The Madisonian. [volume], September 18, 1840, Image 1

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

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THE MADISONIAN.
VOL. IV.- NO. 10.] WASHINGTON CITY, FRIDAY, SEPTEMBER IB, 1840. [WHOLE NO. 390
THE MADISONIAN.
TIIONAN ALLRJI,
Hdllor mill Proprietor.
UO.VALD NACLKOI),
A>mwUI? Killlur.
AGENTS
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Tuk MiMsonun ia published Tri-weekly during
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jutd.
IfALUABLE OLD BOOKS.?Just imported
V from London, by F. TAYLOR, many of them
at extremely low prices
Lord Bacon'* Works, in I vol* folio. London, 17t3H.
Speeds ' Historie of Great Britain; I large folio vol
Loudon; lttf-i; dedicated, by |K-rrniasion, to King
James the first
The Parliamentary Histoiy of England in 24 vols,
running from 13W to HitiO.
Holy Bible, I vol folio. London, 1645.
The French Dominions in America?their natural
tnil civil history, I vol folio, London, 1760.
'I',, I/Ms I'mversaJ Atlas, large folio; Pari*, 1695.
Sir Win. Temple * VV orks, 2 vols, folio ; London,
1740
Collection (in I vol* folio, London, 1734)ofcelo
brnleil Stale Trials ; among many others, those of Al
gernon Sidney, Lord Russeil, Sir Walter Raleigh,
William Penn, Lord Bacon, &c.
Complete History of Europe; 15 volumes; from
ItiiK) to.1710.
Roman History, 6 volume* folio; London, 1728, in
English, from the French of the Rev. Fathers Catrou
an J Rouille.
Ilailev's English Dictionary, 1 vol. folio, 1736.
Johnson's Dictionary ; original folio edition ; in two
vols. I7">5.
llapin and Findall's History of England, in 4 vol*,
full'?. 1732.
Dumpier's Voyages, 4 vol*.
Gordon s Tacitus, 2 vols.
Rlackstone s Commentaries, 4 vols. 1766.
Cowley's Works, 1 vol. folio, 1684.
Dietionarie Universal, Geographique et Historiquc
par M I 'orneille ; 2 vol*. ; Pari*, 1707.
A-tronomia Britannica ; London, ItitiO.
Sully s Memoirs, 5 vols. London, 1758.
Hishop Burnet's History of his own times, 2 vols
Mio London, 1724.
And many others too numerous for an advertisement
only a single copy of most of them received, july 16
OC< >T'I"S TACTICS just received for sale by
1 F TAYLOR. Tactics for the Exercise* ami
M.impuvres of the United States Infantry, by Major
1'i iieral Scott, 3 vol*., 1840.
Also Instruction for Field Artillery, Horse and
Foot, translated from the French, and arranged for the
service of the United Slates, bv Robert Anderson,
Captain in the Staff of the United States Army, just
published by direction of the Secretary of War, I vol.
Also for sale bv F. Taylor, a variety of works on
Tactics and Drill for Cavalry, Artillery, Infantry, and
Rifle Companies, and in all the brunches of Military
and Naval Science, many of thein imported from
England.
??? Subscriptions taken for the British United Ser
ve Journal, may 28
PICTORIAL HISTORY OF ENGLAND,
1 being a History of the People as well as'u His
t,,rv of the Kingdom, illustrated' with many hundred
superior engravings, delineating their monumental re
? coin*, civil and military costume, domestic
wildings, furnituie, ornaments, cathedrals ana other
ureal works of architecture, sports, and other illustra
tions uf manners and customs; mechanical inven
tions very numerous portraits, remarkable historical
sc.-i:i 4. vVi- , &c. A valuable and beautiful book, at
.in ? \reedingly low price. London, 1 K'W For sale by
niiv ' F. TAYLOR.
V K\V N( >VEL?" The Gluiet Husband," bv Miss
Pickering, author of " Merchant's Daughter,"
I'he Fright," &c., is just published and this day rc
I'nii il. for sale by
uly 11 F. TAYLOR.
Oli.iEST of the Decisions of the Courts of Com
inin Law and Admiralty in the United States,
I'hi-ron Metcalf and Jonathan C. Perkins, to be
1 iiilrted in three volumes, octavo, embracing the
iV.-i?ion* of all the Courts of the different States and
'In t*nited States, (excepting Courts of Equity,)
"itied and arranged alphabetically as to subjects ;
tin' first volume just published and this day received
sale by F. TAYLOR.
I'll 11,UPS ON INSURANCE, new edition,
fnliir^i'il, I vs., Boston, 1840.
AW, complete in - vs. Precedents in Pleading, by
?' <",nii\ Jr with copious notes on Practice, Pleading
nii'l I-,valence ; and luanv other new law works for
sale .it ill,, lowest New York and Philadelphia prices
i n every case. may 1'2-d
p i I'di:r rivs bitm'sii i>omi.nions
?) IN NORTH AMERICA, in 3 vols, quarto,
1 ' a complete topographical and statistical dcseri|?
1 "i oi Lower and I'pper Canada, New Brunswick
.?ml N'ova Scotia; Newfoundland. Prince Edward
1' ape Breton Islands, &c., with engraved plans
1'v11s, plans of the Harbours with the Soundings,
' "|???Krap(iieal Maps, Statistical Tables, Tables of
I' ' Hires. Ac., by Lieut. Col. Bouchette, Surveyor
?leneral, lie. A single copy this day received and
for sale by F.TAYLOR.
tnaj l-J-.l /
FttlHE BOOK OF J ASHER, referred to m Jo
0 slma and Second Samuel, faithfully translated
fr ,n the original Hebrew into English, I vol.
