The Madisonian. [volume], December 25, 1837, Image 2

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MINUTES AND PROCEEDINGS
or TRB
BANK CONVENTION,
HtU in the Cily of New York, Nov V, 1837. ?
(CONCLUDED.)
SmuDAT, Dec. 2, 1837.
The Convention met according: to'adjournment.
' The President presented the credentials of John
Hemphill, of Delaware, who appeared and took his
?eat.
The Convention resumed the consideration of the
question to strike oat the resolutions reported by the
, committee, which was decided in the affirmative.
Ares?Vermont, New Hampshire, Massachusetts,
Rhode !*laod, Connectient, ?Tew Jersey, Pennsylva
nia, M iryland, S.mth Carolina, Delaware?10.
Nays?New York, District of Columbia, Virginia,
North Carolina, Georgia, Ohio, Kentucky, Indiana,
When the State ol Maine was callcd, the chair
man of that delegation lose, and Mated they were
equ.iliy divided, and that consequently the vote could
not be given.
The question recurring on subuituting the resolu
tions offered by Mr. Marett, of Massachusetts.
Mr. Ma red moved that the question be taken on
each resolution separately.
Mr. A- B. Johnson, of New York, moved to amend
the first resolution by adding thereto the following
words: and that the banks or the feveral 8tates will
resume specie payments on or before the first day of
March next."
Mr. Howard, of Maryland, moved the previous
Iuestion, bnt bifore the qnestion was taken, with
rew it at the request of Mr. Marett, of Massachu
setts.
The question then recurring upon the amendment
offered by Mr. Johnson, of New York, it was de
cided in the negative. Ayes?New York, North
Carolina, Ohio?3. Nays?Maine, Vermont, New
Hampshire, Massachusetts, Rhode Island, Connec
ticut. New Jersev, Pennsylvania, Maryland, District
of Columbia, Virginia, South Carolina, Georgia,
Kentucky, Indiana, Delaware?16.
The first resolution was- then unanimously adopt
ed.
Mr. Gallatin, of New York, moved to amend the
second resolution, by striking out the words " the
second Wednesday of April naxt," and inserting in
lieu thereof the words '? the first Wednesday of
March next."
Mr. Bro?kenbrougb moved to amend the amend
ment, by snb-tituting " the 23ih of February," for the
words " first Wednesday of March."
Mr. Eyre, of Pennsylvania, moved a division of
the q'jji.ion, so as to take the ques:ion on striking
out firs!.
The question to strike out was decided in the ne
gative. Ayes?Rhode Island, Connee.icut, New
York, New Jersey, District of Columbia, Virginia,
North Carolina, Georgia?8.
Nays?Miine, Vermont, New Hampshire, Mas
sachusetts, Pennsylvania, Maryland, Ohio, Ken
tucky, Indiana, Delaware?10.
Mr. Marett, of Massachusetts, then modified the
second resolution, so as to form the two following
resolutions, to be numbered 2d and 3d.
2nd. Resolved, That in the opinion of this Con
vention, the present circumstances of the country
are not such as to make it expedient or prudent now
to fli a day for the resumption of specie payments.
3d. Resolved, That when the Convention termi
nates its pre* nt session, it shall be adjourned to
meet in the city of New York, on the second Wed
nesday of April next, lor the purposes of then con
sidering, ana if practicable determining, upon the
day when specie payments may be resumed,
The second resolution, as modified, was then
adopted. Aves?Vermont, New Hampshire, Mas
sachusetts, Rhode Island, Connecticut, New Jersey,
Pennsylvania, Maryland, South Carolina, Indiana,
Del i ware?11.
Nays?New York, District of Columbia, Virginia,
^orth Carolina, Georgia, Ohio, Kentucky?7.
The third resolution was unanimously adopted.
Mr. J- Trumbull, of Connecticut, moved to amend
the fourth resolution, by inserting, alter the word
" period,' the words " not exeedir.g sixty days."?
Decided in the negative.
Ayes?Maine, Niw Hampshire, Connecticut,
New ^ ork, District of Columbia, Virginia, North
Carolia, Georgia, Ohio?9.
Nays?Vermont, Massachusetts, Rhode l>land,
New Jersey, Pennsylvania, Maryland, South Caro
lina, Kentucky, Indiana, Delaware?10.
The fourth and fifih resolutions were then unani
mously adopted.
The resolutions, as modified and adopted, are as
follows;
1st. Resolved, Thit the Convention mumum a
deep anxiety and a firm determination to accomplish
the resumption of specie payments at the earliest
period when it may d ? permanently practicable.
2d. Resolved, That in the opinion of this Conven
tion the present circumstances of the country are not
such as to make it expedient or prudent now to fix a
day for the resumption of specie payments.
3d. Resolved, That when the Convention termi
nates its present session, it shall be adjourned to
meet in the city of New York, on the second Wed
nesday of April next, for the purpose of consideiing,
and, if practicable, determining upon the day when
specie payments may be resumed.
4th. Resolved, That this Convention strongly re
commends to all the Banks in the United States
to continue, by proper measures, to prepare them
selves for a return to specie payments within the
shortest practicable period after tlie next meeting of
the Convention.
6th. Resolved, That the Banks in those Statrs not
now represented be earnestly requested to srnd dele
gate* to an adjourned meeting of this Convention, and
that the several deleg-ites from all the States be desired
to procure all such information in regard to the condition
of tiiu Banks in their respective Sutes may bo attain
able.
On motion of Mr. Williams, of Massachusetts, it was
unanimously resolved, That the President and Secreta
ries of this Convention be requested lo carry into.effect
the 5th resolution.
, On motion of Mr. Gallatin, of Now York, seconded
by Mr. Brockeubrough, of Virginia, it was unanimously
resolved. That iho minutes of iho proceedings of (hfs
Convention be published.
On motion of Mr. Van Ness, ofD. C., the committee
to report upon the proper measures, <Vc. were discharg
ed from the fjrllter consideration of the subject.
On motion of Mr Gallatin,of New York, it was una
nimously resolved. That (lie thanks of this Convention
be presented to tho Board of Aldermen of the city of
New York for the use of their Hall.
