OCR Interpretation


The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, December 01, 1837, Image 1

Image and text provided by Library of Congress, Washington, DC

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn82015015/1837-12-01/ed-1/seq-1/

What is OCR?


Thumbnail for

THE MAIM80MIAN.
THOMAS ALLEN.
kDiTOi amo rmrmiToi.
Th? Madi?omiai? i? published Triweekly during the
lilting* of Congre**, and Semi-weekly during the le
ceu, it $4 Ift aanum. For *i> mouths, $3.
No subscription will be taken for a term short of aix
month* ; nor uulaa* paid for in advance.
met or advibtwimm.
Twelve line*, or leu, three insertions, - f 1 00
Each additional insertion, - - 35
Longer advertisements at proportionate rates
A liberal discount made to thoee who advertise by
the year.
KjT Subscribers may remit by mail, in bills of solvent
banks, potUge paid, at our risk ; provided it shall ap
pear by a postmaster's certificate, that auch remittance
ha* been duly mailed.
A liberal discount will be made to companies of fit*
or more transmitting their subscriptions together.
Postmasters, and others authorised, acting aa our
agents, will bo entitled to receive a copy of the paper
g,atn for every five subscribers or, at that rate per cent,
on subscription* generally ; the terma being fulfilled.
Letter* and communication intended for the eala
blishmcut will not be received unleaa the poilagt u
paid.
PROSPECTUS.
Tiir Madisosiah will be devoted to the support ol
the principles and doctrines of the democratic party, ae
delineated by Mr. Maditon, and will aim to consummate
that political reform hi the theory and practice of the
national government. Which has been reueatodly indi
* cated by the general su He rage, as assciitial to the peace
and prosperity of the country, and to the perfection and
perpetuity of it* free institutions. At this time a singu
lar state of attain ia presented. The commercial in
terests of the country are overwhelmed with embarrass
ment; its monetary concerns are unusually disordered ;
every ramification of society is invaded by distress, and
the social edifice seems threatened with disorganization;
every car ia filled with predictions of evil and the mur
muring* of despondency; tho general government is
boldly sssailed by a large and respectable portion of the
people, as the direct cause of their difficulties : open
resistance to the laws is publicly encouraged, and a
spirit of insubordination is fostered, as a necessary
defence to the pretended usurpsttons of the party in
power ; some, from whom better things were hoped, are
making the "confusion worse confounded," by a head
long pursuit of extreme notions and indefinite phantoms,
totally incompatible with a wholesome state of the
country. In the midst of all these difficulties and em
barrassments, it is feared thst many of the less firm of
the friends of the administration and supporter* of
democratic principles arc wavering in their confidence,
and beginning, without just cause, to view with distrust
those men to whom they have been long attached, and
whose elevation they have laboured to promote from
honest and patriotic motives. Exulting in the anticipa
tion of dismay and confusion amongat the supporters of
the administration as the consequence of these things,
the opposition are consoling themselves with tho idea -
that Sfr. Van Huron's friends, as a national party, aro
verging to dissolution ; and they allow no opportunity to
pass unimproved to give eclat to their own doctrines.
They are, indeed, maturing plans for their own future
government of the country, with seeming confidence of
- certain success.
This confidence is increased by the fact, that visionary
theories, and an unwise adherence to the plan for an
exclusive 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 difficulties
under which the country is now labouring. All these
seem to indicate the necessity of a new organ at the
seat of government, to be established upon sound prin
ciples, and to represent faithfully, and not to dictate, the
real policy of the administration, and the true sentiments,
measures, and interests, of the great body of its sup
porters. The necessity also appears of the adoption of
more conservative principles than the conduct of thoso
seems to indicate who seek to remedy abuses by de
stroying the institutions with which they are found con
nected. Indeed some measure of contribution is deemed
essential to the enhancement of our own self-respect at
home, and to the promotion of the honor and credit of
the nation abroad.
To meet these indication* this undertaking has been
instituted, and it i* hoped that it will produce tho effect
of inspiring the timid with courage, the desponding with
hope, and the whole country with confidence in tho
administration of its government. In this view, this
journal will not seek to lead, or to follow any faction, or
to advocatc the views of any particular detachment 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 constitutional
prerogatives. It will address itself to the understandings
of men, rather, than ap|>eal to any unworthy prejudices
or evil passions. It will rely invariably upon the prin
ciple, that the strength and security of American insti
tutions depend upon the intelligence and virtue of the
people. ?.
The Madisoxian will not, in any event, be made the
instrument of arraying the north and the south, the cast
and tho 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
concession, compromise, and reciprocal good-will, which
ao 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 sincc the adoption
of that sacred instrument, characterized its ijkfknck
by thk pkopi.k, our press will hasten to its support at
every emergency that shall arise, from whatever quarter,
and under whatever guise of philanthropy, policy, or
principle, the antagonist power may appear
If, in this responsible undertaking, it shall be our
good fortune to succeed to any, degree in promoting the
harmony and prosperity of tho country, or in conciliating
jealousies, and allaying the asperities of party warfare,
by demeaning ourself amicably towards ail; by indulg
ing personal animosities towards none ; by conducting
ourself in the belief that it is perfectly practicable to
differ with others in matters of principle and of expe
iency, without a mixture of personal unkindness or loss
reciprocal respect; and by " asking nothing that is
no clea,rlv right, and submitting to nothing that is
wrong," then, and not otherwise, will the full measure
its intention bo accomplished, and our primary rule
for its guidance be sufficiently observed and satisfied.
This enterprize has not been undertaken without the
approbation, advisement, and pledged support of many
of the leading and soundest minds in the ranks of the
deniocractic republican party, in the extreme north and
in the extreme south, in the cast and in the we*t. An
association of both political experience and talent of the
highest order will render it competent to carry forward
the principles by which it will be guided, and make it
useful as a political organ, and interesting as a journal
of news. Arrangements al?o liavo been made to fix the
establishment u|>on a substantial and permanent basis.
The subscriber, therefore, relies upon the public for so
much of their confidence and encouragement only as tho
fidelity of his press to their great national interests shall
prove itself entitled to receive.
THOMAS ALLEN.
Washington City, D. C. July, 1837.
exchange Hotel.
