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I
CHRONICLE AND SENTINEL.
AUGUSTA. I
1
FRIDAY MORNING, APRIL I7j
The June Convention.
The appointment of delegates to this < onvcn
tion, of the State Rights paity of Geor ;ia, be
gins to attract the attention of the advc :ates of
reform, in various parts of the State, and already
have several counties nominated their delegates.
Richmond should also be represented, a id ably
represented in that body, and we trust hat our
friends will at once agitate the matter nd look
around to see upon whom this import;] it trust
shall bc j conferred. The objects of the conven
tion are %)f no secondary character ini mi ortance,
involving as they do, the nomination 01 a con*
jressional ticket, and another high and i nposing
duty, that of determining for whom the* opposi
tion to the present administration of the;’ General
Government, shall cast their suffrage at] the ap
pealing contest, in November.—Theda are no
minor questions, and should command! for their
adjudication men of the highest integrity and tal
ents—men marked for their disci imina lion, pru
dence and sound judgement. That th ! services
of such can be procured, no one can do ibt, who
reflects a moment upon the character c four city
and county, and the questions which a c to be
settled. What should be done by R chmond,
should lie vigorously adopted by every ;ounty in
the State, that feels an interest in theseg eat ques
tions. Let the convention be compose lof such
men as we have suggested, and a bod will be
convened, which while it will secure th« adoption
of the most prudent measures, will stri ce dismay
throughout the entire ranks of the "V an Buren
party. We therefore call upon the friends of
State Rights and the opponents of Lnj-.ofocolsm,
to enter upon this important appointing duty
with that deliberation and spirit of patriotism
which its importance demands, —send your best
and most talented men to this convents n, —select
them from among those whom you h av > tried and
found faithful, and you will have the conscious
ness of having done yon duty, and coi [tided your
business to such hands as will not abu .e or tram
ple upon the high confidence you rep ise in their
integrity and patriotism.
Speech of Hon. T. B. Ki ig.
We commence to-day, the publica ion of the
admirable Speech of this gentleman, i elivered on
the Treasury Note Bill, for which »;< ask an at
tentive reading. We shall endeavor* :o complete
it to-morrow, so as to furnish it entire to our Trl-
Weekly subscribers in one paper. uch as we
have seen and heard said of this sple;i did Speech
of our representative, we confess it lj s more than
realised our highest anticipations. [No man can
get up from its perusal without lia% mg been in
terested, instructed and enlightener on this im
portant question.
We are requested to say that, he Monthly
Meeting of the Total Abstinence Spciety, takes
place This Evening, in the Lecture Room of the
Presbyterian Church. i
Fire in Charleston.
The passengers who arrived in the cars yester
day evening from Charleston, brought intelli
gence of another destructive fire in that city, on
M ednesday night. We were unable to ascer
tain any of the particulars, or the amount of loss,
except that it occurred in the beautiful block of 5
story new brick tenements, on Sjictoria range,
several of which were destroyed. |
A Sign from Ciucimis iti.
r I he National Intelligencer of he 11th inst.
says : There was an election on ;] londay last in
the city of Cincinnati for Corporation Officers*
in which the Whigs carried their tucket L. every
ward in the city by a majority lailjer in the ag
gregate (by over four hundred viltesj than ever
before obtained. The vote for T|»wnship Trus
tees is considered as forming the fist. The aver
age vote for the Harrison ticket iL 2,906 ; for
the Van Buren ticket 1,303. Majority for the
former, 1,663 votes. The majoiiy for the Har
i ison candidate for Township C'lfik over his Van
Buren competitor was 1,749 ] I
Defalcation of th- Hank If Virginia.
The Richmond Whig of thejllth inst. says
—“The Proclamation of the Giivernor, and the
advertisement of the President, .1 the Bank, have
officially apprised the country otlthe existence of
a defalcation in the Department If the first Tel
ler of that institution to a very large amount.
An official expose will probably,| in a day or so,
as soon as all the facts are asceiiiiiied, place the
country in possession of all llialcan be known
at present. We believe thedefijitis now known
to be between 400 and Ssoo.o<|).
Never was a community less I.repared for such
a development! No hint, no Suspicion appears
in any quarter to have precedld the astounding
annunciation. No shadow wal cast before, that
the most wise, ofur the event! pretend to have
seen before it. Had a mine Kim sprung in the
the city, when no eiLxny was encom
passing it, the surprise could fit have been great
er. Atfir.it, public sympath I was strongly ex
cited for the unhappy defuilli Jg Teller, who had
been a universal favorite, and teas believed to be
the dupe of others. This serliment, of course
has surrendered to successive lliscoveries, and to
the now certain fact, that he Imusi have taken
with him an unknown but I very large sum
of money belonging to the Bank. Sympa
thy ends where deliberate gui) is ascertained to
begin. W e pause here tor ,iat official disclo
sure, which will doubtless be vade to the Com
monwealth.
From the Globe of \e llth.
