OCR Interpretation

Edgefield advertiser. (Edgefield, S.C.) 1836-current, March 29, 1838, Image 1

Image and text provided by University of South Carolina; Columbia, SC

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn84026897/1838-03-29/ed-1/seq-1/

What is OCR?

Thumbnail for

"Wo will eling to the pillars of the imple of our liberties,
anud if it must fall we will perish *midst the ruius."
VOLUME 3. EDGEELD C. I. <S. C.> sat a Ma , 1ss. -NO. 8.
The Edgeficid Advertiser.
is PUBLiSnEn
TErms.--Three Dollars per anmi ir paid
in advance,-Three Dollars and Filly Cents if
paid before the expiration of Six Months from
the diat of Subscription,-and Four Dolta if
not paid within Six Months. Subscribers out of
the State aire required to pay in advance.
No subscriptiou received lor less than one year,
and no paper discontinued until all arrearages
are paid, except at the optiout or the Editor.
All subscriptions will be continued uiless other
wise ordered, at the end aif tho year.
Any person procuring five Subscribers and
becounng responsible for the sante, shall receive
the sixth copy gratis.
ADaVn-risKtN Ts c.naspicunSly inserted at
(2. cents per sgnare, for the first auasertioi, and
43 cents f ir each continnance. Advertisemients
not having the number of insertionis marked on
thei, will ba continued until ordered out, and
charged accordingly.
All Advertisemnents intended for pIblientioni in
this paper, munst be deposited in the Office biy
Tusatuy evening.
All conmunentions saddressed to the Editor,
(Posr-PAID) Will be proanptly and strictly at
tended to.
I .f R E.
T IE Suscriber ins on hand a very lar-e
supply of ready. made TIN WA IE
of all descriptions, which he ofTers at whole
sale or retail, at ws low prices as can ie af
firded in this part or the country. Ile has
also a Ia. supply of te new est fashioni of
J APA N WA RtE,iogether with English and
llock Tilt Ware or excellent quality. Also
Copper and Sheet Irou Ware-Sheering
Hand1 Brazin: Copper,-lIlock tin, Stove
Sselter, and Tin Plate-all of which tie of
u -nr un: Iw. A0 -.--*-4 .." -... - --
streer. Augusta. 13. F. CIIEW.
'Tie subscriber being truly tlhanlfnl for
the very lilieral pntronage heretofore be
stowed upon lin by his frienids and the puib
lie generally, respecifully solicits ;a contim
anicie of their favors-nnd oilers his servi
ces in either ,s the Iiibluiwing lbrnaiches of
his hnsiness-Copper Tin, Sheet Iron, and
1loo0:g. HI. ''. C.
At guistn, I, Mlarebi 5 if 5
. A AR D.
L. J11P-'ll .1s & Co. aeknowl
- elgles renewed 'ilidrations to tleira
frieids and eaioniels for the very liberal
'ipatroalge hereitolre biestowed on them; 11
and beg leavet to annaaaonnee, that they h:ivc
now Oil huamdl, anid will continne to receive,
aj well Selected assokrtIent of GOO)S,
Barowan 1ad Lonf Sugar,
Greenl anld WX hite Coi'l'e.
N. 0. & Sitgnar Ilionse Mlasses,
:1i1e ami Spirits of* t~e her elecion
Canal l.'i--r-whole mnd ialf bis.
.ile lRpienad alagin,
Iron nand Steel,
TI'ogether with all other nticles in tIhe G(
er j Line:--n hiet hey %%ill sell, or send to
irdler, II'arraeid GoOd, at the lowest mar
1,et Prices
T .ey alo coniinne to trut'aet 'ommi;s
sion lsisiemn rieceiving. ntill for
wardhig Of Good,;.s and1 teniter to their
f.-ieils assuanlce of their best atientiol to
orders in that htle of businaess.
Saambi:rg, M1arch 138. tf 5
The Penilleton ileasenger will inser the
albove 'liir times una send the'r bill fir
pyetto It. L. J.
