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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, November 21, 1837, Image 1

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I III: Ml|)|SO> IAN.
flloMAS AL1E"'
T?i ViMMMit* ?? puWwbrd Tn weekly during the
art t tMtyr. m, ?<td Se.niweekly during (lie ?e
M*, II It -( >???? ft* Ml MWIltha, #J
V? s.h. if*m ? mI b* taken for a term short of ait
?n fcr . mm ttmimmw pawl lur im aJesiut.
r*ii? or tiuitiiDia.
T? ?? him, n Im, iIum insertions, ? $1 00
I ?? l> ? I ? ? ? '?&
M'wiwww ?i? (I pMponKHiilf rale*.
% I >ai disesrurt w?lc lo those who advertise by
LJ* v W? itwrs mm* mini by mail, in bills of solvent
4 ymlay? at MM ink , provided it ihiil ip
. tt t > t'fMi ctrtilK alt, UmI such remittance
lu fete* aUI< *a<bd
% l*ml itioro.tnt ?iM he mmJ* to companies of 4?r
m Mr IrtMHMMf ikrtf MlMrn|itHmi together
CwiiMwH, ??d KWri authorised, acting ii our
i,"?to, *4 he e?HrtU>d M rec?.?? a roj.it of (Im> paper
?1h ?*?*. *?e eulisent-er. o?, at tlis* rairper rent,
j.. s.Wttfrtio'is (frurrall* , Iter terms being fulfilled.
Ij'Imi ?(?l itwtnmilriliwN lotrmN for lite esfa
I . i.t ?Ul tart hr rwmnj unless tin- pviUgt it
Thi MiMrtlul ?? ?>"???< ?? ,hr ?"N"*1
,... - and d?t|.ure ?* U,r d*m?"??* I""1*' "
I , ,*trJ i.? Mr !Usd|.<N?. and wdl aim lo consummate
* 4 I lrtflll ta. tikV UtVOfV llld IXACitCC of UMJ
i|ia( iMitlkH*il " ^ II i,u|,
\ZJZ ***** ^ ,T,>!^y ;
iw <-?? '?? ~*?r. w.I-*1'
r?., . . the country. and lo the perfection and
. ' J, of Im mailt utH???e A]I this time a ???*
.rVtalr "f *tU'r? w pr*a?**d. Ike comweicial In
tel, sts ol Hi* I ?<?in ?" O'WWtMlm'd Willi ensbslTsss
rr??- - Trt'disJ1Ui
* r? 4I.Ill ol society m www by distress, sua
** gjyjgg
nm w hiwd with predictions of evil and the mur
, .M, MHlrM-a Uh mwlll government la
...a <?<*?
ri.T^ d,?.. eaoee ol tU difficult.; open
!3mce to Ok la*, u P^icly rncoar.rd, ?lHl *
wntii of luaubordiiialuM ? loatered. ? ? ?pc*aaary
it*ike 10 the prrti tKU-d uaurpaiiona of ih? party M
.?A, r. .our, front *lw? *?*?? *?
!iukl<u! tiic ?? eonfuaion *or?e coiifoumletl, b* a bead
lung ,?ra?.? of etmxne .-rt.on. and md. h.nie phar.tou...
toJ, mco.ft.l4e with a wboJeaojiie aUU of the
roiiniry In the ir.i.Ut of all tl^a.' diftcultiea and em
!>arra?ouieuta. ?? ?? fv?r? d tlial many of the U? firm of
the friend, of the administration and a?|H?rteni of
democratir pr..H-i,.le. are waver.ng in thctr confidence,
and beginning, without jnat cauae. to view wttli d.alrua
ttiow men to wIhmii thev have >?-en long attached and
whose elevation the* have laboured to promote from
hotieat ami patriotic motive. Eiulting in the anticipa
lion of dismay and confusion amongst the supporters of
t!ie administration as the con?e.juerice of these things,
tin opposition arc consoling themselves with the idea
t'lat Mr Van Huren'a friends, as a nalional party, ate
veigmg to disstil.ition ; and they allow no opjiortumty to
..as. uum.proved to give eclat lo their own doctrine.
Tkv arc. indeed, maturing plans for their own future
government of the country, with seeming confidencc of
ctrlain .ucceaa.
This confidence is increased by the fact, that viaioniry
theories, and an unwise adherence lo the plan lor an
txdnttrt mflaltie currency have unfortunately carried
some beyond the actual and true (K.licy of the govern
ment ; and. by impairHig public confidence in the credit
svstem, which ought to ??? nreaervod and regulated, but
not destroyed, have tended to increase the dirticultiea
under which the country ta now labouring. Alt these
see in to indicate the ncceaaity of a new organ at the
seat of government, to be established upon sound prin
ciples, and to represent faithfully, and not to dictate, the
r. al policy of the administration, and the true sentiments,
measures, and interests, of the great body ol its sup- ,
porters. The necessity also appears of the adoption of |
more conservative prmciplea 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 j
csscnti 1 to the enhancement of our own aell-reaj>ect at
home, and to the promotion of the honor and credit of i
the natiou abroad.
To meet these indications thia undertaking has been j
instituted, and it is hoped thst It will produce the ellect |
of inspiring the timid with courage, the desponding with I
hope, and the whole country with contidcnce in the
administration of its government III this view, this
journal will not seek to lead, or to follow any faction, or
to advocate the view's of any particular dctacliinent of
men It will aspire to accord a just measure of sup- |
port to each of the co-ordinate branches of the govern- !
nieut, in the lawful eaerciae of their constitutional i
prerogatives It will address itself to the understandings
of men, rather than apiieal to any unworthy prejudicea j
or evil passions It will rely in variably upon the prill* j
ciplc, that the strength and security of American nisti- j
tlit ions dc|HMid u|k>ii the intelligence and virtue of the
Thk M mtsoNi v* 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 anv subject of either genersl or local interest It
will reflect only that spirit and those principles of mutual
concession, compromise, and reciprocalgood-wjll, which
?o eminently characterized tlie inception, formation, and
subsequent adoption, by the several States, of the con
stitution of the United States. Moreover, in the same
hallowed spirit that has, at all periods since the adoption
of that sacred instrument, charactertied its iikkkhck
iiy thk rKOPl.K, our press will hasten to its supjsirt 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 undertaking, it shall be our
good fortune to succeed to any degree 111 promoting the
harmony and prosperity of tlio country, or in conciliating
jealousies, and allaying tho asjierities of party warfare,
b.v demeaning ourself amicably towards all ; by indulg
ing personal animosities towards none; by conducting
ourself ill the belief that it is perfectly practicable lo
differ with others in matters of principle and of espe
iency, without a mixture of persons! unkindness or loss
reciprocal resjiect; and by " asking nothing that is
no clesrlv right, and submitting to nothing that is
wrong," then, and not otherwise, will the full measure
its intention be accomplished, and our primary rule
for its guidance be sufficiently observed and satisfied
This enterprise has not been undertaken w ithout tho
, approbation, advisement, and pledged support of many
of the leading and soundest minds in the ranks of the
democractic republican,party, in the eitre.ne north and
in the extreme south, in the east and in the west Ail
association of both political experience and talent of the
highest order will render it competent to carry forward
the principles by which it will lie guided, and make it
useful as a political organ, and interesting as a journal
of news. Arrangements also have been made to fix the
establishment upon a substantial and permanent" basis.