On motion of Mr. Gallatin, of New York, it was una
nimously resolved, That the thanks of thia Convention
be presented to the Hon. Samuel Hubbard, for the able
and impartial manner in which he has discharged the
duties of President of this Convention,
On motion ol Mr. Williams of Massachusetts, it was
unanimously resolved. That the thanks of this Conven
tion be presented to Win D Lewis and H M. Brent,
Esqrs. for their servicea in aiding the Convention as
Secretaries.
On motion of Mr. Van Ness,of the District of Colum
bia, it was
Resolved, That when this Convention adjourns, it
will adjourn to meet in the cily of New York on the 2d
Wednesday of April next et 11 o'clock, M.
The President then returned Ins thanks to the Con
vention for the lienor conferred upon him, and
On the motion ol Mr. Gallatin, the Convention ad
journed.
SAMl'EL IIL'BBARD, President.
m U Lrwk, ) c,
H M. But nt, | Secretaries.
Now York, Dec. 2, 1837.
LIST OF DW.K04TM.
From Maine?AsUer Ware, Joseph C Noyes j
Vermont?Geo. T. Hodges, John Spalding. Hamil
ton G,iv, Myron Clark, R G. Cole, John Peck, Knap
Seymour?7
New llampslure?Samuel Lord, Alfred* W Haven
?2.
Massachusetts?John A. Parker, E Williams
(Northampton,) Samuel Hubbard, James Read, E Wil
ham*, (Boston,) Philip Mnratt, Jno. Kcttell, John J.
l iske, Henry Uphaiu, Joa.yh Grinnell, William Hsde
Ezekiel R Colt, George Bins, Joseph Congdon, James
D Conxion?15
Rhode Island?H. P Franklin, Moses B. Ives,
Charles M. Thurston, Borden Wood, James F. Sim
mons?5.
Connecticut?Thomas K Brac?, George Beach, Jos.
Trumbull, David F. Robinson, Henry D^nson. Roderic
Terry, A II Pomrov, Joseph Pratt, Damtd Buck Ho,
ratio Alden, Elijah Hubbard, Samuel .Rusael, Joli'n a'
Rockwell, J. G. W. Trumbull, Win. Williams, Jr c
Billings, Samuel J Hitchcock?17.
N>w York?Albert Gallatin, Geo. Newbold, C. W.
Lawrence, Cornelius Meyer, J J. Pslmer, Preserved
Fish, G. A. Worth, Tbos B Cooke. Isaac Lyman. Jaa
Ta\lor, James Grant, A B llashrook, James S Smith
A D. Pjtchen, Orrin Day, Geo H MeWhorler. A o'
White, Egbert Olcott, Chiis S Olcott, Cbas S Doug- I
lass. Era tins Corning. Levi Beardslev. 1? V ells, John
Wilkinson. A B Johnson. James Reid. Richard F.
Hart, H. Baldwin, N T Williams, W. Maxwell, W
M. Conker, R H. Potter, G. B. Throop, B B I.an
sing, A G Story, Richard M^Hrtv, Win. I) Welles,j&
Nathan Munro. Samuel N. 1 lenry Dwiglil, An-*_
?ell St. John. Walter Cnnphtglum, Willif* M. Oliver,,
Henry A. Foster. Jol(pi BvJarvi*--44. _
New Jersey?Elias Van ArsJale. Samuel Hays, Phi
Isnon Dickinson, F, K Small, Silas Condit, Aaron
Beach, Samuel I,. Southard, Loop Biker, Ralph Pom
roy, Cor. O. Van Riper, Beiij. Fish, J unea S Scho
? field, William Adgar, Adam I.ee, Euli. Bolles, Stephen
D Day, Edward Condicl?14.
Pctfnaytrania?Manuel Evre. Win. Meredith, John
White, O. S. Boker, I/6?i? Wain, Win. D. Uwii. Na
than Bunker, Henry Walter*, Win, Darlington, David
To*n?eiid?10.
Delaware?John Hemphill?I,'
Maryland?H. W. Kvmu, James Swan. Jarnea Chea
ton. James Howard, 8. Jonee, Jr., Gen. Weill?fl.
Diatrict of Columbia?J. P. Van Neaa, O. C. Grsin
| nier?2.
Virginia?John Brockeubroiigh, Hugh Mercer, James
I Rawliuga, Win. Radford, II M. Brunt, Rich'd H.Hen
i deraon, Chiawell Baliner?7.
North Carolina?William Boy Ian, John D. Jonea?
3.
South Carolina?James Roae, Edm. LafLn?2.
Georgia?John P. King?I.
Ohio?James S Armstrong? 1.
Kentucky?Benj. Gratz, Thos. C." Rcckhifl, Win.
H. Pop??3.
Indiana?Isaac Con?
BANK STATISTICS.
Ttnnettt*.?The private hank of Messrs. Ycatinan,
Woods & Co , of Nashville, haa been incorporated by
the Legislature of Tennessee. Capital $1,000,000.
Crl he bill conferring banking privileges u|>on the
Charleston and Cineiiinati Rail Itoud Company, haa
piaaed both branches of the Tennessee legislature,
and will, doubtless, receive the signature of the Gover
nor .
Kentucky ?Gov Clark'a message to the Legislature
of Kentucky is principally devoted to the domestic al
falfa of that Slate, though the currency question is ela
borately, and, we may add, ably discussed. His news
on the usefulness and necessity of State Banks are
sound, and the impracticability of a metallic currency
sod the evils which are attendant on every attempt to
introduce it, very clearly set forth. The suspension of
specie payment* having placed the bank* of the Slate
under Legihlativ.- control, tho Governor rccouuneiida
that such laws be enacted as will continue in cistence
the State Bankj of Kenturky, the Louisville Bank of
Kentucky, and at the aame time effectually guard
against their doing wrong.
From a statement appended to tho annual Treasury
Report, we learn that the whole number of Banks in tho
United States, (country branches as well as principal
Banks,) waa on the 1st of January, 1836, seven hundred
sud thirteen ; and on or near the 1st July, 1837, seven
I hundred and ninety-four ; the whole aggregate "capital
paiil in" at the latter period being stated ut three hun
dred millions, with a fraction of about $200,000.
Branch \tmI in North Carolina ?The North Caro
lina Branch Mint has commenced coining gold and sil
ver. Ilia expected that the branches at New Orleans
and Georgia, will soon commence operations. We
learn that the new branch mints wili be instructed to
make an ample coinage of the seversl pieces of gold snd
silver most proper for common circulation, viz. quarter
ca?l * in gold, and twenty-five cent, ten cent, and five
cent pieces in silver.