1 hinlap's History of tlmState of New York.
Hictionaiv of the Protestant Episcopal Church, by
u, ? w in. Staunton.
Course of Heading, by Chancellor Kent, prepared
1 the Mercaiitile Library Association.
K, ,|r s Christian Year, new and beautiful edition.
I i I Book of Heraldry. Hand Book of lleliog
H iml Book of the care of Teeth. New York Ge
? :ie.il .ind Mineralotrieal Iteports, 1^10
I urrie s Principles o! Homcrpathy. t 'urrie's Prac
tice of I lomoepafnv.
The Dramatic Works of MasNinger and Ford.com
( te in one octavo volume, beautiful London edition,
with an introduction by Hartlev Coleridge
I',i tish Naval Biography. I'uties of Troops, bv
1.1 ut ? "nl. I .each, <' B
Just received, for sale by
une 86 _ F TAYLOR.
r|,ilK BRITISH DRAMA, in two large ortavo
? volumes of eight hundred panes each, well print
' in,I handsomely bound, with engravings, eontain
- one hundred of the best plays in the language,
, !,n_r Shakespeare's.) price for the set four dol
? ? imvalent to 4 cents for each play. Just rc
five.1 by p.taylor.
'' ?'? imunti.nm; at this omri-,.
Ii;?\f I'itii ;it sonic pairiH to annex to our NY.w
HMKSf,
31 .?)ob iHfftcr,
! ,,f n great variety of new, neat, and fanci
, .t, -;als for tin prompt execution of any Job in
1 ino?t t isti fill ami approved fashion.
' ar.l,-, ('h. -!?s. Circulars. Concert Bills, Bills of
_ Law and Justin s' B^nlin, \uction .Ni've*.
' 1 Placards, Horse Bills, S|ieechcs, and indeed,
' ''? tig. adorned or unadorned with cuts, in tin
' "g line, from a book to the smallest c ir I, will be
1 d nt this office promptly and in the neatest
1 orner of IIth street and Pcnn. Avenue,
POLITICAL ELOQUENCE AND POL1TI
CAL ECONOMY.?of the High
Hon. Qwrgr Canning, in I octavo volume of f>83
pages, containing also hid life and copious extracts
from his writing* ; price S8.
Speeches of the Right Hon William Huskisson,
au<l the Right Hon. Mr Wyndham, with the life of
each. The two contuin<-d in 1 volume oetavu GltJ
|wgi<n; price SI ,50, published at $3,50.
Speeches of Phili|M, Curran, GratUn and Km met,
in 1 volume oct.tso; price if 1,?5.
American Oratorio, or Selections J'rom the Speeches
of distinguished Americans, 1 volume of 531 octavo
pages, handsomely hound; price $1,25, published
at $*.2.50.
The most Celebrated SpMi'liea of Chatham, Burke,
and Erskine; 1 octavo volume of MO |ugea, hand
somely bound ; for 81,25, published at $3
And many other* of the same class, lor sale at the
mime low ran^e of prices, by F. TAYLOR.
June 13.
C1HANCKLLOR KENT'S "COURSE OF
> READING,E drawn up at the reauest of the
Mercantile Library Association of New York Price
37 cents. Just published and this day received for
?ale by F. TAYLOR,
june '23.
(UI'/OT'S EDITION OF SPARK S WASH
vJ 1NGTON CORRESPONDENCE, in 1 vo
lurnea, Pari*, 1H40; with nn Introduction and Ksstiv
bv M. Guizot, on the Influence an.I Character of
Washington. Just imported un?l for sale by
May, 1*2. F TAYLOR.
CHRISTIANS DEFENSIVE DICTIONA
RY, being a refutation of the argument* and ob
jections thut have been urged against the Bible, ar
iimged and classified in alphabetical oider, complete
in one volume of 347 pages ; price 02 cents in neat
cloth binding. For sale by F. TAYLOR,
may 21
NEW WORK, BY THK AUTlil! R OF "NI
CHOLAS NICKLEBY.?Number one of
Master Humphrey's Clock," by Box, will be re
ceived tor sali', by t. Taylor, on Wednesday morn
ing. This number will contain a (lortrait of the au
thor, engraved on steel, with numerous illustrations.
Mav 12.
Quarterly, in I volume, just published, i? this
F. TAYLOR
JOHNSt >N'S SCRAPS, a new number Num
ber H just published, is this day received by F.
TAYLOR, filled with engravings.
may 21
BURNAP S LECTURES TO YOUNG MEN
on the cultivation of the Mind, formation of cha
racter aiul the conduct of life, 1 volume.
Dr. F. Hull's " Letters from the East and from the
West," 1 vol.
Lecture on the relation between the Holv Scrip
tures ami some parts of Geological Science, bv John
Pyr Smith, D. t> , P O S
Just received by F. TAYLOR, immediately East
of Gadshy's Hotel. may 111
CHARLES ELL WOOD,
Tale, by O, A Brownson, Editor of the Boston
day received for sale by
h*ram the author'a ?preface,?"With these remarks
I dismiss this little book to its fate. 1 have taken
much pleasure in its composition; I have embodied in
it the result of years of inquiry anil reflection; and I
have thought it not ill-Adapted to the present state of
the public mind in this community It deals w ith the
Weightiest problems of philosophy and theology, and
perhaps some minds may find it not altogether worth
less." may 26.