The 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 intercsta shall
prove itself entitled to receive.
Wasiiinoton City, I). C. July, 1837.
uxrii VN<;r. iioti:l.
THK SUnSCKIHKHS, having leased the Kichnng*
Hotel, (late Pagrs's,) ami having fitted it up in first
rate style, will lie prepared to rin-.yr visiters On MON
DAY the IHh inst. The location of the b?.is,>, ts init with
in a few minutes walk of the depot .if the llaltiniore and
Ohio, Washington and Baltimore, and Philadelphia H,.i|
roads, as well as the Stcam!*int t<> Philadelphia, Norfolk,
and Charleston, S. C , makes it a desirable place to all
travellers going to either section of the country This
HOTtXattached to the Kvchange Building* in this ci>y,
has been erected and furnished at a great cost by the pro
prietors, and is designed to lw a first rate hotel It is
the intention of the subscrils rs to make it for comfort, re
spectabilitv, Ate. \c., equal to any house in the I nti.e.l
States, The undersigned flatter themselves that they
need only promise to all who may (Mitnansc the . stablish
liient, that their best efforts shall be exerted to ph ase, and
at eharges which they hope will meet their appro1*
Baltimoie, Oct. 7, IS37. 4w'JI
50 pieces intrrain carpeting, which we will sell low.
SO do Brussels.
<M do .VI, fi-l. 10-1. and U-4 Linen Sheetings.
ItHj i|o 7-1. H-1 Bi.mslv Diapers.
P-4. I'M and 'JO-t fine Table Cloths.
, Napkins to match.
1 bah- Hussia Diaper.
1 bale wnlr Crash.
Also, 50 Marseilles Quilts.
Se p 9?3tw2w
OK SALE, OR BARTER, for property
? mi ihe city of New York, or lands in Illi
nois, the follow my valuable property in the
villain* of Oswego ;
.. 11 ' Tbe rapid growth of Oswogo, ita un
surpassed advantages and great prospects, are too well
anil too goucrally known to require a particular descrip
HD" A very minute description of the property is deem
ed unnecessary as it is presumed thut purchasers living
at a distance will come and see, before they conclude a
aargain. Suffice it to say, that it is among the very best
bn tt>s plat v
ILr Nona nut lands <tt tnr fir?t quality, with a perfectly
i ?ear title, and free of incumhr ace, w ill be taken in ex
\Lf ljetieis post paid, addressed to the subscrilier, at
Oswego, will meet with prompt attention. An ample de
scription of the property offered in cxcliange is requssted.
Ii East Oswroo.?-The Ragle Tavern and Store ad
loining, on First street, with a dwelling bouse and slablea
on Second street, being original village lot no. 60, (Hi feet
on First street, running east 200 feet to Second atreet.
The south half, or original village lot no. 44, lieing 33
feet on First street, running east 200 foot to Second street,
with the buildings erected thereon.
The north-east corner of First and Seneca (late Tau
rus) streets, lieing 90 feel on First, und 100 feet on Sene
ca streets, with the buildings erected thereon?comprising
part of original village lots nos. 41 and 42.
Three lots, each with a dwelling, fronting Second street;
the lots are 22 feet wide by 100 deep, beiug part of original
village lot no. 41.
Liit, ssith dwelling house, [original village lot no. 20,]
being 66 feet on First street, ruuning west about 230 feet,
acrou the canal into the river, so that it has four fronts.
In Wkst Oswboo.?Lot corncr of Fifth and Seneca
(late Taurua) streets, opposite the public square, lieing on
Seneca stu nt 143, and on Fifth street 198 feet, withilwell
lug, coach house, s tabling; end garden. The latter is well
storked w uh the liest and rarest fruit, ornamental shrub
b? rv. How era, Ate.
A lot adjoining the altore, being 78 feet on Fourth atrctt
by 88 feet in depth.
Si* Iota tin First street, each 22 feet in
front, running east 100 feet to Water
atreet, with the buildings thereon.
The Wharf and Ware houses on Wa
ter street, opposite the foregoing, being
lET" Compris
ing the onginul
( villuge lots no.
3 and 4.
132 feet on Water street, and running
east uliout 110 feet to the river. [This
wharf has the deepest water in the inner
la?t corner of Seneca and Second streets, being 21 feet
on Seneca, and 66 feet on Second streets. Five Lots ad
joining the foregoing to the east, each lieing 22 feet on
Seneca street, by 66 feel in depth. The above being part
of the original village lot no. 36.
The mirth half of block no. 63, being 2(H) feet on Utica
[late Libra] street, by 108 feet on Third and Fourth
Om Van Br rem Tract.?Lotno. 1, Montcalm street,
MU| 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 13,being 313 ft. on Bronsonst.
210 on Van Buren st.
3(10 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
* eet on Eighth streets.
Lot 8*2, south-west corncr of Cayuga and Eighth streets,
66 by 198 feet.
Lots 83, 81, 83, 80, 87, on Cayuga st. 66 by 198 ft.
88, s. e. romer of Cayugu und Onturio streets, 198
. by 104 feet.
80, s. w. corner of do, 198 by 195 ft.
70, on Seneca St., 06 by 198 feet.
58, s. w. corner of Seneca anil 8th sts., 66 by 198 ft.
50, n.e. corner of Ontario and Schuyler streets, 198
by 104 feet.
5!). on Seneca street, 66 by 198 feet.
75, s. e. corner of Seneca and Ontario streets, 19S
by 104 feet.
76, s. w. comer oT do. 199 by 130 ft.
64, n. e. corner of do. 198 by 104 ft.
