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would M> effect, kilt U? p?y umw ss much m h?
Li e^mrtcied for The pre??ure of our foreign debt hundred million*, which M about the ?uw wow probably due 10 the bank, from ihe people, woukl bo multiplied into eighteen hundred million#. But there are Mine more specific objection# to this protect of 8ub-Tre?siiriea, which deejrve to be iwUcod. The first of which ?? iu insecurity. The Sub-1 resauror and hi* bondsmen. constitute the only gusrsnty for tho safety of the immense *um* of public money winch |*ss through hi* hand*. !? th.a to I* compared with ihst which ia po*sc**ed through the agency of banks ? 1?? collector, who is to be Sub-Trea.urcr, pay* the .noney to the bank, and the bank to the disbursing officer Here are three check*. You propose to destroy two ol them, and that most important of all, the bank, with us machinery of president, director*, cashier, teller, ana clerks, all of whom are *o many sentinels. At the very moment when the Secretary of the 1 reasury tells u how well ku Sub-Tressury .y.tcm works, he l.a* com municated to Congress s circuUr, signed by him.efl, exhibiting hi* distrust in it; for he directs to thst cucu Isr that the public moneys, when they amount to a large sum, shall be specislly deposited with those very bank" which he would repudiate. In the Slate of Kentucky, (other gentlemen csn spesk of their retpeclive ht* 1 although it has exuted but about forty-five year*, three treaaurers, selected by the legislature for their ests blished character of honor and probity, proved faithless. And the history of the delinquency ol one, is the history of all. It commenced in human weikneta, yielding earnest solicitations for temporary losns, with the mo* positive assurances of a punctual return. In no in stance wa* there originally any intention to defraud the public. We should uol expose poor weak human na ture to *uch tcinpation*. How e*sy will it be, a* a* been done, to indemnify the auretic* out of the public money, and *quandur the residue ! 3 Then there is the liability to favoritism. In the receipts, a political partisan or friend may be accommo dated in the payment of dutie*, in ihe disb -semenl, in the purchaae of bill*, in drafts upon convenient and fa vorable offices, and in a thousand way*. 3. The fearful increa.e of Executive patronage. Hun dieda and thouaand* of new office* are to be created , for this bill i* a mere commencement of the system, ana ?II are to be placed under the direct control of the 1 re '"rhe Senator from South Csrolins (Mr. Calhoun) thinks that the Executive is now weak, and thst no danger i* to be apprehended from it* patronage. I wish to God I could ace the subject in the **me light that he doe*. I wish I could feel free fiotn that alarm at Executive encroachment* by which he and I were so recently animated. When and how, let me ask ha* that power, lately so fearful and formidable, suddenly become so wesk snd harmless' Where i* that corps of one hundred thousand office-holders and dependant *, whose organized *trengtli, directed by the will of a single man, was lately held up in such vivid colore and pow erful language by a report made by the Senator himself. When were they disbanded ! V hat hoa become of proscription! It* victim* may be exhausted, but the spirit end power which sacrificed thein remain unsub dued. What of the dismisaing power ! " hat or tne veto! Of that practice of withholding bill*, contrary to the Constitution, atill more reprehen*il'le tiian the abuses of the veto! Of Trea.ury order*, put in force and mainuined in defisnce of legislative authority ? And, although last, not lesst, of that expunging power which degraded the Senste, snd placed it st the feel of the Executive! . Which of all these enormous powers snd pretentions has Ihe present Chief Magistrate disavowed ? So far from disclaiming any one of them, has he not announc ed his intention to follow in the very footsteps of his predecessor! And has he not done it! ? as it against the person of Andrew Jaclson that the Senator from South Carolina so ably co-operated with us! No, sir, no, sir, no. It was against his usurpations, a* we be lieved them, sgainst his arbitrary administration, above all, against that tremendous and frightful augmentation of the power of the Executive branch of tho Govern ment, that we patriotically but vainly contended. I he person of the Chief Magistrate i* changed, but there stand* the Executive power, perpetuated in oil Us vast magnitude, undiminished, re-asserted, and overshadow ing all the other departments of the Government. Ev ery trophy which the late President won from tliem now decorates the Executive mansion. Every power, which he tore from a bleeding Constitution, is now in the Ex ecutive armory, ready a* time and occasion may prompt tho cxiating incumbent, whoever he mny be, to be thun dered sgsin*t the libertie* of the people. Whatever inay have been tlic motive* or the course of other*, I owe it to myself and to truth to say, that in deprecating the election of General Andrew Jackson to the office of Chief Magistrate, it was not from any pri vate considerations, but because I considered it would be a great calamity to my country ; and thaj, in whatever opposition I msde to the messurcs of lu* Administra tion, which more than realized my worst apprehension*. I was guided aolely by s sense of public duty. A no now declare my solemn and unshaken conviction that until the Executive power, as enlarged, extended, and consolidated by him, is reduced within its true Consti tutional limits, there is no permanent security for the libertie* and happiness of this people. 4. Lastly, pass the bill, and whatever divorce Us friends may profess to be its aim, that perilous union of the purse and the aword, so justly dreaded by our Bri tish and revolutionary ancestors, becomes absolute and complete. And who can doubt it who know* that over the Secretary of the Treasury at Washington, and every Sub-treasurer, tho President claims the power to exer cise uncontrolled a.vay !?to exact implicit obedience to his w'll! , . , , , The Message state* that in the process both of col lection and disbursement of the public revenue, the of ficers who perform it act under the Executive com mands ; and it argues that, therefore, the custody also of the Treasury might as well lie confided to the Executive caro. I think the safer conclusion i* directly opposite. The possession of so much pow er over the national treasure ia juat cause of regret, and furnishes a strong reason for diminishing it, if pos sible, but none for its inctcase, none for giving the xchulc power over the purse to the Chief Magistrate. Hitherto I have csnsidered this scheme of Sub-troa aurics a* if it was only what it* friend* represent it a system solely for the purpose of collecting, keeping, and diibursing tho public money, in specie exclusively, without any bank agenry whatever. Out it is manifest that it is destined to become, if it be not designed to be, ? vast and ramified connexion of Government banks, of which the principal will bo at Washington, and every sub-treasurer will be a branch. The Secretary is au thorized to draw on the several Sub-treasurers in pay ment for all the disbursement* of Government, No law restrict* him a* to the amount or form of his drafts or checks. He may throw them iuloamounts suited to the