Newspaper Page Text
y
GEORGIA
JO URNAL
VOL. XI.
MILLEDGEVILLE, TUESDAY, APRIL 18, 1820.
NO. 27.
«vTHT PRESIDENT OF TIIE UNITED
»' I1U ' STATES.
HF.REA3, by an act of Congren pa«ed
W
[flr ji union in.]
(-turns mmtr l
in the next Land Lotte
,»re incorrect.
10 of the MImU- : *“« of t>lc » l ‘ lno
they might come, would use them for 000,000. The extent to which their have been too imperious to be resisted.— others, is the least qualified to meet the
that purpose. credit was employed, was 832,000,000. It would, from necessity, have been sup i sudden demands which a pressure upon
m o^Marehi 1017, entitledAn j pawed 13th December,i st9,iatiiervWe republish*' The degree of credit which a bank Their circulation, at the same period, has plied by the issue of treasury notes. | banks compels them to make upon their
Ii->ri7«. the appointment of a surveyor f/jhinordcr that all concerned may take due no- J can employ, in proportion to its capital, been estimated at 862,000,000. In this , The fact, that, in a small portion of the. debtors. The returns of capital inves-
I depends upon a variety of circumstan- estimate, no allowance was made for j Union, specie payments were continued, j ted in agriculture are too slow and d\s~
11 community reposes a great notes stated to be in circulation, but j cannot he admitted as evidence, that it \ tant to justify engagements with bank?,
in the prudence and integri- j which were probably in the possession of was practicable throughout the nation.—- i except upon long credits. If the pay-
who directs its concerns ; if other banks. A reasonable deduction In that part of the country, the extensive i nieni of the principal should be deman-
employed is small in proper- being made on that account, it is proba- j bank issues, consequent upon loans to ded at other periods than those at whuff
demand for the transmission ble that the paper circulation did not, the government in the middle stntes, had ; the husbandman receives the annual ie-
of money; if there, is no other bank • much exceed J$J2,000,000. But the lia* j not occurred. Foreign trade, which, in ward of his toil, the distress which would
whose local situation rep'ds its circula- bility of the banks for specie, was equal i the other parts of the Union, was result from the exaction, would greatly
tion trom those sections of country, the to the w hole amount of notes represen-! nearly annihilated, still preserved outweigh any benefit which was anticra
produce of which is ultimately carried ted to be in circulation, besides the indi- there a languid existence, through the i fisted from the loan. That the establish-
to the place where it is established, the j vidual deposites. To meet an immedi- I permission, or connivance of the enemy, j ment ot banks, in agricultural districts,
credit which it will be able to employ, ate demand, they are estimated to have ! These circumstances could not fail tobhas greatly improved the general ap-
will be very great. Where all these la- j had 828,000,000 in specie, if the tie- | enable the banks, in the eastern states, 'pearance of the country, is not denied.—
cilities are wanting, the extent of the ere- ’ posites of individuals should be cstimat-, to continue specie payments longer thuu I Comfortable mansions, & spacious barns
y in-1 ed at 818,000,000, their ultimate means j those of the middle, soutlicrn, and wes* have been erected; lands have been
■wioq i
. ..I, ju for tnr «aic w uw huiuo m • Hundred and eighteen.
’f'J clji.n.il township five, in range ou., welt, nnt Whereas, it appear! (hats number of the good
In fractional towmlnp three, in range elevc , citizeusofthis atate, by not being i>i»nerly aii|,ris.
* , except fractional section No. 31, in »aia Cl j 0 f the pi-oriskms of the before recited net, or
t'imial township. Also the lota (designated were absent from the state on lawful business, and
/ 1 ilc on the plan of the town) laid ofl tor a the time limited therein for giving in their names,
D r6 ‘. i) u s; ,fit fractional township, shall be sold although duly qualified and entitled to a draw or
towu " 1 ‘ t | ip j ot , | a j ( ) 0 (f for a town in town- draws, are now prevented from doing so in const-.
*" r r in r inee eleven, west. The sales shall >»ence of the Justices who took in namoluv-
r ;,ip lour, to r s jvionduy in June next, and »'S made thiir returns to the Executive offioe as
c" till the lands and lot, shaU have been »*»
0r Gn'ln 0 u.u r l'r‘iny hand, at the City of Wash-
.ton the 6th of March, 1020.
Si^-ton, t“t m JAMES MONROE.
V\ the President:
JOSlAH MEIGS,
' Commissioner Gen’l Land Office.
March 18 25 0w
nfim PRESIDENT OF THE UNITED
* STATES.
W HEREAS, by the acts ot Congress passed
on the 28th of March, 1804, on the 3d of
Mnrth 11.05, and onttse ?5lh of April, 1808,
the President of the United States is authorized
to cause the lands in the District of Detroit to
be otTcred for sale when surveyed:
Therefore, 1, James Monroe, l resident of the
United States, do hereby declare and make
known, that public sales, for the disposal (agree-
ahlv to law) of certain lands, shall he held at De
troit, in Michigan territory, on the first Monday
in July iwxt, viz:
S. ot the base line. E. of the meriil. line.
Townships 1,2, 3,4, S 6 t* 7, in . angel 4, 5, te 0.