A .1. per'Sonsi indebteda'a to thea estate oif Stamuel
j. 'alhvlai l'l l~ta oifAbbila~h Disirict dle'd.
ar.* regnesa'.td to ma.ike. paaymaent innieditately, anid
lh..t avinig deimanuds to present them11 aah tat
te:- n thin tlahla jie rescribied lby law, to either
oa' the aub.-eribe.rs.
.it ll Ci Teil.\N
A. 1.lia.ma i. ill-'. ItitN iie Idaamrs. i
iAg auaas t agaia. i a1'8'ati ~ ti ulaataa
.A&Il1, Peaos' indebted to telatelaI tAirs 1
ing deualaiag aaaii5gain-si the ettef adda.-edii
nreai dlneit toese. te uy tetd
.IOII.N.UI. ET'.h1, I.xcet.,
LL~~ I Peron indebawatedv fti ahe lae tChSa
H 'Tiar- rta pt, deceasedf'U .. ar, ieaplii
edototmak imedaate p-hymet. al.\n eltlc
/ ', i l.'3 .i -t
(OR TIn ADVriLTisER:.].
I've had 'Ihce now for many years.
And 11ititlful thou alist been;
Blut time, with it's corro.-ive cares
From me, you now doth weer.
You've livcd through me, and I, Iv you,
Like dear and husoim friedls,
You've proved to me but once untrue
And friendship for it ends.
'Tis trtie, our parting was severe,
I could have wished thee stay,
I shed it) thee a parting tear,
As thou didst flee away.
I've doue no more to thee. my tooth,
Than 51EN do to each other.
I ve used thee in thy strength and youth,
Anid now, I'll try another. S.
Bkuuliful Eulogy on Jiurns.-At a late
Cel btralion in Looisville, (Ky.) of the birth
d1ay of Scotland's flavorite poet, Iom.:-Ar
13uuiNs, Air. I'RNTIcI:, the celebratedI pI
sier of the Louisville .ournal, addressed the U
company in the following ha ppy strain:
" Dritait and A inerien tnssembiltle 10 Pay
their heartfelt tribute of admiration to the
mnero'iry of Robert BItrns, the unrivalled
milt irel of Scotland, whose fame gathers
fireshness from the lapse of years, and like 1
the ivy, flot.rishes greenly over the lone
prostration of the lovely and the lentiful.
"You all know the hislory or Bnrns.
The world knows it by heart. The Scottish
ihgs. to one of the loftiest and brightest
places in the history of literature. lie was
lie child of misforiune; nod mankind still
weeI over tie sorrows of that gif'ted ueniis,
aIll will weep over them forever. lie was
unfitted fir the ron.nh trials of a world like
this. The lyre of his sol should have been
fanned but by tile airs or Eden, and have
given ont its usic in a heavenly elime; and
whIio cin wonder that its chords were jarre Id
and almost broken, wen visited by the
fierce winds, the swift lightninis, anid the
blastiig hurricanes of' life. Like the rain
how, his fame sprung up amid;t clouds of
2loom; bitt, like the rain-how, it was a re
Ileetion of the sun and "its areh, though
resting upo th11e itart h, was lost in heaven."
"'The genius of' Burns n as universal.-l n
whatever lie ateipted his success n% as per
fect. Iiis talent was all powerful, whether
lie inimed at tile he:art ofthe votary tf fes
tivit y, to kindle tIe high and holy fervor of
'devot ion, to pour his great enhuinsinsm for
liberty into the sonl of the patriot, or to
ierve the arm ai: send the iava tide of ven
ecance along the veins of the warrior. If
youl 1aIss through Scotlaini, you feel his great
ilini('nce every where. like a iutiversal pre
sence. Ile has male lint wild and ronanlie
contItrv cmtphatieally his owin. IIiS step is
n3pon iet r illountais, her hrnes and her lens
-his iiage is reflected f'rom her lochs and
her gushiing streatmis--and his nameu is
breathed by her Iwinds, ecIhoed by her litn
ders. and ebanted by her brave sons atl
I.e ntifuhl daulgliters."