purposes of circulation, and give them all the ap pearance and facilities of bank notes. Of all tho branches of this system, that at New York will be the most important, since about one half of tho duties is collected there. Drafts on New York are at par, or command s premium fioin every point of the Lnion.?? It is the great money centre of the country. Issued in convenient sums, they will circulato throughout the whole Union as bank note*, and a* long as confidence i* reposed in them, will be preferted to the specie winch their holders have s right to demand. They will sup ply a general currency, fill many of the channels of cir culation, lie ? ?ubstituic for notes of the Bank of tlie United States, and supplant, to a great extent, the use of bank note*. The necessities of the people w ill con strain them to use them. In th:s way. they will remain ? long time in circulation; and in a few year* wo shall sec an immcn?e portion of tho whole *j>ecw: of the coun try concentrated in the hands of the branch bank?that is, tho Sub-treasurer at New York, and represented by an equal amount of Government paper dispersed throughout the country. 'l"he responsibility of the Sub-treasurer will be consequently greatly increased, and the Government will remain bound to guaranty the redemption of all the drafts, checks, or notes (whatever may be their denomination) emitted upon the faith of the money in his custody, and, of course, will be snb jeet to the hazard of the loss of the amnuut of specie in the hand* of the Sub-treasurer. If, in the com mencement of this system, the holder of this Govern ment paper shall be required to present it for payment in coin, within a specified tune, it will lie found incon venient or impracticable to enforce tho restriction, and it will be ultimately abandoned. I* the Senate prepared to consent to place not only all the specie that may be collected for tho revenue of the counfy, ?t the will of the President, or, which is the same thing, in tbo custody of |>er?on? acting in obedience ^o his will, but to put him at the head of the most pow erful snd influential system of Government banks that ever existed! It is said, in the Message, that Government i* not bound to aupply the country with the exchanges which ?ro necessary to the transaction of its bu*inc.??. But wa* that language held during the progre** of the con test with the late Bank of tho Fulled States' Was not the expectation held out to the people that they would be supplied with a better currency, and with bet ter regulated exchange! And did not both the late President and Secretary of the Treasury dwell, with particular satisfaction, in several messages and report*, upon the improvement of the currency, the greater ?mount in exchsnge, and the reduction of the rates, un der the operation of the State bank ay.tem, than exi?t ed under the bank of the United State*! Inftead of fuifilmg I ho promise* thou Im-IJ ?ut. the (juMnmient now wrap* it?clf up in iu digujty?tell* the people that they expect too much of it k* not it* bu*itie?? lo furnuh exchange*; and tt?al they (hay Iodic 10 Eu rope for the manner in which, through the agency of pri vate hanker*, the commerce and business of ila eoun trK'i arc aupplled with Exchange. We are advised to give up our American mode of transacting business, through the lualruiiMiiLility of I tanking corporations, ill whieh the interests of the rich and the poor are happily blended, and to establish tankers similar to the Hopex, the barings, the Itoihachild*, the tlotinguers. of Eu rope ; houses which require years or agea to form and put in aucceaaful ojieration, and whose vaat overgrown capitals, possessed by the rich exclusively of the poor, control the destiny of uatioua and determine the fate of eiupirea! Having, I think, Mr President, shown that tho pro ject of the Adininiatralion is neither desirable, nor prac ticable, nor within the constitutional j>owcr of the general government, nor just; and that it is contrary to the habits of the people of tho United States, and is danger ous to their liberties, 1 might here close iny remarks; but I conceive it lo bo the duly of a patriotic opposition not to confine itself to merely urging objections against measures to promote the general prosperity, brought forward by those in power. It has farther and higher dutiea to perform. There may lie circumstances in which tho opposition is bound formally to present such measures as, in its judgment, are demanded by the exigency of the times ; but if it has just reason to l>e lieve that they would be unacceptable to those who alone can adopt them, and give them effect, the o|>|K>ai tion will discharge its duty by suggesting what it believe* ought to be dune for the public good. 1 know, sir, that I have friends whose partiality haa induced them to hope that I would lie able to bring for ward some healing measure for the disorders which unhappily prevail, that might prove acceptable. I wish to God I could realise tlua hope; but I cannot. The disease is of such an alatmitig character aa to require more akill than I possess ; and I regret to lie compelled to fear that there is no effectusl remedy but that which is in tho hands of the Buffering patient himself. Still, under a deep sense of the obligation to which I have referred, I declare that, after the most deliberate and anxiou* consideration of which I am capable, I can conceive of no adequate remedy whieh does not com prehend a national bank as an eaaenli il part. It ap|ieara to me, that a national bank, with such modifications a* experience has pointed out, and particularly auch aa would limit its profits, exclude foreign influence in the government of it, and give publicity to Us transactions, i? the only safe ai d certain remedy iliat can lie adopted. 1 lie great want of the country is a general and uniform currency, ami a point of union, a sentinel, a regulator of tho issues of ihe local banks; and that would be sup plied by such sn institution. I am not going to discuss, as an original question, the constitutional power of Congress to establish a national bank. In human affairs there are some questions, and I think this is one, that ought lo be held ss determined, h roin several decisions of Congress affirming the pow er, the concurrence of every other department of tho government, the approbation of the people, tho concur rence both the great parlies into which the country has been divided, and forty years of prosperous experience with such a bank, appear to inc to settle the controversy, if any controversy is ever to be settled. Twenty-lwo years ago, Mr. Madison, whose opposition to the first Dank of the United Stales is well known, in a Message to Congress, said : ? "\V wiving the question of the constitutions! authority of the legislature to establish an incorporated bank, as being precluded, in mv judgment, by repeated recogni tions, uiuler varied circumstances, of the validity of such an institution, in acts of the legislative, executive, and judicial branches of tho government, accompanied' by indications, in different modes, of a correspondence of the general wiH of the nation; the proposed bank does not appear to be calculafcd to answer tne purposes of reviving the nubiic credit, of providing a national medium of circulation, and of aiding the Treasury by facilitating the indist>ensab!e anticipations of revenue, and by affording