TIIK SUBSCRIBERS, having leased the Exchange
Hotel, (late* 1 ages'*,) and having fitted it up in first
rate style, will l?e prepared to receive visiters on MON
DAY the Dth mst. 1 he location of the house, l>einif with*
in a few minutes walk of the depot of the Baltimore and
Ohio, Washington j?nd Baltimore, and Philadelphia Kail
roads. as well as the Steamls>at to Philadelphia, Norfolk,
and Charleston, S. C? makes it a desiral.le place to ali
travellers going to either section of the country. This
HOTEL attached to the Exchange Building* in this cilv,
has been erected and furnished at n great cost liy iho pro!
prletors, and is designed to lie a first rate bote). h |S
the intention of the suhscril?rs to make it for comfort, re
ajiectaliihty. iVc. Ace., equal to any house in the United
States. '1 he undersnrned flatter themselves that they
need only promise to all who may patronise the establish
ment, that their liest efforts shall be exerted to please, and
nt charges which they hope will meet their approlia
lons.
JEWETT fc DE Bl'TTS.
Baltimoie, Oct. 7, 1837. 4w21
JJOl'SE FURNISHING GOODS We have for
50 pieces ingrain carpeting, which we w ill sell low.
50 do Brussels.
do 5-1,0-4. 10-4, and 12-1 Linen Sheetings.
100 do 7-4, H.| Barnsly Piapcrs.
M, 10-4 and 20-? fine Table Cloths.
* apkins to match.
t l?ale Hussia Diaper.
I Me wide Crash.
Also, ,.0 Marseilles Quilts.
?VpO-3,*iw BRADLEY Jc CATLETT.
THE MADISON IAN.
VOL.1. v WASHINGTON CITY, FHIDAY, DECEMBER 1, 1837. NO. 37.
FOR SALE, OR BARTER, for property
in the city of New York, or londa in Uli
aoia, the following valuable property in the
village of Ocwmq ;
If The ranij growth of Oawego, its un
?unMUUftl advanlagra and great proapecta, are too well
ana too geueralty known lo require a particular descrip
tion.
IET A very minute dear ription of the property ia deem
ed unnecessary aa it ia preauuied that purchaser* living
at a distance will come and aee, before they conclude a
aargain. Suffice it lo My, that it ia among the very beat
bn the plait;
tW WnaaWK lands wr the (Irat quality, with a perfectly
?.tear title, aud free of Incumbr ace, will be taken iu ex
ch
VW t.ettera post paid, addressed to the subscriber, at
Cbwefo, will meet with prompt attention. An ample de
acription of the property offered in exchange ia requested.
In East OawBco.?The Eagle Taveni and Store ad
loining, on Firat street, with a dwelling houae and atablea
on Second atreet, being original village lot no. 90, 64 feet
on Firat atreet, running eaat WO feet to Second atreet.
The south half, or original village lot iu?. 44, being 33
feel on First street, running east 200 feet to Second atreet,
with the buildings erected thereon.
The north-east comer of First and Seneca (late Tau
rus) streeta, being 90 feet on First, and 100 feet on Sene
ca streela, with the buildinga erected thereon?comprising
part of original village lota noa. 41 and 42.
Three lota, each with a dwelling,fronting Second atrret;
the lots ore, 22 feet wide by lUOdcep, being part of original
village lot no. 41.
Lot, with dwelling houae, [original village lot no. 26,]
being 66 feet on Firat atreet, running wcat aliout 250 feet,
across the ean.il into the river, so that it has four fronts.
In Wist Oawwo.?Lot comer of Fifth and Seneca
(late Taurus) atreets, opposite the public square, being on
Seneca atreet 113, and on Fifth atreet 198 feet, with dwell
ing, coach house, atabling, and garden. The latter is well
atocked with the beat and rarest fruit, ornamental shrub
bery, flowers, &c.
A lot adjoining the above, being 79 feet on Fourth atreet
by 58 feet in depth.
Six lota on First atreet, each 22 feet iip
front, running east 100 feet to Water
atreet, with the buildings thereon. IP? f\,mnris
The Wharf and Ware houses on W?- ia?,hnorigPlnni
ter atreet, opposite the foregoing, being ioU no
132 feet on Water atreet, and running 3 j ,
east a'M?it 110 feet to the river. [This
wharf has the deepest water in the inner
harbor.]
Lot comer of Seneca and Second streets, being; 24 feet
on Seneca, and 66 feet on Second streeta. Five Lola ad
joining the foregoing to the east, each being 22 feet on
Seneca atreet, by 66 feet in depth. The above being part
of the original village lot no. 36.
The north half of block no. 63, being 200'fect on Ulica
[late Libra] atreet, by 198 feel on Third and Fourth
streets.
On Van Burkn Tract.?Lot no. 1, Montcalm atreet,
being 200 feet deep, and running north along Montcalm
atreet anveral hundred feet into the Luke.
Lots no. 2 and 3, Montcalm street, each 66 by 200 ft.
12 " 13
13, 14, and 15, being 315 ft. on Brnnson st.
210 on Vun Buren at.
300 on Eighth st.
North 3-4th* of lot no. 25, comer of Van Buren
'?id Eighth streets, being 200 feet on Van Buren, and 148
I eel on Eighth streets.
Lot 82, south-west comer of Cayuga and Eighth streets,
66 by 198 feet.
Lots 83, 84, 85, 86, 87, on Cayuga at. 66 by 198 ft.
88, a. e. comer of Cayuga and Ontario atreets, 198
by 104 feet.
89, s. w. comer of do, 198 by 195 ft.
70, on Seneca at., 66 by 198 feet.
58, s. w. corner of Seneca and 8th sts., 66 by 198 ft.
50, n. e. corner of Ontario and Schuyler atreets, 198
by lOl feet.
59. on Seneca street, 66 by 198 feet.
75, a. e. corner of Seneca and Ontario streets, 198
by 104 feet.
76, a. w. corner of do. 198 by 130 ft.
64, n. e. corner of do. 198 by 104 ft.
46, 47, 48,49, on Schuyler St., 66 by 198 ft.
The incumbrances on the whole of this property do not
exceed sixteen thousand dollars, which may either re
main, or if desired, can be cleared off.