46, 47, 48, 49, on Schuyler st., 66 by 198 ft.
The incumbrances on the whole of this property do not
exceed sixteen thousand dollars, which may either re
main, or if Uesircd, can be cleared ofT.
Oswego, N. Y., Aug. 22, 1837. 2m6
PLIMBER'S BUSINESS.?The subacrilier, fnnn
Baltimore, takes this method of iuforuung the citizens
of Washington and vicinity, that he will remain a few days,
and make arrangements for undertaking any of the follow
ing kinds.of work iti his line of business, viz. Tho erect
ing of Water Closets, Force or Lift Pilmps, Baths, hot or
cold, fitted in a superior manner, the conveying of water
from springs to dwellings, and through the different apart
ments, draining quarries, or uny kind of lead work.' He
can be seen at Mr. Woodward's.
N B.?He has with hun a few Beer and Cider Pumps,
to lie sucu us ubove.
Berween 10th und 11th sts., Pcnu. Avenue.
_ Oct. 18?23
46 South ('buries St., Baltimore,
HAS just received sml is now opening, lire hundred
and f'irly packagM of the above description of goods,
adapted for the Southern ami Western markets?Con
stantly on hand, English, Iron Stone, and Granite Cliinu,
suitable for extensive hotels and steamboats?all of which
?ill be sold on as favorable terms as can be bought in any
city in the Union.
Oct. 10. tf22
SAMUEI. HKINECKE informs his friends and the
public, that he has taken a room four doors north ol
Doctor Gunton's ii|K>thecury store, un ninth street, where
he will carry on Ins business* lie feels confident, from
his long experience in cutting all kinds of garments, thai
general satisfaction will be given to such us may favor
him w ith their custom. acp 23 3tuw3w
PROI os\I.S tor publishing a Second Edition of the
Mii.itarv Laws ok tiik Unitkii Status, by
George TeinpWman. The first edition was compiled by
Major Trueman Cross, of the United States Army, and
ixiblishcd under the ?auction of liie War Department in
1823. It contains the most important of the resolutions
of the old Congrefs, relating to the Army, from 1773 to
I7s*i?the Constitution of the United States, und all the
acts and resolutions of Congress relating lo the Ariny and
the Militin, from 17*9 10 1*24.
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, (tearing upon the Army, Militia, and Volunteers,
winch have been enacted fnnn 1824, down to the close of
tbe present session The corrections and additions will
be made by M ijor ('rose, the original compiler.
Officers of tl?e Army and Militia, and others, who have
used Um first edition of this work, have testified to its
great usefulness
In a country like ours, where tbe authority of the law is
paramount, the necessity of such a work is at all times
manifest, l?it it is especially so at present when a large
and mixed force of regulars, volunteers, and militia, are
called into active service.
The -\ork will In* of mval octavo sise, and will j>e fur
nished to sub*crt!x?rs at ?J 50. per copy, bound in law
varus Avenue, np|>o*ite the Centre Market. Per
sons visitin ? Washington can I* comfortably entertained
by the dsy or week.
Oct. 5.. tflB
V of a deed oft rust, executed l>y Duff Green, and bear- |
irtg dale the tenth day ol July, hi the year eighteen hun
dred an 1 twenty-nine, will lie exposed to public sale on I
Wi lneadsy, the twenty-sec md dsy of November next, I
ill" valuable real estate dcscrtta-d in aaid deed as lieing
"that two story brick house or tenement on part of lot :
nuin'>ercd six, (ft.> tn *|tiate numbered three hundred and
seventy-seven, (377.) in the city of Washington, lieing the
west house of three houses tormerly Imill on said lot by
Charles Cist, deceased"and also the part of said lot
appertaining to said boose, extending lack due north
froni E street to a public alley, and also the whole ol
lot nuiiilier (7) in the s.nd sq'isrt"
The terms of sale wit) he one third cash, and the lia- i
lance in two equal instalments of three and six months,
will approved security and on interest frast day of sale. [
The ssle to lake place immediately tn front of the pre
mises, ?ii E street. Si eleven o'clock IB the forenoon of
lb*' dsy slsttre me ntioned **
lor the Hank of the Metropolis
JollS P \AN NF.SS. President.
Oct 30 a aw
( i Lm Est, st spEN(Terh. jtTOCfc.H, WilOLUN
VI SHIRTS, ANIt DltWERI. ? We U?e to-day
opened ?
JOdox Si.prnders. Wat kind.
AO do *M{tt rt??r tiim ?
3?> do. itli" ha, !?-* make
rat pieecs S,u poek. t lis . Ikrrriilefc
fOdoson Gentleman's N< ? - 1 Woollen Drawers.
50 d > (to do. do Shuts
6 do Riw Silk ?birts.
V) pioees Irish Linens
2<*1 do. Seals.
JU? Jw*
From th* Richmond Enyutrer. j
Sir i I ant sure, that it is only necessary to inske the
public acquainted with the features of the Sub-Treasury
scheme, to induce the people to condemn it.
I he people of Virginia have an habitual, couatant, al
most instinctive dread of the dangerous power and cor
rupting influence of an extended Executive patronage
I heir jealousy has not been aucb as to make them re
tuse to the Executive all hia juat authority. When it
| ?'?? attempted to curtail the constitutional power of that
! branch of the Government?the public sentiment of the
' *"*' the moat careful deliberation and patient m
lesiigation, vindicated the powei of the Executive to re
mov j subordinate officers, and to aupcrvise the conduct
ol tho beads of department#, in conatruing and execut
ing the laws. 8
The concession of this prerogative, ao fur from making
the people of \ irginia indifferent to the extension ol
r.xccutive patronage, is calculated to make them watch
it more narrowly, sus|>ect every effort to enlsrge it, and
restrain it at every point where it seems inclined to over
flow its proper bounds.
The power of impeachment, although a safeguard in
cases of corruption und flagrant misdemeanor?one, by
l,y; which we are too much in the habit of disparag
ing--does not reach theao cases, where, though no cor
ruption or official misdemeanor can be proved, the iwwer
and influence of Executive patronage may bo brought
in conflict with the freedom and purity of elections!?
