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The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, November 28, 1837, Image 1

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Th. Mad,.oku.. fc triL?"}iy ?
sitting* of Congres* ..-J 8..?t-we.hly dunog lb. i*
cm*,Vi #a per annum. for ?* luoutk*, W.
No tubscripiMHi will bo uken (or a term Jwrt of w
month* ; uor uulsss paid f?* idmmM.
PBICI of abvbitiwmo.
Tvr*l? lino*, or Iom, three insertion*, - fl 00
Each additional insertion, ? - -
Longer advertisement* at proportionate rmioo.
A liberal ducouut made to thoae who advertise by
'hDJr Subscriber* may remit b* mail, in bill* of aoWant
banks, potug* p*iJ, al our nak ; provided it shall ap
^rbyVp~i'.W. certificate, that such remittance
tut* been duly mailed.
A liberal diacount will bo made to companies of ft*
or more transmitting their subscriptions together.
Postmsslers, and Oliver, autborued, aei.iiB aa our
iirentn will be entitled to receive a copy of the paper
?%tu 'for every fire an- scribers or, at that rate per cent,
t.i aubocriptiona generally ; the term a being fulfilled
Utters and communication* intended for th? esta
blishment will not be received unless the putlage w
The Madisosian wdl bo devoted to the aupport of
the principle* and doctrinoa of the democratic party, aa
delineated by Mr. Madron, and wdl aun to conawninat*
tbat iioliucal reform in tb? theory and practice of the
natioiul government, which baa been repeatedly indi
cated by the general sufferage, aa aaaeutial to the peace
and nroipeniv of the country. Mid to the perfection and
perpetuity of its free institutions. At thia time a singu
la Vtate of affair* i* profited. The commercial in
terest* of the country are overwhelmed wiih embarrass
ment ; ita monetary concerna we unusually disordered ;
every ramification of aociely ia invaded by distress, and
t>ie social edifice acems threatened with disorgamiation;
t very ear ia filled with predictions of evil and the mur
murings of despondency; the general government is
boldly assailed by a large and respectable portion of the
people, as the direct cauae of tneir difficulties ; open
resistance to the laws is publicly encouraged, and a
spirit of insubordination is fostered, aa a necessary
defence to the pretended usurpations of the. party in
power; some, from whom better things were hoped, are
malting the " confusion worse confounded, by a head
long purauit of extreme notiona and indefinite phantoms,
totally incompatible with a wholesome atate of the
country. In the midat of all theae diflicultiea and em
barrassments, it is feared that many of the leaa firm of
the frienda of the administration and aupportera of
democratic principles are wavering in their confidence,
and beginning, without juat cauae, to view with diatruat
those men to whom they have been long attached, and
whoae elevation they have laboured to promote from
honest and patriotic motives. Exulting in the anticipa
tion of dismay and confuaion amongst the supporters of
the administration aa the consequence of these thing*,
the opposition are consoling themaelvea with the idea
that Mr. Van Buren'a frienda, aa a national party, aie
verging to diasolution ; and they allow no opportunity to
pass unimproved to give eclat to their own doctrine*.
They are, indeed, maturing plans for their own future
government of the country, with aeeining confidence of
certain succes*.
Thi* confidence is increaaed by the fact, that viaionary
theoriea, and an uuwise adherence to the plan for an
txclutire metallic currency have unfortunately carried
some beyond the actual and true policy of the govern
ment ; and, by impairing public confidence in the credit
system, which ought to be preserved and regulated, but
not destroyed, have tended to increase the diflicultiea
under which the country ia now labouring. All theae
seem to indicate the ncceasity of a new organ at the
scat of government, to be eatabliahed upon aound prin
ciples, and to represent faithfully, and not to dictate, the
real policy of the administration, and the true aentimenta,
measures, and interests, of the great body of ita aup
portera. The neceasity also appeara of the adoption of
more conservative principles than the conduct of those
seems to indicate who aeek to remedy abuses by de
stroying the institutions with which they are found con
nected. Indeed some measure of contribution is deemed
essential to the enhancement of our own self-respect at
home, and to the promotion of the honor and credit of
the nation abroad.
To meet these indications thi* undertaking has lieen
instituted, and it ia hoped that it will produce the effect
of inspiring the timid with courage, the desponding with
hope, arid the whole country with confidence in the
administration of its government. In this view, this
journal will not seek to lead, or to follow any faction, or
lo advocate the views of any particular dctachineut of
men. It will aspire to accord a just measure of sup
port to each of the co-ordinate branches of the govern
ment, in the lawful exercise of their conatitutional
prerogatives. It will addreaa itself to tho understandings
of men, rather than appeal lo any unworthy prejudices
or evil passions. It will rely invariably upon the prin
ciple, that the strength and aecurity of American insti
tutions depend upon the intelligence and virtue of the
Tub Madisoxian will not, in any event, be made the
instrument of arraying the north and the south, the cast
and the west, in hostile attitudes towards each other,
upon any subject of either general or local interest. It
will reflect only that spirit and those principles of mutual
conccssion, compromise, and reciprocal good-will, which
so eminently characterized the inception, formation, and
subsequent adoption, by the several States, of the con
stitution of the United States. Moreover, in the same
hallowed spirit that has, at all periods since the adoption
of that sacred instrument, characterized its defence
hy the PEOPLE, our press will hasten to its support at
every emergency that shall arise, froin whatever quarter,
and under whatever guise of philanthropy, policy, or
principle, the antagonist power may appear.
If, in this responsible undertaking, it shall be our
good fortune to succeed to any degree in promoting the
harinonv and prosperity of the country, or in conciliating
jealousies, and allaying the asperities of party warfare,
by demeaning ourself amicably towards all; by indulg
ing personal animosities toward* none; by conducting
ourself in the belief that it i* perfectly practicable to
differ with others in matters of principle and of expe
iency, without a mixture of personal unkindncss or los*
reciprocal respect; and by " asking nothing that is
no clearly right, and submitting to nothing that is
wrong," then, and not otherwise, will tho full measure
its intention be accomplished, and our primary rule
for its guidance be sufficiently observed ana satisfied.
