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WILLIAM K. JO>l>i ACtIBSTA, «E«., Illlnsi.VV fItOKXIIVU AIItIVIT », is:e». ~
- . ' 1 In-neckly.J—Vol. II—IVc 105.
Published
DAILY, TRI WEEKLY AND WEEK L\ ,
it Wo. Broad Street.
Terms, —Daily paperi Ton dollars pornunum
leuns. ~, f| y paper, al Sis Dollars in
"\£Z”o Jcn aul.oe.!u.d lbo year. Weekly
paperDhreo dollar, in advance, or lour at the end
ui’ tho year. .
Tim Editor*! and Proprietors in this city nave
Miiiinit*il lho following regulations : , .
I P A cr llio Ist day ol July next no eubKnp
llons will be received, oul ol the city, unless paid
i„ advance, or a city reference given, unless the
name bo forwarded by an ajtontol the paper.
2. Alter that date, wo w ill publish a list ol loose
who are one yearn or mole ia arrears, m or or to
j et iiicm know how their accounts stand, and all
those so published, who do not pay up their ar
rears by the Ist ol Jan. 1839. will he strike,, oil
the subscription list, and their names, residenees,
, m d tho amount they owe, published uni 1 settled,
iho accent will be published, paid, which «dlan-
SV ';t' r No* subsenption will ho allowed to remain
unpaid after the Ist day of January 18JJ. more
Ilian one year; hut tho name will he strikes nil Iho
list, and publ shod as above, tugeiher with the
Ul 'l’ U f'rulaand nfler this dale, whenever a subseri
|„>r who is ill arrears, shall he returned by a post
master as having removed, or retuses to lake Ins
paper out of the post ollicc, his name shall he pub
bslteii, together with his residence, the probable
place be has removed to, and Iho amount due; and
when a subscriber himself orders his paper diseon
tinned, and requests his account to bo forwarded,
the same shall be lortl.wilh lorwarded an unless
paid up withm a reasonable tune (the facilities el
ll, e mails being taken into consideration, and llio
.list mice of Ins residence from this place) Ins name,
andllie amount due, shall he published ns above.
5 Adverliscnienls will be insetted at Charleston
nrices, will, tins difference, that theli sl insert..,n
will be 75 cents, instead of 03 cents per square ol
*o.' AdverUscraentsintended for the country,should i
bo marked •inside,’ which will also secure their |
insertion each time in the inside of iho city paper,
and will be charged at the rate of 75 eta per square
Ho the first insertion, mid O.i cents lor em ir subse
quent insertion. It not marked ‘inside, they will
bo placed in any part of tho paper, idler the first
insert ion, to suit the convenience ol Hie publisher,
mid charged at tnc rate of *5 cents lor the lirst in
sertion, and Ids cents for each subsequent inscr
""t. All Advertisements not limited, will be pub
lished-in every paper until forbid, and charged ac
cording to the above rales
8. Legal Advertisements will be published as
follows per square:
Adair’s and Executors sale of Land or
Negroes, GO days, „l
jjo do Personal Properly, 40 ds. ■> 3o
Notice to Debtors and (Jrs, weekly, 40 ds. 3 ‘do
Citation for Letters, } J’JJ
,lo do Dismisory, monthly C mo. oou
Four month Notice, monthly, 1 mo. 1 00
Should any of the above exceed a square, they
will he charged in proportion.
y. From and alter the first day ol Jan. 10->J,
no yearly contracts, except I’or specific advertise
ments, will b« entered into. I
10. We will ha responsible to other papers for all i
advertise men Us ordered through ours to be copied <
by them, and if advertisements copied by us from ,
other papers will bo charged to the ollice from ,
which the request is made to copy, and will receive
pay Ibr the same, according to their rates, and be *
responsible according to our own.
11. Advertisements sent to us from a distance, I
with an order to he copied by other papers, must be
accompanied with the cash to the amount it is j
desired they should be published in egeh paper, j
ora responsible reference ,
||| , 111,1 m g iiiMiui ■ii
CHRONICLE AND SENTINEL. J
aiwustaT I
Wednesday Morning. AUgnNt 31). |
STATE BIGHTS TICKET 1
fOll CONGUKBS.
\VM. <J. DAWSON,
U. W. HABERSHAM,
J. 0. ALFORD,
W. T. COLQUITT,
E. A. NISBET,
MARK A. COOPER,
THOMAS BUTLER KINO,
EDWARD J. BLACK,
LOTT WARREN.
Mr. Washington Lawson, has been elected by
lha City Council, Jailor, fur the city of Augusta
and county of Richmond, in the place ol Lli
Morgan, deceased.
Mr. McDuffie.