?J ''us sort, it may be expected, will occur under
every administration. No man, who has a proper regard
for the purity of the Government?no genuine republi
can will say, that such things do not need reform call
for restraint, and jualify vigilance. This reform is not to
tie attained by putting into power those, who profess ab
horrence of political proscription?who donouuee with
unmitigated violence, the sentiment, that " the spoils of
the vanquished belong to the victors"?or those who pro
claim, that " reform" in these matters, "is hiirhlv in
scribed on their banner. We have had too many mourn
ful proofa how little reliance can be placed in such pro
fessions no matter by what party they are made or
however ostentatiously paraded. h is a melancholy
truth in the history of parties, that none ever steadily
and invariably adhered, in power, to the principles
which brought them i?/0 power, however honest or sin
cere their professions may have been, or however willing
faithfully to redeem their pledges.
It would not lie difficult to mention specific instances
of this kind, in the conduct of political partiea in our own
country, as well the partita of former tunes, as those of
the present day. But I wish to avoid exciting partisan
feeling and leave the selection of the instances to others.
All will doubtless readily find flagrant examples in the
conduct of their adversaries, though they will thank
?d, that as lor themselves and their friends, " they are
not as these Publicans."
1 he chief, if not the only practical safeguard against
the most common dangers of Executive patronage, and
the political corruption and Executive |>ower incident to
it, is, to avoid, whenever it can be done, the creation of
new offices?to diminish the number of old officers, and
to limit ihe discretion as much as possible of those that
cannot be dispensed with. The existence of some pa
tronage is one of the necossary evils of Government
W e must submit to it, and even to its occasional abuse,
ecause of its attendant benefits. The patronage arising
from the power of appointment to and (cnioval from of
fice, can probably be lodged no where more safely or lesa
dangerously, than with tho Chief Executive Magistrate,
where the Constitution has placed it. Its liabili'.y to
abuse there is readily admitted?and ought to teach all
the wisdom of giving to that department as little scope
and temptation to abuse or power, as the orderly and re
gular administration of the Government will admit. In
respect to the control over tho .public money, in the lan
guage of Gen. Jackson, "this doctrine is peculiarly ap
Sensible of the application and force of these truths,
the advocates of the Sub-Treasury schcme labor very
earnestly to convince us, that it will require very little
addition to the number of officers, and give no addition
al power and influence to tho Executive in regard to tho
control over tho public money. It has been stated by
Mr. \V oodbury in his Kejiort to Congress, that the pro
ject would probably require only an addition of about
ten new clerks, and involve only about sixty thousand
dollars of additional expense.
Without imputing to that officer any want of sinceri
ty and candor m assigning so inconsiderable an addition
of expense and patronage to his scheme?but attributing
his under estimate to that natural bias which, it may be
fairly supposed, operated upon him to make his project
as acceptable as possible, I must say that I have no
faith whatever in his calculations. I believe no advocate
of the Sub-Treasury plan in either House of Congress
ventured to endorse tho Secretary's estimate. How
could they ? These new duties of keeping and disburs
ing the public money aro to be devolved upon officers
already in existence?and having other distinct, impor
tant and responsible duties to perform. They impose
new responsibilities?require different qualities and qua
lifications?and in many cases, would subject the officers
to new and onerous service and labor. If the old officers
had not enough to do before, why has not the Secretary
heretofore recommended a diminution of their number ?
If the compensation for their present duties and respon
sibilities is too great, why has not tho Secretary recom
mended a reduction of their salaries ' On the contrary,
if their present duties are sufficiently onerous, and their
pay not loo great, how can he impose additional duties
upon them, and especially without giving them addi
tional compensation ! It would be difficult to answer
these questions. Indeed, the bill which was pressed
upon Congress, and which was generally supposed to be
the work ol tho Secretary himself, seems to disclose a
reluctant consciousness on his part, that his estimate of
tho additional expense and patronage was too loose even
for a beginning.
After making little Treasurers of " the Treasurer of
the tntnl and branchos?all collectors of tho customs and
survey,acting in that capacity?all rtccttcrM of public
money, and postmasters," the bill provided, " That the
said officers, respectively, may be allowed any neces
sary additional expenses for clerks, <Stc.?such ex
penses to be first expressly authorized bv the Secretary,"
&c?and afterwardsforthcexpcnses thus authorized,the
bill provides, that" scfficiknt sum bo and the same is
hereby appropriated out of any money in the Treasury,"
?See. First, an unlimitednumberof clerks were authorised
?as many as the Secretary pleased?and then an indefi
nite and unlimited appropriation of all the money in the
Treasury, if required, to pay this unspecified number of
clerks and other expenses. Why this unusual and ex
traordinary form of appropriation?without limitation as
to object, or specification as to amount?if the Secreta
ry has mado an estimate, m which he himself felt confi
dent, of the number of new clerks and the requisite ad
ditional expenses ! No ! there was?there must have
been, a lurking apprehension in his inind, that more
officers would be necessary, and that his sixty thou
sand dollars would not lie sufficient even to set in
motion this great, overwhelming Treasury machine. It
would hardly have bought oil enough to grease tho
wheels. The number of new Treasurers that would
have been created by this act is probably over 12,000,
great and small, all having duties to perforin under their
present appointments. Add to these the new functions of
Sub-Treasurers, and at least ono thousand of them would
say, in less than a twelvemonth, that they could not do
the duties of both offices?and Congress would lie called
on to make four or fivo hundred new officers, not mere
clerks, but Sub-Treasurers with clerks under them, and
nine-tenthsofthe re.U will ask and bo allowed additional
compensation for the extra duties imposed on them.
The new expense, in the opinion of all practical men at
all acquainted with the manner in which this business
of office-holding and salary-raising is managed in Wash
ington, will not fall short of half a million, and will pro- i
l??bly exceed that sum Even this, however, would be
of no great moment, if any valuable result waj to be
purrhased by it. Hut that expense, or any expense, even
such a tnflr as sixty thousand dollars a yoar, is intolera
ble, when it is to be incurred only to create " a swarm
of useless officers"?to set in motion a " now and un
tried expedient"?to enable the Government to " run
after a gilded butterfly"?to go in pursuit of a visionary
and unsubstantial good which perpetually eludes their
We should he the less inclined to repose implicit faith
in the calculations of Mr Woodbury and the other pro
minent sdvocatca of the Sub-Treasury plan, as to the
expense and patitmage it involves, because we find
tlwm giving it preference, and praising it in those very
particulars in which they before repudiated it. Less than
three years ago, Mr Woodbury aaid, " it would lie found
lees responsible, less ssfe, less convenient, snd more
complex, if not more expensive," to entrust the keeping
ol the public money to individual agents, than to depo
sit* in bank*
Mr <'iLHoen said in 1834, at a period much more pro
|M<!(v>s than the present for the proposed scheme, " Any
Midden a'wl great change from our present to even a
sounder condilion, would sgitate and convulse society
to it* centre. He regarded the resort to the strong box
?* ? B>emn? liable to the objection of being far lea* aafe
?Icaa economical and efficient than the present"?that
is, than llw> .State Bank system.