W't re --Whein a Malm a ft senize coies to
marry; it is a colpaniont 1% 1141111 b le wanits
not on artist. It is int merely a crenture
who eall pnilit and play .sing and dance; it
is a be:ing w ho cana (comiafout 1113n conutse'l him i,
43n1 whlo cant resonit ail refleci, mitl feel
anid judge sad discoulrse antd discriiiate;:1
otie whlo ennt assist him 3 itt his atfliars, lighten
Ihis sor'row s, puOrify his joys, 5trentgthen'1 hiis
picile~stand eduemrae his ehiblreii. Sneht
is the womanti who4 is fit for n moother, mitu
the mtistress o~f a filyh. A omantt osf
the formter dhescription)3 oesiionally fisgures
in thel dra wig r4om3, and3( attiracts the3 ad
3mira':tion) of the comptany, Int she~ is enltir'eky
unitift r aii' help-mate to ai manit, ail to
"'traini op a child in thle way lie should go."'
IIbisr EIort.:NVe'e-"KNol for ourselrrs bunt
othe r.s."' is the gratid laiw 1f inture', iniserih~ed
biy thec handii of ( iod ott evey42 parlt of' crea.
tiotn. Not fihr itself. hntt iothers. (does thte
sun dispenuse its bheam s; tnt fhr themnselvyes,
hnt oiters. do( the 'loatdsd(ist ill iteir' showeirs:
1not for her'self, bt tothier's, dotes lie earlik
un lock her treatsures; tot fhr thiemiselvyes, bult
it hers, 110 the trces protlnee their frusit, or
the ilowier, dillose their fagrancie and dis
p ilay their viouilts hue14S. Si , lnt fori himiself,
buit other's, are tlch lessiungs oflien 'fvent hIe
sicowied oni man11................I ie who
lives only to htitmrelt, and3 constumes the
honiv oh Ii eavent upon(lt.his lusts. (It 'ontse
erntes' it 14o the dhemton aivarice, is a Ilnrren
rock~ in a f'ertile plain-ie is at thorny brnm it
file in a 'rutitful vineyard; h~e is thte grave of
(oad's lasinigs; lie is the very Araias desert
of the muorah word.-P;,json.
Teeare the TJimrcs to try M1n's ,S'le.
Ait exchiinge paper4:3 tells of a imant wyhoc hasd
aworn't ontt fou~r pair of' hoots inl I wuo mnthIs,
:n!I ill trying to cot!!teet th~e mnoney to3 pay for
Donatestic News.
In the Seate of the U. Statcs Feb 15, 183d.
I come now to the next point,to show how
this league is to be revived or stimulated
into life. Till this can hle d6ne, t le substi
tute, should it become a law, would be a
dead letter. The selection is to be made
from specie paying banks. None bat such
can receive the public depositories, or have
their notesreceived in the dues of the Gov
ermnent. There are none such now. Tlhe
wthole banking system lies inanimate; and
nist be vivified before it can be reunited
with the Uovernment. No one is bold
enough to propose an iinon witi this life
less mass. How then is the vital spark to
be revived ? how the breath of lifle, the
Promiethean fire, to be breathed itio the sys
tem anew, is the question! This is the task.
The mover tells us, that it must be the
work of the (iovernment. lie says that it
is bound to aid the banks to resume pay
ineut's; and for that purpose ongeht to hold
>nt (o thetm some adeliunle inducement.
lie tells us, that they have been long prepar
ng and had made great efforts, but can go
10 farther; have rolled the round, huge roek
dhnost to the summit, but unless the Gov
:rlnient put its giant arm, and give the last
M*h, it will recoil, and rush down the steel)
o the bottom, and all past labor be lost.
woW, what is 'the adequate inducement ?
hat this powerful stimulus, which it is
roposed the Government should apply, in
irder to enable the banks to accomplish this
erculean task! The substitute shall an
It proposes to fix the Ist of July next for
lie period of resumption; and as tie induce
cnt to resume, it proposes to select 25 of
lie most respectable and solid, out of the
esuming banks, to be the depositories of
lie public moneys, and the fiscal agent of
lie Government,as has been already stated.