CAPITAL AND PROFITS OF THE BANK
OF ENGLAND.
The capital actually paid tip bv the proprietor* of
! of tnnk stock, was 11.G59.00W. "The last payment
j was made in the vear 1782.
In the years 1799, 1801,1802, 1801, 1805, and 1806,
the proprietors received (exclusive of the dividends)
bonuses which altogether amounted to 3*2J per cent,
upon the capital. This was equivalent to a return
ol the capital to that extent. The bank capital stood
now as follows:
Capital paid up by the proprietor*, ' 11,643,000/.
D.-duct 321 percent, returned in bonuses, 3,783,780
Nett capital paid up by proprietors, 7,858,220/.
At this time 100/. bank stock represented 67/. 10s.
paid up capital, and the remainder 32/. 12s, was sur
plus profit.
In the year 1816, the capital of 11,642,400/. was
increased 25 per cent, out of the surplus profits, and
the same'rate of dividend continued upon the in
creased capital of ?14,553,000.
Hence, lroin 1816 to this time, the
Capital of the bank has been 14.553,000/.
Capital paid by the proprietors 7,858,220
Remainder made up out of surplus profi's 6,604,780/.
Hence, 125/. bink stock represents 67/. 10j. capi
tal paid up by the proprietors; and 57/. 10j. made
up of surplus profits. And 100/. bank stock repre
sent 64/, paid-up capital, and 46/. surplus profits.
In 17P9 the dividends were at the rate of 7 per
cent, upon a paid-up capital of 11,612,400/. Here
the shareholders received7 percent, upon the money
they had advanced.
In 1837 the dividend was raised to 10 percent, up
on a capital of 11,612,403/., of which the paid-up
capital was 7,858,200/. This was alter the rate of
nearly 15 per cent, upon the money advanced by the
proprietors.
From 181G to 1832, bath inclusive, the dividend
was continued at 10 per cent, upon the increased
capital of 14,553,000/., of which onlv 7.858,900/. had
b*en advanced by the proprietors. This gave a di
vidend upon the money advanced at the rate if 18J
per cent, per annum. In 1823, the dividend was re
duced to 8 per cent upon the capital of 14,553,000/.
This was after the rate of nearly 15 per cent, upon
the capital advanced by tbe proprietors.
Besides the capital of 14,553,000/. ihe bank has
surplus profits, which they call the rest, amountin"
to 2,878,310/. Hc-nee. the capital and profits of the
bank stand as follows:
Capital upon which dividends are paid 14,553,000/.
Rest or surplus profits, March, 1837 2,878.316
? , . , 17,431,316
Capital paid up by the shareholders 7,858,220
Total surplus profits 9,573,09(i/.
Thus, it will bs perceived, that the bank is receiv
ing nearly 15 per cent, upon their paid-up capital,
and has, in former years, received above 18 per cent.
And, notwithstanding this high rate of dividend,
thev have accumulated from paid-up capitals of
7,853,200/. surplus profits to the amount of 9,573,
oihi/.?Joint Stock Banker's Journal.
NEW JERSEY BANKS.
K7 The statements of the following Banks will be
published on Monday, viz : Middletown Point, Salein
B , Newark Bulking sud Ins. Co., Sussex Bank, Belle
ville Bank, Bridgetown Bank, Mechanics Bsnk of
Newark, Burlington county Bank, and Orange Bank.
Tbe Slate Gazette, furnishes us with the following ta
ble, showing the amount of Specie, and the amount of
the circulation and deposits of the Banks named.
SPECIE. DEP. & cm.
Merch and Man. B. (Trsnton) fel C.038 35 5$(i9.687 71
State B. (Maine) , - , - 5.043 00 55.74B 28
Princetown B. - - 13.888 44 77,169 94
Belvidere B. - - 20,125 99 71,380 60
Patereon B. - 4,234 90 21,164 74
Farmers B (Mount Holly) 18,975 00 118,326 00
Morris Co B. - - 4.107 01 41,462 60
Stute B (N. Brunswick) 22,669 23 117,098 48
I Orange B. (Essex) - 2,898 28 24.389 78
Sussex B. 14,535 28 75,833 37
Middletown Point B. - 7,463 84 19,964 06
Salem B. - - - 11.041 74 90,603 36
Cumberland B - - 20,103 00 100.869 00
Newark B. sud Insur. Co. 28,977 08 113,790 24
Belleville B. - ? ? 5,310 38 45,311 96
Mechanics B. (Newark) - 20.967 19 24,897 35
8216,978 71 1,137,711 53
A Tocchino Incident.?A few Sabbaths ago as the
hells wure ringing, for the afternoon service, in New
York, a singular procession was seen passing ono of Ihe
: squares. A female, with the coffin of s child apparent
, ly 3 or 4 years old on her head, with a little girl carrr
! ing a wooden cross painted white with black spots by
I her side, led tiio processing. Six men followed, next
five children, and last fifteen or twenty women drcssod
with large white caps, without lionncts. With a very
rapid step, thus let), a while cloth being thrown across
the cotfin, this singular procession moved to the burial
of their desd in a strange land. They were Germans.?
I',ii I land Trnnteript
United States Bkanch Mint, )
Charlotte, 8ih Dec., 1837. (
Ria :?By the circular under, you will perceive that
this branch of the mint is in successful operation.
We received this week about j$20,000 m gold bullion,
and much more is oxpected. The msulsted situation of
this place, and ihe necessity of procuring every article
almost from Philadelphia, together with the difficulties
and delays of transportation, have much retarded my
progress ; but I congratulate myself that I was enabled
I
to coinmeqpi eot?npo??#ouely with U?? imw of
LOY:7^1 prnccvr ibc gro^.ciijjr *?? tho cojwwr
cial inMcvst of thia frcuoii >? a*?dt>d, m ,0?
wilhuiv the aid of art* iwA. by the MdfcMfttutfi U
nMMM of the circular. For their bullion here they
receive, if ihey prefer, a bullion ctrliticaia for its valu*,
payable in gold in Phll.delplvia ; thu* the rale of M
c!?anKe ia a?v*d, ami tho premium o?i their gold I* *?
cur?J 16 them.