J. C. BURCKLE.
Oawego, N. Y., Aug. 22, 1837. ? 2in6
PLUMBER'S BUSINESS.?The subscriber, from
Baltimore, takes thia method of informing the citizens
of Washington and vicinity, that he will remain a few days,
and make arrangements for undertaking any of the follow
ing kinds of work in his line of business, vis. The erod
ing of Water Closets, Force or Lift l'umps. Baths, hot or
cold, fitted in a superior manner, the conveying of water
from springs to dwellings, and through the different apart
ments, draining quarries, or any kind of lead work. He
"? " DAVID BAIN.
N B.?He has with him a few Beer and Cider Pumps,
to be seen as above.
CLEMENT WOODWARD,
Berwecn 10th and 11th sts., Pcnn. Avenue.
Oct. 18?23
CIII.YA, GLASS AND QUEEN'S WARE.
?MOSES POTTER,
46 South Charles St., Baltimore,
HAS just received and is now opening, fivt hundred
and forty packaget of the above description ol goods,
adapted for the Southern and Western markets?Con
stantly on hand, English, Iron Stone, nnd Granite China,
suitable for extensive hotels and steamboats?all of which
will l>e sold on as favorable terms as can be bought in any
city in the Union. '
Oct. 10. tCK
SAMUEL HE1NECKE informs his friends and the
public, that he has taken a room four doors north ol
Doctor Gunton's aj>othecary store, on ninth street, where
he will carry on his business. He feels confident, from
his long experience in cutting all kinds of garments, that
general satisfaction will be given to such as may favor
hiin with their custom. 8PP 23 3taw3w
PROPOSALS for publishing a Second Edition of the
Military Laws op tiik United States, by
George Templeman. Tho fitst edition was compiled by
Major Trueinan Cross, of the United Slates Army, and
published under the sanction of tho War Department in
1825. It contains the most important of the resolutions
of the old Congress, relating to the Army, from 1775 to
1789?the Constitution of the United States, and all the
acts and resolutions of Congress relating to the Army and
the Militia, from 1789 to 1824.
The second edition, now proposed to be published, will
contain all the matter embraced in the first, carefully re
vised, together with all the laws and resolutions of Con
gress, bearing .upon the Army, Militia, anil Volunteers,
which have been enacted from 1824, down to the close of
the present session. The corrections and additions will
be inade by Major Cross, the original compiler.
Officers of the Army and Militia, and others, who have
used the first edition of this work, have testified lo its
great usefulness.
In a country like ours, where the authority of the law is
paramount, tlie necessity of such a work is at all times
manifest; but it is especially so at present when a large
and mixed force of regulars, volunteers, and militia are
called into active service.
Tho work will lie of royal octavo size, and will lie fur
nished to subscribers at 82 50 per copy, bound in law
sheep. .
MRS. PAGE'S BOARDING HOUSE, on Pennsyl
vania Avenue, opposite the Centre Market. Per
sons visiting Washington can be comfortably entertained
by the day or week.
Oct. s. tno
ALUABLE PROPERTY FOR SALE ?By virtue
? of a deed oftrnst, executed by Duff Green, and bear
ing date the tenth day of July, in the year eighteen hun
dred and twenty-nine, will lie exposed to public sale on
Wednesday, the twenty-second day of November next,
the valuable real estate descri!>od in said deed as being
" that two story brick house or tenement on part of lot
numliered six, (6.) in square numbered three hundred and
seventy-seven, (377,) in the city of Washington, lieing the
west house of three houses formerly built on said lot by
Charles Cist, deceased"and also the part of said lot
appertaining to said house, extending back due north
from E street to a public alley, and also the whole of
lot number (7) in the said square."
The terms of sale will be one-third cash, nnd the ba
lance in two equal instalments of three and six months,
with approved security and on interest from day ot sale.
The sale to take place immediately in front of the pre
mises, on E street, at eleven o'clock in the forenoon of
the davalsive mentioned.
For the Bank of the Metropolis :
JOHN P. VAN NESS, President.
Oct 30-2 aw
/~i LOVR8, SUSPENDlKSiSTOCtS. WOOLLEN
VX SHIRTS, AND DRAWERS.?We have to-day
opened?
' 30 do*. Suspenders, best kind. *
59 do. superior Gloves.
50 do. Stocks, best make.
50 pieces Silk Pocket Handkerchiefs.
50 dozen Gentlemen's Rilibed Woollen Drawers.
50 do. do. do. do. Shirts.
6 do. Raw Silk Shirts.
Also,
50 pieces Irish Linens.
200 do. Sea Islam! Cotton Shirtin**.
BRADLEY & CATLETT.
Sept. 8; 3taw2w8
V
SPEECH OF MR. PRESTON.
(Concluded.)
1st. You confer upon apecie a uae which doea ?ot
appertain to the note of a apccie paying bank, converti
ble into apecie?tbua apecie ia made belter than the b?at
note, and a run ia created upon the banka to the extent
of the difference.
Zd. The Government duea are almoal a million a*d
? half t month ; the demand for thia much apecie mutt
neceaaarily threaten the banka with a diaaatroua rui
ii|ioii litem the moment their door* are opened.
3d. The prospect of such a state of things will
make it necessary for the banks to press their debt
ors, for the purp?we of fortifying themselves; and
thus the two great creditors of the country, the Gi>
vernment and the banks, will be pressing the peo
ple at the same time; the Government compelling
the baulu to this course for the purpose of try ing a?
experiment. It is obvious that, under such circuit
stances, the banks will postpone the resumption ii
specie payments, and at length, perhaps be drivel
1 to it through their o'twi and the iuin of the commu
nity. These arc njcessary results from the atti
tude of hostility in which the measures before u*
would, if adopted, place the Government and tli?
banks. In such a contest, where the Government
from the beginning, has been in the wrong, and
where its success can be achieved only by a wide
spread desolation of the property and prostration ix
the energies of the country, I cannot wish success
to the Government. I doubt whether this Govern
ment is worth to my constituents what it will cost
them to make this experiment.