This enterprize haa not been undertaken without the
approbation, advisement, and pledged support of many
of the leading and soundest minds in the ranks of the
deinocractic republican party, in the extreme north and
in the extreme south, in the east and in the west. An
association of both political experience and talent of the
highest order will render it competent to carry forward
the principles by which it will lie guided, and make it
useful aa a political organ, and interesting aa a journal
of news. Arrangement* also have been made to fix the
establishment upon a substantial and permanent basis.
The subscriber, therefore, relies upon the public for so
much of their confidence and encouragement only as the
fidelity of his press to their great national interests shall
prove itself entitled to receive.
Washington City, D. C. July, 1837.
THE SUBSCRIBERS, having leased the Exchange
Hotel, (late Tages's,) and having fitted it up in first
rate style, will be prepared lo receive visiter* on MON
DAY the 9th inst. The location of the house, Iwing with
in a few minutes walk of the depot of the Baltimore and
Ohio, Washington and Baltimore, anil Philadelphia Rail
roads. as well as the Steamlioal to Philadelphia, Norfolk,
nnd Charleston, S. C., makes it a desirable place to nil
travellers going to either section of the country. This
H( >TEL attached to the Exchange Buildings in thia city,
has been erected and furnished at a great cost by the pro
prietors, and is designed to lie ? first rate hotel. It ia
the intention of the suliaeriliers to make it for comfort, re
spectability, Sit. &c., equal lo any house in the United
States. '1 he undersigned flatter themselves that they
need only promise lo all who may patronise the establish
ment, that their best efforts shall be exerted to please, and
at charges which they hope will meet their approba
Baltimore, Oct. 7, 1H37. 4w21
.50 pieces imrrain carpeting, which we will sell low.
50 do Brussels.
62 do 5-1, 0-4, 10-4, and 12-4 Linen Sheetings.
100 do 7-4, 8-4 Barnsly Diaper*.
8-4, 10-4 and 20-4 fine Table Cloths.
Napkins to match.
1 bale Russia Diaper.
1 bale ? ide ("rash.
Also, 50 Marseilles Quilts.
Se p 9?3t?3w
?? -r V'.:'?&***'>? -J* .-i T\ f i' t - '-ii ?> 'V/WTT fO*. ? .. ? \
? - - -
1,'ilBl village of CWwe? Ta,u*b,e wrty in Uie
hod.100 sssi&m10 ?^u.m Batasi
ICr A very minute description of th? .. .
** vttiS"irStts
acription of the property offered in exch?g.u
, ioim"fAoiv??r?^^hfs^ivrunnd Sfj
on Second atreet, being original villa*,. I u *" *?(o 2?r
JtfcJ bf'"??
with the building. erJZJZ"? "tre<1
1 ca atreeta. with the building. er?L?^!~,.ll " 8<,ne"
part of original villsge Io..*no.^r2,d ^ Pr,W"g
I t?rifi*d village lot no. 20,1
being W> lent on First street, running west about 230 fkei
acroaa the canal into tbe nrer, so that it haa four fronu.
Jr"*T OawBoa?Lot comer of Fifth and Senega I
Six lota on Firat atreet, each 22 feet in \
Iront, running east 100 feet to Water
atreet, with the buildinga thereon.
The Wharf and Ware bouaea on W?.
?PP2?'"? foregoing, being 1
133 feet on Water atreet, and running |
east about 110 feet to the river. [This !
wharf has the deepeat water in the inner I
harbor.] I
1Lr Compria
in* tho original
village lota no.
3 and 4.
Lot comer of Seneca and Second atrceta, being 24 feet
on Seneca, and 66 feet on Second atreeu. Five Lots ad
joining the foregoing to the cost, each being 22 feet on
ssr-fflaaai^ The
mU Sa"' TVCT-Lot no-l- Montcalm atreet,
oeing 200 feet doep, and running north along Montcalm
atreet several hundred feet into the Lake.
Lota no. 2 and 3, Montcalm atroet, each 6C by 200 ft.
12 " 13 44 |4
13, 14, and 15, being 345 ft. on Bmnaon at.
210 on Van Buren at.
m ? jftk. , , 300 ?n E'fhth at.
north 3-4ths of lot no. 25, corner of Van H?,??
ssftiaKaj?'200 - ??
LM^w!riS!"""" of c""'* El?h,h
^otl ?? M, 80, 87, on Cayuga at. 06 by 198 ft.
' * Jy l<HTeet?f <"*yUga #nd ?nUr'? aire eta, 108
80, a. w. comer of do, 198 by 195 ft.
70, on Seneca at., 66 by 198 feet.
M, a. w. corner of Seneca and 8th ata., 66 by 198 ft.
T ?l,l,no and Schuyler atreeta, 198
i>y Ivi4 feet.
50. on Seneca atreet, 66 by 198 feet.
74, k Ci'#fwnerof Seneca and Ontario atreeta, 198
by 104 feet.
76, a. w. corner of do. J98 by 130 ft.
M, n. e. corner of do. 198 bv 104 ft
?n. ?' ' I8' 49, on Schuy'er ??-. 66 by 198 ft
I he incumbrances on the whole of thia property do not
exceed sixteen thousand dollara, which inay either re
raain, or if desired, can be cleared off. X ?
n. xt v . J- c BURCKLE.
. Oswego, N. Y., Aug. 22, 1837. 2m6
pLUMBER-S BUSINESS.?The aub.cr.ber, from
of w!? ?"' "iC" th" mctho<1 ?f informing the c tirena
of Washington and vicinity, tlwt he will remain a few day",
and make arrangement, for undertaking any of the follow
g iu^J? wor't ,n hi" l'ne of buaineaa, vix. Tho erect
eo?d? fi^T te' ForCe or Lift Fuml??- hot or
com, ntted in a superior manner, the conveying of water
from springs to dwelling., and through the different apart
ments, draining ouarnes, or any kind of lead work. He
can be aecn at Mr. Woodward'a.
to Je ?eT ? atvrlh him " f?W BeCr Md Cld" Pu?"P'.
Oct. 18-23 eCn 10lh a"d 11,hsu ? Pei,n- Avenue.
H , 46 South Charlca St., Baltimore,
AS jnat received and ia now opening, five hundred
"ndfwty packaKt, of the above deacripu'on of goods
auapted for the Southern and Weatern marketa?Con*
atantlyon hand, English, Iron Stone, and Granite China!
auitab'e for extensive hotels and ateamboata?all of which
will tie Bold on as favorable terma aa can be bought in anv
CltV in Ihp I i n inn *
city in the Union.