Mr Leigh having expressed on tome public occaaion
?? opinion favorable to the separation of the Government
from the hank agency, anil lite employment of individual
agents to keep and disburse the public money, the Globe,
evidently under the sanction and with the approbation of
ihe President, pounced U|kiii the propoaition with ita
characteristic violence. It uaed tliia language : " Tlie
proposition la disorganizing and revolutionary, subver
aive of the fundamental principle* of our Governinont
and of itn entire practice from 1789 down to the prevent
day." The Glolte ban made a laine effort to prove that
tin* was not applied to the Sub-Tnaaury part of Mr
Leigh's proposition, but the application of the follow
ing extracts from the same paper to that propositon can
not be denied :
" It it at palpable at the tun, that the effect of the
scheme would he to bring the public treasure much
nearer the actual custody and control of the President
than it is now, and txputt it to be plundered by an hun
dred handt, uliere one cannot now reach it." After
staling that if such a scheme had been proposed by
Gen. Jackson, it would lave "been rung through the
Old Dominion," as a new proof of his grasping ambi
tion, and of his desire to increase his power and get con
trol of the public purse, the Globe aanctiona these impu
tations upon the tendency of the scheme by saying?
" III such a case we should feci that the people had
just cause of alarm, and ought to give their moat watch
ful attention to such an effort to enlarge Hit cut toe pow
er and put into its handt the meant of currvption"
Now, the President, who was pledged to " walk in
the footsteps of his illustrious predecessor," has proposed
this very scheme ; and those representatives of the Old
Dominion, who, with " watchful attention" to the inte
rests ?f tho people, think there is just cause of alarm,
and resist this effort to enlarge Executive power, and
put into its hands the means of corruption, are de
nounced by litis self-same semi-official Executive organ,
with scarcely less fury than Mr. Leigh was, little more
than two years ago, for suggesting the project.
I have bee : gradually led to say more on this part of
the subject than I intended, or than was at all necessa
ry. The discussion which the Sub-Treasury scheme
has undergone in your paper, in various forms, has
placed it in all its aspects so fully before your readers,
that I do not flatter myself I can make the objections to
it more manifest. My chief purpose in addressing you.
was to call your attention and that of the public to two
matters in connection with the subject, as to which it
seems much error prevails.
1st. It has been frequently said, and seems to be
taken for granted, that the Sub-Treasury scheme is now
ill full operation. The truth of this statement I deny.
It is not correct cither in letter or in spirit. It is true,
tiiat, under existing laws, the Treasury receives nothing
but gold or silver, or Government paper, in payment of
the public dues. But, then, the dejtosite set of June,
1836, remains untouched?no legislative anathema has
issued against the banks?a permanent separation in
future between the Slate banks as depositories and
fiscal agents, has not been proclaimed?and the resolu
tion of 1816, authorizing the receipt in payment of pub
lic dues, of the notes or specie-paying banks, is in full
force, unrepealed, directly or by implication. Neither
the practical currency of the people and tho States, nor
the credit of the banks, has been put uuder the ban.
The tefusal to pass the Sub-Treasury bill, was as well
calulated to reanimate tho just hopes of the banks, and
infuse new confidence into the community, as if Mr.
Rives' bill had been passed in so many words. The
existing laws make it the duty of the Secretary, to de
j>ositc the public money in, and authorize the receipt of
notes of, specie-paying banks. The actual employment
ol State banks as fiscal agents, is suspended, tempora
rily, because they cannot comply with the condition of
the law but, they tltll remain the legal depositories of
the Government Leaving things as they were, so far
from affording an opportunity to test the operation of
tho Sub-Treasury scheme, was refusing to repeal?in
effect, to re-ensdt laws diametrically opposed to it in
object and effect. It was an earnest, too, to the country,
whose reviving and vivifying influence has already been
seen, that the " new and untried expedient" would not
be sanctioned by Congress. It natural operation was
to bring repose and tranquillity to the anxious and agi
tatod public mind. And permit ine to say, they arc
agitatort of the worst sort, who, knowing as some of
thorn must do, that tho vote on laying the Sub-Treasury
bill on-the table, was as effectual and decisive a modi)
of rejecting it, as any other?that certainly not more
than three, if so many, of the thirteen majority would
have voted differently, in any form?still attempt to
delude and alarm the public with the apprehension, that
a measure fraught with so much mischief, and which
many regard as giving a fatal blow to the whole credit
system, lias only been postponed, and will yet be passed.
It is a most fatal delusion. To say nothing ol the indi
cations and probable influence upon the House of the
Ropular opinion every where, since tho emanation of the
lessage?how can tho measure ever again |wss through
the Senate ! And in this House as it now is, unaffected
by exterior^otitrol?how can it be expected that the
measure can pass that body ! It would seem, thai it is
expected that two or three of the South Carolina friends
of Mr. Calhoun will change their ground. This I will
believe when I see it. But, suppose they do, there is
still a majority of seven to overcome. Where are they
to be found ! Can four of that little band, who have
been denounced as "a faithless squad," indeed?but
who, I undertake to say, have been faithful to their
principles, their constituents, and their country?be sc
duced from their standard ! I feel confident, that those
from Virginia, and I believe, those from S. Carolina,
r om Illinois, from Massachusetts, from Ohio, and from
Maine, can neither be seduced nor dragooned from the
position they have taken ; but, defending and maintain
ing that position, they will say to the Administration,
" However anxious we have been, and still arc, that
your measures and policy, "should be such as wo can
support, we ask you, in the language of Phocion to the
Athenians, 'When you see sueh a dreadful fire near
you, will you plunge Athenians into it ? For our part,
we will not suffer you to ruiu yourselves, though your
inclinations lie that way.' "
Returning from this digression, I repeat that it is not
true, that the Sub-Treasury project is in operation, that
proposed exclusive gold and silver receipts and indivi
dual depositories, as tho permanent policy. The law, as
it is, employs the State banks as depositories, and au
thorizes tho reccipt of their notes, so soon as they re
sume specie payments. The whole effect of pressing
the project has been to prevent the adoption of those
restrictions and reforms of the banking system proposed
by Mr. Rives' bdl, which were heretofore to earnestly
recommended by Gen. Jackson, and almost unanimous
ly sanctioned by Congress. Nor is it true, that the
other branch of the project is in full operation. The
bill that was laid on tho table was "subversive" of the
law and policy of 1789. That law made it the duty of
the Secretory of the Treasury to " superintend the col
lection of the revenue"-?but when collectc 1 he is bound
to pass It over by warrant to the Treasurer, who is re
quired to give bond, in the penalty of half o million of
dollars, and w ho is bound to give the Secretary a receipt
for, and required to " receive, safely keen, and disburse,
all the public money" in payment of appropriations
made by law. He is responsible for its safe keeping.