it is to be continually borne in mind, Mr. Presi
dent, that the proposed divorce not only contemplates
a rejection of the banks as Government agents lor the
receipt, custody, or disbursement of public moneys,
but what is of much more consequence, the rejection
of all State bank paper in the receipt of Government
dues. This last is the aspect in which I have been
considering the proposition; and I have shown,
uselessly perhaps, now futile or pcrnicious would be
the attempt to substitute specie. I say useles.sjv, per
haps ; b.-cause, though sjiecie ap|>ears in the bill, and
although hard money?constitutional currency?gold
and silver ate clamored through the country, lam not
inclined to believe that there arc a half dozen men in
Congress who seriously entertain thoughts of actually
adopting this absurd policy. It is a prctrnee?a
matter to cant and electioneer upon?in short, sir a
humbug. No Senator has been able to get through
a speech without a suggestion of paper money ol
some kind or other. To this complexion must we
come at last. Even the Senator from Missouri, the
great propositus of the hard money family, admits
the necessity of discharging Government dues by
bills of exchange, drawn from one Sub-treasury on
another; which, while they are in transitu between
the place drawn upon, must serve, to a certain ex
tent, a circulating medium. The actual condition
of our affairs will show the operation of this system.
At this moment the largest disbursements of the Go
vernment are in the South-west and West?for the
Florida war and for the protection of the Western
frontier: the next largest disbursement is lor forti
ficationsand hnrbors in the North. Now and at all
times, New York is the great point for the co''ec
tion of the revenue, there being about as much col
lected there as in the whole of the United States be
sides. These heavy disbursements, therefore, are to
be made by bills of exchange upon New York. I he
workmen in the North and soldiers in the South will
be paid off by an exchequer bill upon New \ ork,
and this bill circulates until it is presented for pay
ment. Until that time it is paper money, and in the
mean time the Government has locked up the spe
cie which it represents. The Government receives
its debts in gold and silver, and pays its debts in bills
of credit. The gold and silver are buried, and the
bill is in circulation; and this is called the hard
money currency. I shall have occasion by and by
to show that this is in truth and in fact a banking
system; but my present purpose is merely to show
that it is a paper currency convertible into specie in
the city of New York. The supporters of this
scheme rely upon what they consider a profound
feeling in the community of hostility to bank paper.
I think they are mistaken in regard to this feeling.
The practice of this Government and of the States
indicates no such prejudice. There has been a Uni
ted States Bank during eight tenths of the existence
of the Government, and there have been State banks
during the whole period; and although the system
has occasionally, during limes of pressure, been as
sailed by a few ardent minds, yet the great onward
current of public opinion has set directly in lavorot
it. There is, however, a deep-seated aud wise pub
lic opinion, inherited lrom our ancestors, against
Government paper. We have hardly a more vivid
recollection of the glories of the Revolution, than of
the disasters of the Continental money. The heavi
est penalties of the laws, the utmost tension ol pub
lic spirit, the devotion which submitted to the en
campment of Valley Forge and the campaign of the
Jerseys, all put together could not keep up the Go
vernment paper. No Government has been lound
strong enougn for this purpose. The revolutionary
government of France, the reign of terror itself, was
not strong enough to create that vital spirit, that sub
tile and ethereal essence of all currency, conjuknce
and lor the want of it the assignats sunk to nothing,
although sustained all round by penal statutes. It
is because we have not forgotten continental money,
because we have not forgotten the assignats, that
there is a settled hostility in the public mind against
Government paper. But if it were a new matter, in
regard to which we were deprived of that intense
light ol experience which, fortunately, we possess, a
single view of the proposition would at once cou*
demn it forever. It is proposed to make this Go
vernment the creator, centre, and controller of the
circulating medium of the country; to give to it the
power of regulating the price of every man s pro
perty, and ol deciding, according to its caprice or
the exigency of party affairs, whether those who
owe money shall pay it according to the contract, or
doubled or divided ; for the power of deciding upon
the quantity of money implies all this. All this, the
dexterity of debate might retort upon us, is pos
sessed by banks, if they be permitted to exist.?
But we have the guarantee of their owe inte
rest that they will be careful how that power is ex
ercised?their successful operation depending upon
the prosperity of the people; whereas the interest of
party, the desire for spoils and place, have been
found to control the politics of the country. So deep
ly felt is the danger of combining the polities and the
money in the same hands, that all parties have by
turns objected to the measures of their opponents, by
sti-nnatizing them as having this tendency. Die
danger, it is said, of the United States Bank is, that
the Government may get control of the money pow
er. The danger of the pet bank system is, that the
Government may get control of the money power:
and to avoid these, dangers it is proposed to give to
the Government at once the whole power to create
and control the whole money of the country, and this
without the salutary check which all ages; have
found to reside exclusively in the convertibility of
paper into specie. This is the great check in the
banking system ; a check which, to be sure, like all
human restraints, may occasionally prove inopera
tive when fraud is stimulated by temptation, or
crime urged by necessity. Bur have we lound an
ircls in the shape of Government agents 1
We- all know, sir, by what indirect, crooked
means the present administration came into power,
and what prodigious agency the usurped and illegi
timate control over the currency had in elk-ding it
Confer upon it the power of issuing paper money,?
let Congress assume the power ol making it, and do
you believe, sir, tlVat the country will ever be strong
enough to stand up against it 1 Will not its present
waning power,?will not its reeling and rieket>
majorities be revived and increased, and its igno
minions reign, now just about to be closed by t le
sentence of an indignant people, be perpetuated unti
our institutions perish with the vampires that feed
upon them ! Let those who look with favor upon
the project of endowing this government with new
nowers over the enrrenev, think a momeni of the
history of the last four years. While the currency
was regulated by the natural and undisturbed action
of the banking system, we had nothing left to desire;
when the eovenment undertook the management ot
it we soon had little left to lose, and yet the control
which the government has had for the last four years,
is nothing to the grant which is suggested of the
money creating power. I have before asked, sir
whether all historv can furnish an cxampl" ol a
sound currency made by government paper now
ask with as much confidence, whether in all history
a government ran be found, assuming the power to
make its own paper answer the ends of monev that
it did not abuse the power thus assumed ! Histoid
holds but one language, and that proclaims the perils
into the midst of which we arc hurrying. Let us n.H
turn a deaf ear to the warnings of past imc*. I
tremble. Mr. President, when I hear my colleague
say " There is another, and a final reason, which I
shall assign against the reunion with the banks We
im
have reached a uew era wilh regard to these institu
tions. He who would judge of the future Iw the
rs?, in reference to them, will be wholly mistaken.