1,2,3, 4, 5 tefi, in range 7.
1,2,3,4 hi 5, in range 8.
exerpting such lands as are or may be reserved
hv law lor the support of schools or for oilier
purposes. The sale shall continue so long as
v ,„ l i*. necessary to offer the lands for sale, and
,OU longer; and the lands shall be offered tu re
gular numerical order. .
b Given under my hand, at the City of Wash*
shirtoii. tins loth day of March, 1820.
® g ^ JAMES MONROE.
By the President:
JOS1A1I MEIGS,
Liimmissioncr Gen’l Land Office.
Mnrcli 18 25 13w _
He it therefore, enacted by the Senate anti Home
Tteprexnitativcs of the State of Georgia in General
Jhtembly net, arul it it hereby enacted by the au
thority of the same, That all person* duly entitled
to a draw or draws in the said lottery, who shall,
on or before the thirty-first day of May next, go
before the Inferior Court of their county, or auh
Justice oi the same out of court, anil take the oaty
prescribed by said act, shall receive from such
court, or Justice out of court, (he, site or they pay.
ingtwenty-five cents for each draw or draws he,
she or they may be entitled to) a eertificate of the
sumo | which certificate being transmitted to his
Excellency the Governor, he shall cause (he tame
to be entered on the list of names returned to him
hum the distinct where such person or persons resi
ded j Si such person nr persons whose names arc so
entered, shall be as folly entitled lo their draw or
draws, as if they had been taken in the first in.
stance.
(j tt. Jtml be it further marled by the authority
aforesaid, That all those certificates returned to
the Executive office by those persons who were ap
pointed to take the list ofnames ot persons entitled
toa draw nr drawn, or by any Justice oftha Infe
rior court or Justice of the Peace, previous to the
passing of this act, shall be considered valid, and
shall he enrolled in tlivir proper places accordingly,
auil such persons entitled to sni.l draw or draw s as
though they had given in as prescribed by said act
DAVID ADAMS,
Speaker of the House of Representatives.
MATTHEW TALBOT,
President of the Senate.
Assented to, 13th December, IBHb
JOHN CLARK, Governor,
OTICE.—-Messrs. Teronrltf LJ .dtkinson, nf
Milledgevillc, and Jlloctnv. Brreh, esq. of Ir-
winton, are authorized to collect all the debts dim
me in this state, and also to make tale of the lands
which 1 have for sale in Georgia.
JOHN SCOT T.
April 4 2f. Sw
Executive Dkpihtsiext, Ga. 3
Milledgevtile, iSth JLtreh, 1820. J
O RDERED that Thursday the 85lh day ot May
next, he and the same is hereby set apart tor
the trial ot the following described Caveats belorc
theKxecmi.it, and that notice of the same be given
bv public advertisement in the Georgia Journal Si
Southern Recorder, until the day of trial, tor the m-
tnrinauou or all the parties and persons concerned;
In aider that they may attcud either in person or by
attorney to their respective oasea, viz :
Caveat for 248 acres of ian*'
„ , _ in Burke county, on Buck
Peter J. GauUbng, Hcad cp(x . ki surveyed for
„ „ v ,*', >Abner Holtidav, adjoiong
Jlbner Ilouiuag, lamis ofjesac Cox, and said
Holliday.
_ Caveat for 122 a-
| crcs of land, in
•/"nes llobbs, Caveat, Si app’t 1 W arren county,
vs, ton Deep creek,
Benry ShelUni, respondent. | adjoining lands of
I Crawford Sc said
J Shelton.
•a Caveat fi r 37 8-10 acres o*
Diocletian Davis,
vs.
<&.!omon Page,
/ land, in WashingtonCo ad-
r joining Fewa* lain'
d and o-
J there.
The parties are at liberty to take the testimony
of aay witness or witnesses refusing to attend the
trial, giving the opposite party five ilaya previous
notice of the time and place nl taking the same,
which shall be done before a Justice ol the Peace
er a Justice nf the Inferior court.
'i he testimony so taken being sealed op by the
person before whom the examination u.ay have
been had, and for* aided to the Executive, w ill
l end in evidence on the trial.
; Attest) iVm. F. Steele, Sco’ry,
April 4 ‘ifi—7v
KEISTER St ECKLEY,
S IAILORS AND LADIES’ HABIT MA
KERS, respeetlolly inform ihe citizens of Mil
geiille and its vicinity, that tiiey have commen
ced die above business in the house formerly occu
pied by Mr. Lyman, next door to the post-office,
wli-re all orders in their line wdt be promptly at.
