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I Published
DAILY, TRI-WEEKLY AM) WEEKLY, |
Jit JVo. Broad Street.
Terms, Daily papet, Ten Dollars jut annum
in advanre. Tri-weekly paper, at Six Dollars in
advance or seven at the end of iho year. Weakly
paper, three dollars in advance, or (our at tiro end
n the year.
The Editors and Proprietors in tins oily Uav.
idoptcd ike following regulations :
1. Alter the Ist day ol July next no subserip
ions will bo received, oul of the city, unless pan,
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2. After that dale, wo will publish a list us those
vho are one yeara or mote in arrears, in order to
at thorn know how their accounts stand, and all
Imse so published, who do not pay up theirar
ears by the Ist of Jan. 1839, will bo slnkon oil
ho subscription list, and their names, residence
lid the amount they owe, publish oil until settled'
teaccout will be published, paid, which will aa
wer as a receipt.
3. No subscription will he allowed to remain
□paid alter the Ist day of January 1839, more
mn one year; but the name will bo slrikeu olf the
st, and published us above, together with the
mount duo.
4. From and after this date, whenever a subseri
sr, who is in arrears, shall be returned by u poet
aster as having removed, or refuses to lake bis
iperoutoi the post office, his name shall be pub
ihed, together with bis residence, the probable
ace Me has removed to, and the amount due; and
lion a subscriber himself orders lus paper disc-.in
lued, and requests his account to be tbrwarded,
«liall bo forthwith forwarded, an 1 unless I
id up withina retwohaM-. ~mo rtho facilities of
8 mails being taken into consideration, .oi.i ,n
it mice of Ins residence from Ibis place) lus name,
dthe amount due, shall be published as above.
0. Advertisements will be inserted at Charleston
ices, with this difference, that the fust insertion
11 be 75 coils, instead of 00 coots per square ol
elvo lines.
. Advertisements intended lor the country, should
marked ‘inside,’ which will also secure llioir
icrtion each lime in the inside of the city paper,
J will he charged at Iho rate of 70 els per square
the first insertion, and 00 cents lor each subse
snt insertion. II not marked ‘inside,’ they will
[placed in any part of the paper, alter the first
jtrtiou.to suit the convenience of 1 lie publisher,
1 charged at the rate of 70 cents lor the first in
tion, and 431 cents for each subsequent inser
'■ All Advertisements not limited, will be pub
led in every paper until forbid, and charged ae- <
ding to the above rales
I. Legal Advertisements will bo published as
own per square:
air’s and Executors sale of Land or
fegroet, GO days, §5 00
Do do Personal Property, 40 ds. 320
ice to Debtors and Crs, weekly, 40 ds. 3 S 5
Uion for Loiters, 1 00
do do Disinisory, monthly C mo. 500
tr month Notice, monthly, 4 mo. 4 00
liould any of the above exceed a square, they
I be charged in proportion.
From and after the first day of Jan. 1839, \
nearly contracts, except lor specific advertise- ,
ts, w ill be entered into.
). We will be responsible to other papers for all
erliaements ordered through ours to bo copied i
hem, and if advertisements copied by us Irom
r papers will be charged to the office from (
till the request is made to copy, and will receive
for the same, according to their rates, and be 1
ousible according to our own. 1
. Advertisements sent to us from u distance, |
i an order to be copied by ol tier pnpefßVTiiuu-j,
mpauiod with the cash to the amount it is j
•ed ihey should be published in cuch paper, .
responsible reference
1
IRONICLE AND SENTINEL. 1
AUDdAUW'IT
t Monday Morniug, Jiiiie lL 1
' ~~ Bank Dividends.
The Central Rail Road and Ranking Company
anil the Marine and Fire Insurance Rank, last
week, declared dividends at the rale of eight per
cent per annum, for the last six months.
The Savannah Insurance and Trust Company
has also declared a dividend for the last six
months, at the rate of ten per cent.
The Hillsborough fN- C ) Recorder, announces
five candidates for the Legislature m P-mon
county, of which, four ate Van Rurcmlcs, anu
says that all of them arc in favor ol a Lulled
States Rank. _
. Specie Payments.
\t a meeting of the officers of the Ranks ol
Baltimore, held on the 4ih inst., it was determin
ed to ask the Ranks in the Eastern, Southern,
and Western States, to moot in Convention cith
er in Raltiraorc or Philadelphia, in the course o
the ensuing month, for the purpose of fixing on
an early day for the general resumption ol specie
payments.
Nearly all the Loco-Foco papers in Kentucky
have died for want of support. The Frankfort
Argus, Amos Kendall’s old paper, recently “ shuf
fled offits mortal coil.” The Louisville .lounm
says, “ it lived a miserable life, and d.cd a miser
able death.”
Sir George Arthur, Governor of Canada, ha
issued his proclamation in relation to the burn
ing of the Steam Roat Sir Robert Peel. He cn
joins upon the inhabitants of Canada the strides
forbearance, and to await’the action ol the.U. S
Government.
The Louisville Journal says, that the sale c
$1,225,000 of Kentucky bonds recently eikoied
will furnish an abundance of Eastern exchang
for Kentucky, and greatly assist the Koutuek,
banks in the resumption of specie payments.
