Newspaper Page Text
between the amount of coin now
owned, and the amount of their notes
in circulation, to wit; $903,007,26.
,\t present, when money is so scarce,
and the demands for new loans, and
renewals without reduction, are
pressing on our Banks, it requires
no argument to show that a sudden
reduction to such an extent could not
be accomplished: the attempt to en
force it would only involve our cit
izens in a state of bankruptcy, ex
ceeding that of our most afflicted ci
ties. This pressure would bear with
more severity ia consequence of
suspensions elsewhere; because the
principle of self preservation would
require on the part of Banks a refu
sal of depreciated paper; the differ
ence in value therefore, between
the good and the bad, would have
fallen as an additional charge on
their debtors.
Another consequence from our
supposition, would have borne di
rectly on the planter. Even had
our Banks accomplished their object
in time to meet their own payments,
they would have remained after
wards, unable to furnish the funds
requisite to purchase the cotton now
withheld from market, and which
in a few weeks must be sent for
ward. Under these circumstances,
the planter would have found him
self at the mercy of the very
few, who might then be in posses
sion of surplus funds. This sugges
tion will likewise apply to the whole
crop of cotton destined for the Au
gusta market during the succeeding
winter, unless our commercial em
barassments are removed before that
period.
Assumming, however, an opposite
supposition, we arc induced to be
lieve that our Banks by a timely
suspension of specie payments will
be enabled to supply the funds re
quired to purchase that portion ot
the cotton crop withheld so long
from market, as well as to continue
to their debtors, the indulgence
'which the present dnliculties rentier
necessary and advisable, and like
wise, by having preserved their coin,
pressure on their customers, so soon
as a change occurs in commercial af
fairs, to remove the causes which in
duced the suspension.
It ought not to be concealed,
that serious evils to the Banks and
to the community, may ar.se from
the course now adopted. The stan
dard of credit may be lowered, a
reckless system of banking may be
introduced, and while on the one
hand the banks may suffer losses, on
the other, the people may experi
ence far greater injury. Our new
position, therefore, calls for greater
fmidence and greater watchfullness;
et the Banksand the community be
come properly impressed with the
truth of this suggestion, and we have
no fears for the future. Let them
disregard the admonition, and the
present distress may be considered
as trivial, in comparison with those
which will follow.
Withsuch view s as have now been
presented, the several Banks ot Au
gusta, represented by their Presi
dents and Cashiers at a meeting o >
the 20th instant, adopted the follow
ing resolutions:
Resolved, 'That the several Banks
in this city w ill suspend, for the pre
sent, the payment specie.
Resolved, I'hat during the suspen
sion, the said Banks and Branches,
will publish in the city papers month
ly, a statement of their conditions,
severally, shewing.the amount ot
their assets and liabilities, especially
deposites, sirculation, and coin own
ed by the Bank.
Resolved, That it is earnestly re
commended to all other Institutions
m our A'tate, which may likewise sus
pend specie payments, to make a
similar exhibit. I
Resolved, That Editors in south I
■Carolina and Georgia, arc herein i
requested to publish these monthly i
statements for the information ofL
iheir subscribers. j.
Resolved, Banks re pre- I
.vented at this meeting do hereby t
pledge themselves to each other &J|
io the community, to resume the!
payment ot specie whenever the enu-' i
ses producing the present suspen
sion shall cease to render the mea
sure an imperative duty,
JOHN MOORE,
President of the Bank of Augusta.
AMORY NIBLEY,
President of the Mechanics’ Bank.
JOHN PHINiZY,
President of Brand) of State Bank Geo.
PETER BENNOCII,
President A*igusta Ins. Banking Co.
IIAYN BOVVDRE.
Presid’t of Bianch Geo. R.R. & Bank’g co.
VVIILIAM harper,
President Branch Bank of Darien.
Banks. Capital. Discount Circulation. Specie.
Bk A 2’a 1,200,000 1,684,818 610 96, 242 523
Slate Ban k, 450,0<»0 suß 708 Bt> 3>>8,346 2< >6,689 33
Meeh’s B. 1 ,<>o<>,o<»o 1, 185,612 97 3*>2.158 176 286 19 i
A. I\ B C. 472,645 611,4*>7 .>8 175,522 65.53010|
grr& bc. 350 000 486.178 94 234 255 102,325 lo )
B. Dn Bank 145,47>> 2*3,534 97 85,0>>0 J9,8»0
3,618,145 4,760,260, 761,716,221 8)3,153 74
“What harm has it done T' Since
the Nullifiers have again changed
their coat, the sight of certain old
buttons and cockades throws them
into spasms. As bad as the vvoolf
hated to be stripped of the lion’s skin
he had crept into, do the Nullifiers
hate to be stripped of the title of
“Republican,” which they have
lately assumed.