1 have the honor to bq, very reapoclfully, your obe
dient ?orviut, __
JNO. H. WHEELER.
Dbancu Mixt or th? Usitsd 8t*tm,
Charlotte, N. C., Dec. 4, 1837.
The undersigned haa the satisfaction to announce
that the erection of the machinery, fiiturca, Ac. of the
mint haa ao far progressed, that he i* prepared to receive
GOLD BULLION, and laaue certificatea for the Mine,
which certificate will be redeemed with gold coin at
tbia mint, at Ihe mint in Plnludelphia, aa the depositor
may profor, or the value of the dcjioaite will be paid
here the moment that the quality of the bullion it ascer
tained by assay.
The act of Congreaa authoruea the refuaal of all de
posit** of leaa value than one hundred dollars.
1 JOHN H. WHEELER,
Superintendent.
INDIANA BANK"
The following Slttemtnt shows Ike Comparatire Con
dition of Ike Bank on ike 13Ik May, 1837, (lie clou
of Ike ipeek previous to Ike suspension of specie pay
ment by Ike tank,) and 31rf October, 1837.
Amount Note.* discounted on
the 13th May, $3,033,386
Bills of Exchange, 1,175,559 4,208,945
Amount Notes discounted
31st Oct., 1837, 2,976,879
Bills of Exchange, 390,388 3,367,flC7
Being n reduction of dis
counted Notes and Bills
from I3tb May to 31st
October, 1837, of - - 841,678
Amount of Bank Notes In
circulation on the
13th May, 1837, - 2,514,780
31st Oct. 1837, - 3,205,810
Decreaseof circulation from
13th May to 31st Octo
ber, 1837, - - 308,970
Amount of Specie in the
vaults on the 13tb, May,
1837 --- - 1,188.194 43
31st October, 1837, - 1,113,716 44
Decreaseof Specie from 13th
May, 1837, to 31st Oct.
1837, occasioned by pay
men tsto U. S. and issues
to citizens for change, 72,477 99
Amount due Treasurer of
the United States 13th
May, 1837, - - - 1,338,197 87
31st October, 1837, - 619,327 75
Being a reduction of debt
due the II. S. of - - 718,870 12
Amount due Individual De
positors 13th May, 1837, 443,139 14
21st October, 1837, - 328,157 27
Decrease of debt due Indi
vidual Depositors, - 114,991 87
Amount due to other banks
on the 13th May, 1837, 155,598 86
31st October, 1837, - 69,725 18
Decreaseof debt due Ui other
b.inks, ... 85,873 68
Amount of Dividends paid
the State, and her share
of the Surplus Fund, 283,975 49
Deduct Interest paid by the
Slate on its bonds for
its Capital Stock, and
due thereon on 1st Jan.
1838, .... 124,875 00
Nett profit to the State on her
stock, - 159,100 49
Amountof School Fund, be
ing profits to the Suite, 6,100 00
Total profit to the State from
Nov. 10, 183-1, to Oct.
31, 1837, - - - 165,500 49
Amount of aggregate profits
of the six months imme
diately preceding the
suspension, to 30lh
April, 1837, - - 182,982 48
Aggregate profits of the six
months following the
suspension, - 154,719 20
Decrease of profits the last
six months, - 28,563 28
RECAPITULATION.
Means of the bank after
meeting all responsibi
lities to the public, are 2,234,326 26
Nett profits afterpayment of
Capital Stock and all
other liabilties, arc - 387,201 76
Reduction of Discounts from
13ih May to 31st Octo
ber, 183t, - - 841,678 00
Reduction of circulation in
same period, - - 308,970
Reduction of debt due Trea
surer of the U. Slates, 718,870 12
Reduction of debt due Indi
vidual Depositors, - 114,991 87
Reduction of debt due to
other banks, - - 85,873 68
Decrease of liabilities since
suspension of specie
payment, ... $51,228,705 67
PLAIN, SOUND, GOOD SENSE.
The following extracts from the speech of
Senator Kino, of Georgia, tell.-* somo whole
some truths which it will do no man harm to
read.
"But we are told that tho Government
only demands the constitutional currency,
and therefore only assorts a right. This is
truo, sir; but is it the part of practical wisdom
to exert all the power we have, aud assert all
the rights we claim ? Every man has a right
to demand specie at all times for every sale
he makes, and for every debt due him. but
suppose every body wore to do it, whilst
paper is the common currency, what would
become of the country ?
" Suppose all tho merchants of a single
city were to suddenly demand specie for all
dues from their customers for the sales made
and to be made, they would only assert a right;
and yet what would ho the result ? The
effect would be such upon their debtors and
dealers, that they would probably mob the
merchants out of the citv. You propose that
the Government shall do that with the 1'eoplo
which people dare not do with each other.
Look at the conduct of the people towards
the banks ever since they have stopped pay
ment, and specie is at a large premium ; do
they assert their rights, though they have
every inducement to do so ? i will refer to
my own State as a strong argument to dissi
pate theoretical beauties by practical conse
quences. There the banks are by law com
pelled to pay 18 per cent., on a refusal to pay
specie. They are good, and every bill-hold
er could get his principal and 19 per cent, in
specie, if lie were to demand and insist on it.
No man of capital could make so good an in
vestment as to get a large sum in Augusta
bank hills, make a demand, and hold them
till the banks resume specie payments. Yet
nobody does this ; and why ? Because ihoy
are all friendly to banks ? Not at all, sir,
II is because they are frightened at a view of
the consequences, and yield their own to the
interests of the community. They know
that if specie is forced from the banks, the
banks will have to force it from the mer
chants, and the merchant from the planters
and the great consumers ; and, before the
matter wound up, its effects would bo equal
to the confiscation of one third of the pro
perty of the country. The laborious and
unltwinous elates constitute ?ke debtor claqK
w Inch are the most nuncruui, and much the
most needy. On this class the sacrifce
wuuld ulttiuaely fall. The benefits would
be confined to a few creditors, capitalists and
money lenders. And the measure you pro
viso (said Mr. K.) will operate precisely in
the manner 1 hare described, though perhaps
nut to the same extent. It will do to talk
ul>out and speak about here, and some people
muy think well of it, whilst they think it is
only goiug to put tbo merchants to a little
trouble ; but when they find, from experience
that the merchants are their factors, and the
operation falls upon them, they will be pre
pared fur a more practical view of the sub
ject."