Connecticut Legisi.atuiie.—' This body at
rnn.l due die on Friday, the Ist inst. alter
sesB ion of lour weeks. The New Haven Herald
stales that the expenses of the present Legislature
arc upwards of £O,OOO less than those of the last.
Destructive l ire in Nantucket,
the following letter, giving an account of a
destructive free at Nantucket, was received in
Boston on Monday the 4lh inst:
NANTUCKET, June 2, 1838.
“Messrs. I take up iny pen for a moment
to acquaint you with a tremendous lire which
broke out irr J. James’s steam rope-walk, on South
Beach, so called, about 3 o’clock this morning.
1 It spread very rapidly —and in about three hours
dnd a hall it entirely demolished about 25 build-
Thrs— among which were the rope walk, three
larae oil and candle manufactories, besides some
smaller oncs-a boat-builder’s shop, and ten dwcl.
ling houses, besides a number ol other buildings.
The quantity of oil connected with the sheds in
this section of the town was very great, iue
loss cannot yet be ascertained hut it ts gt .it.a.g.
thought that it cannot fall short ol front three to
four hundred thousand dollars 1 lex pci .a pm
of the property was insured. On some ol it there
was no insurance. The engines arc yet on tliu
ground.”
***• . -~~t —___
1 I'ui.t utir Conojinudfhl.
, . , Washington, June (sth, 18.18.
11l the Senate to day, a Message, which was
iccivcd from the President yesterday, during the
-.xccut vo session, in relation to Indian Allans
was ordertlcd to ho printed and referred. ’
the nl, "m’ ,ho 1° ,ocl Comi, '‘“«o to whom
lo.uhject had been referred, made a report in
, luaiv t 0 lllu occupancy of the Oregon Terri
lory, accoriipanied by a bill. Ho gave notice
Hut he would ask tor the consideration of tho i
subject at an early day. j
■U'. U iiiuitT, from the Committee on Finance
reported hack tho bill from tho House niakin ’
i I'propnations lor suppressing 1 idian Hostilities!
lo was instructed by the Committee to ask the
take up lllislJi!1 to-morrow.
1,10 Col| imilteo on Po’sV
• nU , ost -Roads, reported a bill author!. '
* "? 1110 o ;«l'loyment of an additional number of
ebrks ... tho General Post Office: and the AuJ
d.tor s Department thereof. Another evidence of
Jtetrenc/iniau /
Mr. Wiiitb introduced a hill to regulate the 1
mode of mipannolling Juries in the cfreuit and
D.slrtc Courts of the United States.
Air. Denton from the Committee on Military i
A Hairs, reported a bill to authorize the President ,
to accept the services of volunteers. J,
Mr, JjVon, of Michigan, ollerod a resolution a
calling on the Secretary of War for the letters of
Gcncra.s Scott and Brady, and of Major Garland, S
and such other evidence in tas possession, as ®
SS&jTo? VOr “ J ' ° rrcfulo,ho charges made
-
Mulllumj, 11, an official report in ptbroo*.. i„ , ' '
A t Mill cMitiva ,1 1.-.. is * * L
' • in t
At the suggestion of Mr. Preston, the lesoiu
lion wan laid over lor one day,
, * *? e from lll ° House in reference to the
■territories weic read twice and referred.
The Senate then proceeded to the consideration
o! private lulls.
THE NEW TIIEAStJUV CIHCUX.AU.
Mr. Weusteii oflbred the following resolu
tion :
I '•Unsolved, That the Secretary of the Treasu
ry communicates to tho Senate a copy ol any or.
dor or Circular, issued by him to tho collectors or
receivers of public money, since tho passage of tho
>nmt Resolution of the Ist of Juno 18J6, “rela
tif*c to the public revenues, and duos to tho Gov
ernment.”
It lies over one day.
'This day was sei apart by the House of Rc~ ' *
prescnlatives for the consideration of hills relate
mg to the Territories; but the indefatigable
chairman of the Cotnmitleo of Claims, Mr Wit
-1 ct-sEv, ol Ohio, obtained leave to report a num
ber ol bills for the relief of private individuals. ,
On motion of Mr. Thomas, of Md. the com- ,
raittce on the Judiciary was discharged from the ,
consideration of the petition of Stockton & |
Stokes, and leave granted the petitioners to with
draw tho papers.
Ihe same committee were discharged from i
the Senate bill providing for the revival of the I
charter of the Medical Association in the District J
of Columbia; and it was referred to the District i
Committee. I
» i • i • _i* .. T i «•
pons of entry at Jersey city atiu hi
at sCey West.
Th« Senate bill for the relief of the Directors H
of the Mississippi and New Lngland Land Co. »
was reported to the House without amendment.
The Committee on Public Lands made an un« y
favorable report on the Joint Resolution for ji
r cw^o%^ u aV{ f MiUa(#fTf^^f/ai fi
ny. The consideration of the measure was
postponed till Monday. 11
After some business of a private character, the n
House proceeded to the consideration of the bill f
to divide the Territory of Wisconsin, and cstab- t<
lish the Territory off away. . 1
After a long and desultory discussion on the p
details of the measure, a motion was made to Jay
it on the table, and rejected—Ayes 43, Nays 134.