Ialso proposes, and this is the stimulus,
he essence of the whole,-to make the
otes of such banks as may resume on or
efore that day exclusively receivable in
lie public dues. Here is a quid pro quo;
inething proposed to be done. ir which
nMC4Sjfnairy,-n fotu resu-ae,"e, dli our
art, stipulate to make twenty-five of you
ur fiscal agents and depositories of the pub
ie revenue; and we further stipulate that
hose who resume by the time fixed, shall
Ive the exclusive privilege for ever of
giving their notes receivable in the dues of
lie Governnieal, in common wilt gold and
ilver. If the banks perform their purl, we
hall be bound in honor and good faith to
>erform ours. It would le a comllete con
raet, as obligatory as if signed, sealed, and
lelivered. Such is the inducement.
'rIe next question is, will it be adegnate?
Ves. abundantly adequate. *he battery is
itrong enough to awaken tie dead to life;
lie consideration suflicient to remunerate
lie banks for whatever sacrifice they may
)e compelled to make, in order to resume
nyment. It is ditlicult to estimate the
halte of these high privileges, or preroga
ives, as I maight jusly call thent. They
ire worth millions, If you were to enter
nto : similar contract with an individual,
I doubt not, that he could sell out in open
iarket for at least ihirty, forty or filly mil
ions of'dollars. I do thei the mover the
lstice to say that his menus are amiple to
llcet whbat he proposes. As uifucult as is
he work of resimption.-aud difficult it will
Lirn out to lie when tried-the inducement
will prOve all sufficient. But the resnmp
lion, hIowever desirable, may lie purchased
too dearly ; and such would prove to le the
case, should the prioject succeed. Not only
i. the oil'er too great, but the no-le of efl'ect
ing it lighly objectionable. Its operation
would prove not less disastrous thaln time
bargain has been shown to le unconstitu
tional, wIhich I shall now proceed to estab
Tilhe o'er will have a double efiet. It
will acet ats a pow~rfrul stimulus toi resumtrp
tion, but will act at lhe samei lime wvith
ecia! liarcc to excite a struggle aiiming the
banks, not onuly to resume llhemselv'es bitt to
pirevenmt others fromi resumaing. The reasoii
is clear. Th'le adlvantage to each will in
creas~e, as tihe nutmbler of' the resuinlg banks
decreases ; atnd of' course, the great point
oif' conitest among~li the strlonlg will lie to re
str'ict the pircl1eed plrize to the smallest
numiber. Th~le closer thme mionopoly the
gr'eater' ihe profits. Itn this struggle, a corn
fbiattin of' a fewv powerfiid and wealthy
bankils, thle most respectable andl solid, as
dlesigunated ill the stubstitute, will overs browv
atid traimlle down the residnie. iTheir' fall
will sprteatd desolatioti over the land. Whlat'
ever tmay lie the fate oif others in ihis des'
perate contest, there is onie, in) relation to
which ino dotibt cami be entertained; I refet
ito the U'nited States batik of Pennsylvania,
a leitg inme anid a miisnonmer; and which,
lhr the sake of'lbrevity, but wvitht no1 personlal
disresplect tol tito distinlgUished individual
at the head, I shall call M~r. IHiddle's bank.