The Messenger piteously asks,
“What harm has Nullification done?
don’t tell us what great harm it could
have done, but what has actually
been done !”
What harm has it done? The
same tiling was asked by Benedict
Arnold, after trying to sell his coun
try. The same was asked by Aaron
Burr, after the failure of his famous
conspiracy ; and the same was asked
by the Hartford Convention, after
its abortion. What harm have they
all done. — Macon Telegraph.
From the Savannah Georgian, ,May 25.
JU The rumors from Flordida, as
detailed by the Jacksonville (Courier
of Thursday last, are contradictory,
and unsatisfactory, as regards the
dispositon of the Indians to cease
fiou) hostilities.
“timid and apprehensive ol foul play
from the whites.”
TEXAS.
From <he Talasco Iltrald, May 11.
Our Congress is now in session,
iand matters ot importance will, no
doubt be transacted during the
present and next month. We hope
that there will be something done for
the improvement of the public roads.
The propriety of such a measure will
readily be seen, when the immense
tide of emigration, which has already
commenced to flow towards the
shores of our new Republic, is taken
into consideration. 1 here is not a
vessel arrives without families on
board, who ii.tend to make 'l’exas
their “future abiding place”—the
laud ol their subsetpu nt weal or
woe. Ihe time is close at hand
when they will commence coining in
by land ; and when they do, will it
not be necessaiy tiiat our t >ads
should be in g >od co i liiioi) ; at 1. ast
in a better one than they are now, or
have been, in the course of the last
two or three years. It will not only
facilitate the comfort of the traveller,
but will in every way add to the
prosperity of our government.—(l tr
country will moM xtirely be popula
te*!, which will enhance the value of
individual propertv, of the public
domain, and give a fresh impulse to
our foreign a*id domestic trade and
commerce. W e truly hope that this
matter will he considered and acted
on by their honorable bodies.
1 here is a rumor that Anna
has been restored to power in Mex
ico. and that the Independence of
Texas has been ackowb dged bv
that Government. It was reported
hen* that Mexicans ha I arrived at
head quarters, from Mexico, with a
flag ot truce and otlici d papers con
taining the above intelligence. ( apt.
Joseph Powell, we understand, pas
sed through Brazoria on ’Tuesday
last, on his wav to tin* town of Hous
ton, with the papers alluded to in
his possession, and one or tu o of tin
.Mexicans in company. We do not
feel willing to say much on the sub-
ject until we hear something more,
and that better auth titi- ated.
If we continue at proper intervals
to have such seasons as we had yes
terday and the evening before, our'
farmers cannot fail to have a large
quantity of corn, and other produce
to dispose of, for which they will
have ready sale, and receive the
“ready money” the ensuing fail.
CHEROKEE EMIGRATION.
We have been informed by Gen. Smith, su
perintendent of the Cherokee emigration, that
the deiacbrnent of Cherokees, who left a short
lime ago for she West, made a quick and very
fortunate trip. Every individual who left, ar
rived in safety ; and not a death or birth hap
pened while on their journey. In four days
after their arrival at the West, they received
j their p iy, for one year’s subsisrance. Tins
I astomsmng good fortune, Geo. Smith informs
ns has had a very happy effect upon tne Chi r
okees yet remaining, and they are daily en
rolling theii names in great numbers, for em
igration.
We are njoiced that die Cherokees have,
al length, Io en influenced to pursue the only
course which in our opinion, can save them
from that annihilation, as a n tirm. wl.u b has
always befallen every Indian tribe, surrounded
bv the white people.
The mdd, but prompt measures pursued by-
Gen. Wool and Gen. Smith, we have no doubt
had a very salutary effect, Lo tbe.r comse,
particul irly that ot Gen. Wool, who had been
sometime in the Cherokee < oumry prior to the
appointment of Gen. Smith as Superimeiident
of the Cherokee emigration is mainly to be
attributed the speedy removal of the detach
ment above spokon of, the good forotne ol
which is now having such a happy influence
upon those remaining.
Tennessee Journal.
From the Savannah Georgian.
VIRGINIA LEGISLATURE.
The Governor of Virginia having called an
extra session of the Legislature of that State,
for the 2 id Monday in June, a Constiti tional
question has arisen, io wit : which Legislatm
shall convene? The members who composed
the Legislature last winter, or those who were
elected last month?
