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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, November 24, 1837, Image 1

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The Madisowia* i? published Tri-weekly durmg the
.tiling, of Congres*. and Swui-weekly during the fe
ces*, st $i per .uoum. F<k hi month*, 13.
No ?ubccripiion will bs taken for ? lerui .hurt of six
month. ; uor unlaw paid for is ad*anct.
PB1SB Of *?VBAT?1M?.
Twelve line*, or !e*?, three insertion*, - 91 00
Each additional insertion, - - 25
Longer advertisements at proportionate rate*.
A liberal discouul tuade to thoae who advertise by
I he year.
XW Subscribers may remit by mail, in billa of aolveot
banks, pott*#* paid, at our riak ; provided il shall ap
Cr by a postma?ter'? certificate, that such remittance
been duly mailed.
A liberal discount will be made to companies of fi**
I or more transmuting their subscription* together.
Postmaster*, and other* authorized, acting aa our
agent*, will be entitled to receive a copy of the paper
grntir for every five aub*criber* or, at that rate per cent,
on .ubscripliona generally ; the terma being fulfilled.
Letters and communicationa intended lor the esta
blishment will not be received unless the pvitage it
Thb Maoisonuk will be devoted to the aupport ol
the principle* and doctrine* of the democratic party, a*
delineated by Mr. Madiron, and will aun to conauinmate
that political reform in the theory and practice of the
national government, which ha* been repeatedly indi
cated by the general autferage, as aaaeiitial to the peace
and prosperity of the country, and to the perfection and
perpetuity of its free institutions. At this time a singu
lar state of stfaira is presented. The commercial in
terest* of the country are overwhelmed with embarrass
ment ; its monetary concern* are unusually disordered ;
every ramification of society l* invaded by distress, and
the social edifice seems threatened with riisorganitstion;
every ear is filled with predictions of evil and the mur
muring* of despondency ; the general government i*
boldly assailed by a large and respectable portion of the
people, as the direct cause of tneir difficulties ; open
resistance to the lawa is publicly encouraged, and a
spirit of insubordination is fostered, as a necessary
defence to the pretended usurpations of the party in
power ; some, from whom better things were hoped, are
making the " confusion worse confounded," bv a head
long pursuit of extreme notions and indefinite phantoms,
totally incompatible with a wholesome stale of the
country. In the midst of all these difficulties and em
barrassments, it is feared that many of the less firm of
the friends of the administration and supporters of
democratic principles are wavering in their confidence,
snd beginning, without just cause, to view with distrust
those men to whom they have been long attached, and
whose elevation they have laboured to promote from
honest and patriotic motives. Exulting in the anticipa
tion of dismay and confusion amongat the aupporters of
the administration as the consequence of these thing*,
the opposition are consoling themselves with the idea
that Mr. Van Duren'a friends, as a national party, are
verging to dissolution ; and they allow no opportunity to
pass unimproved to give eclat to their own doctrine*.
1'hey are, indeed, maturing plan* for their own future
government of live country, with seeming confidence of
certain succcss.
This confidence is increased by the fact, that vi*ionsry
theories, and an utiwiae adherence to the plan for an
eicluttte mctalhc currency have unfortunately carried
soine beyond the actual and true policy of the govern
ment ; and, by impairing public confidence in the credit
system, which ought to be preserved and regulated, but
not destroyed, have tendea to increase the difficulties
under which the country ia now labouring. All these
seem to indicate the necessity of a new organ at the
seat of government, to be eatablishcd upon sound prin
ciples, and to represent faithfully, and not to dictate, the
real policy of the administration, and the true sentiments,
measures, and interests, of the great body of its sup
porters. The necessity also appears of the adoption of
more conservative principles than the conduct of those
seems to indicate who seek to remedy abuses by de
stroying the institutions with which they are found con
nected Indeed some measure of contribution is deemed
essential to the enhancement of our own self-respect at
home, and to the promotion of the honor and credit of
the nation abroad.
To meet these indication* thia undertaking ha* been
instituted, and it i* hoped that it will produce the effect
ot inspiring the timid with courage, the desponding with
hope, and the whole country with confidence in the
administration of it* government. In thia view, thia
journal will not seek to lead, or to follow any faction, or
to advocate the view* of any particular detachment of
men. It will aapire to accora a juat measure of aup
port to each of the co-ordinate branches of the govern
ment, in the lawful excrcise of their constitutional
prerogatives. It will address itself to the understandings
of men, rather than appeal to any unworthy prejudices
or evil passions. It Will rely invariably upon the prin
ciple, that the strength and security of American insti
tutions depend upon the intelligence and virtue of the
The Madisokian will not, in any event, be made the
instrument of arraying the north and the south, the east
and the west, in hostilo attitude* towards each other,
upon any subject of either general or local interest. It
will reflect only that spirit and those principles of mutual
concession, compromise, and reciprocal good-will, which
so eminently characterized the inception, formation, and
subsequent adoption, by the several States, of the con
stitution of the United States. Moreover, in the same
hallowed spirit that has, at all periods since the adoption
of that sacred instrument, characterized its defence
bv TUB people, our press will.hasten to its support at
every emergency that shall arise, from whatever quarter,
and under whatever guise of philanthropy, policy, or
principle, the antagonist power may appear.
If, in this responsible undertaking, it shall be our
good fortune to succeed to any degree in promoting the
harmony and prosperity of the country, or in conciliating
jealousies, and allaying the asperities of party warfare,
by demeaning ourself amicably toward* all; by indulg
ing personal animosities toward* none by conducting
ourself in the belief that it is perfectly practicable to
diffor with others in matters of principle and of expe
ioncy, without a mixture of personal unkindness or loss
reciprocal respect; and by "asking nothing that is
no clearly right, and submitting to nothing that is
wrong," then, and not otherwise, will the full measure
its intention be accomplished, and our primary role
for its guidance be sufficiently observed and satisfied.