That at least, will lbe one of the winners
tine of the 25 to whom I lie prize will lie ar,
signled. its vast resources, its wvealthi ant
inflluenitial co'lieetions$, both at home ant
uabroade, the skill atid ability of' the oflicer a
its head, and wvhat is less honorable, the
i~eami resou rce ii holds, in the niotes of the
late 'niitedl States Bank, of' which tmore
than six miillions have ieen pt into circit
lation. iu violation, to say thme least, of
truslt, constitutinig meo than five sixths a
gl its circulaition, atnd whiich it is not bounll
to) pay-ith thte still greater anitunt 01
hand, matking in the whole mordie than 2(6,
(tilnIl nat..., ,,.h,;ha ,,,. bem e t he,,n~ aw .m
way, ifpot prevented, would place it he
yond all doubt among the victors. II
starts without proper weights, and will lea(
the wof from the first. Who the other
may bois uncertain; this will depend main
ly upon:his good will and pleasure. It mn
be put down as certain, whoever they na3
he, thatlthey will be powerful and influen
tial, and not unfavorable to his interest oi
aggranizement. Rut the mischievous ef
feet witl not be limited to this death-like
strugglel in which so many must fall and be
crushed, that znight-otherwise weather the
storm. The forced resumptnon. for such it
will be lu eff'ect, wonhi lie followed by wide
spread desolation. It is easy to sink to sus
pensiont but hard to return to resumption.
Under .4he most favorable cirunustances,
anud wl-en couducted most leisurely and
cantiously, t he pressure must be severe; but,
if coercI or precipitated by bankrupt lnws
or temptations such as this, it will be ru
mois. To make it safe and easy must be
the work ofrtime. Government cannot do
but little. The disease origiuntes in exces
sive ind6btedness, and the only remedy is
paymient or reduction of debts. It is esti
mnated, :tlat When the banks suspended
paymeiy the community was indebted to
tIhsem tihe enormons sun of $475,000,000.
To rettice this within the proper limits is
in tie irork of a few days, and can be but
little aided by us. The industry and the
vast respurces of this country, with titme,are
the only remedies to be relied onl for the re
duction;and to these with tho State Legis
latures, Pnd the public opinion, the resump
tio nImu be left. To understand the sub
ject full , we must look a little more into
the renaltause of the difliculty.
Thigenorious debt was incurred in
prospe rqus times. The abundant means
of the bnks, from the surplus revenue and
a comb' ation of other causes. induced
them t discount freely, This increased
the ci lation, and with its increase, its
value d reciated, and prices rose propor
tioVabl., With this rise, enterprise and
specula on seized the whole community,
and ev , one expected to make a fortune
at once. and this in turn gave a new imi
putlsa t discount and circulation, till the
swellin .tide burst its barrier, and deluged
the lan , Then began the opposite pro
cess of - bsorbing the excess. If it had
been p ible to return it back to the Bank,
and business portion of the cominuuity, the
mischief would have been in a great Mns
tire avoided But circulation had flown
off into other reservoirs; those of the mo
neyed man anudbankers, who hoard when
prices are high, and btuy when they are low
The portion thus drawn ofT and held in de
posite, either in banks or the chests of in
dividuals, was as effectually lost, as far as
the debtors of the banks were concerned,
as if it had been burnt. The ments of'
payment was thus diminished ; prices fell
mi proportion, and the pressure increased,
as they fell. Though the amount in circu
lation be greatly reduced, yet the banks
aire afraid to discount, lest on resumption.