As will he seen by tho letter of this gentle,
man, be reiterates his belief in llio consliiution
alily of a Bank of the United Stales, and is “as
confident as reason and experience can make
him, that il is the best practicable means of main
taining a uniform currency, and a low and uni
form rate of exchanges over the whole United
Stales, so long as paper money constitutes the
larger portion ol out actual circulation. He
thinks, however, such au institution established
at this time inexpedient, lie argues in favor ol
the sub. Treasury scheme, but is opposed to the
vita), indispensable, essential lealute ol that bill
us advocated by Mr. Calhoun,
About 300 of Iho voters of Bibb county have
pledged themselves not to support any man for
“the Legislature, or other ollice, who will himself
electioneer by ticaling in liquors of any kind, or
by giving Barbecues, or who will place money
,iu the hands of others to do so for him.”
The Exploring Squadron.
The Norfolk Beacon of tho 31st says;—“Wo
learn from the intelligent pilot who conducted
the squadron to sea, that he left the Vincennes
at 9 o’clock on Sunday morning, twonly-fivc
miles cast of Cape Henry, with a fine breeze
from the North. Tho officers and crews were in
excellent spirits, and all w-cre rejoiced that they
were fairly embarked on their interesting mis
sion. The pilot describes the sight of tho ves
sels of the squadron about tho Hag ship, all
under full sail, as highly pleasing. He declared
that he never saw men more bent on accomplish
ing all within their power for the honor and
glory of tho Navy, and of the country, and full
of life and zeal.
As there was a rumor allout respecting sumo
show of mutiny on hoard the Peacock, il may
be well to stale that there was no foundation for
such a statement, and that a single sailor only
used improper language, for which he was duly
tried by Court Martial and punished.
Success and favoring gules attend the squad
ron. The officers have much to contend with
apart from the novelty of ilicir enterprise, and tu
uncertain issue ; hut wo trust that they will all
come forth like men, and by their boldness and
skill, whether successful or not. will mingle their
names with the destinies ol then service.
From Florida.
By the schr Medium, arrived on Monday las
at Charleston, from St. Augustine, the following
i intelligence has been received ftom that place.
Hsiui.ti Office, )
1 St. Augustine, Aug. 25, 1838. S
A Negro limn belonging to /. Kingsley, Esq.,
, who was taken from Drayton’s island, some lime
since by Indiana, returned to town on Thursday
evening last. Ho stales that ho was captured by
| the parly, and carried to an island, which it took
1 them six days to reach. He says that there are a
. large number ol Indians, as he expresses it—"idem
, ty, plenty, plenty hut os ho is an old African
ho has no very extended idea of numbers, and
but little correct knowledge can he obtained from
him. He can give no idea of the direction ho
travelled. He was six days in returning. He
was dealt witli hardly, and had hut little food
given him, which doubtless rendered him more
anxious to effect his escape,
Loss of the semi. Joseph Stewart.— The
schooner Joseph Stewart, Cnpt. llutz, from Ha
vana for Philadelphia, with a cargo of sugar and
fruit, was totally lost on the 31st inst. on the
Gasken Bank. (Japt. 11. reports having encoun
tered on the 20tlv inst. a severe gale limn N. E.
which determined him to put into Charleston.
Next day got an observation, and found thosehr.
to he about 34 miles N. E. of Tybee ; the gale
still increasing, bore away for Savannah, and
about 3 o’clock, made Tybee Light, hearing S,
W, About half an hour afterwards the schr.
struck on the Gasken Bank ; lightened her, and
by carrying a heavy press of sail, succeeded in
beating her over the reef, when wo discovered her
to ho half full of water, pumps useless: attempt
cd to run her ashore, when she tilled and fell
over on her beam ends. Succeeded in gelling
(ho boat arid landed at Hilton Head. Next
day, the schooner drifted abreast of i I i I ton Head.
Capt. U. and crew arrived at Savannah on Fri
day.— Charleston Courier,
In our Inst number wo published an account,
taken from the Charleston papers, of a whale
boat containing four black fellows, having been
met elf Currituck Inlet, by the schr. Ostrich,
Capt. Ellis, arrived at Charleston.
Since the publication of the article alluded to,
we have derived the following information from a
gentleman of this city. He states that ou the st.h
inst. being on his way from Savannah to his
plantation on one of the Sea Islands to the South- I
urd of this, jn a small sloop, he came to anchor I
in Big Warsaw, the wind and tide being contrary:
while theie, a boat hove in sight, and made to- 1
wards his vessel. He soon discovered that the t
persons on hoard the boat were black men; our |
informant waved h s hat fur them tu come to him, t
they did so; he then inquired where they wore
from—they said from Iho South End of Cuba— <
that they belonged to a brig, (the name of which t
is not recollected) vvlnch bad been a regular pack- t
ct between New York and Cuba, hut had been t
wrecked. They said that the Captain of the brig 1
and passengers had taken Iho long boat—the hal- t
ance of the crow the jolly boat. The two other t
boats had made for the land, hot that they wanted '
to get to tho United States, and had separated. (
They said they were very hungry, having been t
five days without eating or dtinking, and asked <
for food—our informant had none of his own
with him, hut obtained a little hum his negroes
and gave them. A proposition was made for i
them to come to Savannah, it being tho nearest | t
purl, hut they did not appear to like this much— i
said they wanted to go to Charleston. Finally, j
the gentleman agreed to take them to his hqo j,,._ 1
to which they readily OBs-““ o d, Accordingly
lliey proceeded to (UC g Cn tletnim’s plantation,
whoreAy were furnished with food from Sun.
oay until Tuesday, when they made their escape.