C"i EORGIA SCENES, Characters and Incidents
y in the first half century of the Republic, bv a na
tive (ieorgian Second edition with original illustra
tions, 1 vol. this day received, for sale by F. TAY
LOR.
Also, the hundredth volume of Harper's Family
Library, containing Professor Upham's Outlines of
Imperfect and Disordered Mental action. may 21
DICK'S COMPLETE WORKS, CHEAP
Comprised in 7 volumes, of about 400 pages
each, well printed, and neatly bound in cloth, and
containing his Christian Philosopher, Philosophy of
Religion, Philosophy of a Future State, Celestial Sce
nery of the Heavens, on the Improvement of Society,
his Essay on Covotousncss, and his .Essay on the
Mental Illumination and Moral Improvement of Man
kind.
NEW NOVEL by Hoffman, author of "A Win
ter in the West."?QRKYSLAER, u Romance
of the Mohawk, 2 volums, this day received tor sale
bv F. Tavlor. Also volumes 104 and 105 of Harper's
Family Library, containing " Life and Travels of
Mungo Park, and the Natural History of Animals.
July 7.
1 FEDERAL GOVERNMENT.?History of the
Federal Government for fifty years, from March,
17H!>, to March, IH39, by Alden Bradford, L. L. D..
editor of the Massachusetts State Papers, &C., &c ,
just received, for sale by F. TAYLOR,
july 23 Immediately east of Gadshy's.
lyrOVEABLE BINDERS.?For keeping, in a
lVi book-like form, Newspapers, Pamphlet*, Let
ters, Music, or anv other papers which should be kep.
in regulnr order. All the various siz.es are just raceivcat
For sale by F. TA i LOR,
Immediately east ofGadaby's.
Humphrey s clock, No* r> nn.i r?. The
August No. of Lady's Book. The Fatalist, or
the Fortunes of Godolphin. '! vol*.
A system of Practical Medicine; Dissertations on
Fevers, and Disease* of the skin. Edited by Alexan
der Tweedie, I vol., just received bv
F. TAYLOR,
Immediately east of Oadsbv's Hotel.
SCHOt ?L PREMIUM BOOKS, in great variety,
for sale very low by F TAYL< >R,
Immediately cast of Gadsby's,
SOTTA S HISTORY OF THE AMERICAN
REVOLUTION, CHEAP.? In two octavo
volumes, handsomely printed and well bound, 8th and
last edition, containing over nine hundred p&^es, with
engravings. Price for the set S'i 75, just received and
for sale bv F. TAYLOR.
June 17
FAUQUIER 1VHITE SILPHCR SPRINGS.
' | ^ I1IS establishment, 49 miles from Alexandria, D.
J. antl 35 from Fredericksburg, is again open for
the reception of company, and will be conducted with
moie energy than ever. Every thing within our reach
will be done to make the guests more comfortable than
hcretolore at the bar as well as in the dining and bed
moms! The Bathing Establishment will be complete
- u| |>lyin_ the bathers with hot and cold free stone
a; ' sulphur water at pleasure. The lovers of music
will find the band unsurpassed.
It may be due to the Public, ns well as ourselves, to
say, the virtues of the waters have been strikingly ex
emplified in several other cases of dropny this Spring ;
so inucli so as to have confirmed in the mindsof many,
the opinion that an almost infallible remedy for tha'
afflicting.disease is here afforded.
Tin better to accommodate the Public, arrange
ments have been made for keeping the establishment
i open the xrhnlr tjrar. The charge for board, from the
l;>lh of October to 1st June, will be barely sufficient
to cover the additional expense, #3 per week ; an I du
ring the month of June, ami from Itith September,?! 10
|ier week ; j?U5 per month; t>.r> for two months; and
lur the srnson, commencing 15th June and ending 1st
October, ; being less than 7r>cents per day to those
who stay the whole season. Board per day Meals
and lodging .<0 cents Children under twelve years
of age, and colored servants, half price; white servant*
three-fourths price. Horses 50 cents per day.
I'ri weekly stages will run from Alexandria and
Fredericksburg ; after 1st July they will run daily.
The snbserilwr, as superintendent,With the approval
of the President of the company. (Mr Jones Green,)
lias engaged the services of such assistants ns entitle
him to hop' that general satisfaction will be given.
jy 7-ftawtiw DANIEL WARD.
FBLIC LA NDS ?General public acts of ('on
gress respecting the sale and disposition of the
public land , with the instructions issued from time to
time by the Secretaries of the Treasury, and the Com
mi-Moiier* ol lhe General Land Office, and the olli
cial Opinions of the Attornies General, on questions
arising under the Land Laws; running from I77?itr
lhe present lime, "J vols, octavo, with many maps,
pi. is, engravings of surveys of Indian lands, reaerva
ions, Ac. Sue. A few copies only for sale by
july 11. F. TAYLOR.
WELCOME TO BUNKER HILL.
Ye are welcome?ye are welcome?
We give our hearts anil hands?
Ye are welcome?ye are welcome? I
Ye true ami patriot band*!
Ye have ix>ured l'rom out the city?
^ From the hill and mountain aide?
From the green and quiet village
Have come our country'a pride.