the hoarded mass ofdeposites held by indi
viduals or other banks, should be let loose,
and, in addition to what might be put into
circulation should discounts be made,
would cause another innundation to be fol
lowed by another suspension. Ilow is this
dinhculty to be saibly surmounted, but by
unlocking the hoarded mens? Anti how is
that to be done, without deciding the curren
cy question? This is the first and necessa
ry step. That done all will be able to cal
culate, and determine what to do. The
period of inaction and uncertainty would
cease, and that of business revive. Funds
int are now locked up would again he
brought into operation, and the channels of
cirenation would he replenished in the only
mlode that can be done with safety. 'I'hus
thinking, I an now and have been from
the first, in favor of at early decision, and
adverse to all coercion. or holding out teump'
tation to resume ; leaving the disease to the
gradual and safe operatliou of titte, witt]
as little tampering as possible. In the
men tine, I hold it to be unwvise to cease
discotunting, and to adopt an itndiscrinminuat'
system of cur'tailmcnt. its effects tare ruin
Otis to the business of' the country, and cal
culated to retard, rather thtan to accelerant
a rcsumiptio~n. The true systemn, I wouk
samy, wvould be to discount wvith bumsines:
papler as freely as usual, and curtail gradu
ally our permanent debts. rThe formne
wvould revive business. and would incereast
thme debts of the banks less than it wouhi
increase the ability of the comnmunnity t<
luaving nown shown how this league, o
combination of bainks is to be fortmd an
revived, with the daticulties in the way,i
retmains to determine, whaut will be the trui
character and natturo of' the constitutioi
when formed. It will consist of State bitank
retainming their original powers, that of' dis
counting and all, without being in th
slightest degree imp~lairedl. To these thm
substitute proposes to add important addi
tiins: to receive their unotes as gold an
silver in the ptublic dues; to give them ilh
use of the public deposites, and to organiz
and blend the whole itnto one, as the fisct
tigent of the Gov'ernumenit, to be pluace
u tnder the itmmiediate sutpervision and cotl
trol of the Secretary of' the Treasury.
Now what does all this amotntt to?--Sha
I name the wvord-be n~t startled ; A BA N1
-a Government bnnk,-the mnost extensis
powverftul and dangerous, that ever existe
i'his stbstituto wvould be the act of inco
poration; and flue privilege it cotnfers,
f muchl additional batnking capital, incresir
I immuensely its powers anad giviing it an ui
alimited cotntrol over the businiess and e:
- changes of the cotntry,
SThe Seniato~r frow Virginia (St1r. R ive
w as right in supposing that this new trial
> of the experiment would be made under
I very difl'rent circumstances from 4e first.
s and would have a different termination.
That too, like this, was a bunk-a Govern
ment bank, as distinguished from the late
bank, to which it wass et up as a rival, and
-vas at the time constantly so designated
in debate. But the circumstances now are
indeed different-very diff'ernt, and so
would be the result of the experiment.
This bank would be the same rickety con
cern as the former. That ended in anarchy
and this would end in despotism. I will
The former failed not so much in congo
quence of the adverse circumstances of the
times, or any essential defect in the system,
as from the want of a head-a common
sensorium, to thiuk,-to will,-and decide,
--for the whole, which was indispensably
necessary to ensure concert and give unity
of design und execution. A head will not
be wanting now. Mr. Biddle's bank will
supply the delect. lis would not ouly be
one of the resumiu banks, as I have shown
but would also be ene of the twenty-five to
be selected. If there should be the terneri
ty to omit it, the present project would
share lie fate of the predecessor. Mr. Bid
ble's boank at the head of those excluded,
would be an over match for the selected, in
skill, capital and power; and the whole
league would le inevitably overthrown
But if selected, the position of his bank in
,lie league would be certain. Its vast capi
tal, its extensive connections, its superior
authority, and his skill, abilities and influ
ence, would place it at the head, to think and
act for the whole. The others would be as
dependant on hi4, as the brauchesof the late
bank were on the mother institution. The
whole would form one entire machine, im
pelled by a single impulse, and* making a
perfect contrast with its predecessor in the
unity and energy of its operations,
Nor would its fate be less dissimilar.
Anarchy was inscribed on the first from the
beginning. Its deficiency in the great and
essential element, to ensure concert, was
radical and could not be remedied. Its
union with the Government could not sup
ply it, nor avert its destiny. But very dif
lerent would be the ease of the present.