This entcrprize has not been undertaken without the
approbation, advisement, and pledged support of manv
of the leading and soundest minds in the ranks of the
democractic republican party, in the extreme north and
in the extreme south, in the esst and in the west. An
association of both political experience and talent of the
highest order will render it competent to carry forward
the principles by which it will be guided, snd make it
useful as a political organ, and interesting as a journsl
of news. Arrangements also have been made to fix the
establishment upon a substantial and permanent basis.
Tho subscriber, therefore, relies upon the public for so
much of their confidence and encouragement only as the
fidelity of his press to their great national interests shall
prove itaclf entitled to receive.
Washington City, D. C. July, 1837.
exchange hotel.
T^'lf ,S|U/?^CPIHK.R?' hyi,n* 'eased the Exchange
.V'i '( n? lgr" ",).aml hav,n* fi,,pJ 11 UP '?
nv ^r11 f prXTd t0 ?,e'?v v"ilc? on MON
DAY the 9th inst. The location of the house, brin? with
in a few minutes walk of the depot of the Baltimore
Ohio, Washington ind Baltimore, and Philadelphia Rail
road*, as well as tho Steamboat to Philadelphia, Norfolk
and Charleston, S. C., makes it a desirable place to all
travellers going to either section of the country. This
HOTEL attached to the Exchange Buildings in this eitv
has I wen erected and furnished at a great cost by the pro!
prletors, and is designed to lie a first rate hotel. It j.
the intention of the subscriber* to make it for comfort, re
spectability, tie. fir . equal to any house in the United
Mates. 1 he undersigned flatter themselves that they
need only promise to all who may patronise the establish
ment, that their best efforts shall tie exerted to please, and
at charge, which they hope will meet their spproba
lon*. rr
wi. ? , ,?,,JEWETT & BUTTS.
Baltimoie, Oct. 7, 1837. 4w21
50 pieces ingrain carpeting, which we will sell low
.V) do Brussels.
82 do 5-4, 6-4. 10-4, ami 12-4 Linen Sheeting*,
loo do 7-4. S-4 Barnsly Dmprrs. b
M. 0-4 and 20-4 fine Table Cloths.
to match.
1 bale Rii?*,? l)mpcr.
I bale wide Crash.
Alao, 50 Marseille* Quilt*.
FOR SALE, OR BARTER, for property
ia Um citjr of New York, or lands in llli
TinH. noil, the following valuable property in the
Jiifll ?ill?je of Onwego:
MKuCm VET The rapid growth of Oswego, iu un
surpassed advantages and great proepeeta, are too well
?nutoo generally known to require a particular descrip
ipr A very miiwte deacription of the property ii deem
ed unnecessary an it ia preaumed that purchasers living
at a distance will come and see, before they conclude a
uargaia. Suftoa it to say, that it ia among the very beat
bn Um> pl>^ v
H r Won? mn ?an<ln ?? tne flrrt quality, with a perfectly
>.t?M title, and free of tncunibr ace, will be taken in ex
oh ...
U_T briuil paat paid, addreaaed to the subscriber, at
Ouwego, wiD niaal with prompt attention. An ample de
scription of the property offered in exchange ia requested.
In East Oewaoo ?The Eagle Tavern and Store ad
ioining, on First atreet, with a dwelling house sad subles
tin Second street, being original village lot no. 50, 66 feet
on Firat street, running east 200 feet to Second street.
The south half, or original village lot no. 44, being 33
feel on First street, running coat JOG feet to Second street,
with the buildings erected thereon.
The north-east corner of Firat and Seneca (late Tau
rus) streets, being 99 feet on First, and 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 feel wide by 100 deep, being part of original
village lot no. 41. ...... , ? ,
Lot, with dwelling house, [original village lot no. 26,]
being 60 feet on First street, running west about 250 leet,
across the cwwl into the river, so that it has four fronts.
In West Qsvvkoo.?Lot corner of Fifth and Seneca
(late Taurus) streets, opposite the ?qu?xe, b??ng on
Seneca street 143, and on J ifth street 198 feet, with dwell
ing, coach house, stabling, and garden. Hie latter is well
stocked with the best and rarest fruit, ornamental shrub
a' lot adjoining the above, being 78 feet on Fourth street
by 58 feet in depth. .
Six lots on First street, each 22 fret in
front, running cast 100 feet to Water
street, with the buildings thereon. IET Compns
The Wharf and Ware houses on Wa- ingtho original
ter street, opposite the foregoing, being / village lots no.
132 feet on Water street, and running 3 4.
east about 110 feet to the river. [This
wharf has the deepest water in ihe inner
Lot corner of Seneca and Second streets, being 24 feet
on Seneca, and 66 feet on Second streets Five aM, ad
joining the foregoing to the east, each being 22 feel on
Seneca street, by 66 feet in depth. The above being part
of the original village lot no. 36.
The north half of block no. 63, being^fretonlUcn
[late Libra] street, by 198 feet on I hird and fourth
On Van Bums* Tt act-Lot no. 1, Montcalm street,
being 200 fret deep, ami running north along Montcalm
street several hundred fret into the Lake
Lou no. 2 and 3, Montcalm street, each 66 by 200 ft
12 " 13 "
13. 14, and 15,being 315 ft. on Bronsonst.
240 on Van Buren at.
300 on Eighth st.
North 3-4ths of lot no. 25, corner of Van Buren
- Ad Eighth streets, being 200 feet on Van Buren, and 148
Lrf 82, w?uthhwelt corner of Cayuga and Eighth streets,
66 by 198 feet. ? inaA
Lots 83, 84, 85, 86, 87, on Cayuga st. 66 by 198 ft.
88 s. e. corner of Cayuga and Ontario streets, 198
0.., ???????
so; n. e. corner of Ontario and Schuyler streeU, 198
by 104 feet. .
70..b'20~"?.l f- Kg?!!'
The incumbrances on the whole of this property do not
exceed sixteen thousand dollars, which may either
main, or if desired, can be cleared off. ^ guRCKLE.