to the public more durable loans." To all the considerations upon which he then relied, in treating it as a settled question, are now lo be added, two distinct and distant subsequent expressions of the Lclibcrate opinion of a republican Congress, two solemn decisions of tho Supreme Court of the United States, twenty years of auccessful experience, and disastrous consequences quickly following tho discontinuance of the bank. I have been present as a member of Congress, on the occasion of the termination of the charters of both tho Banks of tho United States : took part in the discussion to which thoy gave rise, and had an opportunity of ex tensively knowing the opinions of members: and I de clare my deliberate conviction that, upon neither was there one-third of the members in either IIouso who entertained the opinion that Congress did not possess the constitutional power to charter a bank. But it is contended thai, however indispensable a Bank of the States may be to the restoration of the prosperity of the country, the President's opinion against it opposes an insuperable obstacle to the establishment of such an institution. It will indeed be unfortunate if tho only measure whicn can bring relief to the people should be prevented by the magistrate, whoso elevated station should render him the most anxious man in the nation to redress existing grievances. The opinion of ihe President, which is relied upon, is that contained in his celebrated letter to the Hon 8. Williams, and that which is expressed in the message before us. I must say, with all proper deference, that no man, prior to or after his election to the chief ma gistracy, has a right to sav, in advance, that he would not approve of a particular bill, if it were passed by Congress. An annunciation of such a purpose is pre mature, and contrary to the spirit, if not tho express provision of the constitution. According to that instru ment, the participation of the President in the legislative power?his right to pass upon a bill?is subsequent, and not previous to the deliberations of Congress. The constitutional provision is, that when a bill shall havo passed both houses', it shall bo presented to the Presi dent for his approval or rejection. His right to pass upon it results from the presentation of the bill, and is not acquired until it is presented. What would be thought of the judge who, before a cause is brought before a court, should announce his intention to decTdo in favor of a named party ? Or of the Senate, which shares the appointing power, if it should, before a nomi nation ol a particular individual is made for an office, pass a resolution that it would not approve the nomina tion of that individual! It is clear that tho President places his repugnanco to the Bank of tho United States inamlv upon the ground that the popular will has been twico "solemnly and un equivocally expressed" against it. In this I think tho President is mistaken. Tho two occasions to which he is understood lo refer, arc the election of Andrew Jack son, in 1832, anil his own election in 1836. Now, as to the first, there was not, before it took place, any une quivocal expression of the opinion of tho late President against a National Bank. There was, in fact, a contra ry expression. In tho veto message, President Jackeon admitted the convenience of a bank ; stated that he did not find iu the renewed charter such modifications as could secure his approbation, and added that if he had been applied to, he could have furnished the model of a bank that would answer the purpose of such an institu tion. In supporting his rc election, therefore, tho peo ple did not intend, by tho exercise of their suffrage, to deprive themselves oif a National Bank. On tho con trary, it is within my own knowledge, that many voted for him who believed in the necessity of a bank quite as much as I do. And I am perfectly persuaded that thousands and tens of thousands sustained his re-elec tion, under the full cxjiectatiou that a National Bank would be established during his second term. Nor, sir, can I think that the election of the present Chief Magistrate ought to be taken as evidence that the people are against a bank. The most that can be assert ed is, that he was elected, the expression of his opinion to Mr W.lliams notwithstanding. The question of the election of a Chief Magistrate is a complex question, and one of compensations and comparison. All his' opinions, all his qualifications are taken into considera tion, and compared with those of his competitors. And nothing more is dccidcd by the people than that tTie person elected is preferred amongst the several candi dates They take hiin as a man lakes his wife, for bet ter or for worse, with all ihe good and bad opinions which ho possesses. You might as well argue that the election of a particular |>ersoo to the office of Chief Magistrate, implies that his form, figure and appearance, exhibit the standard of human perfection, as to contend that it sanctions and approvea every opinion which he inny have publicly expressed on public affairs It is somewhat ungrateful to tho people to suppose that ihe particular opinion of Mr. Van Buren, in regard to a Ba 'x of the United States, constituted snv, much less the chief rocommendstion of liirn to their suffrages. It would be more honorable lo him and to them to suppose that it proceeded from hia eminent abilities, and his dis tinguished services at home and abroad. If we ar<! to look beyond them and beyond him, many believe that the most influential cause of hia election was the en dorsement of that illustrious predecessor, in whose foot steps he stands pledged to follow. No, sir, no , the simple and naked question of a Bank or no Bank of the U. States was not aubmittcd to the people, and " twico solemnly and uueyMiPwai/y" deci ded against by them. I firmly believe that if auch a lion bo made of the nodular will ttint it i* desired, ? bank will lie established. The President'* opposition to it, ia founded priiietpsllv upon the presumed <>|mj?:tton of the people. Let them demonstrate that he ut mista ken, and he will not separate himself from them. He ia too good a democrat, and the tenor of hia whole life ahowa that, whatever other divorce* he may recommend, the last that he would desiro would be between him and lite people. Should this not prove to be the ease, and if a majority should not exiat sufficiently large to pars a bank charter in apite of tho veto, the ultimate remedy will remain to the people to change their rulers, if their rulers will not change their opinions. But, during this debate, it h?a been contended that the establishment of a new Bank of the United States would aggravate existing distresses ; and that the specie necessary to put it into operation could not be obtained without prejudice to the local Itanka. What ia the relief (or which all heart* are now ao anxiously throbbing ? Is it to put the banks again in motion ; to rcstoro exchanges, and revive the drooping business of the country. AihI what ate the olwtaclea ! They arc, first, the foreign debt, and, uecondly, a want of confidence. If the hanks were to re-open their vaults, it is ajtprehended that the apecie would immedi ately be exported to Europe to discharge the foreign debt. Now, if a Bank of the United States were esta blished, with a suitable capital, the slock of that bank itself would