SOUTH CAROLINA.
It is reported that a long and animated debate oc
curred on the resolutions brought forward in the
legislature of South Carolina approving Mr. Cal
houn's course.
Among the Anti-Speakers, Mr. Peligru distin
guished himself bath by his argument* and sar
casms.
When the resolutions were carried opto the Sen
ate, Gen. Hamilton submitted the following, by way
of substitute:
'?1. Resolred, That the Senate of South Carolina
regards with deep concern the condition of the cur
rency of the United States, as indicated by the sus
pension of specie payments by the banks; and the
want of confidence in the stability of the financial
system so essential to the prosperity and general in
dustry of the country.
?' i. Re tolled, That whilst the causes of the evils
under which thecountiyis suffering are to be re
ferred to a spirit of over-excited enterprise and spe
culation in our people, and to a consequent unuue
expansion in the business of the banks, ret much of
these calamities are to be traced to the unwite tam
pering and pernicious experiments conceived in a
blind ignorance of the ordinary principles of finance,
and prosecuted with a daring exercise of power, un
paralleled in the previous hJCtory of our country.
" 3. Resolved, That while the Senate views with
deep reprobation the confederacy of banks lately or
ganized bv the Government for holding in depo
site the public treasure cotnmonlv called the Pet
Bank System, as a scheme involving both insecurity
to the public funds and a corruption of the public
morals, yet they deem the conuuct of the Govern
ment towards these institutions as displaying a rare
example of public perfidy. After organizing these
banks, and stimulating and pampering them into
undue expansions and over-trading, the Government
itself was the first to turn round and denounce these
institutions seemingly to decree their bankruptcy
and ruin.
" 4. Resolred, That whilst the Senate of South
Carolina thus emphatically expresses its reprobation
of a system of banks, in political alliance with the
Government, yet they believe that by a different or
ganization, a small number of the Slate banks of
undoub:ed solvency, aud under judicious manage
ment, exempt from all dependence on the Govern
ment, might, and still may be most beneficially used,
bath for the safe-keeping of the public money, and
lor restoring the currency to a condition of stability
and soundness.
"5. Resolred, Tha' we regard the conservation of
the currency of the States as essentially connected
with the preservation of the rights of the" Stales; and
we are at a loss to conceive how a Sub-treasury
Scheme, as developed by the President of the U.S.
in his late Messages?which is to concentrate the
whole treasure of the country under his control
through the agency of officers appointed at bis will?
is in iiHrtnony with those principles to which South
Carolina has given her most solemn public sauction.
"6. Rr sol red, That whilst we consider the recom
mendation from any quarter of an exclusive metal
lic currency, as an iibsurdity not to be discussed, we
feel scarcely less astonishment that in a free country,
a representative democracy, a proposition should be
submitted that the Government should be paid in a
different and appreciated currency from that in
which the people pay and receive their own debls;
a discrimination, by which gold and silver w ill soon
cease to be a medium of circulation.
"7. Resolred, That we regard with absolute dismay
Jiie seemingly meditated hostility to the banks, both
by the Government and its supporters; a hostility, if
successful, which must end not alone in their ruin,
but in the general bankruptcy of the whole country.
"8. Resolved, That, after a most patient examina
tion of the whole subject, the Senate are unable to
perceive how the collection of the public duas in
gold and silver, and the amount thus collected is
placed in the custody of the Commissioners of the
Treasury, the trade and commerce of the South are
to be benefited, without, indeed, our commerce is to
bj nurtured and sustained by the whole of the specie
of the South being shipped to the points of disburse
ment at the North, there to remain in unrelenting
depot, without the possibility ola reflux.
" 9. Resolved, 1 hat we regard the Sub-treasury
system as a probable and pestilent ab >rtion, without
indeed the alliance of a series of Treasury banks,
which mast result as a matter of inevitable necessity !
from the veiy establishment of the Sub-treasury *
system itself?banks, in fact, for the issue of a conti
nental, irredeemable paper In specie, far more liable
to abuse, than the most profuse issues of the banks
of our country.
"10. Rcsolvtd, That whilst the Senate deems the
incorporation of a new bank of the U. States as emi
nently inexpedient, and which at this time might
dangerously augment the banking capital of the
country, yet it becomes us with a prudent deference,
if not to the authotity of others, at least to the pre
[ viottsly'expressed opinions of our legislature, not to
nffirm as an absolute and unqualified truth, that a
Bank of the United Stales is unconstitutional. In
1821, the converse of this affirmation was solemnly
decreed by South Carolina; and before such decla
j ration, she had the authority of the man whose
sword achieved our liberties, and of him the great
author of State Rights Resolutions of 1798?who re
formed our system in favor of the constitutionality of
such bink, since which the-most distinguished of
the servants of South Carolina, the great champion
of S:ate Rights in 1H30, was the father of the Bank
of the United States in I81ti, and in 1834 was willing
to sanction its charier for a pe.iod of 12 years.
" II. Resolved, That as none of the proposed re
medies for the distemperature of the currency, rcach
| the root of the evil in our system, which is to be
traced to the unrestricted power of the States by in
corporating banks to issue an unlimited amount of
paper money, that our Senators and Representatives
in Congress be requested to use their best endeavors
either to procure an amendment to the Constitution,
or advocate the call of a convention of the States for
the purpose of tailing into consideration the dan
gerous conflict of the money power of the General
Government and of the States, that an amendment
of the Constitution may be obtained which shall set
tle forever, either affirmatively or negatively, the
power of the Federal Government to incorporate a
bank or procure some self-denying, restriction from
the States on their present unlimited authority to
incorporate binks which shall lead to a salutary
change in the whole currency of the country."
From the Intelligeneer.
We are requested by "A Soldier's Widow," to
copy the following from a New York journal, and
we comply with the request with great pleasure:
Mr. Editor: Will you allow me a small space in
your paper which should interest every friend to his
country: I mean pensions. By the 'law of the 4th
o| July, 1H3G, the widows or orphans of those who
died from wounds received in the military service
of the United States receive the half pay of their
husband's or fathers : while the widow or children
of those who have died from exposure or any other
cause except wounds, are excluded. Certainly those
who have died from exposing themselves, when
their duty required it, are as much entitled to spon
sion as those who were wounded in battle. Both
were serving their country: why, then should the
widow or child of the one be provided for, while the
other may ba pining in want ? I h<?nc Congress
will not let the session pass w ithout rend ring justice
to the defenders of our liberties.