Our informant further stales, that the boat con*
taiued nothing but the individuals and a quanlhv
ot sailor s c-toinnig —enuugll to nave clad fifteen
persons—an axu and a hatchet. He is confident
that they were not Southern negroes. Tho de
scription given us of the boat, corresponds exactly
with that furnished by Capt. Ellis, and vve have
no doubt hut that it is the same.
We think it proper t« state, that the gentleman
would have brought the fellows to Savannah, had
he not been very much indisposed—ho rose with
that intention on Tuesday morning, and found
that they had gone. —Savannah Republican,
Detroit, August 14.
Seizure. —The vigilant officers of the customs
yesterday made a seizute extraordinary. Among
the goods discharging from the Bunker Hill
steamer, were some boxes of great weight, one
of which, having been partially broken, revealed
something that looked very like a piece of heavy
ordnance.—The officers broke open the box and
discovered a cannon of beautiful workmanship,
entirely new, from a manufactory at the East.
Futthr r search was made, and two other simi
lar pieces were found, and have boon lodged
in the public store. They are presumed to he
“patriot goods,” and to bo intended for the next
campaign, if any body of men can he found mad
enough to engage in such an affair again.
The activity of the officers engaged in tho ser
vice on this frontier, is deserving of all praise,
and wo have no doubt will effectually prevent
any future disturbances by these “self styled pat
riots,” whose unlawful acts have suhjer.tr d the
Government tu injurious imputation and large
expenses. —Free Cress,
From the Baltimore American.
Perhaps no county in Maryland has suffered as
much in its Corn crop by the lale drought as Fred
erick. In many cases the loss to tho fanner will
ho a total one, hut the injury in tho aggregate, vve
arc hnpjy to hear, will not be by any means us
great as mmc have supposed. Tho Frederick
Times of yesterday, refening to this matter, says:
—“We have been particular in seeking informa
tion on this subject in order that vve might lot the
public know what arc tho prospects here. There
are many farms, we do not doubt, which will not
yield one tenth of an average crop, and perhaps
others in a worse condition. But taking the
counlv generally, vve are assured that the farmers
will realize something like one fourth of tho crop
of (torn usually raised.”
The Corn crop in Washington County, Penn,
il is said will he unusually huge.
In (be neighborhood of Wilmington, Del. iho
promise is also said to is- good.
A letter from Snow Hill, Md. says:—“Not
withstanding the unprecedented drought, the ciop
of corn in our country will be an average crop.”
Awful Effects of Liiiutmnu.— The Terre
Haute, Indiana, Courier, describes the effects of
! a stroke of lightning on a man in iho open prai
rie, one mile and a halt soutlueast of Terre
. rfaute,
"His body was found in a perfect state of nu
dity, having been divested of every article of
’ elo hing, which was torn in thousands of pieces
by th 311 uid, without being in the least singed.
. lli* hoot legs were lorn into numerous strips,
and the sides completely separated from the hot
> nuns. Thu hair bom one side of his head was
‘ token off, the :kin of one of his elbows was
I slightly broken, and ol the ball -ol both his great
| toes appeared to have been hurst opi n, where
r the tluid left the body, at which points the bot
toms of Ida boots seemed punctured aa with t
title hall.”
ot »iws. n«M—i—. ninm tt
Mi. McDuffie is substantially of the Sub-Ttoa
s! sury. He rejects Ihe specie clause of the bill
g proposed in Congress, tor reasons which ever;/
man who is practically acquainted with the sub
ject. mast admit to he conclusive.’'—Southern
Patriot.
It will he seen from (be above extract from an
’ article in the Datrial, under the editorial head,
0 ll, “ l "" 1 ' Mr. McDuffie and Mr. Car.lozo, are op
> posed to the vital, indispensible, essential feature
y 01 1,10 Sub-Treasury system, as advocated by Mr.
v Calhoun. W balovcr may bo the opinion of either
ol these gentlemen, Mr. Calhoun is solemnly
pledged to su/iporl a .Vatiouiil Bank', if the sjie
\ J tf.feature is rejected. He voted against the
nil ol the Senate, because that clause was sliicken
' out- Dc assorted, without any qualification, in
- the reasons ol bis vole against the hill without
that clause, that he considered ;bat clause as ibe
grand principle, which preserved the whole system
bom unmixed corruption, and from a more dis
astrous union ot Bank and State, than the country
. had ever been visited with. Hit denounced the
hill, without that feature, as a mere mockery of
reform—asfarsical—as treachery to all their prin
ciples and professions. We challenge the editors
ot the Patriot and .Mercury to deny litis. If
they do, we will give them the benefit of Mr. Cal
houn .-- speech. —- Charleston Courier.
Irma the Neir Vurk Herald.
Money Market.
Tot nsiiAv, August 23.