^ e are welcome?ye are welcome?
O " breathe tliia hallowed air"?
Come from your " home*" no " beautiful,"
Your * lately hall* ao fair.
Come an our lather* came of yore,
Pre** on with vtrength and nerve?
Come Irom the field, tne mart, the aea?
From duly fear to awerve.
Ye have come forth to give ua strength,
To murahul by our side,
Ami MuMtachuaett* reckon* thin
With her golden daya of pride?
Ye are welcome, ye are welcome 1
Let not our apirtt* real
Till there ?vycep? a call through all the land,
For the HERO OF T11E WEST
Ye are welcome, ye are welcome !
Ye thouaanda liold and brave,
Ye have heard the call for freedom
And your country ye would aave.
Ye have gathered round the hallowed apot
Where flowed our father'* blood,
And their gravca are green beneath ua,
Where in battle firm they stood.
Ye arc welcome to the battle ground?"
Not to the battle'* din?
No trumpet bluat of war goo* forth,
Yet we hIiqII victory win.
The victory of true manly heart*?
The victory of the free?
Throughout the land poett forth the cry,
For glorious liberty.
" Old Massachusetts" welcome* ye
To thiH her sacred shrine,
Where she light* her own true patriot fires,
And offer* it foi thine.
Ye are welcome, ye are welcome,
Ye thou*and* bold and brave,
Ye have heard the call for freedom,
And your country yc *hall *ave.
Extracts from the
SPEECH OF Mh. BELL, or Tennessee,
ON THE SUB-TREASURY BILL.
Hut now another scene opens in the progress
of this financial drama. Soon after the adjourn
ment of Congress in the summer of 1836, it was
for the first time discovered that the issues of
bank [taper had become excessire ; that extra
vagant speculation and overtrading, especially
in the public lands, had been the consequence;
and thereupon the extraordinary step was adopt
ed of issuing the "specie circular," requiring,
after a specified time, that all payments into the
land offices should be made in gold and silver,
except by residents and settlers in the States
and Territories in which the offices were situ
ate. This was done upon the ostensible ground
of reducing the quantity of paper money in cir
culation ; and upon the further ground of saving
the public domain from the grasp of the specula
tor. The consequence of this movement w.as as
might have been anticipated. The whole State
bank deposite system, constructed with such
care and by sur-h questionable means, exploded.
The Administration had, with great toil, reared
a vast and costly fabric, and then turned delibe
rately round, took away the foundation on which
it stood, and permitted it to tumble to the
<rround !
Cut how, hit, did it happen that the late Ad
ministration continued so long blind to the in
creasing and excessive issues of bauk paper; or
to the fact that the public domain was in danger
of being devoured by swarms of speculators'?
It is pretended that these unfavorable circum
stances were never developed before the sum
mer of 1830. The fact that banks and bank
capital had greatly increased within a few prece
ding years was not and could not have been a
secret. The sales of the public lands had risen
to fourteen millions in the year 1835?an excess
of more than ten millions over their former ave
rage. hi the same year the revenue from cus
toms had greatly exceeded the estimates; still
the President and his friends looked on with
pleasure and approbation. In the message sent
to Congress at the meeting of that body, near
the close of the year 1835, these symptoms of the
rapidly increasing prosperity and resources of
the country were pointed to by the President in
a spirit of triumph and congratulation. In truth,
they were regarded by his devoted followers as
the unerring evidences of the profound wisdom
and patriotism of his Administration. In the
same message, the President took up, and ex
pressed his views freely upon, the subject of
the large surplus then in the Treasury. It was
clearly foreseen or believed that it would con
tinue to increase for some years; still he thought
it might all be. profitably expended upon the va
rious public establishments. At the same time,
the sentiment was strongly expressed by him
that no alteration should be attempted of the ta
riff, as adjusted by the compromise act. The
subject was altogether too delicate and import
ant to be meddled with at that time; yet, in a
few short months alterwards, the increasing cir
culation of bank paper, the large payments made
into the Treasury lor public lands, and an accu
mulating surplus especially, came to be regarded
as hurtful excesses! The scales fell from the
eyes of the Administration; it suddenly perceiv
ed the evil of all these things; the surplus was
no longer desirable,in the Treasury; it was no
longer improper to meddle with the tariff in exe
cution of the policy of reducing the revenues to
the wants of the Government; and the sales of
the public lands required to be checked instead
of encouraged as formerly ! W ell, sir, what was
the secret of this sudden light which beamed up
on the darkness of their understandings?
VVIunce this abrupt change in the principal
points of their policy ? It can all be explained
in a single sentence. On the 23d day of" June,
1S3<), Congress resolved that the surplus moneys
in the Treasury, instead of being expended by
the Administration?instead of constituting a
fund for increasing the patronage and power of
the Executive?should be distributed among the
States] This is the true solution of the enigma
?of the riddle.
Still the bubble of the deposite bank and paper
system, blown out to such an extent by the for
cing policy of the Administration, did not ex
plode all at once, under the operation of the spe
cie circular. The deposite bank system was
still the theme of unqualified admiration with
the party in power; it continued to deceive anil
delight its projectors until the President had time
to retire from office, which he did in a fancied
blaze of glory ; having succeeded in electing a
successor to follow in his own wise footsteps :
triumphing in the success of his experiment in
'reforming the currency, and felicitating himself
and his fellow citizens upon the prosperous and
happy condition of the country.