Oswego, N. V., Aug. 22. 1837 2m6
PLUMBER'S BUSINESS.?The subscriber, from
Baltimore, takes this methodI of informing th*c'l',enl
of Washington and vicinity, that he will
and make arrangements for undertaking any of
ing kinds of work in his line ofbusiness, vix^The erect
in* of Water Closcu, t orec or Lift Pumps, Baths, hot or
Jd fitted in a superior manner, the conveying of water
from spring, to dwellings, and thtwgh t^ dlfferen^apart
ments, draining auarnes or any kind of lead work. Me
can be seen at Mr. Woodward s. p^VIDBAlN.
N B ? He has with him a few Beer and Cider Pumps,
to lie seen as above. CLgMg^T WOODWARD,
Berween 10th and llthsts., Pcnn. Avenue.
Oct. 18?23 ?'
46 South Charles St., Baltimore,
HAS just received and is now opening, fivt humlred
ami fxrtv package, of the above description of goods,
adapted for the Southern and Western inarketa-Con
stantly on hand, English, Iron Stone, and Granite China,
| suitable for extensive hotels and steamboats all of which
will lie sold on as favorable terms as can be bought in any
citvinthe Union. ^
SAMUEL HEINECKE informs his friends and the
public, that he has taken a room four doors north ol
Doctor Ounton's apothecary store, on ninth ?treel,?vhere
he will carry on his business. He feeU confident, from
his long experience in cutting all kinds of Kar?e"'V|"'1
general satisfaction will be given to '^"^7
| Fum with their custom. _ ,ePS3 3taw3w
PROPOSALS for publishing a Second Edition of the
Military Laws or thb United Sta . y
George Templeman. The first edition was compiled by
Major Trueman Cross, of the United States Army, and
published under the sanction of the War Dep. . ?
1825. It contains the most important of the reso utions
of the old Congress, relating to the/""*'
1789?the Constitution of the L nited States, a"'1
acts and resolutions of Congress relating to the Ari y
the Militia, from 1789 to 1824. , ...
The second edition, now proposed to be published, will
contain all the matter embraced in the first, carefully r
vised, together w ith all the law. ^d rMolirtions of Con
gress, bearing upon the Army, Militia, and , J
which have been enacted from 1824, down tothccloseo
the present session. The corrections and additions will
be made by Major Cross, the original compiler.
Officers of the Army and Militia, and othn7^?(??
used the first edition of this work, have testified to its
gf I?^UcoeuSy hke ours, where the authority of the law is
paramount, the necessity of such a work is at all limes
manifest; but it is especially so at present when a large
and mixed force of regulars, volunteers, and nnlitia art
called into active service. . ,
The ivork will lie of royal octavo size, and will be tur
nished to subscribers at $2 50 per copy, bound in law
aiicep. ? |
vania Avenue, opposite ihe Centre Market. 1 er
sons visiting Washington can lie comfortably entertained
by the day or week. tfl9
of a deed oflrust, executed by Duff Green, and tear
ing date the tenth day of July, in the year eighteen hun
dred and twenty-nine, will be exposed
Wednesday, the twenty-second day of Noeemtor nwt,
Ihe valuable real estate described in said deed as lying
" that two story brick house or tenement on part ol lot ,
numbered six, (6.) in square numtiered three hundred and
?eventT-se ven,(377,) in the city of Washington, being the
west house of three houses formerly built on said lot by
Charles Cist, deceased;" "and also the part of *aid lot
appertaining to said house, extending back due north
from E street to a public alley, and also the whole of
lot number (7) in the said square. _
The terms of sale will be one-third cash, and the ba
lance in Two' 'equal instalments of three and
w ith approved security and on interest fiom day ol
The sale to take place immediately in front of??Pr?
mises, on E street, at eleven o clock in the forenoon of
ihe dav above mentioned.
Fortbe Bank of the Metropolis : _ , ,
JOHN P. VAN NESS, President.
Oct 30?2 aw ?
JT SillR 1\S, AND DRAWERS.? We have to-day
opened? '
30 dox. Suspenders, best kind.
50 do. superior Gloves.
50 d?i. Stocks, l>est make.
50 pieces Silk Pocket Handkerchiefs.
50 dozen Gentlemen'* Riblwd Woollen Drawer*.
50 do. do. do. do. Shirts.
6 do. Raw Silk Shirts.
50 picccs Irish Linens.
200 do. Sea Island Cotton Shirtings.
Sept. 8. **w2w8
from tht Charlatan Aitrcwf.
Messrs. Editor*?I beg leave to transmit you a let
ter frota our fellow citizen Lanodom Csiru, Esq.,
written to a gentleman of the Slate of Mississippi,on
the present state of the currency, and the Sub-Trea
sury scheme.
Mr. Cberes has been so kind as to place at my dis
posal this interesting communication. I deem it no
unacceptable service to the people of South Carolina,
tii request you to give it a place in your columns, that
the opinions of one of the most distinguished of her
sons may be known in relation to a project, the ab
surdity and mischief of which, seem, by a peculiar
fatality, to be in exact proportion to its apparent po
A Sibschibeb.
Pendleton, Oct. 30, yJ37.
Dear Sir?I did not receive your letter of the
11th instant, in consequence of ray absence from
home, until a day or two since, and 1 leave this place,
which is my summer residence, to-morrow. These
facts will account for this late reply, and the Imper
fect character of this communication. I am sorry
it is out of my power to furnish the newspaper con
taining my effort to justify my administration of the
bank. The only copy 1 had is either destroyed or
You request my views on the subject of a Nation
al Bank, and the proper course of policy in our na
tional councils, on the present emergency. It is out
of my power, under the circumstances before men
tioned, to do much more than give you my opinions,
and these, coming from one so long and so entirely
unconnected with the political concerns of the coun
try as 1 am, can be of little value, and if of more
value, would have little weight with the community.
But the earnestness with which you have requested
them, must be my apology for giving them, and wul,
I hop*;, exempt me from the imputation or presump
tion, in giving opinions unsupported by a lull expo
sition of the reasons on which they are sustained.