Destructive 'ire,
A fire broke out between and 2 o’clock this
morning, in the building c cupied by Messrs.
Langtree and O’Sullivan, m, 1 Thomas Allen, as
printing offices for the Den >cratic Review and
the Madisonian. Before he fire companies
reached there, the fire had m de such progress as
to leave no hope o c saving t o building, or any
considerable portion of the ffmting materials in
it. Messrs. Langtree and O’Sullivan saved most
of the stereotype plates of the Madison papers,
and about 1,000 copies of the first volume of the
work; the other two volumes, we believe, were
entirely destroyed. The edition was 1,800 co
pies, three volumes to each, valued at from $lO,-
000 to $12,000. They were insured for $G,000;
and their property destroyed is estimated at from
$15,000 to $ 18,000. The materials of the Mad
isonian office were all destroyed, and no insurance
jon them. They were worth, \vc suppose, from
! $6,000 lo SB,OOO. The roof and the upper floor
of the Medical College were burnt: insured for
$3,000, and it will require that sum, it is suppo
sed, to repair it. The Baptist Church was inju
red to the amount of SSOO or SBOO. A frame
soap factory was entirely destroyed, worth, prob
ably, between SBOO and SIOOO.
It is not ascertained how the fire originated.
Some of the hands in the Madisonian office were
at work until after 12 o’clock; and the fire had
made great progress when discovered, about half
after 1 o’clock. But the prevailing opinion is,
that it occur.ed in Messrs. Langtree and O’Sulli
van’s office.
From the N. Y. Courier 4* Enquirer of Saturday.
Late from England.
By the ship Memphis, (Japt. Nichols, arrived
this afteroon from Liverpool, vve have received
Liverpool papers to the 16th, and London dates
of the day preceding. We annex from the jour
nals all that we find of commercial interest. And
we have to add. that the second edition of the
London Sun of 11th says, that the Governor Gen
eral of India had positively declared war against
China.
Liverpool, March 13.
Great Import of Cotton.— Yesterday not
less than 14 vessels laden with cotton to the a
mount of about 25,000 bales, entered the Mersey.
Os these 12 were from N. Orleans, one from
Charleston, and one from Natchez.—At least a
score of cotton ships are now due.
From the London Globe, March 14.
The foreign exchanges, yesterday, looked more
favorable again. The doubts, so long entertain
ed, about the reflux of bullion lo England, may
be laid aside for the present: the Mexican pack
et arrived this week with $450,000, and other
vessels are on their way home, are known to have
together, about $3,000,000 on board ; all of
which will arrive during the spring.
France. —ln France the disposition of the
Chamber of Deputies regarding the new Minis
try will soon be ascertained. On Wednesday M.
Remusat, Minister of the Interior, moved for a
grant of one million of francs for secret service
money; being half a million less than the sum
demanded in 1838. The Chamber fixed this
day for the discussion on the motion. It is said
that Thiers will have a majority of 50; but this
is mere conjecture.
London Monet Market, Stock Exchange,
Friday afternoon —The motion of the Chan
cellor of the Exchequer for a Committee upon
the subject of banking has given rise to all sorts
of reports as to the future intentions of Govern
ment; among which may be cited the establish
ment of a silver currency, and a limitation of the
issue of Bank notes, for the future, to the Bank
of England only.
From the New Orleans Sun of the B th.
From Texas.
The steamer New York, Wright arrived yes
terday from Galveston.
A terrible slaughter had taken place at San
Antonio. It appears that the Cumiaanche Indi
ans, who had 13 Tcxian prisoners in their posses
' sion, had consented to meet the Texan commis
sioners at Sin Antonio, and make arrangements
for the restoration of the prisoners and the ma
king of a treaty of peace. The 15th of March
was the appointed day. When the meeting look
place, 65 Indians, including women and chil
dren, being present, the commissioners demand
ed the prisoners. The head chief produced only
one, a young girl, saying the rest were in posses-
other tribes. This was known to*bc false,
as the girl had seen several at the principal camp
of the Indians, for whom they expectad, as she
said, to extort heavy ransoms from the Texans.
A pause in the council took place at this stage
of the proceedings; and ti e Texans stationed
their soldiers in the council room. The Chiefs
were then tol 1 that they must consider the nselves
prisoners until they restored the promised cap
tives. This was the immediate signal for a fight.
The Chiefs drew their knives or their bows and
arrows, and a general battle ensued, in which 36
of the enemy were killed, and 29 made prisoners
—comprising their entire force, with the excep
tion of one man, a renegade Mexican.
The Texans had 8 killed and 7 wounded, viz.
Killed—Lieut. W. M.Dunnington ; private Ka
minski, ot A company; private Whitney, of E
company; Judges Thompson, of Houston, and
Hook, of Bexar; Mr. Carey, of Matagorda coun
ty ; and a Mexican.
Wounded—Captain George T. Howard, Ist
inf ntry ; Matthew Caldwell, Ist infantry ; Lieut.