It cannot be denied that the State banks
(eighty in number) had well deserved, at least
from tlic party in power, all the applause which
was so lavishly bestowed upon them. They
had fulfilled the expectations of their patrons in
many important respects ; they had made great
efforts to supply every facility to trade, in the
way of exchange and discounts; thev had, by
extending their wsu'-s, contributed their full por
tion to that tide of prosperity which, whilst it
had filled the public coffers, enabled the party in
power to point to it as the work of their wisdom,
and to triumph overa powerful Opitosition, which
did not fail to ring in the public ear the charge
of corruption and profligacy. But, sir, when
the banks could no longer hear up under the too
heavy burdens which their official friends had
laid upon their shoulders ; when, a few months
after the close of the late Administration, they
fell under the joint pressure of the specie circu
lar and the overtrading to which their excesses
had given rise, those men?that party?that very
Administration which owed their political exist
ence, their triumph over their competitors for
power, to those excesses of the banks which
they had commanded, turned upon them, pur
sued and denounced them as unfaithful, treache
rous, and rotten ; the bane of all industry and i
substantial prosperity ; a curse to the country ;
the hotbeds of aristocracy ; a form of associated
wealth, dangerous to the liberty and fatal to the
welfare of a Free people.
In the history of man, of government, and of
nations, I know of no instance of hypocrisy,
treachery, and ingratitude, more disgraceful and
infamous than that which is exhibited in the
conduct of the party in power towards the State
bauka?most of them having sprung into exist
ence under their patronizing hand ; yet, the mo
ment they could no longer minister to the neces
sities and support of their powerful patrons, they
are sought to be made the victims of their disap
pointment and rage.
But the conduct of the present Administra
tion, in their course upon the subject of State
stocks and State debts, is scarcely less discre
ditable and reprehensible. When the whole
country looked confidently to their downfall in
1837 j their boasted experiment upon the cur
rency and finances exploded ; the Treasury ex
hausted ; the customs reduced one-half; the land
sales fallen off from twenty-four to six millions
in a single year; and a buoyant and powerful
opposition, flushed with the hopes of victorv
hanging upon their skirts, and taking every ad
vantage ot their weakened condition, what re
source had they left?how were they to sustain
themselves?fill the public Treasury, carry on
the public works already begun, pay the expenses
of tne Florida war, keep up prices and every
other delusive indication of increasing prospe
rity which had so long sustained them before
the public, and bid defiance to their enemies?
They had choice of two expedients?either of
which would have answered their purposes;
either to borrow largely upon" the credit of the
Federal Government, or on account of the States.
The first mode of supply was not so acceptable
to them as a party ; for a public debt could not
have been contracted but in an open and inde
pendent manner; and besides, it was contrary
to their prolessed creed, and would have ex
posed them to the taunts and just rebuke of the
Opposition. The other expedient presented no
such obstacles, and they availed themselves of
it to the fullest extent, as I will demonstrate.
There were other alternatives, it is true; there
was a United States Dank, but they could not
embrace that with any decency or consistency.
There was the resuscitation of the deposite and
State bank system, which might have been're
stored to credit again by disbursing the notes of
such as were solvent, and such other aids as
were in the power of the Government to give ;
but that was too slow a remedy for their neces
sities; it looked to the diminution of expendi
tures and patronage, and the fall would have
been too great; ana, besides, it was their policy
to make the banks the scape goals of all the sins
of the party. State stocks and Slate debts were,
therefore, looked to and relied upon to restore
the business anfl commerce of the country, to
renew the delusive symptoms of prosperity, and
to uphold the cause of the sinking party ; nor for
a time were they looked to in vain. Their only
mistake was in their estimate of the term of
their career. They did not calculate that the
foreign market would be so soon glutted.
So confident were the leaders of the- Admi
nistration in Congress that the business nnd re
venue of the country would soon revive, that the
appropriations for 1838 amounted to upwards of
thirty-five mijlions. In the spring of that year,
when the second Treasury note bill was under
discussion, the Chairman of the Committee of
Ways and Means, and the organ of communica
tion between the Executive and the House, (Mr.
Cambreleng,) made a speech on that subject,
from winch 1 beg leave to read a few passages
to show the grounds of their calculation:
" A* to the prospect of our future revenue (said Mr.
C.) every thing was encouraging Confidence and
trade are evidently reviving. We must not anticipate
years of stagnation, because such succeeded thci re
vulsion in 1819. There is no resemblance whatever
between the condition of the country in 1815 and
1835."
" There are other and gratifying evidences of .i res
toration of confidence and a revival of trade. Our
Northern banks have resumed specie payments earlier
than was anticipated twelve months ago.'1
" This resumption, sir, is powerfully suataned, and
our Northern banks have nothing to fear. At no for
mer period have our foreign exchanges and currency
been so well fortified. They are strongly sustained
by an annually increasing export of cotton and a tide
of emigration to this continent. Latterly the stocks
and bonds of every description transmitted abroad for
market form what is equivalent to a heavy item in our
export trade."
The gentleman from Virginia, (Mr. Jones,)
the present chairman of the Committee of Ways
and Means, must have some unpleasant remin
isccnces on this subject. He cannot forget that
he united with other gentlemen in keeping up
the delusion which prevailed in regard to the
true condition of the Treasury. My estimate
of the condition of the Treasury, in the fall of
1837, w as based upon a limitation of the expen
ditures of the last quarter of that year to indis
pensable objects j and I showed that, by paying
the public creditors in the notes of the suspended
deposite banks, as they had done already in
some cases, the means of the Treasury would
have been ample to meet all necessary demands
upon it. until the regular meeting of Congress
in December. But this policy was rejected.