He and his securities are. bound to see, that it is not
left in unsafe hands, or deposited where it may be mis
applied and " plundered." This is the law as it is. The ?
Sub-Treasury bill abrogated all this, and proposed to
convert the Treasurer of the United States?k high anil
responsible functionary under the law of 1789?into a
little Suit-Treasurer for the District of Columbia. Con
gress refused to sanction this metamorphosis. Can it j
be that tho Secretary ha's undertaken to nullify the law |
of 17891 Has the Treasurer of the United States sur- j
rendered his trust and been unfaithful to his obligation |
to " riceivo, safely keep, and disburse the public |
money t" I trust not?I do not so understand it. The j
employment of the banks as general depositories under
the act of June, 1836, has become impossible for the i
present, by the inability of the banks to comply with the
conditions of the law, and the Treasurers must resort,
in the absence of any law fixing a place of deposite, to
that discretion which was necessarily reposed in the
Treasury Department, under the law of 1789. Soon
uflcr the suspension of specie payments by the banks,
the Secretary of tho Treasury, I presume, with tho ap
probation of the Treasurer, addressed a circular to the
various receivers and collectors, directing them to retain
in their own hands tho public money they might receive,
until it accumulated to an amount exceeding ? dol- ,
lars, and then they were directed to deposite the same
in ihe nearest bank which would agree to receive it on
special deposite. The Secretary has not undertaken to
leave very large sums of public money in so insecure a
position, as the custody of individual agents without
security, aiid in derogation of the right and duty of the
Treasurer to see that it was safely kept. If he had or
has done, he will have taken upon himself a fearful re
sponsibility. Small sums have been, and I suppose may I
^ ,eft wi,h th? collectors and
T ? ^h. ,roput to lhe cwd,t u( 'he
I reasurer lo be drawn out only by him?and in the
Actual condition of lhe Treasury, we know that no
arjje aums, or for anv long time, cun ba left to accumu
late in the |ianda of the collectors and receiver.
Moreover, as a uieana?and I doubt not for the ex
preaa pur^ofaveriingtheintoleruble evil. .n<1 mul.
.1,' d ?PPft?????a of the exaction of specie alone in
allpyments to the Government?Congress has issued
.en million, of Treasury note., reccsbl. in'^m?
of public duet and npt re-iaauable. i bis la another ron
no?i,Ve| ''r",u v'V ,ho ',rr"ent ,t"e of *?? afford I
no trial of the Nub-treasury ayatein, unleaa, indeed, the
rlrs7 ?[ ,l"> "?????<?? Government bill. ;
of credit?to the amount of the annual revenue, accord- i
ingto Mr. Calhoun a suggestion, la to be a permanent
part o tbe ppect-an idea which waa constantly deni- 1
t-d by the Administration fnenda of the scheme. I
"h"W10' ,hal tl,e Sub-treasury a, heme ia
not in operation either in form or suhstanco. It ia im
portant to keep thia in mind, because the symptom, of
returning prosperity are daily thickening around ua? j
fZTT, ,Pre4d""? lM'r white winga?our
foreign debt is nearly extinguished?the hanks are pre
paring speedily to r.sun.c specie payments?and lure
tl drf ?(, 8l,b treasury scheme?to
,fJjJ ' "V1"*'' an<1 disrountenanrttig
l" \ doc,ri""' much of these promise, of returning
prosperity ia lo be .ttnboted-w,II claim all theae .2
aa the fruit of the,r policy, and at ail eventa a. disprov
ing the disaairoua effects of their project.
? The other matter to which I wiah to draw public
attention, ia the plan the special dcposiit of the nub
;c: money in the bank. You, L Editor C
indicated your disposition to favor this plan?but
ionf o^U"|,0n' a"d 8tik' what aTe "?o objection,
to it One objection to the manner in which thia idea
i# spoken of by it. advocates, ia the want of precision
" be ^ emVf de,K'9"e Wh,ch 18 '"tended
J ,f' . Iile amendments proposed by Mr Ro
bertson of Virginia, and Mr Lew,, of Alabama, Mr
Dawson of Georgia, and Mr Palmer of New York are
spoken of without discrimination, as involving the same
principle and differing only in detail.. I think you have
referred to them in Una way. Thia is a great error -
lhe amendment, of Lew.., Palmer, and, I believe, that
Mr Robertaon, may well be acceptable to lhe Ad
miniatiation advocatea of tho Sub-treasury?but how
i her of them could lie agreed to even a. a compromise
by any opponent of the Sub-treasury scheme, I cannot
we!! comprehend. They arc all wholly inconsistent
with the principles on which you have opposed the Sub
treaaunes. I hey propose, with some variety in the de
tails to separate the Government from lhe Banks as
fiscal agenta-to make tho 12,000 or more Sub-trea
."hTl, i i- l* col'ec,or,? receivers, postmasiers,
shall keen and disburse the public money?but to re
ceive nothing but gold and silver, and to place it to their
own credit, respectively, on special deposite in banks,
where banks can be had to receive it?and provide for
payment to the banks for receiving the money on spe
cial deposite. 1his is nothing more nor less than the
Government Sub-trcasurv expedient in all its extent,
cngth, breadth and depth?with nothing lo mitigate
the harshness of its features but a delusive show of ad
ditional security against defalcation?Without anv real
security. 1
I he objections on the score of Executive patronage :
of the liability ol the public money to be used and mis
used by tho 'i rcasurers?of losing the facilities furnish
ed by the banks m transferring the public money from
he place of collection lo the place of disbursement?of
having the " better currency'' for the Government, and
an inferior and discredited currency for the people all
apply with equal force to these amendments as to the
i reasury plan?and the expense under either would be
greater than under that plan.