I am of opinion, that a National Bank will not aid,
but embarrass the restoration of the currcncy of the
country; and, that, afterwards, it would be an insti
tution infinitely dangerous under many circum
stances and in many views. I admit, that, under a
very wise and circumspect management, it might
be useful; but it is as certain as any thing depending
on human action and human will, that it will not be
so managed. Besides, I have no doubt, Con
gress have no constitutional power to establish
such an institution; and this, I think, has been the
clearly expressed judgment of that school of public
men who claim Mr. Jelferson as their heaa, and
who have administered the Government for almost
forty years. The institution of the late bank, was
a departure from the principles of that school, badly
justified, or rather lamely excused at the time, since
generally regretted by them, and finally, by them
selves, atonea for, in the best manner in their power,
by putting it down.
In reference to the course of public policy required
at this time, there is part of the suffering of the
country for which there is no legislative remedy.?
The legislature of the nation cannot pay the deb's of
insolvent persons, or aid those who are embarrassed.
This evil can only be remedied or mitigated, by the
exertion of the debtors. But that exertion is embar
rassed and even paralyzed, by the state of the cur
rency. and it is in the power of Congress to aid great
ly in this object and by very simple means.
Unfortunately, the Chiet Magistrate has not only
abandoned the people to their fate, not only proposing
no relief, but urging a measure calculated to aestroy
the recuperative powers of the banks and the people
to work out their own salvation. I have no particu
lar intimacy with the Chief Magistrate, but I know
him sufficiently to be satisfied that he is a man of
high talents, well qualified to fill his eminent station,
and of as pure motives and principles as those of his
accusers, and my wonder and astonishment have
therefore been excited, as well by what he has ad
vised, as by his silence on what it was his imperative
duty to have spoken at this eventful and critical mo
The Sub-Treasury scheme, as it has been called,
is in my opinion, one of the most unwise and pre
posterous measures that could be suggested. It ex
hibits an ignorance or disregard of the character
and circumstances of the age in which we live, and
an e<jual ignorance or disregard of the great lights
and improvements of modern times fn finance, cre
dit, currency, and th? principles of political econo
my. We must go back centuries for its prototypes,
when we will find them in the strong box of tyrants
and autocrats, who required no divorce from the
people or their institutions, for whom they did not
govern, and to whoui they were not responsible. A
people jealous of their liberties, it would seem, could
not fail to discover, at a glance, the unpopular cha
racter of such a measure, and its anti-democratic
tendency. A school-boy, just entered upon his
classics, will find the proof in a few pages of Roman
history, where he will see Cesar, in the Capitol, pil
laging the public treasure, and threatening with
death the guardian of it, who urged tie laics in its
defence. Inter arma siUnt leges, was the reply of
that usurper, and it is a ready and effectual one for
any future Cesar; and will it be said by a people
who love and value their lree institutions, that there
is no danger from an instrument under which we have
seen those of a race the most renowned for their love
and jealousy of their liberties, utterly perish. If we
look to the dawn of modern liberty, in English his
tory?if we pursue it in that history till it was formed
into the freest government known to the world until
we ourselves furnished a more perfcct example; if
we regard our own Constitutional instruments?in
all of them we shall see that the effort is to put the
public treasure as much as possible under the guar
dianship of the people and not under that of the
Chief Magistrate; to effect a divorce between him
and the money of the nation, and not between it and
the people. The last thought has been put, as I be
lieve, the fable has it, the lamb under the protection
of the wolf. Happily our modern lights and habits
in finance and currency had dispensed with strong
boxes to be placed under the peculiar control of the
Chief Magistrates of nations. Happily for us there
was an absolute, and, we thought, an irrevocable di
vorce between our Chief Magistrate and the public
treasure, but, as if governed by infatuation, at the
very moment we are, some of us, loudly declaiming
against this danger, we are about, I fear, to commit
it to hands created by his word, who live or die, as
functionaries, at his pleasure, and who can be anni
hilated by his nod. Mi^ht it not as safely be put, in
times when our institutions shall be in danger, at
once, absolutely into the President's own hands 1?
Who can1, in candor, deny it 1 That jealousy which
should guard free institutions generally should be
more exciteable and stronger with us from the pe
culiar character of our goveninents and from the pe
culiar situation of some of them.
We ought not only td guard against the usurpa
tion of ambitious men, but against the ambition of the
government of the Confederacy, under which we
ave suffered, and of which weare in danger. The
powers granted to that government were meant
only to embrace those that were indispensable. They
have already been much increased by construction,
are increasing, and ought, if possible, to be diminish
ed. It is Wise on the part of all the States to limit
these powers by the true construction of the Consti
tution as it came from the people's hands. But the
vital security of the weak States, and particularly of
the Southern States, requires that these powersshould
receive no increase; inat any dependence ol the Ge
neral Government upon the States which exists
should be preserved, and, one would think, none
could be so blind as not to see, that dependence on the
Stale institutions is dependence on the States; but
the Treasury scheme is to make the General Go
vernment, in the matter of the public purse (where
the safety and the danger of free institutions so pe
culiarly are reposed,^ entirely independent of the
States! This too, is but the premier pas. Already
by one of the most distinguished advocates of this
scheme,* a paper system, (is it possible that we arc
speaking of realities and not indulging some dream
ing phantasy!) is proposed to be appended to it, with
out which it is alleged to be incomplete. Unite
them, and if it be an inconvertible truth that the mo
ney power, possessed without control or limitation, is
more than equal to the Constitution and the sword,
(and who will doubt it 1) where will bo found the
security of the liberties and independence of the
States?of the weak States?of the Southern Slates,
and of their peculiar interests which are daily threat
ened 1 Is it, indeed, a time, and are the circum
stances of the time such as to make it wise and pru
dent for the Southern States to put additional power
into the hands of the confederacy 1
This, however strong, is but a very imperfect view
of the political dangers of the government scheme,
which is pressed, we may observe, with a zeal which
shuts the eyes of its advocates to the claims of a suf
fering community so completely, lhat ihey seem
* Mr. Calhoun.