The Administration would neither receive and
disburse the notes of suspended banks, other
wise in good standing, nor would thev reduce
the erprnditurea. Tney only asked the privi
leges of issuing Treasury notes until they could
realize their anticipations from another source.
They asked the means of making themselves
independent of Congress and the People?the
pou sto for carrying the sub-Treasury. I warn
ed my Whig friends at the time, that if that
power was given, the sub-Treasury would be
established in despite of all opposition ; but, in
an evil hour, some of our friends gave their
voices for it. The Administration was, from
that moment, beyond our control. The State
banks and their circulation were by the same
false step placed at their mercy. They knew
their resources better than I did. Their reliance
was placed upon State debts and State stocks to
pay the foreign debt, to relieve the pressure at
home, and replenish the Treasury. According
to their anticipations, the revenue from customs,
in 1838, rose from $11,169,290, the amount in
1837, to $16,1>8,800 ; and, in 1839, the receipts,
from that source only, were upwards of $23,
000,000! The improvements undertaken in the
States were prosecuted with renewed energy.
There was an increased demand for laborers,
and for provisions to supply them. Conse
quently, both the wages of labor and of agricul
tural products were maintained at the highest
rate ; and thus, sir, was the Administration and
its friends enabled to laugh at the prophecies of
the Whigs, and to defeat all their just expecta
tions. By the same means they were enabled to
maintain their strength in this Hon e. Never, in
the history of parties, was there so sudden a re
covery, after apparent?'nay, after actual defent ;
for, sir, in 1837. the Administration was actually
prostrate tn public feeling and sentiment. I had
some personal experience of the manner in
which the continued high pricea of labor and
provisions were wielded against the opposition
in 1838. Whatever facts or arguments might
be advanced to show the errors of the Adminis
tration on the subject of the currency and the
interests of trade and business?whatever plau
sible or solid reasonings were employed to per
suade the people that great embarrassment and
suffering had been inflicted upon the country by
the blundering policy of the party in power, thai
commerce and credit were1 prostrate?were all
silenced by pointing to the tact that the laborer
and the producer of provisions of every kind
were as richly rewarded as at any other period
of the republic ; and hence it was inferred that
it was the speculator and the merchant only who
had suffered in consequence of the derangement
of the currency.
The impetus which had been given by the
policy of tne Government to the credit and sale
of State stocks, and the means which they af
forded in keeping up h delusive prosperity, con
tinued to operate until the middle of last year,
(1839,) when, by an over-issue, as in the case
of the banks?by an excess of supply, the Eu
ropean market was glutted?their credit declined
?they were no longer saleable at any price, and
so there was an end of this resource. Then it
was seen that the catastrophe, properly belong
ing to 1837, had only been postponed until 1H10.
This was no sooner perceived than the leaders
of the Administration-gentlemen whose tongues
had been tied all the years or 1837, 1838, and
part of 1839?suddenly discovered the enormity
of creating State debts and State stocks ! The
conduct and policy of the States themselves, the
independent members of the Confederacy, were
forthwith attacked with a furious spirit, and with
an energy and talent which would have been
more appropriately employed against the ene
mies of the country and its institutions. 1 take
it, sir, that the preservation of the credit and
character of the State Governments is of the
very essence of State rights, and of a republican
policy. But least and last of all did it become
those who had been sustained by those very
Slate debts and stocks, and saved from the doom
which seemed inevitable in 1837, to turn round
and malign and denounce them?viper-like,
stinging the very hand that supplied them in
the day of their destitution!
1 will now show, sir, how deeply responsible
the present Administration and its supporters
have made themselves for the issue of the im
mense amount of State stocks which they have
lately signalized themselves by denouncing. As
early as December, 1835, the Secretary of the
Treasury recommended the investment of the
surplus in the Treasury in stocks. In the win
ter following, (1830,) the distinguished chair
man of the Committee on Finance of the Se
nate, (Mr. Wright, of New York,) not only ad
vocated the investment of the surplus moneys
in State stocks, but he actaally introduced a
bill in due form for that purpose; and it will be
seen from the various reports of the Secreta
ry of the Treasury of 1836, 1837, and 1838, that
it continued to be his favorite policy during those
years. In the year 1836, another movement
was made from another distinguished quarter,
which indicated strongly the favor which was
then felt towards State stocks and State debts.
The chairman of the Committee oil the To?i
Office Department of the Senate (Mr.Grundy)
proposed to invest the surplus moneys in rail
roads, constructed and owned by companies in
corporated by the States. He pressed this poli
cy upon the Senate and the country in an elabo
rate report, and accompanied it by a bill provid
ing, in detail, for the investment in such roads
on the condition of carrying the mail.
But it is not upon the acts or opinions of indi
viduals that I rest the charge against the Admi
nistration of having stimulated and encouraged
the issue of State stocks. Congress gave its
sanction to the sound policy and wisdom of the
States, in raising money upon stocks for the
purpose of making their own improvements, by
authorizing the investment of certain trust funds
in them ; and this very day, sir, the United States
hold about five millions of these stocks^ invested
under the provisions of that act. ^ ou have,
besides, made treaties in which you have pro
vided for the investment of certain funds in
State stocks. What do you say to that, sir ?
