The Madisonian. [volume], November 24, 1837, Image 2

About The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845

Image provided by: Library of Congress, Washington, DC

                
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.