willing, in order to acruoiplnli M, m trample upua
Iheir interests, instead of rt?ivntg rWritiiu, tmd
rautog them up frum the pruamitua ? which ihey
lie. t he great evil under wbnh tit* . awry suflers
?under which property, uumwtrt, imrntytit, in.
dustry, possession, and even huf ? j(fc lfiah,
droop, and we might almost My, prfl* a?ddie, is
the unsoundness of the currency l=M to this gnat
evil the advocates of the g?vMM? M ?&*?*; an
totally insensible. One of the fa if to of the early
peruxls of the French Revnluti<* tit* e red a M-nn merit
like the following:?" The sacrifice of a million of
human lives is nothing in the establishment of a
principle"?perhaps the establishment of theGoddess
of Keason in the place of the only true God and our
Saviour. Our wise men with a zeal little short, and
an obaisenem of feeling little larking of those of the
revolutionary zealot, cry aloud for a divorci of the
Government from the Banks, without deigning to
consider lhat it is, in pubstance, alike adivorce ol the
Government of the Union from those of the States
and of the interests of the people,?that its tendency
Is to prostrate those institutions which are establisn
*? -i!^e ?tale8> which amount in value to hundreds
ot millions of dollars, which belong to the people of
the Slates, and which must furnish the currency of
the people j that its tendency is to continue the un
soundness ol that currency, perhaps to destroy it, and
leave us in its place a miserable pittance of gold and
silver lor the uses of the Government strong box,
while it will furnish a happy opportunity to complete
our dependence on Federal power, by appending Ihe
f&per tytle-m, which is said to be necessary to give
i completeness to the scheme. These, one would
, think, are awftal evils, which ought not to be hazard
ed. But its advocates, in the spirit of the revolu
nonary zealot to whom we have referred, disregard
[ consequence*, and think that all ought to be hazarded
or sacrificed to establish their principle, to accomplish
their 4tvorte; we might almost say, to put asunder
whom God had united, for we can hardly
donbt that we owe those homogeneous relations
which tie the States and the Union so happily to
gether, and which the zeal of these gentlemen would
sever, to the special blessing of God.
We will now inquire, with some precision, what
I Ins scheme proposes, on what grounds it is sustain
ed, and whether its tendency is not to produce the
evils which we have deprecatcd 1
The substance of the scheme (independent of the
paper system, which it Is proposed hereafter to ap
pend) is that the public revenue shall be paid in gold
and silver only, and that for this purpose the bank
circulation shall be discredited, although at the mo
ment that paper shall bs faithfully redeemed in these
metals, and b: equally good; and that the public
treasure shall be rendered safe by being deposited in
u vault* under the care of public functionaries. The
I resident appears lo estimate the average amount of
thepnblic deposites at ten millions of dollars.
The grounds on which the measure is sustained,
are, that the public receipts and expenditures should
be collected and paid in gold and silver, and that
such is the money prescribed by the constitution ; that
the public treasure will be more safe in vaults of the
government than in depute banks; that it will di
minish the patronage of the government, and that it
will be a check on excessive banking, because, it is
said, if the deposites be made in banks, these institu
tions wouid bank upon them, and thus increase their
business beyond proper limits.
Now, it seems idle to inquire, but the conduct of
j. some ol our public men makes it necessary, whether
Ihe government of the confederacy was instituted to
sustain a formal, literal performance of contracts
between the executive government and a few indi
viduals (who are fattening on the public purse) with
whom the government has contracted for its supplies,
and the employe of that government, or for the good
of the whole people of the Union 1 The scheme of
the government, however, is entirely devoted to the
first object, and if we are right in our view,sacrifices
the latter to it. But if it were the duty of the govern
ment to prefer the interests of its particular creditors,
so far as to insure them payment in gold and silver,
is there any reason why they should discredit a cur
rency which those very creditors would prefer to
specie payments?namely, a currency which they
could, at pleasure, convert into specie 1 Such will
, b? the currency of the country, when the banks re
sume specie payments. As to a constitutional cur
rency, it is palpable nonsense, if it mean nothing
else but gold or silver shall be paid or received under
the constitution. Wiser men than those who now
administer the government, or represent the people
have always held a. different doctrine. The consti
tution only forbids the States to make any thing but
gold and silver a tender in law; which is to sav, that
nothing else shall be a compulsory payment; and the
federal government which is affecting this peculiar
delicacy on the point of constitutionality, is entirely
unbounded by the constitution. We admit, however,
that it is morally and in honor bound to go as far as
the Slates are constitutionally hound to go, but the
constitution has nothing to do with the question.
But we return to our general position?if the go
vernment was instituted for the people, and not for
government contractors, and government employes,
then on what principle sacrifice the former to the
latter? If for both, which should preponderate?
The people of the United States now probably
amount to sixteen millions, and in four or five years,
before the Treasury scheme will be fairly in opera
tion, will amount to twenty millions. According to
the statistics of population, twenty millions will pro
biblv give four millions of productive operatives
and these, at the low average, (In this country,) of
one hundred dollars, will give four hundred millions
of dollars of annual productive value. The value of
the property of the States, if put down at one hun
dred and fifty millions each, which must be below
the reality, with the estimate of annual production
added, will give a sum little less than five billions
of dollars, to b? affected in value by the stale of the
currency. If the continuance ol an unsound cur
rency affect these objects to the extent of ten per
cent., it will amount to five hundred millions of dol
lars. Now let the preservation, and advancement,
and prosperity of these objects be compared with the
objects of the government scheme. The government
wishes to put ten millions of dollars in safe custody.
It can get it satisfactorily insured for fifty thousand
dollars per annum, and will then pay a high pre
mium. I doubt whether it has lost, by banks, since
the institution of the govenment, the last mentioned
sum,.in the principal commercial cities, and to these
the whole question refers.
If any one bi dissatisfied with my estimates, let
him reduce them as he shall think fit, and there will
still be left mighty interests, to be set against paltry
But it is said, the deposite banks have failed in
furnishing a safe depository of the public money.