Have you nrtt endorsed these stocks? Have
you not contributed, by the recommendation of
your Secretary of the Treasury and other dis
tinguished leaders of your party, and finally by
making large investments in them, to give them
currency and credit both at home and abroad?
If there has been excess?if there has been ex
travagance, in the creation and sale of them,
you are the authors of them, and you are respon
sible for the consequences.
] have vet to present you, sir, with a state
ment of the actual amount of revenue "derived
to the Government from the State hank and
State stock mania, before it was denounced by
the Administration. This is proper in order to
bring out in bold relief a peculiar trait in the
character of the parly in power, and one which
is perfectly characteristic of the principles hy
which they are kept together. They never de
sert or renounce tneir friends until they have
first exhausted their substance. The poor banks
and State stocks have now to bear the scoffs and
reproafties of those very men who owe to them
tlieir political existence, and who were borne up
for years by that flood of prosperity to which
they had given rise by those excesses and im
prudences, which finally broke down their credit.
But for the extraordinary supplies derived from
the great increase of banks and bank Capital,
together with the excessive issue of State stocks
of late, their profligate policy and principles
would long since have ceased to embarrass and
vex the country.
The Secretary of the Treasury, in his annual
report upon the finances in ^December, 1835,
furnished a table by which it appears that in a
period of thirty years the annual increase of im
ported goods consumed within the United States
was less than three per cent. I have found,
upon examination, that in the ten years from
1819 to 1829, inclusive, the annual increase was
within the estimate of the Secretary. The fol
lowing table will show the amount of impofta
tions for each year of that period of time
In 1800 - $56,441,971
1821 - 41,883,836
1822 - 60,955,304
1823 - 50,035,645
18-24 - 55,211,850
Agg. value, $263,928,011
An. a v. of 852,785,602
In 1825 - 863,749,432
1826 - 60,434,865
1827 - 56,084,932
1828 - 66,944,807
1829 - 57,834,049
Agg. value, ?305,048.085
Annual av. of #61,009,617
Increase in 5 years $8,
221,015, or leas than 3
per cent.
The first five years of this series show an ag
gregate importation of $263,928,000, and an
annual average of $52,785,00(1. The next five
years exhibit an aggregate of $305,048,000, and
an annual average of $61,009,000. The in
crease in the last five years appears to have been
$8,224,000, or less than three per cent.
The follow ing table will show the amount of
imports consumed within the United States
from 1829 to 1839. inelusive:
In 1830 - #56,489,441 jln 1835 ?129,391,347
1831 - 83,157.598! 183?! - 168,233,675
1832 - 76,989,793 1837 -119,131255
1833 - 88,295,576 1838 - 101,264,804
1831 - 103,808,521! 1839 - 147,000,000
Agg. value, $40H, 140 929 Agg value, $665 023 9*1
A nnual av
Increase
r. of $*1,628 185 Annualay of $l33,004,7.?ii
in 5 year*" 820, Increase in 5 years #51,
618,568, more than 6 l-2j 376,611, more than 33
percent. 1 percent.
The value of impertu within the first five
years of tint* series appears lu have teen $408,.
140 O00; showing au annual average of$8L628,
(XX), uud au increase in five years of $20,61*,000,
or more than 61-2 per cent.
The last live years oi thin series exhibit an ag
gregate value of imports amounting to $665,
023,000; showing an annual average of $133,
004,000, and an increase in five years of $51,
376,000, or a little more than 33 per cent.
The aggregate value of imports in the ten
years, from 1829 to 1839, inclusive, is thus
shown to have been $1,073,163,000.
11 the rale of increase from 1829 to 1839, in
clusive, had been three per cent, per annum, as
we may presume, from the experience of the
preceding 30 years, it would have been,but for the
unprecedented increase in the production and
consumption of the country, occasioned by the
multiplication of hanks, the excessive issue of
bank paper, and the large amount of State stocks
sold abroad, the aggregate value of imports within
the last ten years would not have exceeded
8759,093,000; which, deducted from the actual
amount of $1,073,163,000, leaves au excess of
8311.070,000. 'I he amount of the duties paid
into the Treasury upon this excess of importa
tion was the gaiu which accrued to the Govern
ment by the overtrading of the merchants.
The nett amount of the receipts into the Trea
sury from duties on imported merchandise, from
the year 1829 to 1839, inclusive, appears upon
the hooks of the Treasury to have been $213,
126,000; of that sum, the proportion received
uoon $314,070,000, the excess of importations
already staled, would be $62,192,000; a pretty
good business for the Treasury, however fatal
to the merchants.
Let us now turn our attention to another
source of revenue, the public lands, and ascer
tain what benefits have accrued to the Treasury
from the excesses from that quarter. The re
ceipts from the sales of the public lands, from
1819 to 1829, inclusive, amounted to $14,259,
000, showing an annual average of $1,425,000.
The receipts from the same source from 1829 to
1839, inclusive, were 873,557,000, showing an
annual average of 87,355,(MX), or an increase in
the annual receipts, in the last ten years, of
$5,930,000.
Hut the amount of the receipts from the sales
of the public lands, in the same period, in an
ordinary state of the currency and money mar
ket, would not have exceeded an annual average
of 83,000,000; and even this amount would have
shown an increase of more than a hundred per
cent, over the average of the preceding ten years.