FRANKLIN.
I nr. rente of Catholics.?The first Catholic Bishop
in the United States was John Carroll, D. D.( of Bal
timore. who was consecrated in 17W. Since that
period, within less than 50years, they have increased
with astonishing rapidity, and almost exclusively by
emigration from Europe. They already have 12
dioceses, 1 Archbi?hop, 13 Bishops, 300 churches,
143 stations, 3H!> clergymen, 13 ecclesiastical semi
naries, 23 female religious institutions or nunneries,
37 female academies, 37 charitable institutions, and
7 periodicals devoted to the promulgation of their
nceoliar doctrines. In their Almanac, under the
head of colleges, they put down the " Mount St.
James Seminary, at Worcester, Mass.," an institu
tion that we* have never before heard at.?Boston,
Traveller.
The President's Message was received at St.
Louis in 5 days and 3 hours, from Washington.
To Ike heuUn the htklUgencer
* ? Js WiMNuitoN Dec. 21, 1837.
GeNTLMliN : lam not surprised that, owing to (be
htciUMiical uudtf which Lapuke yesterday, your re
purler should as he expresses it, "catch my lan
guage with difficulty," and, on almost any other sub
ject, I should have suffered, what I was reporied as
having uttered io debate, to pass without rectifying
it. But the matter of slavery is a thing by itself, and
I do not choose to be misunderstood, in regard to it. I
beg therefore, (without acknowledging any thing
not herein denied) to remark that?
1 "implored" the gentleman from Vermont, and
did not supplicate," for the sake of his own constit
uents, more than of mine?fori he sake of the whole
country?to pause before he took such a step as mov
ing the instructions ; adding, that my constituents
authorized mc to hold no such language, but that I
spoke as an American citizcu. 1 then proceeded to
say, that the spitit bespoke of would most assuredly
encounter another elsewhere, to the full as stubborn
and invincible, Ac.
1 said, and say again, that thediscussion isfraucht
wilhthe moot tremendous coiiveouence to the whole
country; that it involves the hopes and destinies of
a continent?a world?(not 'the entire world.")
I said that neither in the New Testament nor in
the history of the church and of the Christian world,
forat least 1,?00 year* after Christ, was0M ieord to
be found which could be fairly construed into prohi
bition, nay, nor eveu a disapprobation of the rela
tion between master and slave ? (though all, or very
nearly all, the servant* then in the world were slates;)
still less, which justified a Christian man in disturb
ing the peace and endangering the order of society
with a view to abolish it; that the allegation of
any such authority revealed an ignorance of the
teachings of the Gospel, equalled only by the absence
of its spirit which accompanied it; and that I would
undertake, if I had leisure for such discussion, to
show, in a proper place, that both in the writings of
heathen antiquity and in the monuments of the
Christian religion, beginning with the Gospels,
while nothing can be found against slavery much may
be found io justify or require a community of goods ;
muchag.iinst prop'rty; still more against tear, which
nevertheless, no Christian man regarded as a crime,
&c. But that I was not sent here to discuss such
things, and would not discuss tbem, &r.
I have the hunor to be, very respectfully, vour obe
dient servant, H. S. LEGARE.
John C. Calhoun.?There seems to be s grest dis
position by s portion of the Democratic press to toap
this arch nulltjur. We have ss ss s party, spent much
ink and paper, ridiculing the Whigs for making grest
men of renegades; and sre now making ourselves ri
diculous in the same way, the first opportunity that is
prcseuled to us. There ate considerations of conttt
lency above ill petty policy and there are times and oc
casions for calling thein into exercise. During the pre
sent one we remark that we think this same Calhoun ss
grest a patriot, itatesmnn, orator, republican snd we
may sdd knare ss we did when he wss openly plotting
the dissolution of the Union.?Broome co. Courier.
Emioratinu Indians.?The tribes o!' Indians yet
remaining within the territories of the Slates, are
one by one yielding up their ancient home.*, and es
tiibllsning themselves in their new ones in the "Far
West." Wc learn from the St. Louis Bulletin of
the l*2th instant, thai the steamboat Itasca had gone
up to Fort Gibson with 800 Creeks on board, all in
good health and spirits, who had been collected in
the old Chickasaw country, and were under charge
of Captain Morris, U. S. A On the 22d ult., the
/> KaZftpassed up with 500 Chickasaws on board ;
on the 2/lh, the henluckian with H00 more of the
same tribe, under charge of Mr. Vanderslice, and
on Tuesday morning the 28th, the John Nelson, with
another large party, also went up. This unhappy
race appear, ai length, to be making up their mintis
that their fate is inevitable.
The Bulletin adds?" The State of Arkansas is
at present a perfect thoroughfare;?many of the sav
ages are on the march, and soon the fierce Seminole
and the powerful Cherokee will be added to the
stormy elements, concentrated on our Western fron
tier. The recommendation of the President is not a
useless one, to erect fortresses, and station an in
creased military force in that quarter."
From the New York American.
REVOLT IN CANADA.
In the wsy of newt wc hsve nothing further to dsy.
Some additional details, however, may not be unaccept
able to our readers.
Dr. W. Nelson had reached Montreal s prisoner.
He was arrested in the woods, making his wsy to the
lines, and had slept out six nights, with nothing but an
ordinary capote to protect him.
The wife of M. Papineau is not dead, aa had been
reported, but convalescent from a long malady. Her
house had been sesrehed, and many letters and papers
found relating to the revolt, some of which are publish
ed in the Montreal papers. Papineuu't plan would
seem however to have been symply one of non-iinpor
tation and non-consumption.
Proclamation, by his ErccUrnry, Sir Francis Bond
Head, Bart., hi. Governor of Upper Canada, <fc. <f-c.
To tho Queen's faithful subjects in Upper Canada.