How have they failea 1 They have failed in com
mon with all other banks, with no exception what
ever. The whole country has failed in the same
sense. They have fallen, like a strong man under
too heavy a burden, but under which he can rise
again if not held down. In like manner they will
rise, if not pressed down. I am no defender of the
banks. They have all done wrong; they have all
been guilty. They have all over-traded. But the
country has enjoyed great benefits even from that
over-trading. It has filled the sails of commerce, it
has sped the plough, nerved the arm of industry,
covered the country with great and lasting improve
ments; canals, railroads, and other magnificent and
profitable structures. It will leave some individual
victims, but the country has nevertheless, been great
ly the gainer by the over-trading. Time will pass
away, and when not even a remembrance of our
present sufferings shall remain, these benefits will
be fresh and green, and bless generations yet unborn.
But the deposite banks have not paid th'cir bond.?
They have nevertheless done wonders, and under
less harsh (shall I not say better informed) masters,
would probably never have incurred the penalty of
that bond. If the authors of the distribution law,
had possessed a sound knowledge of the subject on
which they were acting, they never would have re
quired these banks to make the distribution in the
short time (short with reference to the obiect and cir
cumstances^ required. The banks did more than
could have been cxpected from them, under the dif- I
ficulties presented. They are accused of discount-'
ing on the deposites. For what did they receive
them I Did not the National Bank do the same 1? j
Did not the opposition complain that they did not do |
enough 1 Did not the Government urge them to |
extend their loans, to repel the cry of the opposition 1
Could they have expected so sudden a distribution '
to be enacted by law, under such circumstances 1? ,
Ought they not to have expected the National Lejris
lature to have understood the first principles of cir
culation, exchange, and political economy ; and. that
for the sake of the public good, if not In tenderness
to the banks, they would have given the time neces
sary to make the distribution, without producing a
convulsion in the monetary concerns or the country
?for nothing less could have been expected from
the provisions of the distribution law. I must not be
misconceived. The distribution law was right and
proper, fcr.it the error waa in the details. The mo
ney *u iniquitously drawn frum the pockets of the i
people, and it would have been iniquitous not to
nave relumed it to them, but those who directed it
ought to have underatood the effects of such a mea-1
rare, and to have made it wo gradual that it might
have been accomplished without producing a great
public calamity. The sudden distribution ot the ,
surplus revenue was the immediate cause of the cri- 1
sis under which the country is suffering, and it is
not at all extravagant to say, that we might have
weathered Ihe storm without shipwreck, but lor this I
single measure, enforced as it was, and the deposite j
banks have fully and faithfully perfotmed their of .
fice. They have not failed then, but in common
with all the country, and there is not the lesst rea- ,
son to suppose that they will not, In future, be ade- j
quale, efficient and faithful agents of the Govern
meat. in performing the duties required by it. All
the circumstances were extraordinary, and form no j
example for ordinary times. They had in deposile,
at one time, forty millions of revenue. Tu com
Cre the merits ot the Government scheme with the
it practice, we must suppose the Government vanlts
to contain forty millions of gold and siver at one
time! Now will any one be found to advocate such
a result?yet ten years ago it was as little expected,
as it is now that a like result will follow ten yeais
hence. We ought not to legislate only for the hour
in which we live. All sound legislation should ba i
governed by the past, and look to the future. There j
is no evidence that the Government has lost a ccnt
by the deposite banks in the commercial citics; and
to those the question must always be referred, to be
fairly treatea, and there is little doubt, on the other
hand, that under the Government scheme heavy
losses must be sustained, unless It shall be more for
tunate in the choice of its trustees, than it has hither
to been.
Another plea for the Sub-treasury scheme is, that
it will diminish the patronage of the Government.?
There is not an institution of Government that we
should not be called upon to abolish, if this were a
sound argument. T he postoffice should be abolish
ed, so the custom houses and land offices, and we
admit if they could bs dispensed with, it might be a
wholesome restraint upon executive authority, to
abolish them all. The evils, however, must be suf
fered for Ihe corresponding benefits. This evil, too,
of executive patronage from the use of banks, we
ought to suffer, and to take as a compensation, the
benefits they will afford, and, as an immense com
pensation, (he fact, that they will avert this treasury
scheme. But is it true, that this scheme will dimi
nish Executive patronage 1 Is it not probable that
it will, on the contrary, increase it 1 The latter is
my opinion. I have been intimately conversant for
upwards of forty years, even from boyhood with
banks, and it is contrary to my observation, that, ex
cept sometimes in the national banks that have ex
isted, politics have influenced the selection of direct
ors; and I have never known, with slight exceptions .
in cases before mentioned, any active interlerencc ,
in public elections, by bank directors under bank in
fluence. On the other hand, I have never known an
election in which the direct officers of the general
Government, were not active in supporting the
friends of the actual Administration. The officers
under the government scheme, who will finally be
numerous whatever may be now said to the contra
ry, will be true Swiss, and make up for any deficien
cy of numbers by abundant zeal and activity. The
fair conclusion is. I think, that it will increase, not
diminish, Executive patronage. But, if the argu
ment were admitted in the lull extent in which it is
urged, the consolidating tendency of the Govern
ment scheme, is a danger fifty fold greater than any
that can follow from any increase of patronage
through the employment ol State banks, as the depo
sitories of the revenue.
Another argument in favor of the scheme of Go
vernment, ir, that as the public treasure will be lock
ed up in the public vaults, it cannot be employed in
banking, as it would be if it were deposited in banks.
Until our day, this would have been conceived a
great public evil. The President seems to have es
timated the average of the public deposites at ten
millions of dollars. We have seen, that they have ?
at times, been forty millions. As the country in
creases in population, commerce, manufactures and
wealth, the average must increase correspondingly,
and it is probable it will, in twenty years, amount
to twenty millions. Now to embosom twenty
millions of money permanently in the public
vaults (and to the extent of the average amount it
will be permanently withdrawn from tne active cap
ital of the country) is just as complete an extinguish
ment of the public wealth, as if the amount were
again buried in the mines from which il was dug.?