should be deeply grieved to think so. 1 should
lament to believe tnat we are so adrift upon an un
known ocean, with an unknown heaven above us,
that the light of the polar star can no longer reach
us, and that our only hope for a safe navigation
through the perils which blesel us, is, either in trust
ing blindly to the pilots who have brought us where
we are, or in following the meteor corruscations of
fenius, which too oAen dazzle rather than guide,
'or myself, sir, I will continue to look out for, and
endeavor to steer my course by, the steady light 01
experience,-j?that lignt which beams from its hied,
unalterable position in the firmament of the past,
through the misty prejudices and stormy passions of
the present?showing us the way of safely and de
liverance. If I coulu shut my eyes against this light
?if I could forego the solemn warnings of expe
rience, yet ringing in iny ears, in favor of the reve
lations of genius, I should go no where lor them
with so much confidence as to my colleague. But,
sir, on the subject of an inconvertible government
paper the past is too pregnant with monitions to b?
disregarded. History has erected warning beacons
on all sides of us. Our colonial, our revolutionary
history, the old Congress, all the Stales concur in
exhorting us to avoid this fatal evil. The constitu
tion has embodied and perpetuated the terrors of
our ancestors?" No Slate shall issue bills of crcdit.
In this passage, sir, is embodied the bitter experience
of the revolution. North Carolina, my colleague
? upases, has furnished an exception to the history
of'her sister States and the world, in the success of
her Proc. moneyas it was called. The history of
that affair makes no exception to the general destiny
of government money, it fell below par, it embar
rassed and Confused the financial action of the State
for very many years, and was finally bumf, wilh
three or four times its amount in counterfeits, by the
treasurer of the State. My colleague's researches
have not enabled him to cite any other instances than
this of tie Proclamation monoy of North Carolina;
and whatever weight this may be entitled to, 1 am
persuaded, is against his proposition; while the old
Congress, and, I believe, every one of the revolu
tionary Slates, a (lord woful examples of the disas
trous futility of government paper. It is impossible
that it should be otherwise; for the primal law, the
fundamental principle, the living soul of currency,
is that it be property, or be readily convertible into
it. Convertibility makes currency. Paper is money
because it represents property, and losing the repre
sentative quality it is but paper, and there fs no
magic in government to make it otherwise. This
necessary Incapacity of government to convert itself
into a manufactory of money is one of those limita
tions upon despotism that the friends of freedom
cannot too much rejoice in; and surely, Mr. Presi
dent, if the question were whether we should, if we
could, endow this federative agency with such a
monstrous power, would we venture upon ill As
guardians of the rights of the States, as jealous as
serters of the limited character of this government,
as advocates and lovers of free institutions, would
we give this tremendous power to this government 1
No, sir. If we must have a government paper?if
this absorbing and destructive aggrandizement of
government power must be conferred, give it to the
States, sir, and do not convert this government into
a monev manufactory. Sir, 1 will not trust this go
vernment with such a power, no matter who admi
nisters it ; even if our ow n w ise and pure Washing
ton, (all will feel how extravagant the supposition (
is ) even if he were at the head of affairs. Could I j
then, sir, intrust it to a party whose wretched mis
management and . incompetence have brought us to
this moaraftil condition 1 Shall I be called upon,
sir to confide greater powers over the currency to
those who, with such powers as they have, have
produced so much disorder,?or rather, sir, to state
the proposition truly, shall I intrust them with much
power because they have ruined us with a little]
Those who govern us, sir, have given testimony ol
their financial abilities; if we are satisfied with the
past, why, sir, pass these bills.
For one, Mr. President, I do not at all share the
confidence in this Government which my colleague
avows. 1 look upon it with an habitual distrust and
jealousy, sharpened instead of blunted by recent
events. My colleague says, " 1 rejoice to think that
the Executive Department of the Government is now
so reduced in power and means, that it can no longer
rely on its influence and patronage to secure a ma
jority. Henceforward it can have no hope of sup
porting itself but on wisdom, moderation, patriotism
and devoted attachment to the Constitution, which I
trust, will make it, in its own defence, an ally in
effecting the reform, which I deem indispensable to
the salvation of the country and its institutions.
I do not participate in those sanguine expectations ;
I see nothing in the proposed measures to quiet my
lone established terrors of executive |H>wer. I see be
fore mo the 3amo men whom I have been all along
warring upon, those men who have subverted the con
stitution, and usurped all powers, those incn who issued
the proclamation against South Carolina, who passed
the bloodv bill, who seized the deposites, who expunged
the records of the Senate, who have perpetuated their
control by using the patronage ol the Government and
the plundered money of the country in the hands or
one President to make his successor. I see before me
these men avowing, vindicating and exulting in all. that
they have heretofore done, and proclaiming that they
will persist iu the same policy. All this I see, sir. and
I cannot give them my confidence. Let them resign,
let them acknowledge their incompetence, and testify
in sincere repentance, and they may be forgiven for the
past But still, Mr. President, I will not trust thein
for the future, I will still be jealous and circumspect, in
regard to them and to this whole Government It may
be sir that the administration is weakened and stunned
for' the moment, and is terrified that its misdeeds are
about to be avenged by the indignation of the people.
It mav be, that like sailors in a storm, they will be pious
for a moment, but even if this were the case, I should
have no great faith in their repentance. I do not, how
ever, see any signs of repentence, I sec their terror dis
tinctly enough, but there is nothing in their demeanor
that would induce me to select them " as an ally in ef
fecting reform." . .
With these feelings, therefore, and prejudices, if you
choose. Mr. President, I do not come to the considera
tion of the executive measures with a predisposition in
their favor, but on the contrary, I am animated with a
decided disinclination against any project which pro
noses to endow this Government with a new power, or
to entrust my rights and liberties to the keeping of the
newly enforced " wisdom" " moderation" " patriotism
of this administration.