If, then, we deduct 830.000,000, a fair aggregate
of receipts for the last ten years, estimating the
annual receipts at $3,000,000, from $73,557,000,
the actual receipts as already stated, and the ba
lance will be 843,557,000. By this sum, then,
has the Treasury been made richer, in conse
quence of the extensive speculations and over
trading in the public lands within the last ten
years.
Add $'43,577,000 to $62,192,000. the amount
of gain derived from the over-trading of mer
chants. and we have an aggregate of $105,749,
000. Many will regard tins as the lion's share
of all that has been made by the extravagant
speculations and over-trading of the times. lJut
1 might swell the amount which has been ex
actea or received from the merchants and pur
chasers of the public lands, within the period un
der review, by adding the further sum of $3,000,
000?that being'about the one-fourth part of the
receipts from customs expended in their collec
tion, but not paid into the Treasury. This
would present a grand aggregate of 8108,740,
000.
When we reflect that the largest portion of the
moneys paid at the land offices was borrowed
from the banks, as well as a great part of that
paid by the merchants to the Government, and
that many thousand borrowers, on both accounts,
have failed, leaving the banks the only sufferers
besides themselves, we can rtadily perceive the
cause of their embarrassment and suspension.?
The Government of the country has actually
received and applied to its own uses, it may be
fairly estimated, upwards of 8100,000,000 of
their means.
The States, also?yes, the States?they, too
have a right to prefer their complaints against
the Government; for every cent drawn from
the banks and (he merchants has diminished
their resources by that amount, and lessenttd
their ability to sustain their own credit by the
payment of the interest due upon the stocks is
sued by them. Kven alter deducting the 823,
101,644 distributed among the Stales under the
deposite'act of 1S36, there will still be a balance
against th^ Treasury of the United States of
upwards of $80,000,000!
J hus, sir, you sec thai this Government, un
der ibe administration of the party in power, has
been sustained by the misfortunes of the banks
and merchants during the last five years. It
has, in some sense, plundered the banks and the
merchants of more than one hundred millions of
dollars in the last ten years; and, because they
are not able to stand up under such heavy exac
tion->, they are denounced and traduced as faith
less and extravagant, deserving to break for their
hazardous speculations. But for these hundred
millions, whence would the money have been
derived to pay the expenses of the Florida war,
amounting to 820,000,000 ; the expenses of In
dian treaties and emigrations! amounting to
$25,000,000 more ? Whence the means of pav
ing your enormous pension lists? Sir, but for
the banks and State stocks?but for the extra
vagant issues of both?this Government would
at this moment be burdened with a public debt
of one hundred millions ! It is true, you did not
borrow the money from the banks ; nor did you
import the goods upon which the excess of du
ties was paid; but you are in like condition with
the receiver of stolen goods ; you did not take
the money from the banks directly, nor did you
order the goods ; but you availed yourself, to the
utmost extent in your power, of the indiscretion
of those who did. You took the money and
applied it to your own u?e<*. The very men, or
many of them, who paid the $14,000,000 into
the Treasury in 183o for public lands, and $21,
000.000 in 1 s3<i. are those whose paper lies over
unpaid in the banks. Restore to them only one
half the excess you have received in the Inst ten
years, and you set up every hank in the United
Stales again. Restore the other half to the bro
ken merchants, nn 1 vou give them the means
of retrievingtheir credit, and re-establishing their
personal independence. But you cannot attend
to do this. It would be a dangerous precedent.
Then, at least, for charity's sake, cease to perse
cute and revile them.
Prox)i the Baton Atlai.
THE LOCO FOCO ALPHABET
Prepared for the old Federalist* who have just been
admitted into the Democratic Intuit school*, under
the charge of Professor Brownson, Robt. Dale Owen,
and Fanny Wright. To l>e imprinted on a SpitsJ
field child's handherchiel, by the English Radicals,
for the use of the foreigners at Tammany Hall, who
are desirous of learning the art of reading.
A was a Amot, a blind party h;ick.
B won a Hmtnv, n humnug and quark
(' was a t'alhoun, a dark < 'atniine.
D Doctor Ihmrnn. a " whole hog" with swine.
E was in h'.thtr, a class mate of Amos,
F wai a J'm-iyth, for protocols famous.
t ? was n Grundy, an obstinate mule,
II wax a IIII, a Sub-treasury tool.
I wan an In f moll, nailed in n trire
J was a not Wanted for" fir*."
K Wax a lifnrhtll, quite irood nt a " charer "
I, was a l.nrit. call'd Dixon the large
M was a Martin, ill I ncle Sam'* Iwi*.
>. >va? a Ail*?, the most *lupid of blocks.
O iViii an (frrtlt*, a very deep thinker.
I' u .r. a Pnuldit'F, a " eobler and tinker:"
(.A was a >1new which old Prtrikin wore.
I! was a ftite1 S twaddler and bore.
5 was a Sirnrtirout, who ele?n'dV)Ut the closet*.
T was a Tnvy, who moved the Dep.wit*.
I' was a I'nit, in day* of Old Hickory
V u.i? a I'anhurm, unequalled in trickery.
W w is a If iekliff . mrknamed Orea*y Boh, )
X w*? a A Ira 'tlobe, fille<l liy the job? >
Y was a Youilg, who went with the mob ? J
7. was n- /ound*! let u? rout the whole crew,
6 put in the Hero or Tippecanoe!