It can have no influence in preventing excessive
banking as is alleged. As to that effect, It is alto
gether immaterial from whence the fund is supplied,
whether from the Government deposites or from
capital supplied by stockholders. 1 he Government
deposites will at nolime form a considerable portion
of that fund which is the basis of bank loans, and it
no other restraint be interposed, and the temptation
of profit present itself, il will be furnished to an un
limited amount. Il is a falacythen to assert, that
locking up in an unproductive state, the public mo
ney can have the least effect in preventing banks
from affording excessive loans. It will diminish
the means of the country to employ and encourage
industry ard commerce, but it will put no restraint
upon the excesses of banking.
Thus have .1 examined the arguments in favor
of this scheme, which, I think, are entirely fala
cious, and, it appears to me that, as far as we have
viewed it, the whole potency of the measure is to do
evil, both politically and financially. But its acutest
evil is temporary and immediate. The great suf
fering of the country, as before said, is from the un
soundness of the currency. The artisan stands idle,
the agriculturalist cannot realize the profits of his
labor, the merchant dare not adventure, the capital
ist has locked up his funds. There is a general pa
ralysis. Restore the soundness of the currency, and
in the place of this inaction, will succeed universal
activity, and our prosperity will be the brighter and
more cheering, because it will have succeeded this
general gloom. The very moment is propitious to
the accomplishment ol this happy change. The ex
changes are nearly, if not quite at par. In a few
weeks they will be in our favor. There will be no
demand forspecie for exportation, and lfthcuovern
ment will only promise its confidence and counte
nance to the banks, on condition that they shall re
sume their payments, bona fide, there is nothing to
prevent them from doing so before the first of Jan
uary. Bui the Government denounces and reviles
them, and withdraws from them the public confi
dence. How can they, under these circumstances,
resume specie payments ? These must depend on
public confidence. Without that confidence the
Bank of England, usually referred to as the stand
ard of stability, could not continue its payments in
the prccious metals a week. But the Government
has its little by-play, which it seems determined to
accomplish, regardless how tragically the great po
pular drama may terminate, which requires it to de
stroy, instead of restoring that confidence which is
indispensable to the prosperity of the country.
We are threatened, under these circumstances, with
a new danger. Our beneficent product, cotton, w ith
a magnificent diffusiveness, hasbecome as necessary
to ihe happiness and comfort of millions of people in
Europe, as it is instrumental in our prosperity. But
they can onlv pay us. for it in their products and ma
nufactures, which, under ihe paralysis we suffer,
from the unsoundness of the currency, we have al
most ceased to demand. If our imports be not revis
ed, and the way to revive them is to revive the
soundness of our currency, which will revive our
enterprise, this great article must lie on our hands,
to a great extent, and fall to a price that will be cala
mitous to the grower, and Increase the present general
"Thc^me at which this measure is pressed by the
Government, is altogether indefensible. It is entirely
new and is presented lo the country at a moment
when the public mind is in a state of uneasiness and
distract! >n, which totally unfits it to deliberate dis
passionately, or w ith soundness on the Mibjeet. The
object of the measure is to effect a radical change in
our financial and monetary concerns, such as ought
not to be adopted until the best minds in the nation,
whether in or out of Congress, shall have had an j
opportunity of examining and discussing it. It is an j
esveriment, and we have already been afflicted with
too much of this imecies of legislation. It
no precipitancy. Il is not even projected lo aflord
any remedy for the prevailing public distress. ?< may
as well, if it be found on due examinaiion to be *jsc
and expedient, be adopted hereafter as '
If the Government would therefore comsuit Jih"J"'cr
ests of the country, f would wiihdraw the measur
for Ihe present and give iis aid and co
the Banks to restore ihe Soundness of "he actua cur
rencv and having thus relieved the country, bring it
forward on Its merits when it* di^ussu.n and its ex
amination would work no evil. To say, that if the
occasion escape, it may fail when the pr^nt rubhe
stupor has pas^d awav, and when the people ma>
have become satisfied with existing institutions, is to
admit that it in without merits and that the people are
to be tricked into the adoption of a measure which
their sober and unbiased judgments would reject.
It is obvious that if it can be forced through Con
Ees* at this time, besides ail the evils it is produc
er, it will b? by a bare majority, which a wise Go
vernment would not deem satisfactory?by a majori
ty which would not sustain a British Mlaistry
before the people, and which should less sustain
our Administration before the people of the United
The measures adopted by Congress at the Extra
Session, are, in my opinion, not calculated to do that
bodv much credit, they are not founded on principle,
ana will work badly in effecting the ends proposed.
It is not easy, if it be at all possible, to conceive what
end was proposed by the act suspending the diitribu
tion of the surplus revenue. With the Executive
views in reference to the public creditors, it can ftir
nish the Government with no means for that puniose.
It contemplates no ultimate repeal of the law of dis
tribution. The States were willing to receive Trea
sury orders on the Dcposite Banks, and could proba
bly have made them as useful as gold and silver. The
argument that it wonld have thrown more inconvert
ible Bank pajier into circulation, is a fallacy. There
is no substantial difference between the operative lia
bility of a Bank to I'.s depositors and the holders of
its notes. They are bun payable on demand and
habitually used for the same purposes of business.
In commercial cities and other places of extensive
business, checks supersede in all considerable trans
actions the use of funk notes, and lake their place.