My colleague states as a main objection to any con
nection of the Government with the banks, the un
steadiness produced in the currency by the action of
Government. He says,
" It follows as a necessary consequence, that to the
extent of this influence, the issues of the hanks expand
and contract with the expansion and contraction of the
fiscal action of the Government; with the increase of
its duties, taxes, income and expendituie ; with the de
posites in its vaults, acting as additional capital, and the
amount of bank notes withdrawn, in consequence, from
circulation; all of which must directly affect the
amount of their business and issues, and bank currency
must, of course, partake of all those vibtations to which
the fiscal action of tho Government is necessarily ex
posed, and, when great and sudden, must exjiose the
system to catastrophes such as we now witness. In
fact, a more suitable instance cannot lie selected to il
lustrate the truth of what 1 assert than the present, as
shall proceed to show." ,
Now, if this lie true, when tho Government is ope
rating upon banks trading on a specie basis, and cau
tious of their own interest, how much more true is it
when the Government divested of all such connection, j
| and having full control of the currency, will expand or
1 contract it, according to its necessities, whims, or par y
purposes. I understand the proposition to be, that I ic
banks arc to he discontinued because their paper par
takes of the vibrations to which the fiscal action of the
Government is exposed. But it is obvious that >o
vemment paper, that is, a currency created by the fiscal
action of the Government, will be still more immediate
ly and intimately affected by the vibrations of that fiscal
action than bank paper. The banks are some cheek
upon these fluctuations, which without that check wi I
necessanlv be greater. I can easily conceive, that if
this Government undertakes to decide on the quantity
of money, or to regulate its ismie* by law, nothing can
be more uncertain than its quantity, and therefore va ue,
from year to year. If it be regulated on a ratio with
the revenue of the Government, wo inav estimate the
fluctuations bv the rAeipts of 18.16. compared to, those
of 1837 Or if it be submitted entirely to the discre
tion of this Government, let tho various opinions of the
present moment, in regard both to the quantity of mo
"ney in circulation, and to the quantity which is ne^e?
sarv for circulation, teach us a lesson of caution^ 1 he
administration party at this moment suppose that the
country Inborn under a redundant circulation, and if it
controled the currency, would immediately curtail it:
while perhaps, the better opinion ia, that the money in
circulation ia hardly equal lo the wants of the country.
I cannot but think, Mr. President, that my colleague
habitually overrates the influence of the fiscal action of
the Government upon the currency, in regard to the ex
pansion or contraction of it, and especially, if he be cor
rect in supposing that the income of this Government
is now reduced to an economical standard, and that the
executive will auatain itself, only by wise, patriotic and
moderate meaaures. He supposes that the Govern
ment 1ms power to make an inconvertible paper money
circulation, which I conceive to be beyond the power
of any Government, and this idea seems in part to re
sult from what I consider a misconception he has fallen
into aa to the credit which suatama bank notea He
supposes that this credit is conferred to a great extent
by the Government making them receivable in public
dues, which lie illustrates by stating that if the Govern
ment would aay that it would take in payment of ita
dues, the notes of any beggar in the streets, such notes
would be current. I do not think they would be cur
rent, unless the dues of the Government were unlimit
ed, or the notes of the beggsr limited. ? If, as I have
endeavored lo ahow, a Government cannot make its own
notes circulate at par, it cannot make a beggar's. The
case of the beggar would be analogoua to that of the
banks, if the Government said that it would take his
notes as long as he continued to pay speeic, which is the
language of the resolution of 1816 to the banks. The
endorsement of the Government on the hank notes waa
not "receivable in public dues," but " receivable in
public dues, as long as specie can be got for it." The
efficacy of such an endorsement to confer crcdit, is not
very perceptible. The convertibility of the note makea
it good without the endorsement, nor does the with- j
drawal of the endorsement injure it* credit. The pet
banka wero not in betier credit than the rest of the
hauks, nor did the withdrawal of the Government from
all bank pa|ier whatsoever, strike down its credit.?
When the banks suspended, the Government withdrew
its countenance, and yet the notes maintained and alill
maintain their credit, and this too, when the Govern
ment has not only withdrawn its credit, but is waging a
war of extermination against the banks. The commu
nity believes in the ultimate convertibility of the bank
notes, and therefore trust to them, and believing, more
over, that the prospcct of that convertibility was un
proved by the act which made the Government with
draw its credit from them, tho general credit was en
hanced by it. Sir, let those *yho conceive that there
is magic in the Government touch, to confer or to take
away credit, look to tho recent history of the U. S.
Dank, whose bills have been " every wheie at home,""
while the Government has been, waging war against
them ; all over the world, amidst all the ruin which that
war has occasioned, amidst the prostration of so much
wealth, and the loss of so much credit, with a distressed I
people and a bankrupt Government, the credit of that !
biink is yet untainted, and its successor, under the wise
and honest management of Mr. Diddle, is by general
consent, ready now to redeem you from your aitticul
ties, and would be appealed to, but for that pride of
opinion which prefers to suffer rather than to acknow
ledge an error, especially when the suffering is that of
the public, and the error that of the individual.
Mr. President, I deprecate this mad and ferociona
warfare against any of the institutions of the country,
against the United States Bank formerly, against the
State Banks now. It docs not appear to me that this
root and branch policy, this tearing up things established,
to supply their places with new theories, however neat
ly constructed, or carefully elaborated, is the part of
prudence and wisdom. My nature and habits of thought,
confirmed by the terrible experiment of the last four
years, make me a Conservative. I hesitate at every
proposition to de?troy, that you may build again. If
any of our institutions have suffered damage, let us re
pair them, if any portion of the vast edifice of our pros
perity has been injured, let ua with a cautious and re
verend hand restore what haa been lost, strengthen what
remains, adjust the proportions, if you choose, proceed
ing in all with a sedate and steady purpose of not weak
ening the deep foundations. Let us not, sir, with a
fantastic caprice tear down the solid, and let me say
glorious fabric of our prosperity, that we may try by as
futile device as tho lamp of Aladin to build up another
in one night, of fairy marble, and gold, and gems.
It is the part of statesmen to deal with the circum
stances around them. In the closet of a philosopher,
in the desk of a professor, speculation may discuss what
is best, and genius indulge its sspirations for the "chief
good"?but the practical politician is fenced around by
inexorable necessities, lie has to deal with things, not
with ideas. Ho must control, not create. He must
govern himself by the circumstances amidst which ho
finds himself, use tho instruments that arc presented to
him, and be content with such results as he can attain,
without attempting such as he can imagine. The ge
nius and temper of Napoleon might aspire to a different
destiny, but ours, thank God, is humbler and safer.?