The bill was then read n third time, and the a
question being put on its final passage, was car-- u
ried in the allirmativc —Vfeas 118, Nays 01.
So the bill was passed. J
The House then resolved itself into Committee *
of the Whole, and look up a number of raised- r
iareuus bills respecting the Territories, which
were severally passed. M. j
Washington, dune Tib, 1838. 1
In the Senate, to day, Mr. Lvon presented a
memorial from members of the bar, and others in
Michigan, praying the removal of the United
States Court from Detroit to a more convenient
* On motion of Mr. Sevier 10,000 additional
copies of the Report, in reference to the occupan.
cy of the Oregon Territory were ordered to be
printed. . .
Mr. Wright' from the Committee on r trainee,
reported a Hill supplementary to the act of
March 1835, to establish branches of the U. S.
, Mint.
Mr. Morris submitted a Joint resolution in*
I strut ting the Committee on the Public Lands, to
Inquire into the expediency of ceding to the State
’ of Ohio, all the public lauds remaining unsold
within her limits.
NEW TREASURY C IRCUX.AR,
’ The resolution offered yesterday by Mr. Web»
• steu, calling on the Secretary of the Treasury,
- fur a copy of any Order or Circulat he has issued
I since the adoption of the resolution rescinding
the Specie Circular of July 1834, was taken up,
and adopted. , ,
The resolution offered by Mr. Morris, lor ad
journing Congress on the 2d ol July next, was
1 laid on the table, after a short discussion.
, The Senate then proceeded to the consideration
a of lira. Hill from the House, n. .kii.g_apprepna
, rions for suppressing Indian Hostilities, which,
1 after a discussion on the general Indian policy ol
the Government, between Messrs. Wehsteh,
Preston, Ceay of Ala., Strange, Lu.rpk.in,
" Suutha iu, and White, was oulered to he cn
a grossed and read a third time. The Bill would
i ? i ..... ......I Kiyl Mr Hi-it nil'll KHill thill
have been passed, oui mr. huiuuud iu.m,
his friend Mr. Ukxton wished to address lire Se
nalc on tiro subject, liut was now absent. This
delay will of course be charged by the infamous
Globe, to the “rascally” opposition!
In the House of Representatives the Joint Re
solution reported some time ago from the Com
mittee on Commerce, requiring the Secretary of
Wat to furnish at the commencement ot the
n „ xt Session of Congress, a list of all the surveys
which have boon made, ul l.alus Lne, Huron,
Michigan, Champlain, and St. Clair.
The question pending, was on the amendment
of Mr. Wn ittuksev, authorizing the President
to employ public vessels, mi those lakes m sur
veying shoals, &c. when th.-ir services should not
otherwise be required. This was further amen*
ded by including Chesapeake Hay, and 1 atnhco,
and Albemarle sound in fN’oilh Carolina.
The amendment thus modified was agreed to:
and after some dcsullors debate, the Joint Resolu
tion vva.sordcicd to be ctigro.-I'd fur a third in
ding. . , .
After some miscellanc.m ■ bu-inc tol an mum
portent character and the disposal ul seven private
bills Mr. Kiuouuk of Ohio, asked leave to sub
mit lor consideration bis resolution for the Ropca
,-jf g 0 much i the U-pmitc Act, as prohibits the
AC;«E!S'I’A, «eq. 3 TUBS E> AS
SK - ,u ™ 22?
! OG TII IS-f l v?m “"r 1 10 sus l ,end ‘he rules. Yeas
two tliiriU* moUon required a vote of
f •)! r> i, ’ A " uiKr - u > ho USU , 0 .
° f *•
I'IU>KM I'TUI.V DILI.,
,ho close of the
“• M.
Pi^nV 41 * ■ lhr(M
.. .... Days Later from Europe.
Jour,laU “1' to Hie Bth uml Havre to the Utli
news contained m them is not very i uli , ufl
~ "fcL sl ‘l’j || in extracts from the journals arrived
Irom England tins morning, and also the ivlia
mentaly proceedings of Thursday night down in
l-st [hour, which have reached us by Express
~1 1 Houses were left silting, the Lords beingi„‘ ,
dellbeiatiou upon the Maltese ( l 1 1
. 1 muuuso commission, am
ho Commons on the question of appointing ■
toffltuttce to inquire into the mode ol leasing Hit
property ol the Church. with a view to the revis
ion ol the present system. Lord itussell was leli
addressing the House in favor of the Committee
It was rumored in Lisbon that Viscount do
isada Landoira would be honored by his Wove
reign by being appointed lo compliment her M
|c .?!y tlu: t| i uceu 1,1 England on the happy event
p, lor cur °natian. He is afterwards to proceed to
utneo as Minister Plenipotentiary at tlon
I Cyurt.— Courier. 1 y al WuU
polhan ■*Nna
from Spain and Portugal,
iluyut the foreign Department.— Courier
Marshal Soult, it is understood, moans to keep
a hospitable labia at the seat of his special embas
sy in Albemarle street, whore ho is expected to
arrive m a fortnight.— Globe.