Oct. 10.
intrv like our*, where the authority of the lnw ia
t. the neceaaity of auch a work {a at all times
SAt!!!lVE^1! ul??ECJ?iE inforln? hiH friends and the
public, that he haa taken a room four doora north of
n ' ' "po'hecary atore, on ninth atreei, where
he w,ii carry on hls lMuincM. Hft feeI, confl<lci;t fro?
Hi* long experience in cutting all kinda of gannenta that
general satisfaction will be given to auch as may f.vo
hunj^ththe.r custom. aep 23 3taw3w
PROPOSALS for publishing a Second Edition of the
O-or/. T ,* V.Lor -TH" Uj"T?n Statu., by
''mpl,'l"?n- 1 he flr"1 edition was compiled by
Major Truen.nn Croa., of the United Slates Army, and
published under the sanction of the War Department in
nfil,i. lir the moat important of the resolutions
17H9-?u!n r>n*r."' ,h? Army, from 1775 to
actaan, r?7V'tUl,0?^f th<rUn,t'd State., and all the
the M r Congress relating to the Army and
Militia, from 1789 to 1824. "J
cont.ln',rr|0.Ki'''l't.",n' "?,W ProPoswl published, will
" aM,'he mauer embraced in the first, carefully re
?rB ' ?Ket'"r w'th all tho law. and reaolutiona of Con
rUpon lhe Army. Militia, and Volunteera,
the entnaCl^ from 1S21' the clow of
be inailp l?? M r- The correctirtna and addition, will
made by Major Groaa, the original compiler.
us^I tlTfi t lhr, Ar,ny anLd Mili'ia, and others, who have
In a count
manifoat"'^ ,!!"*, I"'cr,",,Jr ? w"r* i* at all timea
? 'j1',"1 11 >? especially ao at present when a large
?f regular., volunteer., and mil ilia are
called into active service.
nish!-"i Torl1 ?f royal octavo aixe, and will 1h> fur
sheep ,ub8Cnb^* ttt #2 50 per copy, bound in law
. r*",a AICnu*.' oppoa'te the Centre Market. Per
by thediy^r week n*'?n C"n ^ conifort*b|y entertained
Oct. 5. tf,9
in. /V.kT "fetc"tcd bX Green, and far
ing date the tenth day of July, ,n the year eighteen hun
dred and t wenty-nine, will l>e expoW to putlic sale on
Wednesday, the twenty-ser?nd day of November next,
the valuable real eatate described in aaid deed as being
that two rtonr hrtck house or tenement on part of lot
numbered six, (?.) m tquare numlwred three hundred and
seventy-seven, (377,) in the city of Washington, l*.ng the
we.t house of three house, formerly built on .aid lot by
Charle. t.iat, deeeaaed?? and al.o the part of aaid lot
appertaining to .aid houae, extending lack due north
from b street to a public alley, and also the whole of
lot number (7) in the said square."
The terma of aalc will be one-third caah, and the ba
lance in two equal inatalmenla of three and ?ix month.
with approved security and on interest from day of sale. '
The sale to take place immediately in front of the pre
mises, oa K atreet, at eleven o'clock in the forenoon of
the day aliove mentioned.
tor the Bank of the Metropolis :
(V. m O JOHN F- VAN NESS, President.
Uct 30?2 aw j
ojwned? ANI> DRAWERS.-W; have to-dsy
m j"* s"*I?ender*, Iieat kind.
,w co. superior (S|ov^?i.
50 do. Stocks, tiest make
50 pieces S.Ik Pooket Handkerchiefs.
50do*en Gentlemen'. R.W*d Woollen Drawer.,
^ w n i'.L U1 do" du ShirU.
6 do. Raw Silk Shirt.,
50 piecea Irish Linens.
200 do. Sea laland Cotton Shirtin.s.
.? 3taw2?9
Kbidav, Sept. 19, 1897.
The bill to provide for the collection and tafe keeping
of the public revenue being before the Senate, and Mr.
Calhoun's amendment thereon being under considera
tion, Mr. Buchanan concluded his remark*, and Mr.
PaarroN iud,?
Mr. Pmmdbnt,
The administration baa distinctly trowed that it is not
their purpose to propose any measure for ths relief of
ths country or the people. Their sole object is to de
vise meeus for the relief of the govenuafnt; and upon
the declared policy of a separation between the govern
ment and the people, they propose the receiving of the
public dues u> specie?end that they be collected, and
kept, aud disbursed bv executive agents throughout the
This is the project of the administration. Another is
oroposed for our consideration by the gentleman from
Virgims, Mr. Hives, who, being a distinguished mem
ber of the party in power, may, more ressoiisbiy than
sny member of the opposition could, cslculste on a pos
sible succcss. His proposition is to revive the joint
resolution of 1816, which hss regulated the currency for
the last twenty years, snd to ro-enact the currency bill
which was psssed with such unexampled unsnimity at
the last session, snd was, so unfortunately for the coun
try, suppressed by the late President. The main object
and purpose of the messures proposed by the 8eustor
from Virginia, I uuderstsnd to be, to restore, ss far ss
the sgency of this government csn effect it, a sound
currency to the country; snd to use that currency, thus
re-estsblished, in common with the States snd the
tween these two measures we must decide. It is
manifest that we must tske one or the other, or go honae
without having done any tiling ; for however gentlemen
may object to either of theae propositions, it is obvious
that no third project cau lie brought forward with any
possibility of success. The opposition constitutes s
small minority in the Senste, snd could suggest no
measure with the slightest prospect of success. . U would
be idle slid absurd to make propositions doomed to ill
evitsble rejection; but by the division sinongst the
sdmiuistration Senators we have some small privilege of
selecting what we may consider the leaat objectionable
policy. The opposition, therefore, has distinctly as
suined the ground that it will propose no measure ; and
especially have those gentlemen whoso known policy
and long established predilections sre in fsvor of s U. S.
Bank, declared that it is not their purpose to biing for
ward a proposition for the creation of such an institu
tion. The policy of auch a measure would be very
questionable: its suggestion would be manifestly vsin
and useless. It is most properly not before us. It is
not one of the measure* from which we are to select.