Acid its intimate union with the Govern
meat for which the substitute provides, to
and bank, would unite and constitute a san
gle power; but which would gain the aseen
dency; whether the Government would be
conte the bank or the bank the governmen,
is neither certain nor material: for whichever
it iight lie, it would form a despotic money
cracy, (if I may be permitted to unite an
English and a Greek word,) altogether ir
It is not a little surprising that the Sena
tter from Va., (31r. Rives,) whose watchful
jealousy could detect, as ie supposed, the
cnbryoof a Government bank in the bill,
should overlook this regular incorporation
of one by his own substitute. Out of the
slender materials of Treasury warrants,
and drafts to pay public creditors or trans
mit funds from place to place, as the public
service might require, and four principal tp
cuivers to keep the public money. lie has
con'urod un, with the aid of a vivid imagi
nation, a future Government bank. which
ie told us, %with the utmost confidence,
would rise like a cloud, at first as big as a
hand, but u hich would soon darken all the
horizon. Now, it is not a little unfortunate
for his confident prediction, that~these semi
nal principles from which the bank is to
spring, have all existed from the commence
mient of our Government in full force, ex
cept the four receivers, without showing the
least tentlency to produce the result lie an
ticipates. Not only ours, but every civil
ized Government has the power to draw
Treasury warrants, and transfer drafts; nor
has the power in a single instance termi
nated in a bank. Nor can the fact, that
ie money is to be kept by receivers. con
tribute in the least to produce one. The
p ulilic funds in their hands will be as much
bie yond the control of the Executive, as it
wias in the vaults of the banks. But to
shorten discussion, I would ask, how can
there be a bank without the power to dis
count or to use the deposibes? And ot
of which of the provisions of the bill
could the~ Treasury, by any possibility ob
tain either, under the severe penalhies or
the ball, which pirohibits the touching of the
puliic mooney. except on warrants or drafts
Idraten by thos'e having authority, in due
forni, anid for the public service.
llut the danger which an excited imagi
nation anoticipates hereafter from the bill
I would exist in sober reality undler the sub
Sstitute. 'Phere it would require neither
fancy nor conjecture to crente oue. it
awould exist with all its faculties and enidow
a mients compllete; discoumts, deposits, and
. all ;--with its imimense means, guided
u by a cenitral aiid directing hieadl, and blend
o ed' and untited with thme Government, so as
- to form Oneo great mass of power. WVhat a
LI contrast with the bill ! ilow simple1 and
o harmless the one, with its four princijn~l re
e ceivers, twice as many clerks and hvc in
il spectors, compared with this complex and
d mighty engine of power! And yet there
-are many, both intelligent and patriotic,
- who opposed the bill and supported the
11 substitute, oin the ground that the formet
would give more patrounge and power than
*e the latter ! How strange and wvonderful
1. the diversity of~the human mind!
r- So far from being true, the very fact of th<
0 separation of theo Gevernment from the
g banks, provided for in the bill, would, o
i- itself, be the most decisive blow that conk
'-he given ageinstGovernment patromage: am
and the union of the two, the most decisiv
ii in ftwnr. When nnecS nra rcccivod in tb
public dues, as cash, and the public money
deposited in their vaults, the banks become
the allies of the Goverment on all qlueslions
connected with its fiscal action. The higher
its taxes and duties, the greater its revenue
and expenditure; and the larger its surphis.
the more their circulation and business, and
of course, the greater their proAt; nmd
hence on all questions of taxation and dis
bursements, and the accumulations of lind.i
ia the Treasury, their interest would throw
them on the side of the Government and
against the people.
All this is reversed, when separated.
The higher the taxation and disbursements,
and the larger the surplus, the less would
betheir prolt; and theirinterestin that Case,
would throw them with the people, and
against the Government. The reason io;
obvious. Specie is the basis of banking opt.
rations; and the greateramiount they com
mand, the greater will be their business anit
profits; but when the Govcrarnmnt issepura
ted front them and collects and pays away
its dues in specie, instead of their notes, it i*1
clear that the higher the taxes and disburse
ments, and the greater the surplus in the
Treasury, the more specie will be drawn
from the use ot the banks and the less will
be left as the basis of their operations ; and
cousequently, the less their'profit. Every
dollar withdrawn from them would dinji
ish their business four-fld at least; aid
hence a regard te their own interest would1
imevitaly place them ou the side to wljivu
I have assigned thym.