The transactions at the Slock Exchange have
hem to a fair extent to day, hut prices show sea ice
any change from the rales of yesterday. The
sales arc chiefly on lime, and prices aro rather
brut than otherwise; this ittdtca'es a buoyancy
in the tnaiket, but at the same time present
scarcity of money. Sales of Treasury notes
have been made at improving prices; (i per cents
it will be seen in the table given below, wore sold
from -< to j premium; ibis is the result of the l
increase ot business, and Iho improved demand (
lor J roasury notes (or Custom House payments i
incident on the revived importations from Europe, |
the importers preferring to pay the government ,
in its own coin. 1 ire increase ol luisinuss and ;
consequent enlargement of orders for European
S l,o ds, wilt sustain tho price of foreign exchange,
which is now at par, hut it is not supposed that J
it will rise much mote, from tho quantity oiler 't
ing, which is large.
From South America there is a continued in. f
flux of specie—the Mnrcolliuo from Carthagctia f
having brought $34,000. '
Domestic exchange presents but line variation *
from the rates vve gave yesterday. Bales were 8
made to the amount of $30,000 at tho Thiladsls b
phia stock exchange, on New York, at 4 per t
cent premium. ” r
We mentioned a short lime since, that the t
commissioners from the State of Mississippi were I
to negotiate the Stale loan fur $15,000,000, one i
third of which was subscribed for the establish, a
ment of Iho Union Bank of that State. This, t
has been partly effected, and the parties aro an L
ihoriztd to draw on J’hihulnlplua, where the n
negecialion was made, fur $3,000,000. The p
Vicksburg Bank has also arranged for a loan in u
our sister city. This may enable iho banks of „
that Slate to resume specie payments at the time j
contemplated, viz. Ist of January.
Fuiiiay, August 24.
Tho stock exchange has exhibited more activ
ity to day, and prices are buoyant though mostly
on lime. U, S. itank declined j per cent.
Marion, Petty Co. Ala. 7 t
July 18th, 18. >B. 5 l
Dear Sir: —I leant by a private letter that n
you purpose setting out shortly for Europe, 1
and,-as much speculation prevails, in relation (
to your opinions concerning the Sub-Treasury, (
as it is commonly called, may I ask it of your .
kindness, before your departure, <" enable t
me u> inform Hie public correctly what are t
your views on that subject ! With all defer
ence for your better judgment, should you
think otherwise, it would seem to me that you
owe it to your friends and the public also —
having so long been in the service of both— 1
to speak out. The disordered stale of the 11
currency and the universal desire for the adop
lion of some stable and wise plan for the 11
collection and disbursement of tho public >'
revenue, has converted almost every indivi- v
dual in the Government into a speculative n
financier; and, as the most of us have only ti
light enough to make “darkness visible,” and il
know what vve believe more as a matter of e
faith than of knowledge, you cannot be sur
prised to leant that L hear your name frequent- t
lv used as authority both to denounce and |
sustain the Sub-Treasury scheme. My friends f
knowing me to have once been one of your |
constituents, and uniformly, in my humble (]
way, your political friend and supporter, Ire
quently refer the mooted question to my do
cision, and 1 feel regret that 1 cannot solve
their doubts. Should it comport with your
conception of duty to yourself to enable me
to do so you will, sir, doubtless much oblige
tbc public, as, also, the writer, who has the 1
honor to subscribe himself, most respectfully, a
Your obedient servan*, 11
SAM’L. A. TOWNS. ‘
Gen. Ceo. M’Dlffii:. c
c
Cubhut Hill, July 25th, 1838. t
.l/iy Dear Sir • —l have received your friend '
ly letter, expressing a desire to know my 1
opinion on the questions which now agitate I
live country, relative to the custody of the .
public money of the United States, and the ,
regulation of llte general currency and ex- ,
changes. As I never had a political opinion
which 1 was unwilling to disclose, I have no
hesitation in answering your enquiries. I
have regretted to perceive, what you state,
that contradictory versions of my opinions
have prevailed in different quarters, owing 1
presume, to the fact that 1 do not concur en
tirely with either of the political parties, re
cently organized upon the basis of these ques
tions. It is deeply to he regretted, Indeed,
1 that these question have been made the fuun
* datum of a political organization of the great
1 political pai-tiescontending for tbc Fresideitcy,
though I admit that this result could scarcely
■ be avoided. Such an organization is exceed
ingly unpropitious to the cause of truth, and
5 almost entirely precludes the possibility of a
discriminating judgment. You must lake the
‘ whole or reject the whole by the practical
J canons of party discipline. A most unfortu
nalejehangc has been the consequence on the
whole subject of Banking, and of the con-
B nexlon of the Government with the Banks.—
I You are no doubt aware that during all the
■ struggles of the late Bank of the United
a States, agiinsl the warfare urged against it hv
the federal Executive, I steadfastly sustained
■ that institution on the grounds ho li of its ex.