form one of the beat aubjecta of remittance ; and an amount of it, equal to what remains of the fo reign debt, would probably bo remitted, retaining at home or drawing from abroad the equivalent in apecie. A great, if not the greatest existing evil is the want of confidence, not merely in the government, but in distant hanks, and between the banks themselves. There is no lie of connexion binding them together, and they are of ten auspicious of each other. To this want of confidence among the banks themselves ia to be ascribcd that extra ordinary derangement in the exchanges of the couulry. How otherwiae can we account for tlie fact that the pa per of the banks of Mississippi cannot now be exchang ed agaiost the paper of tho banks of Louisiana, without a discount in the former of ten or fifteen per cent.; nor that of the banks of Nashville, without a discount of 8 or 10 per cent, against tho paper of the banks of the ad joining State of Kentucky ! It is manifest that, whate ver may be the medium of circulation, whether it be in convertible paper or couvcrtible paper and specie, sup posing confidence to exist, the rales of exchange in both cases ought to be nearly the same. But, in times .like these no bank will allow its funds to accumulate, by the operation of exchange, at points where no present use can be made of them. Now, if a Uank of tho United States were establish ed, with a proper capital, and it wore made the sole de pository of the public moneys, and its notes were re ceivable in all government dues, it might commence operations forthwith, with a small amount of specie, per haps not more than two millions. That sum would probably be drawn from the community, .where it is now hoarded and dormant; or if it were taken even from the local banks, they would bo more than compensated in the security which they would enjoy, by tho remittance of the new stock to Europe, as a substitute for their specie. Such a new bank, once commencing business, would form a rallying |>oiut; confidence would revive, exchan ges be again regulated, and the business and prosperity of the country be speedily restored. And it is by no means certain that thero would bo any augmentation of the hanking capital of the country, for it is highly proba ble that the aggregate amount of unsound banks, which can never resume spccie payments, would lie quite equal to that of the new bank. An auxiliary resolution might be adopted with saluta ry effect, similar to that which was adopted in 1816, of fering to tho State banks, as a motive to resume ?|tecie payments, that their pa|tcr should be received for the public dues ; or, as their number has since that period greatly increased, to make the motive more operative, the offer might be confined to ono or two banks in each State, known to be trustworthy. Let them and a Bank of the United State* commence specie payments, and all the other, sound banks would lie constrained, by the united forcc of public opinion and the law, to follow the example. , If, in contrasting the two periods of 1817 and 1837, some advantages lor the resumption of specic payments existed at the former epoch, others which distinguish the present greatly preponderate. At the first there were none except the existence of a public debt, and a smal ler number of bauks. But then an exhausting war had wasted our means. Now we have infinitely greater wealth, our resources arc vaslly more developed and in creased, our population nearly doubled, our knowledge of the disease much better, and, what is of the utmost importance, a remedy, if applied now, would lie admin istered in a much earlier stage of the disorder. A general currency of sound and uniform value is necessary to the well-being of all parts of the Confede racy, but it is indispensable to the interior Slates. The sea-board Slates have each of them I anks, whose paper freely circulate* within their respective limits, and serves all the purposes of their business and commerce at their capitals, and throughout their whole extent. The vari ations in tho value of this paper, in passing through those States, from one commercial metropolis to another, are not ordinarily very great. But how arc we of the interior to cotne to the Atlantic citics to purchase our supplies of foreign and domestic commodities, without a general medium! The (taper of our own banks will not be received but at a ruinous discount. VVc want a general currency, which will servo at home, and enable us to carry on our accustomed trade wilh our brethren of the Atlantic States. And such a currency wc have a right to cxpcct. I do not arrogate to myself? right to speak for and in behalf of all the Western States; but, as a Senator from .one of them, I am entitled to bo heard. This Union was formed to secure certain general, but highly important objects, of which the common defence, com merce, and a uniform currency were the leading ones. To the interior States, none is of morn importance than that of tho currency. Nowhere is ihc attachment to the Union more ardent than in those Slates ; but, if this go vernment should neglect to petforin its duty, the value of the Union will become impaired, and its very exist ence, in process of time, may become endangered. I do believe that lietwoen a sound general currency, and the preservation of the Union itself, in full vigor and perfect safety, there is tho most inliinate connexion. If, Mr President, the remedies I have suggested were successful at a former period of our history, there is eve ry reason to hope that they would again prove efficaci ous ; but let me suppose that they should not, and that some unknown cause, which could not then, should now, thwart their operation, wc should have, in any event, the consolation of knowing that wc had endeavored to pro fit by the lessons of experience, and, if they failed, we should stand acquitted in the judgment of the people. They are heartily tired of visionary schemes and wild experiments. They wish to get out of the woods, into which they have been conducted, back to the plain, beaten, wide road, which they had before trodden. How, and when, without such measure* as I have'sug gested, arc the State bank* to resume specic payments! They never can rcsumo without concert; and concert springs from confidence ; and confidence from know ledge. But what knowledge can ctghi hundred banks, scattered over our vast territory, have of the actual con dition of each other ! It n in vain that statements of it be periodically published. It depends, at last, mainly upon the solvency of the debtor* to the bank ; *nd how, whenever their names are not known, can that be ascer tained ! Instead of coming to the aid of these prostrate insti tution!). and assisting them by a mild and parental exer cise of your (tower, in a mode sanctioned agd approved by experience, you propose to abandon them and the country to their fate. You propose worse : to discredit their paper, to distrust them even a* special dejioaitorirs, and to denounce against them all the (tains arid penalties of bankruptcy. How and when will they reauine specie payment*! Never, as far as my information extends, have exertion* been greater than thoso which the banks have generally made to open again their vault*. It i* wonderful that the community should have been aide to hear, with so much comftosure and resignation, the prodigioua curtail ment* which