All that baa been ssid about it, therefore, on either side,
is entirely gratuitous and irrelevant. I am wearied and
disgusted with the eternal iteration of unmeaning clamor
about tbe'U. S. Bank. Whatever ia the subject of our
deliberations, they run into the Bsnk ; whatever we are
to be driven upon, the Bank ia the laah that urges us.
The Bank ia the raw head and bloody bonea with which
the administration and its friends scare down the rising
complainta of the people; and he who here might lack
other mesns of entertsining the Senate, csn strut his
little hout denouncing Biddle snd the Bank. Honor,
and glory, snd power were given to the late adminis
tration for having alain the monster, and yet honorable
Senators roar him around this hall to split the ears of the
groundlings. Whenever s measure is to be defeated, it
is the Bank in disguise ; whenever a measure is to lie
carried, it is that or the Bank. Three years since, he
who did not prsise the Stste banks waa a bank man ;
now, he who dues not denounce them ia a bank man.
The Bank drove us into the pet banks?it now drives
us out of them and into the Sub-Trcaaury. It is fact
and argument?pathos snd satire?logic and declama
tion, ready made to the hands of honorable gentlemen.
It is the burden of every man's speech?the alternative
of every man's proposition. It is the secret purpose of
every opponent?it is the lurking cause of every differ
ence of opinion. He who is cool on every other subject
is warm upon this ; snd many a burst of eloquence would
have been lost to the world, but for the inspiring terrors
of the Bsnk. At present it is only in the healed fancy
of gentlemen, or by tbc plastic power of their dialectic
skill, that the Bank is before us ; snd the administration
party alone is capable, by its misrule, and reckless
plunging from one mischievous experiment on the cur
rency to snother, of bringing it up in a more substantial
form. When you havo teased and worried the country
unid its patience is exhausted?when you have destroy
ed all confidence?when you have broken down com
merce?when you have made domestic exchanges im
possible, and have irritated the whole body politic into
fever aud phrensy, then ihj people will demand the bank
at your hands. When your shallow expedients and capri
cious experiments have reduced the country to that state
of confusion and stifforing which existed twenty years
ago, the people will aeek refuge from you in any insti
tution that will give thein quiet aud security for their
property and industry ; and thus those who clamor with
a ceaseless vociferation against the Bank, arc ot the
same moment dragging the country towards it.
And not the less so, Mr. President, that now for the
first time, their denunciations of the U. S. Bank, are
generalized into denunciations of all banka, aud of the
whole banking system. It is now said that the whole
system is wrong aud vicioua, and that there is and al
ways has been adverse feeling in the community against
it. It is doubtless true, that in periods of commercial
disaster, like that under which we now suffer, in the
uneasiness of men's minds, complaints are apt to be
made of the banking system, and of the whole system of
credit, to such an extent indeed, that some have said
that all who trade on borrowed capital should break ; but
that the settled opinion of any rcspectablc |>orlion of this
community is opposed to the banking system, or to
commerce, from which it springs, snd which it repro
duces, I should very much regret to believe. My own
opinion has always been, lhat the hanking system was
the child of commerce snd the hand-maid of liberty. It
is one of the main springs of tho great civilization of the
last 150 years. It belongs to free States, and free States
hsve grown freer under its influence*. Its birth plsce
was free and commercial Holland, and England and
America have fostered it. Run your eye, sir, over the
Map of the world, and you will find that in proportion as
its nations arc free, civilized, and commercial, this in
stitution has been chcrished and developed. All the
peaceful'triumphs of human intellect which, day by day,
startle us into wonder aud admiration, all the glorious
results of modern society, all the magnificent achieve
ments of human industry, whose aggregate haa made
tlie last century more replete with human happiness snd
with the promise of it for hereafter, than the wholo
tract of history beforo, all this has been accompanied,
promoted and vivified, by lhat organized system of
credit which is itself for efficiency, complexity, slid
controlibility, the most wonderful engine that the tasked,
excited, snd victorious ingenuity of modern times hss
produced. It hss made England a miracle, and has, in
a generation, built us up into a great nation. Is bank
ing England less happy thsn hard money Spain, or we
less moral than hard money Mexico 1 Unquestionably
the banking system, like all other beneficent institutions,
msy be and haa been occasionslly, perverted and abused
Constitutional government itself, is subjoct to morbid
sction or vicious control. We sre st this moment ss
sembled here, to deplore and remedy the effects of
misrule and usurpation. Have our republican institu
tions failed because they are in this crisis1 Ha* the
Constitution run out because it has been abused 1 Shall
we go bsck to hard money and despotiam, abolish bank*
and the Constitution, because wo sre smarting under
temporary evils, produced by the mal administration of
I both! Denounce the brcczo which wafts your com
merce through tho world, because it msy be lashed into
a tempest. Deprecate the showers which fructify your
fields, because they may descend in torrents. War
against the blessed light of hesven, itself, becsuse its
scorching rsys may wither a harvest. Shall we set
about to supersede these kindly ministers of nsture'i
bounty, by arrogant devices of our own, or endesvor to
bring them into disrepute by our ungrateful forgelfulness
of their good, and exaggeration of their evil 1
But, Mr President, where is it proposed to termin
ate the war now declared against banks and banking ?
Is the whole eyatem to be at once torn down and de
stroyed, scsttering to the winds all the property which
in such s vast variety of modes is implicated in the
banks ? No one has proposed this instantaneous do
atrnction of the country, and yet, sir, to my mind it is
questionable whether a short and final agony, though it
be of death, i* not better for the country, than a pro
tracted war of the Government upon it* money, it* cur
rency, its property and it* credit. Your edict i* that
they shall all pcri*h, and your boon i* that they shsll
perish alowly, or still worse, tlist they may linger on for
ever under Inc ban of the Government, which, separat
ing itself from the genersl destiny, will look coldly and
safely upon the crippled snd decrcpid condition of the
| country. What, sir, i* the arrogant snd cruel language
which this Government hold* to the eoonln at this mo
ment 1 It has made an experiment upon the benka ami
the peopli), and haa ruined both, and now we propose to
leave the banka and the people to take care of them*
aelvea and we will take care of oureelvea!! Boldly
and calmly thia revolting proposition u announced by
the Preeidrat, repeated here, and thia moment avowed
by the gentleman from Penney 1 vania, Mr. Buchanan,
whoae whole declamation haa been a tirade sgsinsl
thoae very iuetitutiona whom be and hit friends ae
duced and debauched. Tha remedy he proposes, ia lo
caat litem back pointed and dishonored, to the Ststes
and the people, for whom he conaidera them good
enough, not being good enough any longer, for the
chaste embraces of thia moat pure Administration. Oh
no, not pure enough for this aelf-donying, virtuous,
humble and righteous Administration, which eschewing
?II adulieroua connection with power, or patronage, or
?poils, or banka, will be honestly married to hanl mo
ney, and from its humble reaidenco in a Sub-treasury,
rove it* virtue to an admiring and increduloua people^
y crying, tie, fie, on the State banka.