Edw. A. Thompson; private Kelley, comoany 1;
Judge Robison, Mr. Higginbotham, Mr. Morgan,
and Mr. Carson.
An expedition is to be organized against the
Cummanchcs immediately, under Col. Burleson.
No trace had yet been discovered of the In
dians who n de the descent on Austin.
On the advance of the Centralists under Arista
towards Guerero, the provisional government ap
pointed the Lake Espantoso, on the Nueces river,
as the temporary seat of the n«w republic of Rio
Grande. The Morning Star thinks this an inva
sion of Texan territory.
A Whig Gain. —The Picayune says: The
town of Society Land, New-Harnpshire, at the
recent election, gave one Whig vote—all told
which is one more than it gave last year. An
editorial wag remaiks thereon that the Whig
party was perfectly united and well organized !
We have been in this same Society Land and a
more rough, rugged, uneven spot does not exist
in these United States. As there is not a foot of
level ground in the place the inhabitants all have
one leg about two inches shorter than the other
to run on side hills to advantage.
Expedition to Santa Fe. —A company is
forming in Houston for the purpose of opening a
trade between Santa Fe and that place. We learn
from the Star, that the association consists chiefly
ot persons of capital. No man is to be interested
unless he is willing to endure the trial, and brave
the danger of being the pioneer of a route never
before trodden by a white man—of making a
w iy through an unknown, and it may be. almost
inaccessible region. The number to constitute
the company will be one hundred. The enter
prise promises to be important in its results; and
it crowned with success, will open a new and
vastly lucrative trade lo Texas.—iV. O, Bulletin.
A Letter of Recommendation. — A lady at
the North, on dispensing with the services of a
faithful servant girl, gave her the following letter
of recommendation :
“Madam, Suky Day lived with me won yer an
leven months cookin b.ikin an bruin an is a husc
ful kind ot body she is werry onest and I newer
now her to be in lickher an she was noe sweet
arts.’’
Limited Ideas of tiim United States. A
fresh caught cockney in New York, looking ove»-
the City Directory, was recently heard to ask whe
ther it really contained the name of every man in
America. This chap does not know even as
much as the fellow who after having travelled
from Maine to Louisiana, concluded that this was
a “ pretty extensive country.”
Speech of .Hr. Thomas |Buttar King,
> OF GEORGIA,
! On the “ Bill additional to the act on the sub
s ject of Treasury notes."
■ House of Representatives, March 18, 1840.
The House being in Committee of the Whole
' on the state of the Union, (Mr. Dawson in the
1 chair,) Mr. Kino, who was entitled to the floor,
rose and addressed the committee as follows:
Mr. Chairman : The bill now under consider
tion proposes to renew the act passed the 12th
day of October, 1837, authorizing the issue of
Treasury notes, and the subsequent acts in addi
tion thereto, excepting the limitations concerning
the times within which such notes may be issu
ed, and restricting the amount thereof, so as to
authorise the President of the United States to
cause the Secretary of the Treasury to Issue and
keep in circulation Treasury notes to the amount
of five millions of dollars. That there may be
no mistake in regard to this important feature of
the measure, I ask that the bill may be read.
[The bill was read by the Clerk.]
It will be perceived (said Mr. King) that, un
der the second section of the bill, “ Treasury
notes may be issued in lieu of others hereafter
or heretofore redeemed, but not to exceed in the
amount of notes outsanding at any one time
the aggregate of five millions of dollars."
The limitations contained in the act of Octo
ber, 1837, which was renewed by the subsequent
acts of January, 1838, and March, 1839, prohi
bited the re-issuing of Treasury notes in lieu of
others received in Government dues or redeemed
at the Treasury, and limited the amount to one
issue of ten millions of dollars. These provi
sions of the act were doubtless inserted to take
from it, as far as practicable, the odious character
of a Government bank charter, to prevent the
Treasury from becoming a bank of issue and cir
culation, and these Treasury notes from entering
into the circulating medium of the country as
currency. If the bill now before the committee
shall become a law, as I doubt not it will, the sal
utary limitations in the act of 1837 will be re
pealed, and a Government bank of issue and cir
culation to the amount of five millions of dollars
will, in fact, be established, of which the Presi
dent of the United States will be the president
and director, and the Secretary of the Treasury
merely the cashier.
It appears (said Mr. K.) that these limitations
have been found by the Secretary of the Treasu
ry to be a most inconvenient check on his evident
desire to issue paper money. In his report bear
ing date December 24, 1839, speaking of the au
thority to issue Treasury notes, he says; “That
authority expired in June last, and while in force
contained requisitions immediately to receive
those notes in payment when offered, and at the
same time preventing the reissue of them, which
proved to be exceedingly inconvenient.” Sever
al hints may be found in this report of the Secre
tary’s strong desire to he authorized to issue this
paper currency whenever he wants money. It is
known to al! that the Treasury notes which have
been used as currency, and especially those bear
ing an interest of but one mill, have become a
portion of the circulating medium of the coun
try, and that they have in fact assumed the char
acter of bills of credit. They have been pur
chased at the South for the purpose of being re
mitted to the North, and used throughout the
country as currency and a medium of exchange.