I tensive usefulness and i's constitutionality ;
s and 1 will add that there is no part of my
I. public life to which I look hack with more
>) satisfaction lban to this. 1 still believe a Bank
-of the United Slates to be constitutional, and
s am as confident as reason and experience can
:« make me on any similar question, that it is the
it best practicable means of maintaining a tttli
c form currency, and a low and uniform rate ot
I- exchanges over the whole United Stales, so
a long a- paper money constitutes the latger
portion of our actual currency .
V 11111 1 Ul 'i constrained to b ny that in llio tx .
• traordnmry disjunction and conjunction ot
' political parties which have recently taken
puti.o, I tun lelt almost as '‘solitary tuul
u lune.” on the subject of a Bank of tho United
states, us .Mr. Benton was when he put Ins
colt'brutcd hall in motion. I always support
cu .-licit an institution as an antagonist power
to the Slate B anks, inui us n inemur ol res
training their extravagant issues. Its utility
consists almost entirely, in my opinion, m
the exercise o( this salutary control over such
Stale Banks as were inclined to run into ex
co.-sos. Such were then the opinions of
those with whom 1 acted. But now the statu
of opinions is entirely changed, us well as the
relations of Iho Banks. The present ad vo
cates ol a Bank ol the United Slates, main
tain practically, if not in terms, that as Bank
credit is the most potent of all the agents for
producing wealth, the mure vve have of it the
belli r; and they seem lojregard turn as an eld
fashioned political economist who should
doubt that the issue of every additional hun
dred millions of Bank paper, added just that
much wealth to tho country, Ju tact, the
party now urging the establishment of a Bank
of the United States, are the open apologists
and advocates of tho pet bank system, which
they concurred with me in denouncing, as a
most fcurlnl and stupendous system of cor.
ruption and ot despotic power in the hands
of iho federal executive. 1 was perfectly sills
core when i said that it would he easier to
resist a President at the head of 50 000 regu
lar Iroops, than one who wielded such a cou
federaey ol Banks. Yot after this system has
utterly tailedt those who denounced it when
it was a mere experiment, have now adopted
it us a stepping stone to a Bank ot the United
States, with a capital of 50,000 000, to be lo
cated in the City ot New York! I confess
that with my opinions wholly unchanged on
the general subject, 1 should regard a bank
establishment under such auspices thus loca
ted and with such u capital, as an institution
eminently dangerous to the liberties of the
country. I will not disguise my opinion, that
a Bank ot the United States established under
the most favorable circumstances, however
perfect as a regulator ofllte currency, is liable
to become a very dangerous institution in the
hands of the Federal Executive. The old
Bank ot the United Stales scrupulously ab
stained from politics until force In self defence,
to abandon, in some degree its neutral posis
lion. 1 regarded litis us one of its great me.
nls. But what would necessarily he the cha
racter of a bank of 50 millions established in 1
New York, under the present circumstances 1
of tho country? Bank or no Bank, is clearly 1
and distinctly tho issue which is to decide the 1
next Presidential election and to be decided (
by it. Suelt a Bank would he unavoidably a 1
more engine in tho hands of the ascendant |
party, a tremendous instrument of power and
mischief thus created and thus wielded. You 1
may rocollect that in my last speech on the 1
Jepositc question, 1 staled as a reason for sup- 1
porting tho existing bank that its overthrow '
would produce precisely such n state of nnar- '
cliy us we now have in the currency and ex
changes, that to extricate themselves from
such a condition, the people would fly into
tho arms even of a Government Bank, upon
the principle Unit men will sack refuge from
anarchy even in the worst form of despotism.
1 tear my prediction lias been very nearly
fulfilled. For the chances are that any bank
established under the prevailing auspices,
would ue in fact a Government Bank, whatev
er it mtgfit oe to form. And here 1 am remind
ed of the extraordinary speech of Mr. Clay
in which he maintains that the proposed or
ganization of the Treasury, making it hide*
pendent of Banks, is in liict a Government
bank. Whatever other objections may bo
urged against this treasury scheme, it is cer
tainly five from this. Il lias not one ot the
attributes of a hunk. It would neither discount 1
notes nor issue bills, it would have no fa. 1
vors to confer upon any body, unless the pay.- 1
merit of a just debt may be so regarded. If 1
the fact of drawing upon its own funds to pay 1
its debts, will make the Treasury a bank, ev- !
cry man is a banker, *
But to return to the subject of a Bank of 1
the United States. When I found the late 1
Bunk ofllte United Slates abandoned to iits 1
file by all parties, I came to the conclusion I
that Hie wisest course that could bo pursued 1
on the subject would bo to let every expedi- 1
cut be fully and fairly tried to incorporate 1
another. Unless llte public mind can be
brought, ast m England, to regard such u hank 1
as a national institution, supported by all par- I
ties alike, it will always be a [tarty engine.
A parly contest Ibr the renewal of the charter
at the end of cve-y 1(1 or 20 years, would he
almost equal to it disputed succession in a
monarchy. The most painful of all process*
cs is the reform of the currency, by the agen
cy of a National Bank, after several years of
unrestrained and excessive hank issues. Such
was the case in 1H1!)—'20, and such would
bo more decidedly the case now. Such dread
ful remedies are not to be used every day.