Why, Mr. President, the honorable Senator, Mr.
Buchanan, who baa just taken hie seat, was one of the
loudest eulogists of the State banks, from the day of
the removal of the depoaitea up to thia extra session ?
He, with the rest of inem, lauded the experiment to the
skies, deified the great experimenter, and rapt into pro
phetic fire, predicted at the beginning the most glori
ous results?the beat currency the world over saw?
the most fixed prosperity?a grateful people and tri
uinphant Government; and tlien it was proclaimed with'
exultation that prophecy had become history ; that all
the flaming predictions of patriotic enthusiasm had been
aiore than realised ; and that democracy, Jacksonistn,
and the pet banks had established a political millennium.
Such wore the declarations of the Senator and those
who act with bim, up to the fourth of March last. And
now sir, in tike short spacc of six months, these very
gentlemen turn short round, snd with a gravity which
would lie ludicrous, if experience hsd not taught us to
feel thst their gravity is terrible, tell us that this govern
ment list nothing to do with currency?that ours is the
worst in the world?that the experiment has utterly
failed?that the State banks are utterly unworthy to be
trusted, and unfit to be used as financial agents?that
the people must undergo another experiment, and not
for a moment imagine that when it has failed like the
laat, the experimenters will turn coldly upon them,
again amile at their folly, and adviao some new leger
demain, to amuae us for the time, and to enable ikem
to keep their places. For aome yeara past, air, I and
my frienda have been denounced aa the United States
Bank advocates, and anti-State Kights'men, because we
would not attribute all honor arid glory to the State
banks ; and now again we are denounced aa U. S. Bank
advocates and anti-State Kighta men, because we will
not attribute all ain and infamy to the Slate banks ; and
when the wretched ayatern now projtosed shall have
served its hour of delusion, and brought ua to an avow
ed Uovernmenl' Bank, then we ahall be denounced in
the aatnc terms from the same quarter, for not acqui
escing in this ultimate, inevitable, and designed destiny
of all theae meaaures.
From thia genera) imputation againat the Adminis
tration party of indocent tergiversation, justice and can
dor demand that I should make an exception of the
Senator from Missouri, who, with unwavering pertina
city, has adhered to hi* hard money project, defending
with paternal aolicitude againat all assailants his own
political offspring, whatever may have been the momen
tary pet of the Administration, until he has achieved
his present triumph. Well may the honorable gentle
man congratulate himself upon his measure liaving sur
vived for years the persecution of both sides of the
House, until now, adopted aa the bantling of the Go
vernment, it no longer tequirea his guidance or nur
The honorable Senator from Pennsylvania, Mr. Bu
chanan, not only treata the late experiment aa an ab
aurd measure, predestined to inevitable failure, but,
with the proverbial zeal of recent conversion, denounces
his late peta with b tter invective ; delights to swell the
key note lately given from the Hermitage, by exaggerat
ing all the evils produced by the banka, and attributing
to them others, which I believe to be entirely imagina
ry. That great evila have reaulted from the over-ac
tion of the hanking system, is entirely obvious ; but
that all the difficulnea and distress which the country
now labora under have sprung from thiscsuse, is a gross
snd dangerous fallacy, i'he honorable Senator knows
hettei than I can tell him, that no country is exempt
from vicissitudes of prosperity and adversity, and that
all commerce ebbs and flows. Even in those hard mo
ney couniriea which the gentleman is so well acquaint
ed with, in Russia, Austria and Prussia, and still more
even in that beau ideal of a hard money country, Algiers,
where there waa lately found in the Government strong
box unsunned silver, that was told by the bushel?even
in those enviable and.env.ed States there havo been
seasons of pressure, of commercial distress, of deranged
currency. Indeed, Mr. President, it is of the nature of
all human inatitutious (o fluctuate ; to sdvsnce and to
recede ; to expand or to contract; to be subject to
over-action or to apathy ; and in our country especially,
where every department of human industry is urged on
by the unbridled will of the citizen, this alternate propul
sion and recoil must be proportionally violent. While
I concede, therefore, that there has been an ovcr-action
of the hanks, alill I am a friend to those institutions;
and I assert with confidence, that in the midst of the
evils which they have in part contributed to, their in
fluence has been salutary and protective. With or with
out the bauks, this commercial atorin would have burst
upou us; it might not have done so much harm with
out as with them?as the loss of a crop on barren land
is not so gteat as that on fertile ; but when the storm
did come, these institutions have stood between us and
its ravages. Under the protection of tlic incorporated
credit of the community, ihe individuals of the commu
nity remain safe until time is allowed them to recover
their means and meet their responsibilities. In obe
dience to the wishes of the people, and for their benefit,
the banks suspended specie payments?and tins they
were able to do without loss of credit, the public having
no doubt of their solvency. The banks have a double
fund for the discharge of their reaponsibililies?1st. the
specie in their vaults, which is sufficient to meet ordi
nary demands in the usual routine of business, and 2dly. ;
tlie inifintely larger fund made up of the property of all
the drawers and endorsers of notes to whom they have
loaned. A demand upon the banks beyond the capital
in their vaults, is therefore a demand upon the indivi
duals of the community, and if it be so sudden or vio- |
lent that they cannot meet it, inevitable and general
ruin is the conscquence. Whatever cause we may have
to deplore our recent sufferings, they bear no proportion,
they give no indication of what they would have been,
if the banks had gone on to pay specie, wringing it for
that purpose by forced sales of property from the peo
ple, making a hundred bankruptcies where tlierc has
been one, and sacrificing the whole property of the
country without paying its debts. The banks, thie Stales,
the General Government snd the people, would have
been involved in one common ruin. From this we have
been protected by the slop|Mige of ihe banks. And Mr.