This is too notorious to admit of doubt or cavil,
I have no hesitation in giving it as my opinion
tnat such was the object of the Administration in
issuing them. But gentlemen say they are short
ly to he redeemed—they are only required to meet
a temporary deficiency in the Treasury. This
lis no new argument in favor of the policy—it has
been used by the advocates of it for nearly three
years, and yet the necessity exists, and, if the
Secretary of the Treasury is to he believed, is
likely to continue. He says in the report I have
referred to, “ The Department is without resort,
temporary or permanent, in case of material de
ficiencies, and. considering all the circumstances
before mentioned, with the dangerous liability in
law to have the whole of the oustanding Treasu
ry notes paid in at any moment for public dues,
without a power remaining to issue others in
their stead.” Does not every one know there will
be a material deficiency in the revenue] And
does not the Secretary acknowledge that he has
no means, temporary or per moment , to meet the
expenses of Government, and pay the Treasury
notes now in circulation ]
How can it then be contended that this is a
temporary measure, and only intended to meet a
present and pressing emergency 1 The Secreta
ry complains piteously of the “dangerous liabili
ty in law to have the whole of the outstand
ing Treasury notes paid in at any moment fur
public dues.” Very dangerous and inconveni
ent, doubtless to be liable in law to pay these
notes, to pay the debts of the Government, in
any thing but by giving new notes for old ones
This, then, is the system which the Secretary’s
great financial skill has enabled him to recom
mend to Congress. It has been in operation
near three years, and I hesitate not to say is to
become the permanent policy of this Adminis
tration. 'The Secretary recommends no measure
by which the Treasury may be supplied with
means to pay these notes. 'They will be reissued
on the credit of the Government, leaving a mere
nominal rate of interest, not more, I venture to
say, than one mill. They will go into circulation
as currency. Not being issued on funds of the
Treasury, they will be bills of credit, and the
power to reissue them will make this measure a
bank of issue and circulation. Who will attempt
to deny it ] Who can be so simple, so stupid,
so wilfully blind, as not to perceive it ] There
caii be no mistake, and, in fact, the leasons given
by the Secretary amount to an admission that
such is the design of the Administration. The
great and intricate question of Government pa
per credits was most anxiously and critically con
sidered in the Connvention that framed the Con
stitution of the United States; and it is not ne
cessary for me to say that the power to emit bills
of credit cannot be found in that admirable in
strument.
It may be proper, Mr. Chairman, to refer to the
Madison Papers, recently published, to ascertain
precisely what the opinion and intention of th?
Convention was in regard to the power to issue
bills of credit. lam aware, sir, that this question
has been argued with unsurpassed ability by my
honorable friend from South Carolina (Mr. W.
Thompson) in his unanswered and unanswerable
speech, delivered on this floor in May, 1838.
Since that time, however, the publication of the
debates in the Convention places beyond doubt
1 what was the intention of that body in regard to
the power to issue lulls of credit. It appears
that on the 6th of August the committee of de
tail reported the draught of the Constitution.
'I he seventh article, which enumerates the pow
■ ers of Congress, contained this clause: “To bor
! row money and emit bills on the credit of the
United States.” On the 16th of August, this ar
ticle being under consideration—
“Gouverneur Morris moved to strike out the
| words l and emit bills on the credit of the United
. States' If the United States had credit, such
bills would he unnecessary; if they had not, un
just and useless.
‘ Mr. Butler seconds the motion.
‘ Mr. Madison. Wiil it not be sufficient to
prohibit the making them a lender ] This will
remove the temptation to emit them with unjust
views. And promissory notes in that shape may,
in some emergencies, be best.
‘Mr. Gouverneur Morris. Striking out the
. words will leave room still for notes of a respon
-1 sible minister, which will do all the good without
i the mischief. The moneyed inteiest will oppose
1 the plan of government if paper emissions be not
1 prohibited.
“ Mr. Gorham was for striking out without in-
serting any prohibition. If the words stand, they
may suggest and lead to the measure.
Mr. Mason had doubts on the subject. Con
gress, he thought, would not have the power un
less it were expressed. Though he had a mor
tal hatred to paper money, yet, as he could not
foresee all emergencies, he was unwilling to lie
the hands of the Legislature. He observed that
the late war could not have been carried on had
such a prohibition existed.
Mr. Gorham. The power, as far as it will be
necessary or safe, is involved in that of oorrow
ing.
“Mr. Mercer was a friend to paper money,
though in the present state and temper of Amer
ica he should neither propose nor approve of such
a measure. He was consequently opposed to a
prohibition of it altogether. It will stamp suspi
cion on the Government to deny it a discretion
on this point. It was impossible, also, to excite
the opposition of all those who were friends to
paper money. The people of property would be
sure to be on the side of the plan, and it was im
politic to purchase their further attachment with
the loss of the opposite class of citizens.