We administer a limited Government for free and self
willed States, whose bidding and whoso business we are
to do. They have placed us their servants in the midst
of a groat banking system ; a system of credit surround
ing, pelvading and penetrating the whole body politic.
Mr. President, we must conform to our condition, we
must work upon, the platform prepared for us, we must
use the materials furnished to our hands. It is in vain
to try to extricate ourselvea from the condition of our
existence. We have not the strength, (God forbid that
we should have it,) to disconnect ourselves from the cir
cumstances in which the States place us. And if we
attempt to tear ourselves loose from them, there may
be much suffering, a struggle, an agony ; but you will
have at length to comeback to your allegiance, and con
tent yourself with reform instead of revolution. Let us
then, wisely and at once, begin to correct, control, regu
late, modify, adjust, do any thing but destroy.
In 1834, Mr. President, I entertained tho same senti
ments. I found all the great interests of the country
implicated so complexly with tho bank system, that lo
tear them apart at once, would destroy every thing, and
therefore, I acquicsced in the proposal of my distinguish
ed colleague, to make a cautious experiment, to ascer
tain the extent to jvhich the banking system could be
contracted or modified, so as to reject as much evil and
secure as much good as it was capable of. It was then
proposed to use the United Stales Bank?rochartering
it for this purpose; that instrument is no longer within
our reach, but here aro the State Banks still, and why
not use them for the purpose of an experimental reform 1
They arc in tho best condition imaginable for that pur
pose. If the fiscal connection of this Government with
the banks gives it any portion of the control supposed, it
may be used to induce the banks to limit th<;ir issues
nnd extend the specie basis?in short, to induce them to
do whatever was proposed to be effected by the rechar
ter of the United States Bank in 1834. My colleague,
however, discriminates our present condition from what
it was in 1834, by stating, that note we aro disconnect
ed from banking and were not then. I cannot perceive
the accuracy of this distinction, cither in law or fact.?
It is perfectly obvious that the States and the people, are
more involved at this moment with the hanks, than they
were in 1834. As to this Government, in 1834, its de
posites were withdrawn from the United States Bank,
and as far as law was concerned, were no where?the
language of the day was " that there was no Treasury,
that the monrv was in the breechcs pocket of the Go
vernment."?There was no law as there now is, making
the banks depositories and fiscal agents. At this time
the banks have large Government deposites in their pos
session, which arc daily drawn upon, and the Resolu
tion of 181B, being unrepealed, the banks can at any
moment compel the Treasurer to receive their notes by
resuming specie payment. Besides this, there sre by
the Secretary's Report, six banks yet used as Govern
ment agents and depositories. It appears, therefore,
that both in law and in fact, the Government is leas
disconnected from the banks than in 1834 ! And here,
Mr. President, permit me to say one word, on the subject
of the psrtial disconnection which has been cfTccled by
j the Secretsrv of tho Treasury. But for the perverse
nnd blundering policy which has characterized his agency
in this matter, as in sll of his oflicisl sets, we should not
, have been brought here at th'is time I do not siieak
sir, of the manner in which he habitually miscalculates
and confounds tho public revenue, or of tho alisurd and
mischievous execution of tho deposite law?or of the
pernicious fluctuations and embarrassment^, produced
iiy his intermeddling with the exchanges, or of his exe
I crablo Treasury order, in regard to the,public lands?
but I allude to his immediate agency in producing dim
? cnltics between this Government and the banks W hen
the banks suspended specie payments, the set immedi
ately reassured public confidence, as was proved by the
rise of [stocks?individual transactions with the banks
were continued, and private deposites increased, until st
this moment there is more money on deposite in the
banks, thsn ever wss at any former period?than which
nothing could more strongly indicate public confidence.
, In this state of things, had the Secretary of the Treasu
| ry permitted tbe office-holders of the Government to go
on aa every olber individual in the community wee con
tent to do, they would have received their quarter esU
naa aa uaual, and the disbuisements of the Government
would have been made aa uaual, but be thougbt proper
to leaue a aort of circular to office holdera, a? be bad
formerly done to receivere, virtually enjoining theui to
receive nothing but specie, and pulling tbem on a pUn
by which they might enhance tbeir salaries, by a trsthc
in dishonored Government paper It wsa m tbu way
that a pretext waa obtained for tt?? aecond renewal oi
the deiiosites, and for a declaration oi war agejaat the
Stale Dunk*, aa formerly againat the United S4*'?*
Bank. But for Una mgenioua device, tbia etroke ol
financial diplomacy we air, in all probability, aheoWn?
have been here, and by the regular meeting of ( eogress,
a renewed prosperity, reluming confidence, and the eer
Uinty of an early resumption of specie paymeota might
have *|>ared ua the snxiou* deliberation* which now op
press ua. The country conacioua of ita own immense
resource*, and confiding in it* own vaat energies, would
have even now been looking for the natural dawn of
day, but that the Government interposed its huge and
darkening bulk, not only giving no light itaclf, but in
tercepting that which oilierwiae would have been cheer
ing ua now. It waa competent to the sdminisirstion to
have aualained and kept alive the wounded confidence
of the country, by the easiest method in the world, if ita
purpose had not been ol her than the country'* good. If
the President had recalled the Treasury order in com
pliance with the wiah of Congress, if he had aaid a word
of kuidueaa towarda the bank*, if be had disavowed his
imputed hostility to credit and commerce, and chartered
riglita, if above all, he had forliorne to urge the wild and
impracticable theorie?of hia Message, the natural spring*
of our prosperity would before now hivo begun to de
velope their recovered elasticity ; and I believe, sir, that
even now, if we would adjourn to day, and go home,
having done nothing, we shall assemble at the constitu
tional time, under suspices so much belter than the pre
sent, that very few will be disposed to resort to the des
perate surgery recommended in the message.
Let me, Mr. President, put a not improbable case?
suppose we assemble here, and find llie bank* paying
specie, or upon the eve of doing so?will any one then
propose to repeal the joint resolution of 1816, for the
puriioae of rejecting bills of specie-paying banks, and
receiving gold and silver 1 I ?peak of nothing now but
the divorce of the Government from convertible bills,
which is the great divorce insisted upon?the question
of the depositee being another ?nd different affair.