President, litis suspension has operated on this occssion
as it did in England and this country formerly?lo ihe
general relief, to the restoration of confidence, and lo
the instantaneous eiihsnceinenlof the credit of the banks
themselves. Sir, I thank them for their prompt and
wise action, and would regard with indignation, were it
not for the contempt 1 feel for it, the executive recom
mendation of a bankrupt law, to be applied exclusively
to them. The banks have not merited punishment, but
thanks, for the suspension-of specic payments. Their
am was to be wheedled and seduced into a contaminat
ing contact with a corrupt administration, which urged
them to over-action by entreaty, exhortation, bnl>ery
and bullying, and now rewards thcin (not unnaturally or
unjustly perhaps,) by proposing punishment for their
unwise compliance.
Mr. President, the cant word of the day is, divorce
of Bank and State. The honorable Senator from Penn
sylvania has i*. often on his lips, but ss the gentleinsn
argues that the union always was in violation of the
constitution, it is rsther a casting off than a divorce -
But what ia the divorce the administration proposes ?
A divorce of this Government from the Stste Banks,
from ihe State currency, from the whole monetary sys
tem of the States snd of the people. You divorce this
Government from its cumbrous and restraining connec
tion with the country, tltat you may be free lo wed it
to the money. You divorce it'from the banking sys
tem that you mn* with a licentious polygamy inarry it
to ten thouasnd ^ub-Treasuries, making the whole land
a Government harem.
Bat it is ssid that the experiment of the State Banks
has failed. Doubtless sn experiment on the banks,
mad* by faithless and incompetent experimenters, ha?
failed, It waa instituted in an open violation of law and
the (Constitution. It wasconducted with the rsshnesa and
precipitancy of personal purposes. There wss scarcely
a passing regard bestowed upon the financial aspect of
the arrangement, the whole attention of ihe President
being directed to Ha political and party aapect. There
was an omnipotent President wielding an acquieecing
Congress, ever ready to record either hie paasiona or
hi* principles, and hie jiaasions were eicited at the mo
ment, into a fury, which I hone for the honor of the
country, hieiory will forget, lie pronounced sentence
of death against the United Stales Bank, by his own
will he confiscated ita properly, he seized upon the pub
lic treaaure, and when Congress aaeembled here, we
beheld wilh amazement and terror, the President stand
ing upon torn chartera and constitutions, and holding in
his hands the money of the people, which he had snatched
from the custody of the lawa. The popular branch ot,
Congress acquiesced, the people, ] regret to aay, acqui
esced. This omnipotent President seized upon the
State Banks, promised to us a belter currency than the
world had Aver seen, and ordered these institutions to
relieve the wants of the people by discounting liberally
upon the Government money, which the President had
added to the banking capiat. The National debt was
paid off, the income of the Government was beyond all
former precedent, there was au enormous surulus reve
nue, and an irritated and furious eiecutive lashed up
the banks to effect larger and Wrger discounts
The supervision and restraining power of the United
States Bank had just been removed. All the Stales
created new banks to supply the place of tlie abstract
ed capital, and in their eagerness and recklessness quad
rupled it. In the midst of this flush and plethora the
Government found itself in poaacsaion of 40 millions
of surplus revenue, aud this was also converted into
active bank capital. Much has been (and most piopor- !
ly) attributed to the agency of thia surplus revenue in
producing the present state of things. It is a political |
phenomenon without a prototype in all history, and
could not but exercise a disturbing influence upon the
politics, finances and currency of tlie country. What !
were the remote cause# of ita accumulation it were per
haps useless to inquire. The immediate cause was the
unreduced duties upon an increased commerce. By the
compromise act of 1833, it was provided that the duties
should be reduced by a fixed ratio, neither to be accel
erated or retarded, and this act was esteemed, and most
justly esteemed, to be so sacred in its character and
objecta, of such binding as well as healing efficacy, thai
Congress was willing to brave the terrors of a surplus
revenue, rather than disturb its provisions, or loosen the
obligations of good faith and honor as well as interest,
which were pledged to its maintenance. Bui for this,
the obvious method of evading the crisis was to diminish
the taxes and thus prevent the surplus, which my col
league then foretold would bo the fruitful causes of
financial disorders and difficulties. I do not know, Mr.
President, how the United Stales Bank, if it had been
in existence, would have got on with this surplus of
forty millions?but it is ludicrous to think how, with
your proposed system you would hsve been counting
revenue by the chsldron?you would have had two
milliona and a haif averdupoise of silver?you might
have laughed to acorn the Dey of Algiers, with his
eighty bushels of coin.
It was a capital error of the late administration to
destroy ihe United States Bank without having provided
in its stead some restraining power upon the banking ,
system of the State*. A very great, perhaps the mam
advantage of that bank waa, that while it nerformed its
own appropriate functions wilh unsurpassed wisdom and
integrity, it also acted as a regulator of the Slate banks,
keeping them, by a salutary check, within the legitimate
bounds of bonking. Each moved in lU appropriate
sphere regularly and harmoniously, producing the
happiest possible results. W e had tlie best currency
and the best condition of exchanges ever known in the
world, and so firmly were they filed, both by the or
ganization of the banks and in the public confidence,
that they could not Ihj disturbed by the Executive and
his party, until by a nefarious act of open war, the Presi
dent showed that the laws could not protcct his viciiin
from hia fury. Then at once the wholo organization
was broken in upon and deranged, opposing forces an 1
counteracting attractions whose well adjusted combina
tion had resulted in such harmonious action, and rela
tions were disturbed and dislocated?confusion, violence,
and excentncily were of course the result. But it was
not only by removing the restraint upon oveT-bankmg,
by the banks then iri existence, but what has been more
productive or evil, was the unrestrained liccnce given to
the States to creatc a redundant Unking capital. As
soon as the United States Bank had received us death
blow, and while yet it lived, the States had crested
many times the bank capital which it had used, and
both the old and new banks rushed into the market with
unbridled impetuosity. For this obvious and inevitsble
stale of things nothing had been provided 1 he ten
dency of the States to an over creation of bank capital,
and of the banks to over-bank, unless checked and re
stricted, is the great danger of our condition. My col
league whose monitory voice was unfortunately unheed
ed, predicted these results in 1834, and proposed as the
means of avoiding thein, a re-charter of alJ. S Bank, with
such provisions as it wassup|>osedwould ascertain by slow
and cautious experiment, how far the country could oi
ought to be ?' uubankti"?where the restriction upon our
over tendency to banking ought finally to be fixed. 1 he
administration, however, not perceiving or disregarding
the danger, tore down with brute force the barrier which
had been erected against the overflow of bank P?P?LT
and the country was'inundated. '1 his is the great dim
L-ulty which the Senator from Virginia has to encounter.