“Mr. Ellsworth thou/ht this a favorable mo
ment to shut and bar the door against paper mo
ney. The mischiefs of the various experiments
which had been made were now fresh in the pub
lic mind, and had excited the disgust of all the
respectable part of America. By withholding
the power from the new Government, more
friends of influence would be gained to it than by
almost any thing else. Paper money ran in no
case be necessary. Give the Government credit,
and other resources will offer. The power may
do harm, never good.
“ Mr. Randolph, notwithstanding his antipathy
to paper money, could not agree to strike out the
words, as he could not foresee all the occasions
that might arise.
“Mr. Wilson. It will have a most salutary in
fluence on the credit of the United States to re
move the possibility of paper money. This ex
pedient can never succeed whilst its mischiefs
are remembered. And as long as it can be re
sorted to, it will be a bar to other resources.
“ Mr. Butler remarked that paper was a legal
tender in no country in Europe. Hew'as urgent
for disarming the Government of such a power.
1 “ Mr. Mason was still averse to tying the hands
lof the Legislature altogether. If there was no
l example in Europe, as just remarked, it might be
observed, on the other side, that there was none
in which the Government was restrained on this
head.
“Mr. Read thought the words, if not struck out.
! would be as alarming as the mark of the beast in
Revelations.
“ Mr. Langdon had rather reject the whole plan
than retain the three words, l and emit bills'
“ On the motion for striking out —New Hamp
shire, Massachusetts, Connecticut, Pennsylvania,
Delaware, Virginia,* North Carolina, South Car
olina, Georgia—ayes 9; New Jersey, Maryland
—noes 2.
“ The clause for borrowing money was agreed
to nem. cun."
Thus we perceive, sir, that the power was
withheld by a vote of nine States to two. Who
can say, after reading this debate, that it was not
the intention of the framers of the Constitution to
withhold the power from Congress to emit “bills
of credit” to circulate as currency ]
We have, in addition to the evidence of the
journal of the Convention, the testimony of a dis
tinguished member of that body, who voted a
gainst striking out- I allude to Luther Martin,
one of the members from the State of Maryland;
who says, in his address to the Housfc of Dele
gates of his State on the subject of the proposed
new form of government.
“ By our original articles of confederation, the
Congress have power to borrow money and emit
bills of credit on the credit of the United Stales;
agreeably to which was the rep irt on this system
;as made by the committee of detail. When we
1 came to this part of the report, a motion was
j made to strike out the words “to emit hills of
credit;" against the motion we urged, that it
| would be improper to deprive Congress of that
j power ; it would be a novelty unprecedented to
j establish a Government which should not have
j such authority; that it was impossible to look
' forward into futurity so far as to decide that
i events might not happen that should render the
1 exercise of such a power absolutely necessary ;
and that we doubted whether, if a war should
take place, it would he possible for this country
to defend itself, without having recourse to pa
per credit, in which case there would be a neces
sity of becoming a prey to our enemies, or vio
lating the Constitution of our Government; and
that, considering the administration of the Gov
ernment would be principally in the hands, of
the wealthy, there could be little reason to fear
an abuse of the powers by an unnecessary or
injurious exercise of it. But, sir, a majority of
the Convention, being wise beyond every event,
and being willing to risk any political evil rather
than admit the idea of a paper emission, in any
possible case, refused to trust this authority to a
Government to which they were lavishing the
most unlimited powers of taxation, and to the
mercy of which they were willing blindly to trust
the liberty and property of the citizens of every
State in the Union ; and they erased that clause
from the system.”
I now ask gentleman, in all candor, where this
Government finds authority in the Constitution or
by implication, to issue bills of credit under the
name of Treasury notes hearing a mere nominal
interest, or perhaps, no interest at all, and to is
sue them in the form, and for all the purposis, of
bank notes as currency ] Is the Constitution no
barrier to the attainment of their object] Is the
power of party-drill in this House so irresistible
that, in obedience to this mandate, gentlemen
will be found ready to trample on the Constitu
tion of our country ] Will they revive the mis
erable and condemned system of Government
paper money ] That system which was so loud
ly and universally complained of, and was one of
the principal causes that led to the adoption of
our present form of government.
That Government bills have been issued to a
large amount as currency, ne have the authority
of the Secretary of the Treasury hirnse'f for as
serting. The admission is to be found in his
communication to the Commute of Ways and
Means, by which it appears that Treasury notes
to the amount of nearly two millions of dollars
have been issued, bearing an interest of but one
mill. Does any one suppose that this trifling in
terest ever has been or will be computed] Can
it he pretended that it was stipulated on the face
of the notes for any other purpose than to evade
the law and violate the Constitution ]
My own opinion is, that this bill will author
ize the issue of Treasury notes without interest.