It is a mistake that the incorporation of either of those
amendments (that is, if 1 rightly understand that of Mr
Kobertson,) would have made the bill acceptable to (he
House of Representatives. The proceedings of the
House show, that a reconsideration of the vote to lay
the billon the table was moved for the purpose of let
ting Mr. Lewis try the senae of the House on his
amendment, and the motion was defeated by the same
majority of 13. The only one of the amendments
which an opponent of the principle of the Sub-troasury
scheme could agree to in the spirit of compromise, was
that proposed by Mr. Dawson. That was simply a re
enactment of the act of 1830, regulating the deposite
banks, substituting special deposiies in places of Gene
ral deposites, and paying the banks for keeping the mo
ney without using it, instead of making them pay the
Government interest for tho use of it. His amend
ment did not interfere with the existing laws, as to tho
lunds in which the revenues should be received.
I will not say that some such plan might not be adopt
ed as a concession by the opponents of the Sub-treasury
and with a view to put to rest, if possible, this harass
ing and disturbing struggle about tho financial system
ol the country, the most unhappy of all questions of
public policy to be drawn into the vortex of party con
flicts. 1 here may be advantages in the special deposite
system. But it is not by any means certain, thai more
would not be lo^t to tho best interests of the country
than gamed by it. Having to pay the banks, instead of
receiving interest from them, is something. And then
if the banks cannot discount at all on the faith of such'
deposites, as seems to be supposed, the loss to the
country, from the money on deposite being withdrawn
from the uses of business, lyinjj as dead and unproduc
ttve capital, is a great deal. If our surpluses accumu
late as they have heretofore done, the people will never
agree to have millions of money drawn from their pock
ets to be hoarded in the coffer's of the Treasury?kept
by lhe Government like the dog in the manger?serv
ing no purpose direct or indirect of benefit to the tax
paying community.
One of the advantages from employing the State
banks, as depositories contemplated by the statesmen
who have recommended it?and by nono moie than
General Jackson and Mr. Taney?always was, that
they could and would discount upon the deposites, and
thus enable the community lo bear the burden of taxa
tion almost without feeling it?and I confess, I incline
the more readily to yield to this special deposite, uncon
nected, however, with tho Sub-treasury as a compro
mise, because I do not believe it will materially affect
the extent to which the banks may, and will discount
upon the faith of the public deposites. I do not mean
thai they will use the money placed with them on spe
cial deposite. I have no idea that they would do that.
But the extent to which any bank can discount on tho
faith of deposites, either public or private, is the amount
of deposites which in elfect is permanent. Thia will
soon be ascertained under the special deposite system,
and to that extent tlie bank will make its loans and in
crease its circulation as safely when the deposite is spe
cial as when it is general. In other words, a continued
permanent deposite is just tho same thing, as far as the
ability of the bank to discount is involved, no matter
whether the deposite is special or general.
Although, however, a mere special deposite system
may be presented, which it might be proper to adopt as
a compromise, I apprehend that the Administration will
agree to none such. It will probably adhere lo its fa
\orite expedient. F rom tho tone of its most accredit
ed organ, it seems to be determined to insist upon that,
and "stand the hazard of the die." Your earnest ad
monitions and entreaties to the Administration and its
friends to '? bear and forbear"?to tolerate aa honest
difference of opinion upon this question of policy?seem
to be disregarded and contemn*! by the leading organ
of the Executive. Some of the most honest, persever
ing and efficient supporters of tho Administration, who
have done and suffered much in sustaining the late and
electing the present President, are denounced with
more unmitigated harshness than the most untiring,
unsparing and constant opponents. Whether this bo
just, or liberal, or prudent, it ia for the President to
consider. He would do well lo believe, that it is not
by such means, nor by any means, that those who
maintain lhe principles of " Conservative democracy,"
of which there is a tolerable large infusion among the
people as well as their Representatives, can be in
duced to support " Revolutionary measures," or give
their assent to " disorganizing theories.
The more eagerness that is msnifcstcd to crown with j
success this effort to tnlargt Ktcruiwe pmrer, " and j
put into its hands the means of corruption," the more '
reluctant will watchful and jealous republicsns be ^
to concede it?and this intemperate and proscriptive i
zeal may engender a suspicion, which they would not
willingly cherish, ihst the power is not sought only for
the purjioscs of disinterested patnotiam. In fine, it
may be well for Mr. Van Duren to reflect, that it may
be easier to "csst off his friends" than to "whistle
them back and es|>eci?lly such friends as would rather
incur the risk of offending htm, by opposing his mea
sures when they think thein injurious to the country,
titan obtain or seek his favor by obsequious fiattcrv or
parasitical devotion. 7
tlB-TKuAi Kv BlU.
Monday, September *6ih, 1837.
The Senate having leaumed the cou.klcratien e/ the
bill imposing additional duties, as de|>oaitoriea of the
? public money, on certain officers of the general govern
ment? ?
Mr. Cl*y rose and addressed the Senate upwatda of
three hours. Wo cannot undertake to report all ha
s.tid, exactly as it was said. We tnuat content ourselves
w eilub'tinjj 1 of his arguments, employing ge
nerally tbe language in which it waa expressed.
He commenced by olwciving that, feeling an anxioua1
desire to wc some effectual plan presented to correct
tbe disorders in the currency, and to restore the prospe
rity of the country, he had avoided precipitating itrnaelf
Ui the debate now in progress. that he might attentively
examine every remedy that should be proposed, and im
partially weigh every consideration urged in its aupport.
No period had ever exiated in thia country, in which
future waa covered by a darker, denser, or moro
impenetrable gloom. None, in which the duty waa ao
imperative as to discard all paaaion and prejudice, all
party tiea, and previoua bias; and look escluaivcly to the
good of our afflicted country. In one respect? and he
thought it a fortunate one?our present difficulties are
distinguishable from former domestic troubles, and that
t? their uiurcraality. They are felt, it is true, in differ
ent degrees ; but they reach every scction, every atate,
every interest, almost every man in the Union. All
feel, see, hear, know their existence. As they do not
array, like our former divisions, one (tortinn of the con
federacy against another, it is to l>e hoped that common
suffering* may lead to common aympathiea and common
councils, and that we shall at no distant day, be able to
see a clear way of deliverance. If the present state of
the country were produced by the fault of the people ;
if it proceeded from their wasteful extravagance and
their indulgence of a reckless spirit of ruinoua specula
tion, if public measures had no agency whatever in
bringing it about, it would nevertheless be the duty of
government to exert all its energies and to employ all
its legitimate powers to deviae an efficacious icmedy.