A true estimate of the circulation, therefore, embra
ces Bank deposites. It is true, while the Govern
ment makes no use of these deposites, they create no
immediate pressure on the Banks. But neither do
the notes or these Banks while they are not redeem
ed. When these Banks shall redeem their paper on
demand they will both press alike, but with this dif
ference. Ii the deposites continue till that event to
the credit of the Government, they will come upon
the Banks in heavy masses, in the shape of large
drafts. If, on the other hand, the distribution had
not been suspended, they would in the meantime,
have been ditfased in the general circulation and
would have come uponthe Banks gradually and have
caused them less embarrassment. They would have,
doubtless, in a great many instances, gone into the
hands of the debtors of the Banks, and have enabled
these debtors to pay, and the Banks to curtail their
business, which would have enabled them the better
to prepare for specie payments. At present they
hang over the Banks like a dense cloud, threatening
to burst suddenly and unexpectedly upon them. The
measure has been justly illustrated by the fable of the
dog and the manger, who eonld not eat the hay him
self and would not let the ox eat it. The application
of the fable fails in one particular. The uog could
not eat the hay, but the Government eould have used
the money had it not been lor their over fastidious
ness as to the currency in which they insist on pay
ing the public creditors. But this has been prevent
ed by the hard money fantasy which has seized the
brain of the Administration. It would really seem
it had well nigh become mvn? man in with them; and
that if their purses were demanded on the high
way, they would struggle to make a hard money pay
If the Government had obeyed its highest duty,
that of considering first the interests of tne mass of
the community, it would have paid the public credit
or in the best currency it was enabled to secure to the
people, and the Treasury deposites would have been
acceptable payments to the public creditors, as like
money was under an Administration and Legislature
(juite as wise as those who govern the country. This
fastidiousness rendered necessary the only otner im
portant measure of the session?the issue of Treasu
ry notes to meet the wants of the Government.
The ruling principle of the Government has given
a deleterious character U> the details of the measure.
These notes are made to bear interest. Their value
would have been abundantly sustained by bein^ re
ceivable, as they are, in all public dues. Until so
absorbed, they would have circulated as money in
the community, and as such, been useful in all trans
actions of society. Bearing interest, they will not
circulate, and will probably be hoarded by capitalists.
If the Banks shall be temjjted, either directly or in
directly, to furnish specie for their purchase, it will
weaken their recuperative power, which they ought
studiously to strengthen?while then the addition of
interest will destroy their usefulness, the country will
have to pay the amount of tbe interest, not for any
public benefit, but for the creation of new evils a
material of which we do not need a fresh supply.
You inform me that your communication has Deen
made to me " at the Instance of others as well as your
self," which induces me to say that you are at liberty
to make any use you see fit of this letter, that you
think may be of any public benefit.
I am, dear sir, very respectfully,
Your obedient servant,
To , Esq. Columbus, Mississippi.
Is it practicable for the Federal Government to put
down the State Banks, and introduce an exclusive metal
lic currency ? In the operations of ihia Government, we
should ever bear in mind that political power is distribut
ed between it and the States, and that while our duties
are few and clearly defined, the great mass of legislative
authority abides with the Staiev. Their banks exiat
without us, and in spite of us. We have no constitu
tional power or right to put them down. Why then,
seek their destruction, openly or aecrttly, directly or in
directly, by discrediting their issuea, and by bankrupt
laws, and lulls of pains and penalties 1 What are theae
hanks nowr so dccricd and denounced ' Intruders, aliens,
enemies that have found their wav into the bosom of
our country against our will! Reduced to their ele
ments, and their analyais shows that they consist : 1st,
of stockholders; 2d, debtors, and 3d, bill holdera and
other creditors. In some one of these three relations, a
large majority of the people of the United States stand.
In making war upon the hank*, therefore, you wage war
upon the people of the United States. It ia not a mere
abstraction that you would kick, and cuff, and bankrupt
and destroy, but a sensitive, generous, confiding people,
who are anxiously turning their eyea toward ?ou, and
imploring relief Every blow that you inflict upon the
banks reaches them. Press the banks, and you preat
True wisdom, it aecma to me, requires that wo ahould
not aeek after, if we could discover, unattainable ab
stract perfection ; but ahould look to what ia practicable
in human affaira, and accommodate our legialation to
the iirevcraible condition of things. Since the states
and the people have their banks, and will have them,
and aince we have no constitutional authority to put
them down, our duty is to come to their relief when in
embarrassment, and to exert all our legitimate powers
to sustain and enable thein to perform, in the moat be
neficial manner, the purposes of their institution. We
ahould embank, not destroy, the fertilizing stream which
aometimcs threatens an inundation.
We arc told that it ia necessary to aeparate, divorce
the government from the hanks. Let ua not be deluded
by aounds. Senators might aa well talk of separating
the government from the states, or from the people, or
from the country. Wc are all?people?states?Union
?banks?bound up and interwoven together, united in
fortune and in destiny, and all, all entitled to the pro
tecting care of a parental government. You may as
well attempt to make the government breathe a different
air, drink a different water, be lit and warmed by a dif
ferent aun, from the people! A hard-money govern
ment and a pa|>er-money people! A government, an
official corps?the acrvants of the people, glittering in
gold, and the people themselves, their masters, buried
in ruin, and atirrounded with raga !
No prudent or practical government will in its mea
sures run counter to the long settled habits and uaages
of the people Keligion, language, lawa, the establiahed
currency and business of a whole community, cannot be
easily or suddenly uprooted After the denomination of
our coin waa changed to dollara and cents, many years
elapsed before the. old method of keeping accounU in
pounda, shillings, and pence, waa abandoned. And to
thia dav, there are probsbly some men of the Isat century
who adhere to it. If a fundamental change becomes
neccssary, it ahould not be sudden, but conducted by
alow and cautioua degrees The people of the United
States hsve been always a paper money people. It was
paper money that carried ua through the revolution,
catiihlished our lil?rtiea, and made ua a free and inde
pendent people. And, if the experience of the revolu
tionary war convinced our ancestors, as we are con
vinced, of the evils of an irredeemable paper medium, it
was put aside only to give plsce to that convertible pa
per which has so powerfully contributed to our rapid
advancement, pros|ierity. and greatneaa.
The proposed substitution of an cxctuaive metallic
currency, to the mixed medium with which we have
been so long familiar, ia forbidden by tbe principles of
eternal luatice. Assuming the currency of the country
to consist of two-thirds of paper and one of apecie ; and
assuming also that the money of a country, whatever
may be ita component parta, regulatea all valoes, and
expresses the true amount which the debtor has to pay
his creditor, the effect of the change upon that relation,
and upon the property of tbe country, would be moat
ruinoua. All property would be reduced in value to one
third ita present nominal amount; and every debtor

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