Be that as it may, every one must admit that one
mill interest is a most flimsy and degrading pre
text to deceive the People and cheat the law.
The Secretary says :
“ Most of the first issue, yet unredeemed, are
supposed to bear the lowest rate of interest, one
mill, and most of the second issue not over two
percent. None of either of these issues, how
ever, bear any interest on the face or otherwise
after the expiration of one year from the time of
their issue, and those bearing a large interest be
ing usual y held by capitalists will doubtless be
paid in for duties and lands, or presented for re
demption as soon as they fall due.”
It appears from tiiis statement that a large a
* This vote in the affirmative by Virginia was
occasioned by the acquiescence of Mr. Madison
who became satisfied that striking out the words,’
would not disable the Government from the use
of public notes, as far as they could be safe and
proper; and would only cut off the pretext for a
paper currency, and particularly for making the
hills a tender, either for public or private debts.
mount of note* issue.! in Octol>er, 1837, and
bearing an interest ot but one mill, which ceased
at the expiration of one year from the time of
their issue, are yet outstanding, and must have
been in circulation near eight months without in
terest, and being in character and effect precisely
similar to what was called Continental money or
bills of credit.
Mr. Chairman, I do not deny to this Govern
ment the authority to issue Treasury notes, bear
ing the legal or such rate of interest as will induce
capitalists to receive thorn at par as security for a
loan. This would make them nothing more nor
less than one form of scrii for Government stock.
What I contend for, sir, is, that w r e have no con
stitutional power to authorize the issuing of them
in such form as will throw them into the curren
cy of the country, and cause them to circulate as
money. This, I assert, has been the effect of a
large amount of the issues made by the Secretary
of the Treasury, according to his own admission,
under the several acts since October, 1837, and
such, I believe, is the intention and will he the re
sult of the issue which will be authorized by the
passage of the hill now before the committee.
Sir, what are bills of credit? Various concur
ring authorities might be cited to show what is a
hill of credit, hut I shall only refer to one. The
late Chief Justice of the United States defines hills
of credit to be “ paper issued by the sovereign
authority, and intended to circulate as money.”
Let me asit ge'ntlemen whether the issue of two
millions ot Treasury notes, bearing a nominal in
terest of one mill per annum, w-as not so intend
ed ? And is it not known that such was the re
sult ?
The policy which has been pursued by the Ad
ministration to lead to the issue of this Govern
ment paper money has been most insidious and
deceptive. It was necessary, in the outset, to
create the necessity. This was done by the most
extravagant appropriations and wasteful expendi
ture of the public treasure, and cornciencing a
war of extermination against the banks and cieuit
system of the country, by which the revenue
from all sources was greatly diminished and the
expenditures of the Government vastly increased.
This led. of course, to the bankruptcy of the Trea
sury, and the necessity of relief.
This necessity was as well known to exist
when Mr. Van Buren entered on toe discharge of
his duties in March, 1837, as when he issued his
proclamation to convene Congress the September
following ; and if he was ignorant of it, he is not
fit for the high station he occupies. If he knew
it, he was bound, by every consideration of duty
and patriotism, to have convened Congress the
very day after his inauguration, that timely and
efficient measures might have been adopted to re
lieve the I reasury and preserve the Constitution
and credit of the country. It did not suit his
purposes to pursue a course so obviously neces
sary and expedient. He preferred that the ma
chinery of Government should work its own des
truction and the ruin of the country, and, con
sequently, Congress was not called until the
Treasury was found to be without means to meet
the demands against it. Congress was then call
ed, as the same sudden disaster had created an
unexpected emergency. The President, in his
Message, bearing date 4th September, 1837, says :
“Until the amount can be collected from the
banks, Treasury notes may he temporarily issued,
to be gradually redeemed as it is received.” Si
milar language was used by the Secretary of the
Treasury and the advocates of the measure in
both Houses of Congress. It was urged as a tem
porary expedient to meet a pressing emergency.
It w'as said then, as it has been in the passage of
every bill since to authorize the issue of Treasury
notes, that there was not lime to make a loan in
the ordinary way, and that it was absolutely ne
cessary to issue these notes to meet the pressing
demands against the Treasury. From October,
1837, until the 1 ist quarter of 1839, the Govern
ment has had an outstanding public debt, in the
form of T reasury notes, to the amount of ten mill
ions of dollars, has collected ail but a very small
amount from the banks, besides expending all the
revenue; and yet we are informed that the ne
cessity is so pressing that unless we authorize ;he
issue of these Treasury notes, the country will
be disgraced. No plan has been presented for
our consideration to relieve the Treasury perma
nently, and I am persuaded it is not the intention
of the Administration to present any, except that
now before us for the issue of Government paper
money.