And 1 can scarcely see with patience many
of those who co-operated vvit.li General Jack
son, in destroying the late Bank when it was
unpopular, now contending for the establish*
ment of another, when distress has turned
the public opinion in favor of a National
Bank, under the vain and delusive expecta
tion that it will relieve them from their peen
niary embarrassments. Nothing could prove
more conclusively that distress is a had rea
soned than that people who arc involved in
debt should expect to be relieved by snob un 1
Institution. Its very first office would bo to I
correct a redundant currency. Let us see f
bow ibis would be performed. A bank of li • (
ty millions would probably issue at least tier'' 1
ly millions of its own bills. Tins would in- !
crease the existing rcdundency, and of course
render it necessary lor tbe Slate banks to 1
curtail tbeir issues so uiucb tbe more. In
tact, it a National Hank performed its duty,
its entire operation at first, vvou'd be to in.
crease tbe pressure upon tbe .Stale Hanks
and through these tbe distresses of the people.
Nothing bus surprised me inure than that
the tSia'o! Hunks should in some quarters ol
the Union look to a National Hank us a means
of relieving them. On tbe tontraiy mj lar as
they arc concerned, the National Hank would
be worse than an Independent Treasury with
' the specie feature as it is called. Tin; pub
lic monies would be of course deposited io the
National Hunk. Now wc know that although
j the late Hank of the U. !S. was very liberal in
, its dealings wiili ihe .Stale li inks, they were
. constantly complaining that when their lulls
were deposited by ibe Treasurer m that Hank,
I I it habitually demanded the specie for ilium or
i) drafts upon distant points that wore equivalent
r to specie. Tins grew out of the common u.ui
1 gee of banks, and Uio obligation of the Dank
lo p ace ibe funds of the Government where
I they might be wanted. Forcxainole.theGov.
it eminent collects a half a million'ot revenue
d m Charleston, in the local b.lls, and depositee
d them in the Branch of the [J. S. Bank. These
s funds are wanted al Norfolk, and as S.G. nils
- will not answer there, the branch demands
r specie or a draft on Norfolk which is perhaps
- as cosily to the local Banks.
Upon tlie whole then, though I believe a
1 well regulated and well conducted Bank ol
1 Hie United Stales the best means of securing
a sottml and uniform hunk paper currency, I
should regard the establishment of a National
Bank under llte existing auspices us highly
dangerous, and calculated to increase instead
■ j of diminishing the pecuniary embarrassments
of tlie country.
As lo the Independent Treasury system, so
lar is it proposes to withhold the public depos
des from the Banks, 1 entirely approve of it.
1 hits lar it is simply an übandoneinent of the
pet Bank system, which all parlies have con
demned and our fatal experience lias confirm
ed the sentence. The objection that it increa
ses llio patronage and influence of the Gov
ernment is wholly without foundation, i be
lieve on Ihe contrary that the power of the ex
ecutive to select lavored Banks at discretion,
to receive tlie Government funds on general
deposit!’, would give it, speaking withrti hounds
one hundred times as much patronage and in*
licence as the appointment of any" probable
number of official depositories would confer.
i As lo the requirement that all dues to tlie
Government shall be paid in specie exclusive
ly, I have been opposed to it from the begin
ning, believing that it would increase the pres
sure of the times and render it more difficult
lor the Banks to resume specie payments. As
far us il goes, it would lend to dimmish botli
their means and their motives to resume,
though I believe its effects both for good and
lor evil have been excessively over estimated.
Mr. Calhoun contends that the bills of the
Banks derive their principal credit from their
being received by tbc government, which he
regards as an endorsement by the Govern
ment, and Mr. Webster and others seizing '
upon tins idea, drew the inference that if the j
Government withdraws tins endorsement.
Bank credit will be entirely annihilated! I 1
Now 1 l Link both (he premises of Mr. Gal
homi and the conclusion of Jus opponents ex- e
travagaiit. A practical view of the opera- ,*j
lions of llio Treasury will nniko this plain. v
Though llio annual revenue should he thirty „
millions (and it ought not to he more than (
half that sum) there would not bo at any one p
lime, in tlie Treasury or in tbo hands of col «;
leering and disbursing officers, more than live t.
or six millions of dollars, ot course five or six o
millions of money, whether of metjd or paper, b
would perform tlie fiscal opcratiuP*-. of the v
Treasury. Suppose liisi that tbc Government H
receive this sum in Bank notes, can il be coa- «
ccivotl that Hie Government by receiving six *
millions ot Hie paper of the banka located *
whore Hie Government revenue is collected, B
can operatefna an indorsement giving credit lo 1
the one hundred and liny millions of Rank 1
paper of tlie various Banks throughout the !