The efiects on the politics of the conn
try would be great and salutary. The
weight of the banks would be taken fron
Lhe side of the tax consumers, where it has
been from the commencenent of the Gov
mnnment, and placed on the side of the tax
payers. This great division of the commu -
ity necessarily grows out of the fiscal ne
tion of the Government. Take taxation
and disbursement together, and it will al
,vays he found that one portion of the Com
nunity pays into the Treasury, in the shapo
)f taxes, more than it receives back in that
>f disbursements, and that another receives
jack more than it pays. The former atre
the tax payers, and the latter the consu
nors, makin; the-great, essential, and con
rolling division in all civilized communi.
ies. I, with us, the Government has been
thrown on the side of the consumers, as it
edseqnenci, atafiesstiil"iuiid
powerfully on that side. It is to this mis
ehievous and unholy alliance, that may ba
traced almost all the disasters that have be
rallen us, and the great political degeneracy
Df the country. lence the protective sys
lem-hence its associated and monstrous
system of disbursements; hence the collec
tion of more money from the people than
the Government could require; hence the
vast and corrupting surplusses; hence Leg
islative and Executive usurpations; and
finallf, hence the prostration of the curren
cy and the disasters which give rise to our
present deliberations. Revive this fatal
connection ; adopt this substitue, and all
this train of evils will again fidlow with re
doubled disasters and corruption. Refuse
the connection; adopt this bll, and all will
be reversed, and we shall have some pros
pect of restoring the Constitution and coun
try to their primitive simplicity and purity.
The effect of the refusal on the patronage
of the Government would he great and de
cisive. Burke has wisely said, that the
"revenue is the State in modern times."
Violence and coercion are no longer the in
struments of-Government in civilized com
munities. Their reign is past. Every thing
is now done by money. It is not only the
sinew of war but of politics; over which, in
the form of patronage, it exercises alnost
unlimited control. Just as the revettte its
creases or diminishes, almost in the siuno
proportion, is patronage increased or distin
But admit for a moment, that neither the
separation nor the connection would uve
any sensible ef'ect to increase or diminish
the revenue; and that it would be of the
samne amount, whether the bill or the sub
stituste ,.hould be adopted; yet, even on thast
supposition,the patronage of the latter woul-l
be an haundred fold grea ter dhna the former.
In estimnating the amount of patronage of
any measure, three particulars miust les
taken into the calcuhanon,; the number who
may he affected by it; their influence in thes
cotmmunity, and extent of the cotntrol exer
cised over thiem. It wvill he found on~ c-om
p~arison, that the substitute combhines tall
these elements in a fat greater degree, thant
the bill, as I shall now proceed to show.I
begisr with the number.
The bill provides, as has beenf stated, foar
four principal receivers, eight or tenl clerk.
and a suitable number of agents to act aas
inspectors, niaking ina he whole, say 2!5 in
dividuals. These won dlconstitufE, lie only
additional officers to keep and disburse th~e
public money. The substitute, in addlitiont
to the oflicers now in service, provides lfar
the selection of 25 baniks. to be utsken tromt
the mfost powerful and inftuenthdf, and whgich
would have, on an average, at least, 10N*
oflicers and stock-holders each, making in
the aggregate, 2,500 persons, who wonl lbe
directly interested in the banks, and of courso
tander the influence of the Government.
As to the relative influence of tho officr
and the selected banks over the community,
every impartial man must acknowvledge,
that the preponderance would be greater
on the Sidle oft the latter. Admitting the re
spectability of the receivers and other o111.
Icars provided for ini the bill, and the oficers
and stockholders of the banks to be indi
Ividually the same, still the means of control
at the disposition of the former, wenld be as
nothing compared tp that of the latter~
They cotald not touch a cot'ef pUlik

xml | txt