The Governor has sont his Proclamation to
the old numbers, Mr. Baxter, the Attorn***
General, having declared as his opinion, tha*
the members of the Legi-I < mi **, last winter,
enmpo-e the present General Assembly of
Virginia, and that the delegates recently elec
led do not enter on their term of office until
October next, (1837.)
The Governor, says the Richm md Enq >i
rer, will theieG»re send a copy >1 Mr Bax'ci’.*
letter not only to the members present, bm
• C «**>•*• I lormiml A
Thesanit paper remarks—“|i is f<>r tinam
| for the peace of Par ms, if P<>li'ics could have
been dragged into the conir »v> rsv, that the
same party lias a decided ascendancy m both
Legislatures —and. therefore, neithei Political
Party has any material interest in the decision
j ot the question.”
THOUGHTS ON MARRIAGE.
1 i
' I D'd young people s**ri<»Mt»ly consider the
*j mj <<r an( change which nvnnage must neces
" -.ardy produce in their situation, how much
; mere cautious would it make them in forming
[ 'heir choice of a comp-mum for lite? \las!
i what avail the graces of the finest figure, the
[ m<>st captivating ddress, the assemblage of all
{ that is ensnaring, if the heart is depraved, or
■ j the conduct impr<>dent. The gayest nssoci-
I I at' of the convival hour may be the dullest,
the most unfit companion, for the domestic
. cm le : and he, who is never sati-fied but in »
, crowd, or when engaged in n continual round
■ of pleasure, is very, .mlikclv t<> m .ke a tender
anil | rodent husband Should sickness and
disliess draw near, depend upon i , he wll
ti* Ip m hen approach. If beauty alone ex
• in d hi> compassion, it w ill < ease to exist when
you re deprived of those aiirartiims <>n which
i w,i- found'd. Il lortone was I,is md'iee
m< f ! litWl I nkewise *<>Oll I->Sc Is i :lue m
h s«r id mind ; an ! H e civ p*»TM>n who
br tight turn lie wealth ( r which he sighed,
will be c tiXnJ' led, as lhe grand ob-la«le to
fits ci joy men . 'loo often is ibis unpleasin" i
picture to be seen tn m»uv discontented fami
lies, which a little seitous n flection might
have prevented being so unloi innately real
ized. Never lie pieva l< d upon io Meld your
heart to any one, how. v r tie may shine in the
gay circle «>t the world, d you are convinced
that he has no relish for lhe enjoyments of a
relin d hfe. Ihe man who likes every Lou-e
better 'han his own, will scan e|y lake ihe
trouble o| making home agree able to otheitt,
whilst it is di.-gusiing to htmsi It. It will be
trie only place in which he gives way to his
d scontem and ill humor : such people are for
'ever straugeis to the deal delights of the so-
*i i| state, and the real comforts of a well
regulated family. He that is r disciimmau ly
at h<>me is never .it home, and he !■ els hirnseli
a -tranger or a visitor umidst I,is closest
connections.
Love.— Love < x ills an I purifies our natures
—it i> mi d op.>n us i.y nil dgeni heaven,
ti order <> si.hen the rigidnes- <d our humors,
ti mp* r be viofc c of our passions, and swee
ten the fuller draught of life.
A Feelixg Reply. Milton was
asked by a rirn'i whether he would ,
instruct hi> daughters ;n the diffi rent 1
languages, to winch he replied.— !
“No sir: one tongue is sufficient for
a woman. h
E U <t> T Ol) 3 A A -«* a* i .
■ I
HI. 11. GATrJESIGHT, Kditor.
JU3TS 3, 1837.
■"■ -■ - • 1 --inn- —ii r ~'
GXj” The reader will find in another part of
this day’s paper an address by the Banks of(
Augusta to the people, setting forth the various i
causes which have compelled them to rosort '
to the dangerous policy of a temporary sus
pension of specie payment.
—(2o©
The Times.
Up to our latest intelligence from New
York, we are advised, that, since the suspen
sion of Specie paymen by the banks, “mony
is getting pbmy” in that city.
The Express says.—“We regret to learn
that a v ry Urge amount of Souther.i bills!
have come back protested. I
The .American savs —“There is much fer
ment again in Wall street. Under instruc-|
tions from the Treasury, the Collector to day
refuses payment for bonds in any thing bu
specie, but offers to extend bonds on the i
lertns set forth in '.hose instructions. Thus,
ihe Collector’s purpose of “throwing himself
upon Congress for his justification,’ in a
! d.fferen: comse, is speedily al an end.’