United Slates, or on the other hand, that the
withdrawal of this endorsement by refusing
to receive the six millions of Bank paper will
deairuy the credit of one hundred and fifty
millions of that paper, which under no circum
stances would ever reach the Treasury! Un
ticffibledly Ihe Banks located whore thq reve
nue is collected are greatly bencnlted by the
receipt of their bills by the Government. The
exaction of specie in payment of this revenue
would withdraw tins benefit, but I cannot per
ceive that it corresponding benefit would ac
emo to any body else. To the objection that
the receipt of bank bills violates Unit clause ’
ot the constitution which implies that tho re- |
venue shall ho collected in a uniform curren* i
cy, 1 will only say that if specie is a uniform t
currency, so are hills that can he at any mo- c
ment converted into specie. To bo sure it is c
not as safe, but the government may demand 1
specie al any moment, when it lias cause lo (l
apprehend danger. But though iam oppo- J 1
sed to exacting specie exclusively, 1 have h
been very anxious to see Treasury lulls or cer
tificates hearing no interest, substituted en
tirely in the place of belli specie and hank
hills.—To accomplish this result, it would be
necessary to provide that nothing shall be re. ,j
ceived in payment of dues to llte government, ~
but this treasury paper or specie. Tlie result u
would evidently bo that very little would in t(
fact be (laid but Treasury [taper. This would
boa very great improvement in tho first opc~ r
rations ol the government, and 1 regret I fiat [
Mr. Calhoun did not make it n part of' his plan, ..
instead of merely suggesting it. It would n
have entirely removed every rational ejection li
to the specie feature of his scheme. It lias |i
been wholly misapprehended by Mr. Webster t
anil his associates. As I behove 1 was tlie t
first person in the United Wtates lo suggest it, «
1 will now brirdly explain my view of it. It 1
is not designed lo furnish a general currency, *
but ineiely a currency for the fiscal operations 1
of the government. This ia its essential cha
racter, and il results from it that no more of 1
lliis paper ought ever to he issued than will
periorm this function. As I have heretofore
Kinl the present revenue of llio United States,
would nut piobably require more limn six mil
lions of currency to perform all tlie offices
connected with it, from the moment of its col
lection to that ot its disbursement, Congress
should, therefore, authorise tlie issue of tins
sum and no more, and it, should be made rer
issuable indefinitely. Tbe value of tins pa
per would be derived, not (mm its redeema
bility, ns bank paper, notes, but trom its ro
solvability by ibe Treasury, and from the
amount being limited lo wb-t will be actually
absorbed in receipts and payments of tbe go
vernment. Nothing can bo more simple and
sale and economical. In the first place it
would be equivalent lo the creation of six
millions of specie, which would coat the coun
try nothing, and yet answer tbe purposes of
its treasury, 1 think better than specie, and
much butler Ilian bank (taper. If the govern
ment were to use specie, besides costing the
country just six millions instead of nothing,
it would create a pressure on the banks, and
would boa medium much more affected in
the uni fortuity of its value by the state of the
foreign exchanges than this Treasury paper.
The use and fail of foreign exchanges would
not affect Ibis paper at all, as it can circulate
in this country alone. This would boa great
merit, giving it in tins respect a decided pro
j fercnce over specie or bank bills. If the Go
j vermnent were to use bank bills, besides beinj
i preei-ely us costly a medium as specie, t
■ would expose the government, ami people li
-1 the hazards of bank insolvency or bank sur
I pension. Moreover the transmission of fund
. j trout cue point to another, which is very cm
1
3 bari | u ssing to the banks und dißtuibiniMo the
exchangee, where the government uses bank
3 ,s ' Wl,u ' d produce no such eflccls, where
i treacury paper is used.
* 'I ho trnlh is, then, that llio question comes to
I this, shall the people of the United Stales use their
i own credit, which cost* them nothing, or that of
the banks, which costs as much specie, us the
medium ol Iho fiscal operations of the common
i roasury 1 ll this ho the question, as I think it
is. no patri.it can hesitate in deciding it. To call
this Treasury paper continental money or French
assignats would ho justly regarded as an absurdi
ty, it it had not been done by a man of Mr. Web
ster s character, ll the Government wore to at
tempt to make this paper a substitute for revenue,
instead of the mere medium of collecting it, by
making it the means of olleding a permanent’loan
even ol lid or tiO millions, it would necessarily de
preciate, os it will carry no interest, and would
he justly liable to the above odious comparisons
in a degree proportioned to its excess. The treas
ury Hills issued at the extra’ Session, notwith
standing all the unpatriotic ellorls of the hanks
and of mere parly politicians to depreciate them,-
performed the functions ot a Treasury Guriency
perfectly well. These notes were paid out in the
first instance to the public olViecrs and public cred
itors, passed into the hands ol those who had to
pay money to the government and thonce hark
into the Treasury. About six millions of them,
I think, performed the whole operation of collect
mg and disbursing Iho revenue. Since the at
tempt ol the JVew Fnglamt federalists to destroy
the credit at (he country by denouncing as im
mortal and irreligious those who would lend nio»
ncy to the government, 1 have never witnessed
any thing in the conduct of any parly more revolt
ing to my sense of patriotism, than the efforts
systematically made to depreciate the credit of the
Treasury notes issued at the extra session. What
shall we think of the patriotism of men, who’
could publicly express their exultation that the ir
redeemable paper of hanks was above the par of
government paper ! Politicians who have placed
their hope of advancement upon the combined in
fluence ol the Hanks, or have invested their prr.
vale funds in them, seem to regard the interest of
the people at largo as of small consequence when
it comes in conflict with that of the hanks, and
the real ground of the opposition to 'Treasury pa
per is, that it supersedes us /irohm/o the use of
hank paper, and thus limits the field fir hank cir
culation.