have been made. Confidence re-establish ed, the foreign debt extinguished, and a national instt tntion crested, most of them could quickly resume ape cie payment*. Some of them, urged by a high *en*e of pTobiiy, *nd strutting under severe reproaches, will, no doubt, make the experiment of resuming and continuing payment in apccie. They may even go on awhile ; lint, without the co-operation of the 8iate banks generally, and without the co operation of a National Bank, it is to be apprehended that they will lie again seized with a pa ralysis. It ia my deliberate conviction that the preser vation of the existence of tho State banks themselves dependa upon the institution of a National Bank. It is as necessary to them a* the Union is to the welfare of States in our political system Without it, no human being can foresee when wo shall emerge from the diffi culties which surround us. It has been my fortune, se veral times, to sco ihc country involved m greatdangcr; but never before have I beheld it encompatsed with any more menacing and porteutous. Entertaining the views which I have presented, it may be asked why I do not at once propose the establishment of ? N4fen>l Dank, I have al^adv alvcrted to the I coMt Ctuatituied Congress po? (?, I know that sum ? p??|>oaitioii ftotiltl be dMutari ; and ihst it wo4([ l>? therefore wle.s* lo inaka it. ' ( do not desire J to force upon the Senate, or upon the country, againat Ha will, if I could, my opinion, however aincerely and strongly entertained. If a National Bank be eslabliah ed. It* atabilit* ami ita utility will d?|?nd upon the gene ral con ficikni which a felt of its necessity. And until aucb ? conviction ia deeply iropreaaid upon the people, and clcarty manifested by them, it would, in my judg ment, be unwiae even to propoae ? bank. Of the scheme of the Senator from Virginia, (Mr. Rivea.) I think now aa I thought in 1834. I do not be lieve that any practicable connexion of State banks can aupply a general currency, be a aafe depository of the public moneya, or act efficiently aa a fiscal agent of the General Government. I waa not then opposed to the State banka in their proper aphere. I thought that they could not be relied upon to form exclusively a hanking ayatcm for the country, although they were essential parta of a general ayatcm. 'l'he amendment of the Senator, conaidrred aa a mea aure to bring about the rcauinption of specie payment* ao much deaired, I think mint fail. The motive which it hold' out of the receivability in all paymeota to the Government of the paper of auch banka as may reaume by a given day, coupled with the conditions proposed.is wholly lydequate. It ia an offer to eight hundred banka; and the revenue, payment of which in their notca ia held out aa the inducement, amounta lo aome twenty or twenty-five millions. To entitle them to tho inconsiderable extension of their ciiculation, which would result from the credit given by .Government lo the paper of all of them, they are requirrd to aubmil to a sii|>preasion of all notoa below five dollara, and at no very distant period to all below twenty. The enlargement of their circulation, produced by making it receivable by Government, would lie much less than the contraction which would ariae from the suppression of the prohibited notca. Besidea, if the quality propoaed again to lie at tached to the notea of these local banka was insufficient to prevent the suspension, how can it be efficacious enough to stimulate to a resumption of specie pay-, incuts 1 I shall, nevertheless, if called upon to giro a vote between the project of the administration and the amend ment of the Senator from Virginia, vote for the latter, becauae it ia harmless, if it cflecta no good, and looks to the preservation of the State banka ; whilst the other is fraught with mischief, as I believe, and tends, if it be not designed, to the utter destruction of those institu tions. Dut, preferring to either the postponement moved by the Senator from Georgia, I bhall, in the first instance, vote for that. Such, Mr. President, arc tho views which I entertain on the present atate of our public affairs. It is with the deepest regret that I can perceive no romedy, but auch as is in the hands of the people themselves. Whenever they shall impress upon Congress a conviction of that winch they wish applied, they will obtain it, and not be fore. In the me3n time, let ua go home, and mix with and consult our constituents. And do not, I entreat you, let us carry with ut the burning reproach, that our measures here display a selfish solicitude for the Go vernment itself, but a cold and heartless insensibility to the sufferings of a bleeding people. From the Utica Observer, THE RESULT IN SEW YORK. It is a triumph that cannot last. It will perish in the using. It is the surest pledge and earnest of an opposition defeat in the next campaign; for it will bind the democracy together in one over-powering band, and call them out in all their invincible strength. The federalists feel this, and it nll.jys the enjoyment of their short lived victory. We shall now fortify ourselves; and another autumn will find the democratic phalanx perfectly unite d and irresisti ble. Already is a disposition displayed?not locower under defeat?but lo rally and re-organize our forces. It is a proper spirit, and now is the time to give it action. It is a circumstance not less remarkable than the event of the late election, that the democracy here, and we believe every, where, bear their defeat with a much more philosophic temper than the federalists do their victory. We are nothing daunted by it.? Why should we be I The opposition have gained nothing which they can retain or profit by; we have lost nothing which it is not most clearly in our power lo regain. The simple truth is that our lukewarm ne?s and bad humors have given the game to the federalists. They have taken the election by default, as the canvass will show. Take Oneida county as an illustration. The newly elected Sheriff had in 1834 upwards of WWO votes and teas beaten ; he has succeeded, now with a vote short of 5000. How is this 7 Sorely not by any accession of federal strength; as surely not by any real diminniion of democratic strength. We have as many voters now as we had then; but for various reasons they declined to take a part in the contest. Manv of them feared the spirit of radicalism, and were willing it should be rebuked, as it has been most signally, by their silence; but they would not place themselves in a false position by voting with an opposition they contemn. Some of them thought it useless to enter the field when dis tentions were paralyzing the efforts of their friends; and were willing to sutler a defeat as the best physic to purge the party of some of its evil humors. Some were disaffected from personal disappointments; and some from causes they can hardly explain them selves. The result is a very natural consequence, though not a creditable one; but it carries its antidote with it. .The demikjbacv defeated !?It need only b- said, to prevent a repetition of the disaster. The defeat conveys a lesson which will not be disregarded. "In union there is strength;" we thought we were strong enough without it, and there fore indulged a spirit of lukewarnmess and discon tent which has fixed a stain upon our glory. Another campaign, if we regard the moral of the late