From the .Yew York Daily Express
Launch. —Th ■ s earn ship which was built
at the Navy Yard Br-mkly, was launched yes
terday. She is pierced for 16 guns, and is,
we leirn, ii> he fi rd for sea immediately
Curious Fact.— ln looking over our reports
ol ■ rrivais yesterday, we find tha the>e were
four tort ign vosels to one American. The
fl >gs of no less than 11 nations came into our
pm I yesi« rd;-y
I hree or tour New O'bans B inks 'till pay
specie. The True Jim ricin of Friday says ;
The suspended B ions are wiselv cautions
in their diM-onois; yet the assistance they are
enabled io afford is begmgnmg to be felt.
Some iit ir sor is ex timied iu prod ce, though
colion is slow and < a itmi.s.
THE BANK OF THE UNIT F.D STAT US.
Tut •» .isiiingi'Ki i»L be *>f the 16 h mst.
s.iys —• Ii ih piriended by the friends of this
ii.siliuiioti, that ii •>!.>.>n*-d altogether out ol
cowries, tor the other banks and for the sake
ol I*llll delphia, It bad at fust refused to go
into the measure in concert wnh the oth* r
banks—iried to prevail on them to support i>
wuh iheir money m ihe resolution of standing
oui, and actually di-pi iyed a barricado of sp>
*•10 0.1 Us coiiiilei, u. pioiect its Imnor and
< redo! Its bulletin eve.n i< iU m (hai it hehi
this atnude mini wiliiui 'Uhree minutes" ■ I
he hour when n w<u io make an exni .iiion
of that strength which had, hi one lime
promised lo bold up wiih one hand the whole
.»>»rca.iuln 41. bl ot New Yolk of \e \\
Orleans »uh ihe other—while Pnuadetphia
was to rest we. suppost, on the ehoulders of
'he giant.
" tViihin “tlnee Minutes’’of th** time tha*
Goliali was to make a demonstration hi ■
powers, (j si by wav *»f show what he could)
one *»l ihe small ciiy banks sent a small peb
ble from a s mg, which, wh'zzmg by him, a-
wakened Ins attention. He was not fi dth .
he ir.osi pay $70,000. Another sent him
woid hat be musi stand the shock of ov* r
$l3O 000, which he would he good enough to
make immediate preparation to meet. Bm a
I < ircumstamm which is toid by Ihe le ler writr i
of the intelligencer at once induced Nichola
to swo p his counters in haste, and pack op
his money for exportation. I’lie newsman *•■
the Imrlligencer exults thus in relating tin
maiter.
“77ir Yankees were behindhand this time
two gem lumen f>om Motion arrived ix/ness in
the cit > this nuiri'ing, and presen ed not s and
drafts to the amount of n ne him Ir el and for
ty thousand dollars, demanding specie for
them."
“They came “three minutes” too late. In
three mioulas (he three drafts we have mcri
nonod would have left him Without a dollar,
md wiih a cn*ula'ion of six or s* v<'ii millions,
witiioll! an o ill' <■ '•( gold oi s Iver lo rest iiu
" Il •>. i" w oild Ii ive serv- <l, Mr B. could
have supplied H out of his private slock.”
i
I ne. N 1 >rk Franshript of i'hiirsday list,
says —The b Ils (he U*-i ed Slates Bink
are nui taken by our city banks on d**posiie.”
M e trust wur readers ami the country
gem rally, will profit |>y ihe following sensible
remarks of ihe Hichinond Enquirer.
IHEGREAT DANGER—AND IHE
REMODY
Ihr Bank of England suspended specie
payment, formerly, f r one v* ar onh— Tl,. y
did not return to :t lor 20 or 22 ye.r-*.
ihe Banks of Pull itblpur. pledged them
selves io resume specie pay I ,r.
war was over. Bit th-y did noi nilurn io
their., nil iboui 3 years after—Ami for ihe
plame'i reason in ine world—that being nd of
all lesirumt and tempt'd to over issues, dike
other institution-,) n.ey re* klcsslv extended
their discounts, fl i.ded the <omiry with pa- I
per, and thus < n ,tei) ihe c fii .Ity of cm'ail-
mg ih' ir loan*, and railing in mnir nines.
1 in- - line dinur hr a ijs al lhi« lun".
H•• tnuMi guild ajaiiisi over i-suia, if (hi*
Bi ks, i lu'end to urn ape ir pavmi'iits.