What I ask, ie, whether any one will propose in the
midst of solvent banks and convertible paper, to insist
upon specio! To what end, if piper and specie be ol
equal value, as they are by the terms of the proposition ;
and ao, too, in regard to any other kind of money it may
be in contemplation to create, la your continental mo- ?
ncv to be equal to the money of the people then it is
useless . is it belter 1 then it is a tax upon the people
to buy it?is it worse ! then it is a curse to the country
and a disgrace to the Government. But for the sus
pension of specie payments, which, 1 contend, was in
itself, a wise and ptopcr measure, and full ol salutary
results, there would be no pretence for the indulgence
of this rabid passion for experiment?the fiscal opera
tions of the Government would have gone on its re
duced revenue would have been found to be to a great
extent innocuous?experience would have pointed out
and effected restraints upon the tendency to excess o!
the banking system, and the administration?weak from
the manner in which it c.me in?weak from the load of
misdeeds which it inherited, and has added to?and
weak from incompetency ; would have been compelled
to permit the passage of laws, to guard against a mis
chievous use of the revenue. But the present occasion
is seized upon, to dnvo us into new experiments and
made the pretext for a revolution in the monetary system
of the country, by force of a single, sudden and sweep
ing act of legislation. Nor, Mr. President is the vio
lence of the measure more objectionable then Us delu
siveness. It purports to be a hard money project, while
in truth it is the merest paper project that has ever been
dreamed of since the continental Congress an incon
vertible paper, which, if it circulates at all, must expel
specie exactly to the extent of its circulation. ,
But there is one point of view in which ss a Southern
Senator this resolution of the whole money of the coun
try into a government paper system, strikes me with ap
,,ailing terror. It is that it establishes s centralization
of the inonicd transactions of the Government and ihe
country in New York, which will enhance the wealth,
commerce, and political power of that ?
erful city, to such an extent aa to make the other States
of the Union provincial dependencies upon it. Already
by the operation of permanent causcsandlhe action o
this Government, there is a great ascendancy acquired
bv that city. It cannot be otherwise, perhaps ; all sys
tems must have a centre. In every community or asso
ciation of communities, there is a centripetal tendency
of the moneyed and commercial transactions. 1 his is
of the nature of things, a law of ?ociely. NewAork,
therefore, is, bv necessity the commercial emporium of
the United States as long as we are the Lnited Stale ,
but nothing can be more unwise or preposterous, no-,
thing can be more unjust to the southern states especial
ly than for this Federal Government to increase by its
policy, this absorbing centralization. Already the re
ceipts and disbursements of ihe government are in one
section, snd we of the South have felt the d.s.strou.
effects of it, but when New York is made the point up
on which the circulation of the whole country tun,.,
what will be our condition 7 It ia said that the banking
system has a tendency to centralization, but it has also
a centripetal tendency. South Csrol.n. has her banks,
with their centre at Charleston, abolish them, give us
the Government money (and it matters not whether it
be specie or continental paper) and Soiuh Caroluia li
nothing of her own, she is consolidated upon New
York, which is necessarily llie centre of the General
Government money transactions. The result is inevita
ble and will be utterly ruinous. In whatever .(.peel1
regard this project, whether I consider the political con
solidation which results from the power of
inn money by this Government, or the financial and com
mercial consolidation which results from the fact that
New York must be the centre of the system, or the na
ture of the currency which is to Ikj created, H is in my
judgment liable to insuperable objections. I am, there
fore, distinctly of opinion, Mr. president hat he <?
vernment should receive m payment of its dues, ihe
notes of specie paying banks.
The rejection in the receipt of die revenue of the
notes of 'specie paying banks, .. the great re vol', ton
proposed by the present messure ; this is intended ss the
vital stab to the banks ; it is to be .standing disc red
to those institutions, and the excuse for the Government
to issue paper of its own to anpcrcede ? iheiie. he
Sub-treaaury system is less decisive snd
The currency established by law since 1816, waa that
of the bills of specie paying ba.iks-b.it 'heS^eh.nks
have been used as depositories . much
until recently the U. Stales Bank had cust<KlyofU-l
public funds?sfler that the Ststc banks snd the States
Che deposite act-and at present, they ore in the
hands of Government sgents. 1 he policy proposed by
the hill under discussion, is that whenth?r?*^,u<
received in specie, or in such psper, as by Ihw msv be
directed, (viz. Government paper,) it shall be retained
in the custody of Government agents throughout the
C?r,7th,s new mode offHsforfy by individuals instead
of by banks, and ss a corollary from i?, the r?e
mcnts by individuals, which constitute what is "lied the
Sub-lrentury .chrme Hitherto it ha. been the po icy
of the Government, to keep as disl.net as
business of collecting, keeping, and dl#^n?
he money, for the obvious purpose of'multiplying res
portabilities and imposing check. 1 his sure and long
established policy of separating these functions is now
proposed to be abandoned-end they are aH to tm
blended in the hands of near ten tbon..nd d.ffe?nUnd.
v,duals in v.rious part, of the l nited St. ea. And why
i, this fundamental change proposed' \\ hal? TO
in determining on the proper cuatody of P
n"y is, that it be kept cheaply and ?
Government interest alone is to be
which supposition the whole policy " ^ tbll
safety and cheapness sre pmvArd ^,'^Vo strongly
the (government need do. if 4 . doIicv
urged in favor of otheij?f'.'.self snd let the
that the Government must use can
..kc r.? .r t.
vioii*. th*t -tirn V"'ir effect, mion "ho
rr'-?" ?
bunk*. "I'"" , 0f your pt,fpn,f" *?""
other messure which is HKeiy ?? p ,
Your firs. to the
STTZTZ doing SO Your second p^don
pSeeds on the ShfLS* S
?nuslregulst'? Tre? |r. ? b~d monev is,
ST?:,"VstXlhc^oversmL-We/y ? Tourob
It ,hen keep your bsrd money when you get .? wbe?
It will be safe?but this you will not do Y ou w. ^
one psrt of your policy on the ground o ** orth(|
(iovernment, and the olber on the groun
'Thlve assumed, Mr President, that the custody of

xml | txt