one, will efface the stain, and show us again triumphant. The surprise exhibited bv the opposition is the plainest evidence in the world that they conquered, not by their own strength, but by our differences. Let us unfurl the old victorious banner of democracy at once, and inscribe on it the maxim of St. Augustin : " In those things which arc essential, let there be Unity; in non-essentiAt?a, Libeiitv, and in am, things, Charity." It is as good a maxim in politics as it is in religion; and the late disaster is a proof that no party can succeed which disregards it. From the ( A'. Y.) OnmuUtga Standard. THE ELECTION, Which has just transpired, has been one of unex pected triumph to the Whigs, and of mortifying and calamitous defeat to the Republican party. Never since the formation of the government, has any party, in any of the States of this Union, met with an over throw so signal, unsparing, and complete. What renders the reverse which the democracy of the State has experienced more remarkable, is the circum stance that it has taken place without excitement or commotion. There has been no earthquake, or whirlwind, or volcanic explosion?the judgment has visited us amidst calmness, repose, and fancied se curity. The proud ship which has rode out so many storms, has suddenly plunged beneath the surface, with all its precious freight, when scarce a breeze whistled through its shrouds, or a wave broke against its hull. Such an unparalleled revolution has not occurred without adequate producing causes, and those who have marked the course of this paper, will not sup pose that we experience any difficulty in assigning the result to the frne cause. Still we entertain no disposition to indulge in criminations, as regards the pastj generally, provided we can discover, in the proper quarter, an inclination to profit bv the lesson we have received at such a vast sacrifice, and to unite, with the right feeling, in measures for the re covery of our for'-Mted ascendancy. If we can once more regain the republican track, we can combine the republican strength, and renew the struggle for the guardianship of the public interest, under aus pices which must result in ultimate success. The Whigs are not less astounded at their own fortunes, than their opponents, and in the intoxication of a I eheap and unanticipa'ed victory, will not ba very likely to conduct with the requisite prudence and moderation, necessary to confirm themselves in the possession of political power. They will nevpr act upon the republican rule, which enters so largely into the spirit of our free institutions, and though chance may sometimes favor their efforts, the re-ad: justment oiT principles will be sure to place them speedily again in the lighter scale. For a season, the republican party of this State must share its political tiower and dispensations with their opponents. For fifteen years trie people have confided to it the management of their public affairs, during which period they have made unexampled strides towards the summit of individual and col lective prosperity. The calm judgment of philo sophy will not deem if strange, if that period of controlling sway should have tended to some ex cesses. and thai the jealousy of the people shonld have tven aroused to apprehend i-buses of trust, thongh in the main found just and wise. But the people will not, on slight fieeasions, and for mere errors of the head, where the heart I* sound, adjudge the republican partv to final exclusion from the ad ministration of nublic affairs. AVe have simply been suspended in ftie exercise of our functions in the machinery of State, bet us embrace the opportunity to review the pist?revise our charts?renew the beacon fires of old, and extinguish the false lights for which they have been exchanged. If we discover tha|? c have ftllcii iat<> thijsi.tBliipof strange gods, let 4* abandon the MfUUnms .'Mw To rural'. the p-'ly error ititM*?J" rn v. ,,e* <n it is fatuity. The ueAjucceedllk election uiu-,1 ratal ( decisively. We shalTeiiher recover the pun it ion we have lost, or the whole power of the State will pass iulo the hand.s of our antagonists. We have often heard the warning that revolutions do not go bnckwarda^ and the full exercise of all our tact and discretion will be needed to preven: the record of a new example in attestation of the aphorism Mueti?very ranch, and perhaps every thing depends upon the policy which shall be adopted by the State and general administrations, at the openingof the approaching sessions of the Legis lative bidica of earn. The Messages of the Presi dent and Governor will be looked for with cbsotbing interest. Neither of them s-hoiild be made up without dne consultation, and the most profound deliberation. We wish it were possible to procure a State Con vention of the leading and intelligent men of the party, aometimc in December, who might take upon themselves the recommendation of a proper course, to be pursued during the existing crisis. It might lead to the happiest consequences. But in the i b sence of any such proceeding for tie concentration of public sentiment to guide our future action, it will not be amiss to enjoin u|x>n our r? publican friends every where, the cultivation of a better spirit of har mony and concession, than has distinguished our party for a past year. Measures ol doubtful utility should cease to be urged in an atbitrary manner,and when such are brought forward, it should be remem bered that "every difference of opinion is not a difference of principle." The republic.'n party, though defeated, Is not destroyed. It will stand firmly to its post of duty, and prepare for the next conflict with undismayed confidence. Its recuperative ener gies have been tested heretofore, and again, with a careful re-organization of its materials, and the pro per obicrvanccof its ancient usages and landmarks, it will go forth to battle with new vigor and enthu siasm, and victory will perch upon its banner. From thi Cherry Valley (A. Y.) Gazette, Aon. 15. The runic* of the result of the Vied ton ?Of these there wai a combination, which produced a state of ex citement among our opponent*, and in iokio places an apathy among our friends which could neither be resist ed or overcome. We have not rime at prcaent to eo into detail on the subject. We will only briefly hint at a few of the causes, and at a future day, should we tind leisure, go more into detail. The follow ing it i. believ cd are among the most prominent ones : I. Nine years uuparralleled prosperity to the party snd the country. , 2 A difference of opinion in the party, as to the "f " *y"rlH of currency, and of collecting and disbursing the revenue of the county. 3. The overwhelming majorities in many counties Ust year. 4. The difficulties attendant on the selection of can didates in each county for sheriff and clerk 6. l oo great proneness to censure those politjcal live day dlffcred from "* on the aUorbmg topics of 6 A misunderstanding of esch other's propositions exist "1"18 ?r curln8 lhc acknowledged evils which 7. The proneness of our whole population, at the present day, to agitate a subject with bad temper, rather man to di.ncuas a coolly. 8 The refusal or omission of other States to co-ope rate with ours in the siqiprcssion of small bills; and the consequent flooding us with smsli trash from abroad. 