“Lady Catherine Harcourt, eldest daughter of
the Lari ol Liverpool, lor several years the inti
mate personal Iriend of her majesty, will, it i s
said, be created an English peeress at the' core
nation, — Herald,
‘‘The marriage of Archdeacon Hudson to the
I Wn. Miss Henman, daughter of the Chief Jus
ybol the Court of QueenVßoach waasolomni.
affed this morning,— Standard.
For tho first lime, since 1088, a Roman Catho
lie High Shenli has been nominated tor thoProi
testant Corporation of Drogheda. JIo is, besides
an agitator of the first water.— Dublin Mail. ’
In the Court of Chancery, Dublin, on Satur
day, a decree was pronounced against Mr. O’Cor
nell for X’l2s, for tithes, due to the Rev. E. Dun
ny, which Mr. O’Connell had admitted to he due*
hut refused to pay. The cause was undefended’
Courier,
We find it stated in the Sontincllc of Rayon
ne, that a young man, lately arrested on the
(rentier, has given rise to numerous conjectures
He speaks several languages, and has evidently
received a superior education. He has hitherto
pertinaciously declined giving his real name or
antic mmenn I' R.l.linuuir 1
•ails Mmscn i- ,u«,Mv Hlutint- I h«7 hi .
The marriage of the Duke do f?t. 7.011, tile'ex - S
King ol'Holland, to the Signora Strozzi, took place u
it Florence on the 23d ult, 1
It is said at Romo that the Count di Trapina, s
youngest brother of tho King of Naples, who has t
just been entered at the Jesuits College in that j
ate4?..i'Uv.UiM Jur-JjAv. -" ,
Tho Augsburgh Gazette announces the arrival t
n that town, on the 28th ult., of Prince Loch
lovvski, a Carlist General, and Aid de-Camp to *
Don Sebastian, on his way from the head quar
,ers of Don Carlos to Vienna. He was going to
iho capital by Salzburg, and intended, after com
[doting his mission, to return to Spain.
A letter of the 2Gth ult. from Vienna says;— 1
“Tho ball for tho benefit of tho sufferers at Posh
and Ofcn, and during which the lottery was
drawn, assembled no lower than 2,000 persons, 1
notwithstanding the tickets were lOfr. Resides t
the produce of the lottery, which amounted to t
200,000 fr., tho various collections made at View- t
na have accumulated to 1,350,000fr.’ t
A letter from Dome of tho 2Glh ult. reports l
that, on the 23th, a secret discussion was held t
in tho Convent of Saint Urbaine, on the occlesias- t
tical affairs of Switzerland, and at which tho |
French ambassador, the Durtc do Montebello,
was present. It was rumored at Rome, that the
Duke would not return to Switzerland, but would
bo appointed to another embassy.
from the N. Y. Express, June 5.
Money Market.
Tho new Treasury Circular has struck the
money market with something of a panic, £but
without any rational cause; for though that docu
meat is pregnant with mischief yet circumstances
to limit it here, that it cannot do much mischief
in our market. The Specie Circul .r, as it drain,
ed our batiks of specie, anil kept it travelling to
and from wagons and steam boats, did treat
mischief, but this now edict falls almost pow
erless among us for very many reasons.
The only banks in ibis Stale, and in Now ling'
land that we know of now, which do not issue
notes under live dollars, are the Manhalten Rank,
Rank of America, Stale Bank and the Mechan
ics’Rank. Isis probable there may be others,
but if there are, vve do not know the fact. Now
if this now Treasury Circular had the mischief
making power its promulgators would give it, the
only hanks whoso notes in New England and
New 11 urk could be received at the Custom
House, would be the notes of these four banks.
, , that there are Treasury notes
enough afloat to pay duties without r< .ort to
the banks! These Treasury notes at beat are
but at par, and often below par. Os course then |
ibuse notes will be the meiliu ol the payment ol
duties, where the icipaircd bank notes cannot be
got at.
Th o Administration of the Federal Govern
ment in the i-suing of this new Treasury Circu
lar,seems to have had two objects in view, viz.
another hit at the Pennsylvania United States
bank, whose old notes circulate so widely, and
next, an attempt to put a new value upon tho
Treasury notes by an effort to discredit tho bank
notes of the mass ofbunk at the Custom House
and to force upon the people the Treasury notes
beating six per cent, interest are hardly at the
par ol our bank notes without interest, and have
an attempt to bolster them up in this way.
1 The Federal Government, it is clear, is yet
' marking out one policy, and the Northern Bla e
Governments at least another. The Federal
Government insists upon no small notes under
. 20 dollars, and all the State Governments which
have this year legislalcd upon the subject, have
; allowed tbe issues of even one dollar notes, while
the people have been clamorous for them. The
, Federal Government in one respect, however,
seems to be changing its policy, and that i ,in
: its attempt to limit the circulation ol bank notes
• to tbe doors of the banks. '1 bis new edict, as
i we understand it, makes in lire new Stales the
| otdy currency good for public lands the notes
' of bank ; near by, that can be tun upon at tin
s 1 pleasure of UioGovc rmnonl. Congress howevr i,
will not 'pass all these movements over to stlcnr r
. , and it i„ highly probable legislature will change
e them.