In a time of profound peace, while every one was qui
etly following his occupation*, feeling secure under the
protection of our laws, a band of Rebels, instigated by
a few malignant and disloyal men, ha? had the wicked
ness snd sudacity to assemble with arms, and to attack
and murder the Queen's Subjects on the highway?to
burn and destroy their property?to rob tne public
mails?and .to threaten to plunder the banks?and to
fire the City of Toronto.
Brave and loyal people of Upper Canada?we have
been long suffering from the acts snd endesvors of con
cealcd traitors, but thi? is the first time thst rebellion
has dared to show itself openly in the land, in the ab
sence of invasion_by ?ny foreign enemy.
I*et every man do his duty r.ow, and it will be the
last time that we or our children shall see our lives or
properties endangered, or the authority of our gracious
Qccn insulted by such treacherous and ungrateful men.
MILITIAMEN OF UPPER CANADA?no country
has ever shown a finer example of loyalty and spirit than
YOU have given upon this sudden call of duty. Young
snd old of all ranks, sro flocking to the standard of their
country What has taken place will enable our Queen
to know her friends from her enemies?a public enemy
is never so dangerous as a concesled traitor?and now
my friends, let us complete well what is begun?let us
not return to our rest till treason and traitors are reveal
ed to the light of day, and rendered harmless throughout
the land.
Be vigilant, patient and active?leave punishment to |
the Laws?our first object is, to arrest and secure all
those who have been guilty of rebellion, murder and
rubbery. And to aid us in this, a reward is hereby of
fered of one thousand pounds to any one who will ap
prehend and deliver up to justice, William Lyon Mac
kenzie ; and fire hundred pounds to sny one who will
apprehend, and deliver up to justice, David Gibson, or
Samuel I?unt, or Jesse Lloyd, or Silas Fletcher?snd
the same'reward and a free pardon will be given to any
of their accomplices who will render this public ser
vice, excrpt he or they shall have committed, in his
own person, the crime of murder or arson.
And sll, but the leaders abovo named, who have
been reduced to join in this unnstursl rebellion, are
hereby cslled to return to their duty to their Sovereign?
to obey the lsws?and to live henceforward ss good
and faithful subjects?and they will find the Govern
ment of their Queen as indulgent as it is just.
God tape the Queen.
Our own citizens of Buffalo seem to be returning
to their sense*, after playing sufficiently fantastic tricks.
We gather from the Advertiser there, the following,
among many other items of news:
A widow lady on Swan street, brushed up her hus
band's musket, snd equipments, and sent them with her
compliments to Mr. McKcuzie.
A handbill signed by a gentleman, Ex-Msyor of tho
city, as Chairman of the Executive Committee, to con
sult with McKenzie and others, in relation to supplica,
stating where such would be received, was issued
Patriot volunteers were enrolled throughout the day,
to a considerable number An intimation that the
Mayor and civil authorities would interfere, was laugh
ed to scorn.
An hour before the time they assembled, s Standard
was presented to Mr Dean, who, in a handsome speech, i
explained it to the volunteers. It is a tri-colored flag,
with twostsrs. After listening to sddresses by a cou- 1
pie of patriotic gentlemen, they inarched out of the city, I
wc believe to Black Hock.
It was confidently stated last evening, that the com
mand of the expedition had been offered to Mr. Vsn
Rensselaer, proprietor of the Albany Advertiser, and by i
him accepted.
Ordnance from varions quarters, were contracted
for, and not only liere, but other points along the fron
tier, it wss ststed thst volunteer* were resdy to join the
Pstriot Standsrd. Liberal offers were tnsde of land
and money, to such as should cngsge in the contest.
The Msyor of Duffslo, ssys, there is no officer in
Buffslo who has power to grsnt ps>?port* for business
men to go into Csnsda, aa requested.
Fiom tie Buffalo Commercial Advertiser of Frulay.
'Canadian Vnt.CNT?K?s?Expedition to Dlack j
Rock and Toxawanoa?We left the Patriot volun- I
?pert in front of the Theatre on Wednesday turning
After luienmg to the patriotic speeches on that occa
sion they marched to Black Hock. On that kiiijjht, the
Court House ?aa broken open, and the 140 atand of
arma atolen. On their arrival at Black Rock, |>art of
them bivouckwl, part tried U? billet themseUes on the
inhabitant*, but were generally uuauecessful Sentinels
were floated in the streets, who performed theii duly
moat admirably, so that when the sober citizen* of that
place got up in the morning, and were going to their
business, they were stooped by grim looking soldiers,
and were obliged to wake up CoT Sutherland, and get
the countersign, tiefore they could open their atoreaand
work shops Theae aentmela were poated between the
stores of Thompson and Dodge, and Mr. Haggart.
In the morning, after it waa known that ihe muskets
were atolen, the aheriff and aaaitanta went after them.
When ihey approached, Mr. McKeuzie got upou a bar
rel and made a speech to the volunteer* , but upon tho
aubject being properly preaented by the tiieiiH, the arma
were given up.
The people of Black Rock getting tired of martial
law, the regiment, somewhat reaemblmg the celebrated
one of Falatatf, niarchcd to Tonawaiuia.
During tlte day aome hostile deinonalrationa were
made between the patriot volunteera on thia aide, and
the Queen's loyal subjects who were guarding the fron
tier on the other. Col Sutherland took the twin-starred,
tri-colored flag, went down to the water'a edge, and
waved it. Those on the other aide immediately run up
the Britiah flag, and each party huzzaed. Such di*pl*va
of patriotism and loyalty are not frequent in the l'Jili
century.
Last night it waa underatood that an effort would he
made by the volunteera, to take back the arms which
had been delivered to the Sheriff. The watch hou*e
waa atrougly guarded, arid at midnight a party waa teen
approaching. The alarm bell waa rung, and the firemen
called out. One of the volunteers, more patriotic or
more drunk than the real, anappr.'d hia musket at a fire
man, but fortunately it tlaahed in the pan. ile and
several others were taken into cuatody, and are to be
tried to-day.
Thia parading of a'aet of ragamuffin volunteera should
have an end put to it at once. The ezhibition is dis
graceful, and to allow theae fellows to be swsggering
through the atreeu, day and night, with arms m their
handa, ia annoying to every quiet citizen, and may re
sult in further Outrage. If they want to go to Canada,
let (hent go by all means, but we hoped to be s|?red
from any infliction of their valoroua projienaities on mis
side.