0 I he startling theories in political economy, civil polity and in morals put forth by some men calling themselves dcmocrsts. 10 The indorsement, by a portion of the city de mocracy; at lainmsny Hall, of Fanny Wrightiam, by the nomination of Ulamm snd others. II. The cucouragemcnt held out to. snd the cheer ing on, by . press in New York, of such men as were seceding from the democracy in the different counties. 12 I he succcssful offects of our opponents in making a portion of our friends falsely believe, that the message was agrarisn. 13. The ultrmism displayed in some of the resolu tions passed st many of the county meetings, especially those to choose delegates to the senatorisl conventions. 14. 1 he proneness of the whole population to ultra ism in every thing. 15. The rallying, by our opponents, of their whole lor.ee , and the staying away of a very large portion of our voters. r 16. The great number of floating persons who always hang around the camp of a victorious political party ; but generally desert as soon as danger approach es, especially if they have gorged themselves with ojjiccs or at the public Treasury. v could swell this enumeration of reasons to a still greater extent, but our limits will not permit. This brief aketch of only ? part of them will admonish every "'end to genuine democracy, of the necessity of the cultivation of fraternal feelings, of mutual concessions, of an adherence to the old principles of our faith, of the folly of attempting to introduce into the party any new tests of membership, of untiring vigilcnce, and of en ergetic action. From the Foughkeepiie (A. Y.) Journal. J*1 en strove to sec who could be loudest in their de nunciations of Banks?suspension laws were pronounc ed frauds on the people, and some had the hardihood to declare unqualified opposition under any circumstances. ?.ven the President uf the United States was advised by the hard money promisors to recommend a scheme for the collection and disbursement of the public revenue utterly at variance with the best interests of the people' and calculated to impair the credit, if not entirely to destroy tho State institutions, with which the interests or a I who have any thing to lose are most closely iden tihc?d. J With this last sten. the thinking part of the commu nity became alarmed, as we had frequently warned our readers would be the case. They began' to fear that business interests would be unsettled, that old land marks were about to be destroyed, that politicians were bent on a sacrifice of popular rights, in order to strength en the governmcn'. and settle themselves firmly in ihjw er \\ e frequently and oft called on our party friends to desist, and bew are, lest in their efforts to sustain themselves, they might rouse the popular indignation, and lose tho ascendancy which thev strove to render se cure. Our efforts, however, were in vain. When we told them the people needed small bills, thev heeded us not?when we urned them to cease their wsr npon banks, they accused us of folly?and when we told them the people were opposed to tiie Sub-Treasury schemes they laughed us to scorn But now look at the political map. Our predictions have proved true. Stale after State, has fallen off from tho Administration, and the result in New V ork shows the force of the popular will It tells no tale of mere party triumph, for partv lines have been broken ; but it exhibits the sovereignty of the people, who have thus emphatically denounced untried expedients, and spoken out decidedly agains; new light doctrines. They fear innovation by quack politicians, and arc content to go on with the institutions that have heretofore been fostered, and in the track that has thus far led us to a degree of prosperity unparalleled in the history of countries no older than ours The will of the people is known. What shall be our course >\ c answer, abandon untried expedients ' actum to old landmarks ! Leave off legislating for the government, and let the good of the people be the ob ject in view ! If democratic legislators will do this, the people wj|| sustain thorn If a democratic Pfcaident will ycld to the popular voice, all will be well, and the cloud that has obscured the sun of democracy, will pnM away. If, however, he disregards the voice of the sove reign people, as lie has the warnings of his friends, wo fear his sun must set, ami tho madness of opi.os.iion schemers reign in its stead. A Correspondent of the Salem (Ms ) Advertiser (Sub-t i casu ry) says of the N. Yjrk election : The ctnueqiunees will be the certain defeat of the Sub-treasury hill, at the next session of Congress, if it should again be brought forward.? Mr. Rives, Mr. Tallinadge, and the friends of the Administration, who united with them, in favor of the b<t<iks, and against the Sub-treasury scheme of the Message, will exert themselves to bring about an immediate resumption of specie payments. Should they be seconded by the Administration their efforts must be crowned with almost instant success. Should this be done as early as March or April the pressure occasioned by the resumption would be over before the fall elections. The busi ness of the Government through the 8!.Hc bank agencies would be resumed ; ar.d trade flowing in its usual and accustomed channels* If the pet bank system be resumed, and a cordial union established between the two sections of the de mocratic family there can be no question of Mr Van Buren\s re-elec:ion. But if not, Mrrf is some iui riger of defeat. from the Ithnrn (A. 1'.) Ohaerver. The spirit of radicalism hns done its work, and caused the defeat of democracy. It is the primary cause ; every uian feels that it fs so; our dissensions are its .offspring, and only secondary. Radicalism, it is now written in Idlers of light, is no part of the democratic faith; if it were, it would have been tri umphantly sustained by the democracy of numbers. I he attempt to make it so, has, as we always prophc / sled it wTOtd, proved utterly abortive. The demo cracy stand upon the old platform of pure republi can principle*; and there they <*ek all their triumphs. Give them those U>contend for, unmixed with loco focoism and its attendant herd of miserable and per nicious sophistries, and tbey will come forth in tFi<? ir invincible inigiit to sustain thein. Adulterated re publicanism they will have nothing to do with, ex cept lo give it a silent but expressive rebuke. The genuine old fashioned principles are all they think worth fighting for; they cannot and will not fight for any thing else wish spirit. They follow with alacrity the old Eagle of democracy wherever it leads; bat tbey will never submit to have the Owl of loco-focoisin, coupled wiih the glorious bird of light on their standard. It is a bird of evil omeu, which they abhor. v From the Fatteny Argut In pursuance of public notice, signed by the Pre sidentsofthe Maine Bank and the Bank of Cumber land, requesting a meeting of Delegate* from such of the B inks in this State as were desirous of send ing a Delegatet> represent them in the Convention to assemble in the city of New York, mi the 27th iustuni. Delegates from the following Banks, viz: Maine, Cumberland, Bank of Portland, Merchants, City, Caaco, Exchange, Lincoln, Sagadahock, Au frusta, Citizens, Freeman's, Granite, York, Manu lacturers, and Westbrook, assembled at the Eltn Ho tel in the city of Portland, on Wednesday, the 13th of November, 1837. The meeting was called to order bv Isaac Isler, Esq, Gen. Joshua Wingate, Jr of Portland, wis chosen Chairman, and Win. Richardson, Esq. of B ith, was chosen Secretary. On motion of John Anderson, llsolced, That we concur in the views expressed in the letter of the lHth of August last, of Albert Gal latin, Geo. Newbold and C. W. Lawrence, Esqts., in b?half of the bank* of the city of New York. Ktulvtd, That we cordially approve the proposi tions submitted in the letter of the 20ih of October last, from said Gallatin, Newbold and Lawrence, in behalf of the binks of the city of New York, and it is expedient that the b inks of this Stale be represent ed in the Convention proposed in said letter. On motion of N. 11 ink ley, Esq., Yuted to proceed to billot for one Delegate to attend the proposed Con vention at New York. Hon. Ashur Ware, of Portland, was, on counting the b illots, declared chosen. On motion of John Anderson, Rriolvcd, That the Delegate from the banksof this State, here represented, b *, and is hereby instructed to act in concert with the members of the Convention to be a.