Mr. Chairman, (said Mr. K.) what a commen
tary this course of policy is on the boastful profes
sions of the Administration, and every political
demagogue, from the President to the tide-waiter,
that this is to boa hard-money Government. I
shall endeavor, sir, to show before I sit down,
what sort of a hard-money Government it is lb»
purpose of those in power to inflict on this coun
try. For this purpose, I beg leave to refer the
committee to the Message of Gen. Jackson, then
President of the United Slates, dated December 7,
1830. Speaking of the re-charter of the Bank of
the United States, he says:
“ In the spirit of improvement and compromise
which distingushes our country and its institu
tions, it becomes us to inquire whether it be not
possible to secure the advantages afforded by the
present bank, through the agency of a Bank of
the United States, so modified in its principles
and structure as to obviate constitutional and
other objections. It is thought practicable to or
ganize such a hank, with the necessary officers,
as a branch of the Treasury Department, based
on the public and individual deposiles, without
power to make loans or purchase prope;ty, which
shall remit the funds of the Government, and
the expense of which may be paid, if thought
desirable, by allowing its officers to sell bills of
exchange to private individuals at a moderate pre
mium.”
Here, sir, is the plan of a Treasury hank;
and I have no hesitat-on in saying that it can he
traced in the acts and the policy of the former
and present Administrations from that time to
the present. It has been, and is, in rny opinion,
the deliberate, unwavering, never-sleeping pur- i
pose of this Jackson-Van Buren dynasty to es- /
lablish a bank on the revenues of the Govern- i'
ment, and the acts authorizing the issue ofTreaaf
ury notes are among the preliminary steps to thf r
accomplishment of that design. The war agaij/
the credit system has been for no other that/ s
bring into disrepute and destroy our local in
tions, distress and distract the people, and/ e
out ot circulation the currency to which w/\ e
been so long accustomed, and make way jr* 1 ' 5 j
Government paper money. I could refaf u
most every Executive message and r |b sur y s
report since 1830 in support of my a/ 11001 ’
but, not being disposed to dwell on/* u^ject n
which has attracted so much public aIUF on >
been discussed in almost every newiP or ’ atR I |
in every portion of our country, I only ■
call the attention of the committee/p ar pS ra
or two of that very extraordinary enigmati
cal document sent tons in Decei# * ast by Mr. 1
Van Buren as his message. Ojf ie subject of
Banks he saj’s: m P
“In a country so comnaprc# B ours, banks,
in some form, will, probably^’ 3 )’ B ex ‘ st » hut
this serves only to render it JT nore incumbent
on us, "notwithstanding \\\jkco\iragemei)ts of
the past, to strive in ourJr ec ** ve stations to
mitigate the evils they proJp to take from them,
as rapidly as the public faith and a
careful consideration of (•mmediate interests of
the community will p eM unjust character
of monopolies; tochtw° as ma y he practi
cable, by prudent le»* on ’ those temptations I 1
of interest and thosew ortun hies for their dan- C
gerous indulgencebeset them on every Y
side, and to confimP cm strictly to the perform
ance of their duly, that ot aiding the
operations of cojP rce > rather than consulting D
their own excliMp l^van tag e * These and other g (
salutary reforMf*} 7 ’ it is believed, be accom- 0
plished without the violation of any ot the great
principles of the social compact, the observance
of which is indispensable to its existence or in
terfermg in any way with the useful and profita
ble employment of real capital. Institutions so
framed have existed and still exist elsew here, giv.
ing to commercial intercourse all necessary facil
ities, without inflating or depreciating the curren
cy, or stimulating speculation. Thus accom
plishing their legitimate ends, they have gained
the surest guaranty for their protection and en
couragement in the good-will of the community ”
Permit me. Mr. Chairman, to interpret these
dark and mysterious sentences, and state what I
understand them to mean in plain English. The
President first proposes to take from the banks
by prudent legislation their -unjust character of
monopolies, and confine them to the performance
of their duty. It might he asked, if the charac
ter of monopolies is unjust, as applied to the
banks, why take it away ? He next proposes to
confine their operations to the employment, of real
capital; which means that they shall not i,. n 1
their credit in the form of a circulating medium
In other w-ords, if they have gold and silver they
may loan it out, or, if they prefer to deposite u iu
the Treasury, they may receive Treasury notes
or drafts, turn brokers, and sell them at such pre
mium as the wants of the country will enable
them to demand. He says, “That institutions
so Iramod have existed and still exist elsewhere.”
He alludes, of course, to the banks of discount
and deposite in continental Europe, where coin
or bullion is placed on deposite, and a certificate
issued to the depositor; and the President gravely
asserts that such banks will give “to commercial
intercourse all necessary facilities, without infla
ting oi depreciating the currency or stimulating
speculation.”
His intimation is too plain to be mistaken that
they are not to issue hills as currency. And
this intimation, coming, as it does, from the great
depositary of power in this Government, the
President, deserves the most serious consideration
of every reflecting man in the United States.
We have known, it is true, Mr. Chairman
that the Administration has been warring against
the banks, but I do not suppose, it has entered in
to the mind of any man who has not been aclose
observer of the progress of this Government, that
it has been the intention, or is in the power of
the President, to destroy our State corporations.
