from Judah,
. where is the mantle of the prophets, and of
what value are the words of the oracles ?
? Whatever may be the mortifications of our
I friends at this defeat, they, in common with
us, will be cheered bv the reflection that they
are not derogated by any responsibility for
the causes which produced it, and exerted
their best energies to avert the evil. Their
predictions having been fulfilled to the let'er,
the highest credit will bo reflected upon their
political sagacity. They stand in a lofty
position, elevated by the righteousness of
their cause, and sustained, not by the ultraism
of a small party, but by the intelligence and
patriotism of numbers.
The will of the democracy of numbers is
the ruling law, and " an absolute acquiescence
in the decisions of the majority, is the vita]
principle of republics, from which is no
appeal but to force, the vital principle, and
immediate parent of despotism."*
In their decisions we "absolutely acqui
esce." The two great antagonist powers of
the Jackson and Whig parties seem to have
broken up. In their disorganization a new
| organization is likely to ensue. " It is not
I our business or pur post to dictate, but to rtjiicl
| the sentiments of those we represent."f Wo
j therefore do not undertake to chalk out a
; course for the democracy to rally again upon,
; but our belief is that the two great banners
hereafter will lead a conservative party on one
side, and the destructives on the other. These
principles are antagonistical, and relate to
\iews of civil policy. We have no appre
hension that a federal party will ever gam the
ascendency in this country. As long as the
Constitution endures, we shall constitute a
democratic republic. From the nature of
things, the majority constitute the legitimate
constitutional democracy; there is no other,
and no other Will can constitute the supreme
power. Wc go with the democracy?we
abjure federalism?we equally detest destruc
tivism, because we believe it seeks a con
solidated government over the nuns of State
rights, and is only federalism under a new
disguise. We go for the preservation of the
present system, freed from, abuses and impu
rities ; for the perpetuity of a Government
founded upon the intelligence and virtue of
the people; for the greatest good of the
greatest number ; for the protection of all
classes, dispensing equal benefits and exact
ing equal duties proportioned to ability ;
g.? for a strict and economical Governine-1,
and a reduction of the revenue to its actual
wants ; we go for a reform of the banking sys-.
tem, and an infusion of a larger metallic cir
culation sufficient for minor dealings ; we so
for rendering the revenue power auxiliary t"
that reform, and for keeping the Government
as closely sympathizing with the people as
possible without impeding its operations . and
for " an absolute acquiesence in the decisions
of the majority as the vital principle."
We believe the democracy will rally in sup
port of these doctrines, and sustain those who
have taken the responsibility to raise their
voices against the pernicious tendency of a
measure, which it is believed would have in
volved our country in one common rum.
The self-styled "party organs," will l>?1
taught by this adverse political tempest, a les
son which they will not readily forget. The
admonition however has come too late for
them ; the revolution is past, and they hive
nothing left but unavailing penitence and the
silent gnawing* of the
? Jefferson.
t Our prospectus.

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