- -mbled in the city of New York on the 27th I of this month ; and to urse the fixing upon the ear liest day practicable lor the resumption of specie pay i ments. Which resolution was unanimously adopted. R'teirtd, That the proceedings of this meeting be , signed by the Chairman and Secretary, and pub lished. J. Windgate, Jr. Chairman, Wm. Richardson, Secretary. Bask Contention.?The last Raleigh Register ' states, that the Bank of the State of North Carolina i will bj represented at the Convention of Banks, ! which occurs in the city of New York on the "27th ! inst., bv William B >vlan. Esq., or in case of his ina bility to attend, bv Mr. G. W. Mordecai. The B ink ! of Cape Fear will be represented in the same bo<iv I by its President, Col. John D. Jones. The object of ! the Convention is lo restore confidence to the public j mind, and to expedite the resumption of specie pay ments.? Wilmington Journal. From the iV. Or lean* Com. Bulletin The plan proposed, of calling a convention of all the banks, represented by delegates from each, is cer tainly a judicious one. In a conference between so many men of long experience and skill in business, drawn together from all quarters of the Union, theie would bi great encouragement to hope for a success ful result to their deliberations. They could a least resolve lo resume specie payments on a certain spe cified day, which act alone would exercise a happy influence on the market and the transactions of do mestic exchange by holding forth the promise of a better state of things. What day should b: fixed upon as the commence ment of paying specie, is a question that may give rise to difference of opinion. Some have recom mended the first of March as the most convenient season. By that period the crops of the present year will have been carried to market, and tne pro ceeds returned back to the producer. The agricul tural revenue of the country, the source of our greatest wealth, and on which our main reliance is placed for ability to discharge foreign debts~Snd ba lances, will be realised. A settlement of mutual accounts Is ihen made between those engaged in the different departments ol trade and industry, and mo ney be more abundant than at any other season. For these reasons no time probably could be selected more favorable to the resumption of specie payment than the first of March. From what has been stated by the organs of the banks on this subject, there can be little doubt but that this will be the date fixed upon. The hearty and vigorous co-operation of the mer chants and business men with the banks, may go very far towards securing this important object, and might by such a combination of effort, avail in res toring confidence in the solvency of these institutions and establishing their credit upon a sound basis. The season for some decided action has arrived. The public arc prepared for the event and expect it, and any further delay will only further prolong the present state of uncertainty and disquietude. New York Banks.?The monthly statement of the New York banks on the first of November, has just been published. The following arc the princi pal items, which are compared with the statements on the first of June, (the nrst report after the suspen si on of specie payment,) and first of October. June 1.1837. Oct. 1. Nov. 1 Loans & dis., 64,391,299 58,391,999 56.fi91.27t; Specie, 2,802,313 2,933,109 3,128,518 Circulation, 11,910,198 15,139,145 15,184,702 Due canal fund, 3,052,588 2.709,024 2,496,745 " U. S. Treas. 4,143,389 51(5,937 306,164 " Stnte Trea. 2.152,952 876,633 299,177 " Indv. dep'rs. 14,516,N13 16,779,M97 16,272,079 Showing a decrease of loans and discounts within the month of October of $1,700,723; an increase of specie of #195,409; an increased circulation of $45, 557; and payments to the U. 8. Treasury of $210,773, to the canal fund $282,879, to the State Treasurer $577,456, and to individual depositors $507,818. In relation to the N. Y. city banks, nearly the en tire diminution of discounts lor the month is in that city, viz. $1,567,685; as also nearly the entire increase of specie, $134,357. It will be seen also that the circulation of the city banks has di minished during the month, $614,019. The following paragraph gives notice ol the first proceedings against a Bank for the non-pavment of specie. We believe, however, a similar suit is pend ing against the Bank of the Metropolis, at Washing ton ?N. WAur, 15/A Nov. Northern Bank.?The L?xington (Ky.) Gazette of the 25th ult., says: Our Circuit Court adjourned on Saturday last. A few days previous to the ad journment, a suit of John Norton vs. the Northern Bank of Kentucky was tried. Mr. Norton obtained a judgment for $3000, with interest, at the rate of 12 per cent, per annum from the 3d ol Aurust last, the day on which he demanded specie for his deposite. A new trial was applied for, but overruled r?y the Court. Banks in New Hampshire.?A statement of the condition of the several Banks in New Hampshire, on the 1st of October last, has been published. The number ofbinks in that state is 27, which have bills in circulation to the amount of $144,016 42. The 27 Banks have one dollar in specie to even' $8 79 of their bills in circulation. The Claremont Bank has $?>8 10 of circulation to $1 in specie ; Concord, $51 80, Grafton, $29 86, Cheshire $26 97, Dover $25 60 to one in specie. OrrtcR or the PHtt.AnEi.riiiA Fvo'trer, ) Nov. 20,10 o'clock, P. M. J The Pocahontas.?It will be seen on reference to our shin news, that the picket ship Pocahontas, Capt. We<t, arrived yesterday from Liverpool. She experienced verv bad weather on her voyage, sprung ner forcmcst (n a gale of wind. November 3d. in latitude 431, longitude 51, she spoke the packet thip Sutqwh/i nnaJi, 13 days out?"all trr/l. ' A large and respectable party of passengers filled the cabin, several of them being I'hiladclphians, 40 in the steerage, New York, Nov. 20. Specif..?American gold 41 a !>l premium; half dollars 5 a 5 8-1 do; quarter do 4 a 5 j Mexican dol lars 6|a 71 do; five franc pieces?a $1,01; sove reigns $5,10 a $5,15; doubloons}$17 a 17,50; do patriot $16,55 a ? The brig Phillip Hone, arrived this morning from the coast of Mexico, brings $100,000 in specie. She has been 125 days on the passage. Treasury Drafts?1! a2| premium.?Comment m Adrrtixr.