r JUNK Jrt
y
uii !“‘h,!,;'w111 l 11 m ' 1 ““ i “" Joi. «i iou
11 Will . llot b > any stale rights’ man i1,..
e power is prohibited to the States, bn’t no
o tins trovcnimenl, and that therefore n m u
will not bo uvowed, that this (iovonimcm
may do wliulot or is nut proliiblcd. 1J V such
construction what may it not do ’ Is a Inn’
prohibited I Is tidoninl i,„p r “
pi elective land / None of them. How few
Powers are prohibited? Not a dozen. It was
necessary to prohibit thin power to the Slate.- :
because without snub prohibition, they nos
scosed it. It was not necessary expresdv to
prouibtt it to the General Govermnct.i; he.
cause they could nut exercise it unless grant*
cd by the Constitution.
y It is not so good a currency as bank pa*
l H l * “ lfi *‘ lo currency ol revolutionary «ro*
veniments, and never has maintained a par
\ulnc, and never will, except in periods ol
great pressure; and in small amounts, tils
~i w Minuuma. uid
„ even now below par, when every circumstance
u ! “ ie condition ot ilio country is most uus^
jiiciouß to it: uiul when added to its ijualitv
- 1,1 currency it has that ot stock bearing niter-
B eßt ’ hut it is said that it it does depreciate
J the loss tails on the Government, not on the
, people. Mr. Chairman; where are wo, and
I.' on what tunes have wo fallen? Is it in tins
i republican land where tlie Government is the
0 moro lrust > ll *o more agency of the people,
1 that wo arc told that the loss of the Govern
ment is not the loss ol the people, ISappose
k one hundred millions in your treasury and
s uses and demands lor it, and it is consumed
by lire. This too, 1 suppose, would bo the
losn Government, not of the people: no
i concern whale 11
ild. That its tendency to c.vccss will he
greater than bank currency, 1 do not doubt;
and that is the groat vice of the banking sys- i
tom. Gan there be a more striking "proof i
of this than the present stale of things. Go- i
vernment alone is Unaffected by the universal i
pressure, and is seen careering along in u \
course ct unexampled extravagance. 0 Yes, t
sir, an administration which came into power t
with the watch-words retrenchment and ccon- i
omy clernully on their lips, proposing to ex- v
pend in the present year more than forty mil- f
lions. Thirteen millions being the highest s
amount expended under the administration v
which they denounced as ruining tho country u
by its extravagance. How, and why, is all j|
this! Why, sir, for the simple reason that «
the moro money that is appropriated, the h
more Treasury notes will bo issued, and the p
greater the present relief to the country. No ||
such currency ever has been resorted to, 1,
which lias not run into wild excess. 1
4th. It is moro expensive, flank currency n
costs the country nothing. Nothing at all n
sir, and until recently, no such idea has ever r
been advanced. Tins Government currency /
costs directly six (icc cent- o'm wnole n
unouut hi c.r x tm\
im a ns K , *
lot of some gT" c ho. 1 wua born one. 1
lave alwaya*femidst of Uic black cockade
was born m.liavc no drop of blood that Hows
contest, antic who ever wore one; alid.bson-
I'rom any obm unuiZuu.VaTTi alniuA
0 doubt rny'owu .duality, when I
lumen oftlic Rlrietcst sect, declaring that tins
jowur of making is 100 important
1 power to trust lo poor miserable euwardy
jorporations, (aa they liavc sliown themselves
o be,) corporations which are Wtato instil it *
ions, drawing Uiu breath ol'Uieir nostrils from
ho Slates, receiving from and giving strength
0 ti ie States; indissolubly united in their dea
inica with the Stales, and having no other
towers but this. But that it is perfectly sale
,o add Ibis power, great as it eonlessedly is,
o the vast mass ot power already possessed
jy this Government, Uiis_raw-hoad-and-bluo-
Jy-boncs accumulation ot power in the fede
ral (jovcrnmunl which we have been denoun-*
cino and warring against —because it is said
the power must abide somewhere, and u is
100 dangerous a power to trust lu state corpo
rations, winch have neither motive, courage,
nor ability, to abuse it. And, sir, bus it come
to Ibis/ U this the boasted separat ion of the
Government from the money power'! A most
notable separation. A separation by a direct
and enure union. A separation by granlmg
the unlimited power to make and issue inon*
ey; a power too dangerous to give toKlaic
corporations, least peradvcnluto they may
combine with the Government; but perfectly
safe to grant the whole power without restric
tion to ibis Government. And tins is Htatc
n°Oth. It will operate unequally. Tliest
notes, by laws ot trade and commerce, invari
able and unchangeable, will accumulate ii
largo cities where they arc needed, under tin
universal law of demand and supply, and wil
afford no iclief to the interior—lo the ftirinen
and the country iin rclianls. Much was tin
experience ot Mr. Galias in I/iiCi. licsayt
“that llic treasury notes afforded no genetn
relief; that they had, and would continue h
accumulate in the large commercial citie
where they \ ere needed, and rarely loum
their way iuto the interior, and that the out
ivncy oftlic local banks was all that the larm
or could obtain,” .Mr. Crawford says lb
same thing, and adds that “they gave robe
only to that section oust ol tin.) city, wlier
Governniciil disbursements woro emeii
made.” Whore i; now lb ; largest amount (
these notes 1 Where it always wnl be i
New York—where limy are mo.- t wunlct
Below par in New York; live per cent, abov
pur m Charleston; and yet l am asked to bt
lievc that, to have a peculiar currency tu
the Government, when that currency aeci
mulales in such abundance in Aevv xork, a
to be below par, and is so scarce in G.iurlot
ion. as lo command live per cent, premmn
is to facilitate the payment ol duties in (.bur
lesion Am 1 forever to l-e usi.od to asset
lo these novelties, unsupported by argumou
and opposed by all experience and acts,
is said the importations ot Charleston hav
increased of lute, and hence tins policy :
lavoruble to the south. ho in a iirnc
. . (U*f?rcu than those ol 1 Ijilu
n'lphiu. Is” J-iiiladolpluu a southern city
W'ltv have limy increased. lor the tempi
reason, that in the present derangement .