1 tie; .niiS' be wtrclied an I rsliirhdby tne
power <>l nw I egi-|aiuie. —(J hhi ibis prim i
pie, ihe Ass> inbiy of >rw V jk pr .poo-M ml
a.nrnd iheir Xspi'ibi n Bill, co as m prrvenl
any divid< ..<]■» being made, until sj ecie pay
ments Shall be rmuuird.
\V e irusi, that our G-neril Assembly will
make necessary rtsiriciiuns at (heir Ex-
tra Session, to tie up the hands of on r Banka.
Checks ought to be imposed on ih>*ir circula
tion—A m mihly return of the am mni nf «hei r
discounts and ciiculahon sit >utd be made lo
the Extensive and regula ly published, &c.
The great labor should now be to resume
specie paymn's as soon as possible.
Every preparation should be m ide for this im
port mt event. If the States will exercise
t'ieir authorities wisely, w*‘ may teuniaate at
no distant day the present derangemeiis <>t the
Currency—Ali neceesary res rieti »i»s on the
existing Bmks —No new Bank to be char
tered—no small notes to be issue I—md a fu
ture permanent system the sm ill rimes to be
abolished as fast and as far as possible—Pro
duce in the management*)!’ our private con
erns—E :onomy m expences, and industry in
production, will contribute to relieve the coun
try from embarassmen —enable debtors to
discharge their debts—the d talers to curtail
their notes in Bank—and the Banks to call in
their paper, and prepare tliewiy for the ra
i sumption of specie p iy nmits.
We shdl get on. with >ui any National
! Bank which is incompatible with the Consmu
;timi, and is armed with powers d mgerous toa
(Republic Besides, if it be constituted as the
last Bank was, it cannot remove the d;ffi - ul-
H les allendent on the expansion and cmiirac
ii >n of the currency. It it »-x,>ind<, so would
the Suite Bmks—and when it con.rai s, so
will they con facts.
FOR THE RECORDER.
Fourth of July,
At a meeting of the citizens of
Dahlohnega and its vicinity, this day
held at the Court-House, fur the
purpose of making siutab e arrage
ments for the celebration of the ap
proaching anniversary of Am rican
Independence, Green K. Cessna
Esqr. was called to tha chair, and
M. 11. li’athright E»qr. appointed
Secretary. 'Hie object of the mee
ting having been brietly explained
Jby the Chairman, the following re
lations were introduced by R. A.
Holt Esqr. and unanimously adop
ted by ihe meeting-
Resolved.— That in consideration
of the important services which have
be. n rendered to the people of
Georgia, and particular}- that por
tion resident in the Cherokee < oun
try, by Gen. Wool & stall & apt.
Herrick and Capt. Buffington’s com
panies now stationed at New Echota,
that a committee of five be appoint
ed to invite them to participate with
us at the celebration of the approach
ing Anniversary, and that tne Chair
man of this meeting be the Chairman
of that Committee.
Whereupon the Chair appointed
the following Gentlemen as the oth
er members of that committee, to
it: Messrs. ILA- Holt, John M.
Me Allee, Anderson Pinchback and
Reuben Wat son
2 Resolved.— J’hat a committee of
ix be appointed to select an Orator,
reader all other officers of the day.
I he chair then appointed the fol
lowing gentlemen to constitute that
committee, Messrs. VV’m. B. Wof
ford, M. 11.-Gathright, E. W. Cole,
W. M. V arnum, J. R. Dorsey and
H. W. Riley.
3 lies dr cd.— That (lie citizens of
Am ar in ami tfte citizens of the coun
ty generally, be requested to unite in
the celebration at this place, & that
a coininiit.ee of two or in ire persons
be appointed in each District of this
county to ra s t by subscription, an
amount sufficient to defray the ex
pence ol the dinnnr, & that they re
port to, ami pay over to the Com
niitiee of arrangements whatevera
niouitt th* v mav have received on the
3*l. monday in June next. Under this
resolution the Chair appointed. Ber
ry TurntT, Irvin Disharoon, John I),
fields St nr , Williarn O. i? owr.iari,
Robert Obarr, Samuel Eaton, i/ah
iel l).t\is, John Rider, lias l itrner,
It it hard •* irden, ( harlesl. I liomp-
son, John W. Keith, Robert B.
Meh’lure, Jasper Johnson, Reuben
Barrett, John W. Hughs, Matthew
Stephenson, William stocks, Ros
well Hall, William B. Hubbard
Thomas Lilly, «. s . () gllv i e and
Joshua Welch Esqrs., that commit-
■ tee.