1 consider flic Constitutional objection to this
’Treasury paper ns unfounded. .Surely tho gov
ernment cun receive any thing it chooses, in pay
ment ot its debts, even if it were brick hats, pro.
rided they are of uniform value, and this paper
will he much more uniform than hank paper, and
I think, than specie itself. It certainly docs not
become those who maintain that the government
should receive bunk paper in discharge of its dues,
o deny its right to receive its own paper. ’Tho
ai»ly power exercised by the government would
be the agreement to receive the paper.’ Its whole
value would ho derived from this. Its receipt by
the public oliicors and creditors will he voluntary,
mid ol course no objection can ho made to it, by
those who have clamored so much against paying
these government soeuiilics in specie. They
should rather say, to l>e consistent, “ let them toko
those Treasury rugs, it they choose ; hank paper
is 100 good for them.” 'The objection that those
are hills of credit,and, therefore, unconstitutional,
is without even plausibility. The .Slates only
•ire prohibited from issuing hills of credit; olivi
eusly because it would intcileru with the power
of Congress to regulate the currency. The phrase
“ bills ut credit” 100, conveys a technical idea
which can only he understoou by referring to out
revolutionary history, it meant precisely the
inn- ..f .•roifii ol jhnt.ijnv inot n,>ihin-r ..i. -• -*-*
Supreme Court in this State have accordingly
decided that the hills of our Slate bank, are not
hills of credit, though they are based entirely on
tho credit ol the State, and constitute a large por
tion of its currency. Hut the government of tho
United Slates does not {impose to make the.-u
Treasury notes a general currency, ll only pro
poses to receive them in discharge of its own
dues, and to pay them to its own customers with
their consent. If they go out of this narrow
circle, it will he by the agency of the parties con
cerned, and because they may happen to answer
belter Ilian any thing else to transmit funds to a
distance. Hut if the amount issued is limited
judiciously, they will soon return to their appro
priate sphere ol circulation. In a single word,
the power to harrow money, either upon stock
certificates of Treasury notes, or in any other
imaginable mode, is expressly granted la Con
gress, and though Treasury notes were largely
issued during uur lust war with England, even
the New England federalists, who denied tho
power of Congress to cull the militia into the
armios of the country, never questioned its power
to issue these notes.
The notion that tho issue of these Treasury
notes, would convert the Treasury Into a Hank
is purely chimerical. There is not the semblance
of reality in it. It would neither receive deposits
nor giant loans on discounted notes. To tho
limited extent id'its issues it would lie more ap
propria'e to call it a mint, as a would create, to’
that extent, what would answer the purposes of
the public Treasury, heller than coin, wiihouljany
cost to the people. Now, why such vehement
opposition to this Treasury paper on the part of
those wlio are so much opposed to the exaction
of specie in payment of dues to (he Government,
when it is obvious that it would supciccdo tho
use of specie at the Treasury almost entirely 1 Is
it because it would also supercede the use of
Hank hills in the operations of the Treasury 1—
Can it be possible that any patriotic citizen
would (itefer the interest of a few favored banks,
to that of the United Slates, and therefore, compel
the government to use the credit of the banks
instead of its own, in collecting and disbursing its
own revenues'! lam aware that many members
of Congress at the North have their private in.
teresls so deeply involved in the hanks, that it is
with them a question between self interest and
patriotism. Indeed the great controlling monied
interests of the North, exists in the shape ol
Hank slocks, which sufficiently accounts for tho
vehemence with which Mr. Webster denounces
the proposed Treasury paper as continental mo
ney, when plain common sense dictates that il
lliu Government were bankrupt to the amount of
a thousand millions, these Treasury certificates
would forever remain at par, as long as the Gov
ernment should continue to collect annually an
amount of revenue suliich’iit to uhsoth litem.—
The sole foundation of their credit is lli.it the
, ! Government will receive them, and that their
amount dees exceed the sum annually required
j to collect and disburse the public imume. Now
| I when il is known that the continental money
exceeded this proportion sumo bundled told, tho
absurdity of the suggi s i d analogy tnio-i lie appo
rent to tho-ai who have not u very strong interest
II iu not perceiving it. Hut I must close abruptly.
e lam on the eve of setting out for Europe, and
3 regret that 1 have otdy bad lime to suite this
hasty scrawl on no important a subject.
’■ Very sincerely,yours,
il GKO. MeUITPyTET
11 1 S.VMITI, A. 'I’oW nI S, E-q.
° Felix Grilndy sent m ills resignation as U.
fdtaier. Hcridtor, to the Governor ot Teune- co, on
Jd tho 20th hist. Mr. Grouty left Nashvtlle fuf
!l * Washington on tho same Jay.