No doubt the States and the State institutions wll have
received a salutary lesson in the present state of things.
No doubt that the stern admonitions of disastrous ex
perience will produce a decided effect, still, that very
experience warns us, that without some restraining pow
er upon the bank system, there is imminent danger;
without some such I have great distrust of the perma
nent success of the project of the Virginia Senator,
fMr Hive's.) I see the perils to which it is exposed
His project excites alarm?that of the administration
despair. His project may succeed, thsloT the adminis
tration cannot. t _ ?
A constitutional restriction upon the States in regard
to the extent of bank capital, to be creatcd by them,
ought to be obtained by a constitutional amendment.
The pressure of the present difficulties would go far to
induce the States to consent to tho limitation of bank
capital upon some fixed ratio amongst them, and if their
wisdom and patriotism required to be stimulated to this
prudent act of self-denial, that stimulus might be found
in tlie fact, tint the administration project makes the
alternative to the States, bank rtUnclton or dtHruc
""it is obvious that tlie evils of redundant banking at
present, are much more the result of indiscreet legisla
tion in lh. creation of new capital than of imWeet
banking in the use of old. A document furnished from
the Treaaury Department, shows that the bank capital
now, is more disproportioned to what it was four years
since than the bank issues or discounts. 1 here is in
regard to the latter an ever present, though sometimes
slumish principle of restriction to be found in the pecu
niary interest of the institution itself. Over issues en
danger a bank, and therefore some degree of caution and
hesitancy may be expected in venturing upon them.
But the discretion of the legislature is not aroused by
any such necessity, and its prudence is apt to be over
come by the urgent solicitations of pitvate interest, or
the still more dangeroua spirit of competition with
neighboring States Indeed the extension of bank ca
nital in one State imposes a sort of necessity for an equal
extension amongst ita neighbors. Its worse ,
supercedes their better, and takes possession of their
channels of circulation. It haa all the advantages of
supiitymg them with capital, and at length when the re
vulsion takes place, all are involved in a common cHlauti
tv the Slates which created and ihe Slates which used
the surplus capital, sharing all an equal evil, living en
?oved an equal good. Thus are tho Stale, alternately
put under a son of necessity to jwsh ihetr banking to a
licentious extent, and this will unquestionably be done,
unless prevented by some overruling power, such aa a
constitutional regulation.
The principle is brosdly lsid down in the message,
and practically embodied in the bills now under
sion, thst this government ta nol authorized to regulate
the currency, but that the States hsve an exclusive
right to do so, aa far at least as thecirculstion is to con
sist of l?aiik paper. This power, repudiated now for the
first time by this Government, is assumed and exercia
ed by all the States. We are in the midst of a hanking
aystem, good in itaelf when not abused, and of |>aper
money, eminently fitted for all the buainees of money
when not issued in excessive quantities. 'I o avoid the
possibility of abuse, all lhat is necessary, is that the
Statea should mutually fetter each other by a conat no
tional amendment, forbidding the creation by any one
Stale of banking capital beyond a certain limit, or ex
ample, beyond 1200,000 for each member of the Honae
of Representatives, and forbidding also, (if iit h* thought
desirable) the iaaue of any note below a fixed ?mount
The conatitotion already lakee from the Statea the pow
er to iaaue billa of credit, and the restriction suggested
.. of the same nature and uohcy. Ifjhe patty m power
ar.d which for ihe sma of the land hava ruled .t w 'J
such absolute snd destructive swsy?tf thst party wtu
professes auch violent antipathiea to I degraded paper
circulation, bad auggesied torn* ?uch measure when
they removed the control ol the U. S. Bank, much of
our present di.lresa would have been avoided?or if
that parly, which aa yet alone holds power, (tottering
and decaying) I trust.) would now om*v? such a measure,
the Slates acting upou the recommendation of Cougraaa
might, and I heheve would, before the termination of
your next session, put the banking ayatem in a condition
that would silence the stoutest and moat cUmorons ad
vocates for divorce. Thie Government baa caused tho
mischief?let it propose the remedy. Faaa the oider
along the lines of your party. Sir?tbey obeyed you for
the expunging, and will hardly be leae prompt to adopt
a rneaaure of oliviou* propriety?a meaaure which will
take away from you, by giving to the people a sound
currency, all preteuce of separating youraelf from it,
which will leave you without ezcuee or palliation of
your aelfiah withdrawal from the destiny of the citiaona
?a deatiny which your misrule has made wretched, and
threatens to make intolerable by perpetuating it. i*t it
not be auppoaed that it ia pos.iblr m the nature of thmga
lor two currencies to exist simultaneously in tl?e aame
community, pf different values. 1 he worae, of necea
aity, expels the better. Thus the Government, by giv
ing to gold and ailver the excluaive power of iiaytng
public dues, makes it a better currency than any paper
can be, and by nereaasry consequence, makes them ar
ticlea of merchsndise and traffic, deprivra them of the
character of a circulating medium and thus abstracts
them entirely from general use. If the note of a specie
paying bank cannot jiferforin all the offices of the specie
itself, it is degraded by and to the extent of the differ
ence. When, therefore, the Uoyemment, the great
money dealer of the country, rejects notes and demands
specie, it at once by force of the act itaelf debaaea tho
currency, arid makes the money of the people worse
than ihe money of the Government. It ia not poaaible
that you can aeparato vonrself from the common curren
cy of tho country and maintain peaceful or neutral rela
tione toward it. The Reparation itself indicts a wound,
and every run which the debtors of the Government
make upon the banks li/ enable thern to pay Government
debla is an act of lioatilily.