the < arreucy, funds cannot no placed in INt
Vork; and, from the greater sullbring of No
N'ork than any other point by the lalo unive
Ha l crash, one of th sc tornadoes, m whit
,1 vilest trees are the (irstlo tall, when tin
' t i,o allowed for those to straighten win.
hue been bent, aid for a new growth. T1
chairman of the Committee ot Ways ai
Means tells us, that it was not anticipali
Uial these notes would have : o toon return.
Treasury. 1 suppose it was not, B
:ss.
- ■ 1 SVfi 11,-no. ™
d ! c h 'v>: been forest m ■i , ‘
*'• evo , *’| by i ‘i llini " loier of wlumiy v ,d „
U even by the present Secretary if TT V
U suited tfT
y j-aiuokiiul at paper. The reportot' Mr I)
■ ~ llu.
;■
•j ' U(, pan! out to the public credit ir.T ' i. ?
j uolopc a vreblMuidonio iu tl»0 ui fhulu .
.of l.n, day. But 1 suppose that tlm bnlliam
: 1 Ui'liltl ‘I- I '' Wooilb, “T scorns all aid (Von,
the lights of experience, or tliec’i'r.rostion-i oC
such ploddmg fellows n 3 JJ,.lla a ;lword
and (0d1,.t,n; and that il he looks at all into
I fn | MU | ry ° tllu '? c lllneB . is aa ho would
into the history ot the I’orsian monarchy, U s
a mailer ot curious reading, not fur inform a-
Uon and practical instruction. But, sir, is it
leally necessary that the Government ohoultl
resort to this dangerous power! It is not.
loio are other, and in every way better
modus of taismg money, by which tlm neces
sary supplies limy bo raised, and most boncii ■
nont cllocla produced upon tho prostrate* cu
orgies and interests of the country. Make a
oan in the regular and proper form of u loan
receive it m specie, or tho lulls of specie pay
mg banks— and m sixty days you will sou the
prosperity of the country revive; its powerful
energies now paralyzed by unwise legislation,
InssmluoiL 11 ' 1 “£T llko 11 1111 from
raised at a prenua^f?,:;.^ 1 Tr lh,,s
of the Treasury notes '>'*?
plans create a debt—neither creates a , , . *
pent and funded debt: (or whenever yon are
in funds, you can redeem such stock. You
will save at least half a million, and what is
ol infinitely greater consequence, von will
save the constitution, it need not ’bo said j
that the stock thus created will not bo more
valuable than Treasury notes. Mr. Craw
ford tells us, that exactly such a stock, bearing ,
six per cent, interest, and redeemable ut the
will of the Government, sold in 1822, 1823, . l
and 1824, at a premium of two per cent. Why '
it is so, I shall not stop to show, tfo it nl- ,
ways bus been, and so, 1 am informed, on llio *'
highest authority, it will bo now. 1 will not 1
propose such a loan, because 1 will not re- ‘
licvc the Government from the just odium of 1
bringing tho country into such' a condition.
Let the administration openly and aboveboard
go to the people, tell them there is no money !
in the Treasury, that they are forced to bar- .
row, my life upon it. tbni i,i, o , * u
ib, . •‘--j oo bcld.iyiw/crable; if it
is their fault, they ought oifl to bo allowed to ,
«uv mu. l ' •' H r !]'• T.i.-u uiuinu i
- , J ~ wv IU I t
wlstroi io ' cmrroW ’ 'tMr 'j
lions, and by issuing bis notes in largo sums |
lo a few individuals, could raise upon them ,
two hundred thousand dollars more than their (
lace, would chouso to issue them in small |
uums oaaily negotiable, to a multitude ofero- ,
tfltors, mid (it n loos of three hundred limit- t
snnd dollars; in nil, half a million. That )
precisely is the difference between the Two t
plans, and we are about lo do for the country t
what no sane man would do (or himself. ,
1 would receive payment lor the stock in the (
hills of specie paying banks, or in specie, |
Let a portion of the stock be sold in Europe, >
and serve us a conduit lo bring into this conn- |
try (not by a forcing and artificial process) a
portion ot that specie, which the natural con-
ditiun of our country and of hhirope, and the (
wise policy of that enlightened nation, upon |
whose commerce wo have boon waging a bar- (
baric, war, is d eposed to send bore.
These Treasury notes give no permanent p
relief, unless reissuablc. i
They are paid in as fast as they are paid out, t
and if rcissuablo, you convert your Treasury t
Department into a Government bunk of issue ,
and deposito, and in the transfer of its funds |
necessarily of discount 100.