It ia rumored that the Patriot Volunteers have taken
nosaeaaion of Navy Island*?that 300 of the Hoys!
V olunteers from the other side immediately joined their
alandard?and thai Dr. Kolph, upon hearing that a re
Wind of five hundred pounda had been offered for his
apprehension, haa enlisted warmly in the cause, and
night before last gave an address at Lockport.
We are indebted to a friend for the following intelli
gence from Canada :
Toronto, Dcc. 6, 1837.
We arc much aurprised at not receiving any letters
from you since you left Rochester.
I am glad you are not here to witness our situation;
for some daya there waa rumor* of assembling of dis
affected meetings. Some constables were sent to arrest
aome peraona, who, after a brief examination were dis
chaiged. Whether that tended to facilitate their meet
ings 1 cannot tell, but a feeling went abroad, that rebels
now called, were to coine into thia town and carry off
the anna and burn the city. On Thursday riighi, the
bells rung the alarm, from which lime, we are com
pletely a beaiegad town ; all the ahops ahut and cannon
planted opposite our door, and all the bauka are closed
and strongly guarded.
There arc above 1,000 men under arms, and more
daily arriving. We have 25 in our middle front rooin,
and ih the rooms over it. Their dinner is cooking in
the kitchen. You may judge the rest.
The Insurgents are asaeinbled about four miles from
town. Their number* are variously stated : from 300
to 1,000 ; if they do not inua'er abova 10,000, they can
not attempt any thing. The IJeut. Governor could not
attempt to aend a sufficient force to break them up.
It ia believed McKenzie ia with them. They have
three or four priaoners from ihe town, who went out to
reconnoitre. Mr. Donnel, of the Warf, ia one. The
Governor haa arreatcd Dr. Morriaon; a few days will
tell a great deal.
The accounts from Montreal are vague, no relianco
can be placed on them. The mail coming West, was
taken thia evening, about five milea froin town.
December 7ih.
The Governor, and about 1,000 armed men, went
out to arrest the insurgent*, hut they fled, I *up|>ose
not to assemble any more. Several ahota passed, the
effect not known, after wffich the troops, by order*,
burned down Montgomery's e*ten?ive tavern establish
ment. During the absence of the military, a party
came to the Don Bridge, and burned the new house
erected by the late Mr. Waahburu, and was proceeding
home, when aoine citizena hurried to arms, ahot, and
took some priaonera, the rest msde off; you may judge
the rest. Business is at a total atand, except the ba
kers. Tho Governor has offered 1000/. for McKenzie,
and 500/. for each of five othcra. All the prisoners
with the Rebels arc releaaed.
December 8th.
Post office closed, and no mails to be despatched.
December 9th.
A strong escort went (late) with the western mail. I
suppose with despatchea to England. Above 1.000
men from country towns have come in. Different fami
lies, who left their homes, are reluming. Report says
the insurgents have gone to the London district; my
own opinion is, they are broken up. Arrests are hourly
taking place. Ketchum, of the bank, the two Leilics,
and the M'Kavs, amongst them. M'Kay and Ketchum
aro bailed out. I can only give you hcada.
December 11th.
The ahops aro open, and the barricading removed.
Nothing to be aeon but men under arrest.
Toronto, 12th Dcc. 1837.
I wrote per mail yesterday, giving you heads of ope
rations hero. Every hour armed bodies continue to
come in from the surrounding country. Several militia
and volunteer bodies will be ready forthwith ; 'tis a great
Godsend to some young bloods, half-pay officers and
pensioner*. They are constantly bringing prisoners of
all ranks. Report Bay* the Governor haa much to do, to
restrain the violence of all old political differences will
now be hard work. Not any newa from the London
district, where a large military force ia gone, commanded
by McNsbb. My opinion ia. there will not be any more
fighting. It ia asserted that there ia 500/. offered for
Dr. Rolph. None of the prisoners mentioned in my last
arc enlarged.
None of the banks have yet opened ; they have posted
notices, they will to-morrow, so far as to reccivc pay
ment for notea due on/y The Montreal Blue Bank
notes are not received at any of the bank*; some per
aona take them for good*. I believe the b*nk i* sub
stantial as any of the bank* there as times appear
Flour went up to 820, new corn to 8, good hogs to
make prime tness sell at $5 per hundred.
We are scarcely recovered the fright as we expected
a general breaking up, and I was in bed with bad cold,
but am much better
Toronto, 13th Dec.
The boat just going off with cannon to Niagara. I
can't say inoto.
* Navy Island is, we believe, within the British lines
?of course, if taken there in arma, these volunteers
have a good ehanco of being hanged?[Ed N. V. A j
FROM CANADA.
Upper Canada?Patriot Force embodied at Navy
Island?Mackenzie's Proclimation.?A proclama
tion has been issued by Mr. William Ly n Macken
zie, calling ori the Reformers of Canada to rendez
vous at Nary Island, (in the Niagara River ) The
command ol the military forces, Tl is therein staled,
has been given to Gen. Van Rensellaer, son of Gen.
S. Van Rensellaer of Albany, assisted by y;hers who
are named.
The proclamation slates that the force embodied at
Navy Island are well supplied with arms, provis
ions, &c. the contributions of their friends in this
Siate. It aim offers a bounty of 3(10 acres in all vol
unteer*, and enjoins on the Patriots to commit no ex
cesses on the loyalists or their property Sir Francis
Bond Head is declared to have violated his oath,
bond and pledge to conciliate, dre. and is guilty of
high crimes and misdemeanors. A reward there
fore is offered for, him of ?500, Sir Francis will
have to gel his head bonded. The object* of the revo
lution, as set forth in Ihe proclamation, are said to be
perpetual peace, civil au<t religious liberty, abolition
of hereditary honors, primogeniture, pensions, Ac.;
a free jury, freedom of the press, vote bv ballot, Sir.
Loyalist* ?t Fault.?A report at Buffalo on Sa
turday the Ifiih, slated that Speaker McNabb with
400 men, on his way to Hamilton lo put down'the
Reformers, had failed of his object in cousequence of
(he refusal of his men lo fight.
Navy Island, where (he patriots are, is two miles
above Chippewa.
Toronto papers (o (he 12.h, s(ale thai many of the
pan iotb had been brought in by royal skiromhiutf