"ut if our present deplorable condition has sprung from
our rulers ; if it is to be clearly traced to their acta and
operations, that duty becomes more obligatory ; and go
vernment would be faithless to the highest and most so
lemn of human trusts should it neglect to perform if.
And is it not too true that the evils which surround us
are to be ascribed to those who have hud the conduct of
our public affairs!
In glancing at the past, (continued Mr. C ) nothing
can be farther from my intention than to excite angry
feelings, or to find grounds of reproach. It would be
far more congenial to my wiahca that, on this occasion,
we should forget all former unhappy divisions and ani
mosities. But, in order to discover how to gel out of
our difficulties, we must ascertain, if w? can, how we
got into them.
Prior to that scries of unfortunate measures which
had for its object the overthrow of the Bank of tho
United States, and the discontinuance of its fiscal agency
for the government, no people upon earth ever enjoyeda
better currency, or had exchanges better regulated than
the people of the United States. Our monetary system
appeared to have attained as great perfection as any
tiling huinun can possibly reach. The combination of
the United States and local banks presented a true imago
of our system of general and state governments, and
worked quite as well. Not only within the country had
we a general and local currency perfectly sound, but in
whatever quarter of the globe American commerce had
penetrated, there also did the bills of the Bunk of the
United States command unbounded credit and confi
dence, Now we are in danger of having fixed upon us,
indefinitely aa to time, thai medium?an irredeemable
paper currency, which by the universal consent of the
commercial worst, is regarded as the worst. How has
this reverse come upon us 1 Can it bo doubted that it
is the result of those measures to which I have adverted?
When, at tho very moment of adopting tbein, the very
consequences which have happened were foretold as in
evitable, is it necessary to look elsewhere for their
cause. Nevef was prediction more distinctly made, ne
ver was fulfilment moro literal and cxact.
Let us suppose that thpse measures had not been
adopted ; that the Bank of the United States had been
re-chartered ; that the public deposites had remained un
disturbed ; and that the Treasury order had never been
issued ; is there not every reason to believe that we
should now be in tho enjoyment of a sound currency ;
that the public deposites would be now safe and forth
. coming ; and that the suspension of specie payments in
May last, would not have happened!
The President's message asserts that the suspension
has proceeded from over-action?over-trading?the in
dulgence of a spirit of speculation produced bv a bank
and other facilities. I think this is a view of the case
entirely too superficial. It would be quite as correct
and just, in the instance of a homicide perpetrated by
the discharge of a gun, to allege that tho leaden ball,
and not the inan who levelled the piece, was responsible
for the murder. The true inquiry is, how caine that
excessive over-trading and those extensive bank facili
ties which the message describes ? Were they not the
necessary and immediate consequences of the overthrow
of the Bank, and the removal from its custody of the
public deposites ? And is not this proven bv the vast
multiplication of banks, the increase of the line of their
discounts and accommodations, prompted and stimulat
ed by Secretary Taney, and the great augmentation of
their circulation which ensued ?
What occurred in the state of Kentucky, in conse
quence of the veto of the re-charter of the Bank of the
United States, illustrates its cfleets throughout the
Union. That state hud suffered greatly by the banks.
It was generally opposed to the re-establishment of
them. It had found the notes of the Bank of the United
States answering all the purposes of a sound currency
at home and abroad, and it was perfectly contented with
them. At the period of the veto, it iiad but a single
bank, of limited capital and circulation. After it, the
state, reluctant to engage in the banking system, and
still cherishing hopes of the creation of a new Bank of
the United States, encouraged by the supporters of the
late President, hesitated about the incoqioration of new
banks. But at length, drspairing of the establishment
of a Bank of the United Stales, and finding itself expos
ed to a currency in bank notes from adjacent states, it
proceeded to establish banKs of its own, and since the
veto, since 1833, has incorporated for that single state,
bank capital to the amount of ten millions of dollars?a
sum equal to the capital of the first bank of the United
Slates, created for the whole Union !
That the local banks to which the deposites were
transferred from the Bank of tho United States, were
urged and stimulated freely to discount upon them, we
have recent evidence from the Treasury department.
The Message, to reconcile us to our misfortunes, and
to exonerate measures of our own Government from
all blame in producing the present state of things, re
fers to the condition of Europe, and especially to that
of Great Britain It alleges that " in both countries
we have witnessed the same redundancy of paper mo
ney, and other facilities of credit; the same spirit of
speculation; the same partial successes ; the same dif
ficulties and reverses ; and, at length nearly the same
overwhelming catastrophe."
The very clear and able argument of the Senator
from Georgia (Mr. King) relieves me from the necessity
of saying much upon this part of the subject. It ap
pears that during the period referred to by the Message,
of 1833?4?5, there was. in fact, no augmentation,
or a very trifling augmentation, in the circulation of the
country, and that the Message has totally misconceived
the actual state of things in Great Britain. According
to the publications to which I have had access, tho
Bank of England in fact diminished its circulation, com
paring the first with the last of that period, about 2 1-2
millions sterling; and although the joint stock and pri
vate bauks increased theirs, the amount of increase was
neutralized by the amount of diminution.
If the state of things were really identical, or similss
in the two countries, it would bo fair to trace it to si
milarity of causes. But is that the cnao? In Great
Britain a sound currency was preserved by a rc-chaitet
of the Bank of England, about the same time that the
re-charter of the Bank of the United Slates was agitat
ed here. In tho United Statea we have not preserved
a sound currency in conacquciice of the veto. If Great
Britain were near the same catastrophe (the suspension
of specie payments) which occurred here, she neverthe
less ESCAPED it; and this dilleicncc in the condition
of the two countries makes all the difference in the
world. Great Britain baa recovered from whatever
mercantile distressea she experienced; we have not;
and when shall we! All ia bright and cheerful and en
couraging in the proapecla which lie before her; and the
reverse is our unfortunate situation.
Great Britain has, in truth, exjierieneed only those
temporary embarrassments which arc incident to com
mercial tranaaciions, conducted upon the scale of vast
magnitude on which hera are carried on. Prosperous
and adverse times, sction snd resction, are the lot of
all commercial countriea. But our distresses sink deep
er ; they reach the heart which haa ceased to perform
ita office of circulation in the great concerna of our
body politic.
Whatever of embarrassment Europe has recently
experienced may be aetisfsctoriiy explained by ite
trade and connections with the United States ?
The degree of embarraaament has been maiked,
in tho commercial countries there, by the degree
of theur connection with 'he L'wud Stales. All,

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