We are all aware that no power is to he four, dn
the Constitution to uproot and prostrate tliose in
stitutions under w hich we have prospered hevend
any people that ever before existed. No one
could have supposed that all the powers of this
Government combined could affect peacefully a
revolution so tremendous and destructive. Vet.
sir, so far has this revolution progressed, that not
only our State institutions, but our whole coun
try lays prostrate at the feet of the Executive,
and he is enabled to send to the Congress of the
United States his plan for the regulation and man
agement of the new order of things which he
proposes to establish, and I venture to say, so far
as his parly here is concerned, that it has all the
authority of an imperial ukase in the dominions
of the Russian Autocrat. Sir, the power which
I the President has exercised, and will continue to
exercise, to consummate the plan which is in
progress, is peculiar to modern times—it is the
power which controls the yill, through the wants
of the People—it is the, money power. This
power, which has been by the Jackson-
Van Buren dynasty, ha/already proved itself su
perior to the Constitution, and, in the true des
potism, seeks to destfoy whatever impedes its
progress or endangeryits success; and hence this
war on our currency and banking system, or, in
other words, the credit system.
(Conclusion to-morrowJ
“Do Bur Me,”— Ths is an expression used
by the Georgian girls wio are offered for sale in
the Constantinople slae market when they hap
pen to see the face of <■ man that pleases them.
A correspondent of lb Boston Post writes thus
upon the subject; It is a scene that made a
deep impression upo me ; there are seen our fel
low creatures, like brses or other cattle exposed
for sale, and yet lh» merriest looking set of crea
tures I ever beheld. The greater portion of them
come from Abyssiia and Nub’a, and are blacks.
In the house whic surround the yard of the slave
market, are the Gorgian slaves, and among them
are some really bautiful; they have the advan
tage over the CirAssianfi, in complexion. They
looked at me in iassinf, with a good humored
smile, and somejf them said u few words which
I understood to ie, ‘ buy me.—They would
like European naste<> but the Franks are not
permitted to purchasi The price of a beautiful,
accomplished and vu'hful Georgian slave is
£600.” j
Pohk ASH Mol/*f.s. —A goo.l story of the
last war, is contaigl in the Baltimore Clipper.
Some enterprising' l ' 26oß Marblehead fitted
out a trim schoof. armed and manned as a pri
vateer. She wJ 10 sea > all hands brave and fp
true, ready to xh into John Bull in any way i
that would besr l ' l him. At length a fine large f
inerchantmant/ ve sight, and the Yankee craft r
bore down up j her.
“No mis» e about her.” said the captain,
“ she’s a wh*’ er » and we’ll make a tarnation
good haul of l •' ’
But the/ icr ' 1 h»n fman proved too much for
her, and s/h at I t 0 sheer off.
“I pu cr’ ve rnat^e a discovery,” said the ma'e
to the ■ who was pacing the deck, consid
erably jpdallcn. ‘‘that feller’s got molasses on
hoard-/® •
lon’t say so ? ’ ejaculated the captain. -
'ain, we don’t meet w ith such custom
<%•”.
were given, and the privateer again pre
>old broadside to the merchantman. Old
pod at the ro ir of her pieces; but it
> avail, and the captain concluding that
ao much of a monster to be upset by »
cored off again.
f “You aint a gwoin to give her up ?” asked the
mate, “she’s a whopper, but then she’s got
aboard, as well as molasses.”
“Is that a fact?” asked the captain, looking
rather doubtful.
“It’s a fact, I swow!” replied the mate, 1,1 f
smelt it.” |
“Helm hard a lee!” shouted the captain.
“Aye, aye, sir,” replied the man at the helm. .
“Damn her,” continued the captain, address-1|
ing the men, “she’s a momtrsus tough cr * tltr, M
nen, but she’s got pork and molasses aboard-""®
At her again !”
The little craft again crept along side the man l ®
noth, and again her guns spoke vengeance, rib®
lling her wood-work and rigging so that in •K®
ipace of twenty minutes she lay at the mercy Li! l
he privateer.
“What’s your cargo ?” asked the Yankee cap-1|
:ain, as he stepped on board.
“Coffee, log-wood and mahogany,” # wastb ere* *
3ly.
“Nothin’ more ?”
“Some bullion.” .
“No pork ?”
“None.”
“No Molasses?”
'•None.”
“Scuttle her, men, and throw the mate o' e ‘
)oard, he don’t know how to smell!”
A Wife Wasted.— A white man,
n New York, advertises in the Son a
or “a colored lady,” between 18 - k<
vise. The editor of the New Orleans^" 11
ie must be fond of gingerbread.
Such is the law of divorce in h|u |ia
>ermits a man to put away his wife far se ' ra l»er
ses, one of which is loquacity. What a n
)f divorces there must be in them digg u, *» s ‘