These advantages, great as 1 regard them
sink in comparison wiili Ihe benign and id -
blessing influence of an unmmciaiion by the
Government, in a manner t’lrmal and authori
tative, that the bills of specie paying banks
will he received by it. The disease hay al
ways boon more one of credit than of cur
rency. The bunks never have been in us
sound a condition us at present, novel have
they had so large a lends of specie as now.
Confidence, and confidence alone, is wanting
to ./ivc us a sound hank currency, and to car
ry once more prosperity and happiness in
broad si earns through the land. V/itluut it,
the banks never can permanently re. nine.
Confidence is their vital air; without it, they
can no mere live, than can a fly in an c;;haus,
ted receiver. It may be easily demon .1 rated,
Unit in a period of doubt and distrust, a hank
1 with a million ol specie, and never moie
• than liliy thou-and dollars of not s in
circulation may Lo forced lo suspend. Thoio
■ can be no more striking illustration el this j
than the suspension in 1707 by lire bank oil
i England. It bad alike period of its siwpeu- |
i sioo, only ten millions ot ntdi s in circu.ation I
i : uid ... ty b . . I '■ ■ ■ the dircc- j
’ | tor., distinct y fori saw, lira , wi'.o the remam.s
f occa.-.ioiicd oy foreign Wars uii.il sun. .ce.-, the
, [ a tion of foreign 1
. nii; ui d’appi hen. ion ol an mv , isi from
; France, Inal their specie would bo exhausted,
■ and they du ormmed to suspend ; and by doing
r ho, sustained the industry and business of the
■ country, and carried England triumphantly
i thrombi a long arid pernon.-. conflict, in a man
■ ncr that is absolutely a miracle, and under tii
, als and uillicullies which 1 hesitate not lo say
no nation ever could have borne, it unsubtuin
-1 ee by tins much abused hanking system.—
, Bonaparte the wisest man olios time, knew
I that the great basis of the hanking system was
; confidence; and when he was about organr
zing the Dank of France, ami selecting its
i president, ne said, I have no conhdence in
. I’ortalis, but Franco baa; therefore let I’orlal
? iri l),j president. I am well satisfied that the
i true and only issue before the countiy is hev
f tween the slate hanks and a national hank.—
v No people not held down by an iron despotism
v will submit to the terrible agony and bloody
- i sweat of coming to a molallic currency. Nor
ii j will one so intelligent as ours, adopt the dan
c . ecroua expedient oi a (jovermnoiit paper, ami
b uiy Ulc on the issue, if the stale hanks fad,
e ! (he r*. ull will be a Government hank, di a I'
d | States Bank. U, is because 1 think so,that I
d j am disposed to lake from the state banks all
d ' improper weights an i hindrances lo aid them
jt j by all proper means m resuming specie pay-
U/1 1 ,I ■ . *" " M
j ;; n-u.) uiouS y cnlluut * uijd
.0 p.S,’ , I " a l sl,, ° oouwo of U,O aide and
•- ut. dm doscOnl'! Treasury
olbrtiandpoH r"i" ti ®J r atldroeised all
ll 1).! r . i,, ( .| * 1 , <;l :u »«y. Mr.
y ill* Hie bill.: 1 pmwibihiy "t rocelv.
■* out the authority .n Z anlJT"* l ' ll " ku witl ‘*
9 ■“ by the whole count™ 11”! ,us . laln IL e *
1 ro P or t to Congress in j v'ti _ L 111 *‘ e
iwi.-j. I,ba " k mea
■ • “i coui. muai
! 1 '• ' * • tliocolleotlonpf
p, " C me and in poinVof
' l C Bot t° destroy iho
I U, /“O lostoration must 1.0 the work of the
I.' ‘“ u l " ! ’ tl| -"tio'is. Buttlio interposition 0 f
Ihoi^bilK' t 0 ,IlC!i '' fuars l, y rof,,B '"f? to take
; •« Ike Government,
.7 ’ 1 Cto ' lBlt the sins of the bunks upon
ss;?"* .<*»»,vn
snllicienM V WUti l' rt) l ,Br ° ll 10 t'.rnisli a
n' ; i egal C ™ cy tu meet the demands
ui the community.”
11 1 e rn'ild m f ’ 111 1 , 817> rofuscll to deposit*
e pul) , c lands m the United Slates Bank
bo kmit m!*l P , roVldeU !’y luw 111111 tllu y should
tioiis ev-m" d f opoß , ltcd tho,n in Ht ‘ite institu
ot nidim, l y ’V" lUolvc,ll y ‘or the purpose
or aiding tho banks to resume ; nut only not
/Vi' 1 " lb(sln 111 ti.cir moment of sever
pf lrml - blJt “dually giving it to the. Taking
o '7 '.'stances with a care, wise, practical
iff it n H V °u ll, ° B,ron » Banks, ami gi v „
. | llu *. 0 ° bl ° niul tottering, to enable all
tobLii d, and be succeeded, and in this ren-
Ins coiVm '‘“ >Kt 'mportantofall Ins services to
lie usefulness! a ., ng,,le . 01 distinguished pub
subject, and in circu. W lat 1,0 BU V« u P'->u the
the present; anccs identical with
"In order to induce the bank's in the u,a
.net to resume specie payments simultaneous
ly with the bunks already enumerated, it box
came necessary (ortho Treasury Department
to give them assurances of support during tlw
Inst months succeeding such resumpiipu. I a
conscqucm c ol this assurance, a considerable
portion of the doposilcs in the hunks of Wash
mgton and Georgetown was permitted to re
main mild the Ist of July.”