Then, sir, the distrust and suspicion in regard to the
banks implied by the rejection of their paper, cannot
fail to derange and injure that currency which is compo
sed of it. Why, air, will you not receive the notes of
specie-paying bsnks as you have always done, under
the joint resolution of 1816! No answer has been
given to this question but the vsgue and senseless cant
word of divorce. Do you distrust the banka ? then
?>o?c measures of making thein safe, so that you may
ouger distrust tliem. Is your object to be paid ill
better money than the debt* of the country are discharg
ed in ! I)o you intend to al*>lish tho banking system
and substitute specie, or as that is impossible, an irre
deemable Government paper, a continental currency .
by which this Government shall have the unlimited con
trol of the whole proiierty of the conntry?Are none of
these your pur(>oses T Why then demand apecic and
reject the notes of specie-paying banks ! If you do not
inter d by your divorce to hsve a better medium of pay
ment than that which the people use, what is the object
of your measure T and if you establish for yourself this
belter medium, you inske that of the people still worae
?you not only abandon them but aggravate their dia
tresses. I have alwayaheld the true policy of this Go
vernment to be, that in the exercise of its granted pow
ers, it should so shspe ita policy, thai the incidental ef
fects of its measures t>hould operate to the good of iho
community?that the collateral action of ita money pow
er, for example, should be so regulated as to sustain
the currency, relieve the embarrasamenta of commerce,
and facilitate the business of exchange. If there were
in our community any bloated millionare, any Rothschild
or Baring, who, from the extent of his operations could
influence and control the rnonied operations of the coun
try. and who, by that influence had induced distress and
difficulty and embarraasment, and in the midst of itf
should demand the " constitutional currency," with
what burning indignation would a suffering and inaultcd
community denounce the wretch and drive him from our
borders ! ,
I hold it to be a clcar proposition. Mr. President, that
this government is bound not to make for itaelf a better
currency than that of the people, and it results from this
that if the currency of the people is not good enough for
the government, it should suggest measures for msking
it so. The II. S. Dank eflccud tins object; that you
have destroyed, and by general consent it is not to be
revived. The same object can be effected by a consti
tutional litnitstion upon the banking jowcr. By this
means you will have a sound currency for the people
and for the government. Bv tins means ynn may con
tinue the safe and long-tried' policy of the resolution of
1816. By thia means you at once restrain and strength
en the State institutions, von give tliem vigor by prun
ing, and you will enable them forever to supercede all
pretext for a U. S Bank. .
There are, Mr. President, some gentlemen who are
opposed to any measure which has for its object the res
toration of a sound paper circulating medium ; whose
eves and ears can delight in nothing but the glitter and
g'ingle of metal, and whose happy hallucinations contin
ually picture to their fancy a sort of Saturnion reign, a
golden age, a pastoral state of political simplicity and
beatitude, exempt from vicissitudes, amidst perpetual
Biinsriiiic and perpetual peace. Of these romantic poli
ticians there are but .few, and thev would do well to
study the most authentic chronicle of that ancient Ring,
to whose earnest prayer the mischievous deities granted
the power of converting all he touched to gold, and of
whom the very winds proclaimed to mankind
" Midas asirii auriculss habet."
Certainly, sir, the idea of establishing a pure specie
currency for this numerous, commercial and rapidly
growing people, is very chimerical. The purchase of
the apecie requisite for this purpose would cost an enor
mous autn. One very efficient cause of our present
difficulties ia the large importation of specie, forced by
the blind and ignorant policy of the late administration,
with ap|iaiciiilv no other object but that of hoaaling that
they had eighty million* in the country, while the coun
try is not oulv br krupt wiik it. but in a great degree in
consequence of it The vast consumption of the preci
ous metals in various manufactures, and the diminished
production of tl?e nunes, have enhanced the price or
the precious melsls to an extent that would make them
a very expensive medium of circulation, while tliey aro
by no meant so convenient aa paper. Indeed it may
well be questioned whether the metals could answer the
purpose of currency for our enterprising community
spread over so vast a suiface, and engaged in auch com
plicated commcrcial adventures. All this, however, I
understand to be given up. The flood of specie which
wos to run up and down through the country in auch
strange courses, is indefmiiely postponed, or rather oer
haps, has subsided into that little Pactolus, which drib
bling from the exhausted treasury, flows in tiny mean
ders round theae walla, for mcmbera to dip tlieir fingers
in, while there ia not a drop for the people.'
But, Mr. President, although it be no longer contem
plated to fill the country with apecie, it u not the leea
Si,...ted upon by the measures under d.acussion to de
mand it in the payment of revenue. The most obvious
consequence is. tliat the action of the Government will
increase the price and keep up the demand for the pre
cious metals?by which means the resumption ef apecie
payments by the banka will be rendered iinposs.Me^ Lot
me, sir, point out the separate links of tho chain, by
which you are to bind down the prosperity of the coun
?Mcmbera of Congress are paid in gold.
To be concluded.
Frtm the WarrrnUn. (Va.) Jifftrtrminn
" Between the Globe and the Madisonian, both at
the seat of Government, there is a difference of
opinion onlv on one subject?The Times and the
Citizen, both published at Frederick, the same dif
ference only exists; the same between Mr Hives
and Mr. Benton?Mr. Tallmadge and Mr. Wright
?seeing that this only difference exist* between the
Republican party who were lately acting in harmo
ny, is it rirht that one division should charge the
other with forsaking their principles, and turning
federalist 1 An analagous case has been presented
to them, upon which they were compelled to decide,
and we believe b.ilh have decided according to their
best judgment, and with an eye to the public good ;
and, therefore, we repeat, thai charges of recreancy
upon either division, are gratuitous and uncalled
Mr. Rives.?An attempt has been made by the
Glob?, and a few other journals, purporting to be
friendly to the administration, to place Mr. Rives
in a false pmition ; and drive him rrom Ihe party.?
If Mr. Hives were io attach any consequence to
these attempts to sap his reputation, by prriwea pro
fessing democracy, but <>pp<*i?g the interest of the
party, he would not he ihe first, distinguished advo
cate of republican j>rincipk?, who has, by misrepre
sentation, and gratuitous and ridiculous insinua
tions, been scourged inio the ranks of the opposition.
This system of whipping men into the ranks, and
whipping tliein out, which Ihe Globe seems so much
to delight in. is no! likely to succeed In the present
instance. Those who attempt it, in the case of Mr.
Hires, or his much abused friends, (whoconcur with
him in his views upon the eurreney question.) will
not succeed. They are not to be frightened from
their ground, or made to assume a false position ?
Cincinnati fff.

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