It is cheering, it is delightful, to turn from
Urn uncertain and dangerous theories of the
present day, from the eternal --V. ' —*•
that aro marl/’ v •' •■“l’l’mess, the very
...... ji subsistence ol the people,,an a phil
osophur would tost the power of prusic acid
on a mouse Lu lhc f practical suggestions of
* 1 ’ ~ *• * * *..*• »*
I r -. .. >ll »B3i» mm m naoiiio om ojv toje
1 Imvi) only llicvcry poor ambition ot Doing S
practical muii; anti I prefer lo follow the hlca«
dy light of experience, taper though it bo, to
the dazzling, but 100 ollon, dangerous and de
lusive light of u priori theory, whether it bo
too over blazing lurch at'a brilliant gonius, or
t/io liirlhing candles which arc light uti »l it.
In my judgment, Iho greatest good now to be
attained, is a resumption of specie payments,
and to that end I would have the Government
not only not obstruct it, by throwing its pow
erful influence over public opinion against the
banks, hut to aid them by all proper mean*.
This Government, and tins Government alone,
has prostrated the banks, and with them the
whole industry of the country, with muscles
yet quivering from the blow; but witli power
ful energies they are struggling lo rise again.
Is it wise or just still lo keep your paralyzing
hand upon them]
but it is said will you do this to enable the
hanks to pay their debts'! It would boa much
mo,o true statement of the cate to say that it is
to ho done lo o.iahle the people lo pay iheir debts
to the banks. Gcntlom in, who talk thus, nruef
suioly forget that the banks maintain to llic pen*
plo the double relation of debtor and creditor,
and that the creditor relation is tbo largest. Tbc
banks owe the people about twelve hundred mil
lions ; the people owe them five hundred millions.
Now, sir, this game of demanding specie is one
at which both the people and the hanks can play,
and the banks, if forced lo pay all their debts,
notes, and clcpusili s in specie, cannot choose ;
they have no alternative; they must collect their
debts in specie. Whal, then, must bo the result]
The banks have thirty-live millions of specie; the
people the same amount. Force the banks into
a position where they must collect, as far as iheir
two hundred millions of debts go, they cun be
paid in their own debts; alter that is all called in,
there i.. ihrr ,• hundred millions of debt duo to tho
hunk ami thirty-five millions of currency to pay
it with. J-el the hanks collect that in payment,
and wh at then is tiro condition of lire country'!
.More than two hundred and fifty millions due lo
the hanks, and no currency at all to pay it with.
For, although in tho ordinary transactions of
1 commerce, one dollar will pay one hundred; not
Iso in this case. JBtory consideration of interest
| ;U ;,| Keif pre-erve. ion will concur to make tho
. hanks keep ev, ry dollar they receive, and tho
i’ a ofih.adi v. til ho shut upon it. Will not
us ilih . place too whole property ol
•, ... . If • m. icy of the bonks] and by
i i u p. be: fall tbc currency, all tho
; , . ,/l ac. unlry also ! That aojr
! : : (.. ..a. .is lib.ly to occur i rlo nob
~ ; b, ue'ed, if in no other way,
by popular commotion, oi by the subalitulion ol
soar.: other cun ncy.
Would you do this lo enable tho banks to [ray
their debu! I answer yes, ! would. Tire bank
| capital of llm country r.r a portion, a large portion
of ns wealth and powi r, and 1 won d do all that
1 rightfully can lo save it from ruin, if nothing
else wen involved. 1 would not lightly strike
down four hundred millions of the capital ot tho
country, a larger portion of which, than of any
other equal amount, is owned by widows and
orphans, and which, when it does topple in ruins,
will crush the tropes and happiness of thousands.
Especially do I led hound lo do it when their
present condition has been brought about by no
act of llreir.:, ol omission or commission, but solely
and exclusively by tbc action ol the Govern*
menl
fT„ be fjonlinuvtl.j
i (Jeore.bi,Colombia County:
. «, kr j 11.Rf./VS lienjmmn If. Warren raid dolor
\ V diet tar, I. • ..virion* of tin* W ill 01, William
‘ J], (Jar, de/ .., d, applies for IcUets Uisim, vorv.
1 ' (| ’an ib i 1 r■ ‘ ■ - 1 ‘ ll j| mtr**
, 1111.1,1:11 tie kind re*.! and , reditor, ot said deceased
1., be .oi 1 apj... it at i.ivollif vvillmr the time pro-
I ! no, .1 b\ ' lav* ,to shew < auae if any they buve,
* u |iy ,„aid fin i.. slroubl not be grunted
1 [i rto/i/.f ;,r, biin I ai /'line, rl.os dlilr day ot
i ' Kclnnary, IBIW. C.VUllllfh lONICS, Clerk.
- (ib ‘Z7 1 <