tended to, and work executed in the neatest and
mowfashtonahle manner. From their knowledge
of ihe business nml strict attention to the lame, they
hope to merit a share of publio patronage
Anril 4 25—
N ew watch t* jewelry store.—
Jtconard Perkin*, (of the lute firm oi Wil
cox Si Perkins, Sparta) having taken a store on the
corner of Wayne and Hancock Streets, oH'ers tor
u le a good assortment of Goods in his line, among
* Inch are Gold and Silver Patent Jjex cr, Jewel-
eti and jilaiii tVatches\ Clocks, fine Gold CliHins,
Seals »m| Keys, do. Jewelers’ Gold, a great variety,
Pearl Pina aud Ringto* - all kinds, Br«c lctl,Neck-
Juccs, common King* Si Pirn, a groat assortment;
Spo'.nj of all kinds, Gilt CtiStiua, Seals and Keys,
do. Smd, Caiidh slicks Casters Snuffers, Sc I rays,
acts of Britt Clin Ware, our set Silicr Plates, very
Bice, do. plated, Silver Uulti r Knives, very low—
Flutes, Fifes, Flngulets, Scis»cu'«, Knives, I'liiin-
bl s, Needles assorted in books, Shaving Coses,
Working Botes, Tortoiseshell Combs r.nd Snulf
Eoxea, Coral and Bells lor eliildren, Note Books
and Purses, Clmh and Hair Brushes, 8»c. No. Iko.
Milledgevilie, March 27 34-4w
N. II; Clocki nml Watches required and war
ranted (it good) for one year. Old Gold and Sii-
'Vvr ri cein d for any of the above m ticlrs.
N'
tlit which it will employ, will bs ver_ ,
consiilerable.' The atltiilional efficiency 1 of meeting the demand of 862,000,000,
which, in the latter case, will be impart- i without sacrificing their capital, would
ed to capital invested in banks, will, it w consist of 810,000,000 in specie, and
believed, not countervail the evils which , $52,000,000 secured by the notes of in-
neccssat ily result from their establish- | dividual!; this sum being the excess of
ment. | their discounts over their capital. Under
Among the advantages which have ; ordinary circumstances, the basis upon
been supposed most strongly to rocom-1 which the credit of this circulation res-
mend their establishment, especially in ; ted, mii»l11 be considered sufficient to
a community whose resources are rapid-| sustain it. A debt of glir.000,000
ly expanding, their capacity suddenly to : could not, under the most adverse cir-
r to the utmost de-
increase the currency
mand for it, has been considered the
most important.
In a country where the currency is
which would fail. In such a struggle,
however, they must have failed, had not
the circulation of the paperof their wea
ker neighbors and the issues of treasury
notes come to theiraid. But lorthisau-
ventilious assistance, wholly unconnec
ted with with the wisdom and foresight
of their directors, specie payments must
have been suspended there, or (lie best in-
circumstanccs, be considered inadequate I terestsof the community have been sacri-
tern states. In an effort to preserve their cleared and reduced to cutthitation ,
credit, they would, inevitably, be the last farms have been stocked, and renderetl
to meet one of $52,000,000. But, in the
case of currency, the capacity of ulti
mate redemption is not sufficient. 'The
purely metallic, no considerable addition ' capacity to redeem it as it is presented
can be made to it, without giving, at the | is indispensable. Whenever the public
time of its acquisition, articles in ex- ] confidence, in this capacity, is impaired,
ficed. From that period until the re
sumption of specie payments in the ear
ly partof 1 ft17", treasury notes, and the
notes of the banks which had suspended
payment, formed the great mass of the
circulation in the eastern part of the U-
change ol equal value. No addition can ! an immediate demand for specie will be nion. Specie, or the notes of banks
more productive, by the aid of bank cre
dits. But these improvements will e-
ventunlly be found.in most cases, to ef
fect the ruin of the proprietor. The farm,
with its improvements, will fiequently
prove unequal to the discharge of t'no
debts incurred in its embellishment.—•
.Such, in fact, is the actual or apprehen
ded state of things, wherever bunks have
been established in the email inland
towns and villages. Poverty anti distress
are impending over the heads of most of
those who have attempted to improve
their farms by the aid of bank credits.—
So general is this distress, that the prin
cipal attention of the state legislatures,
where the evil exists, is, at thia moment,
be made to the currency without affec- i created ; and, if it is not promptly met,' which continued to pay specie, formed no , directed to the adoption ol measures cal*
f the receipts of the government eulated to rescue their fellow citizen*
I.vlVfi DOLLARS UKV/ARD.
I) Esirayeil from the subscufier
living in Eatonton, I’ulnam county,
on the fifth at February lest, a sor
rel mare, about fourteen tiarolx
RFPORT
Of the Secretary o f the. Treasury, in re
lation to the condition of the liank of
the United States, and its offices, <§'c
fcON'I IXUKD.l
As the currency is, at least in some
parts of the Union, depreciated, it must,
in those parts, suTer n further reduction
before it becomes sound. The nation
must continue to sull'er until this is ef
fected. After the currency shall be re
duced to the amount which, when the
present quantity of the precious metals
is distributed among the various nations
of the world, in proportion to tlwir res-
|»ective exchangeable values, shall be as
signed to the I. nited States; when time
shall have regulated the price of labor,
and of commodities, according to that
amount; and when pre-existing engage
ments shall have been adjusted, the suf
ferings from a depreciated, decreasing,
and deficient currency, will be terminat
ed. Individual and public prosperity
will gradually revive, and the productive
energies of the nation resume their ac
customed activity. But, new changes in
the currency, arid circumstances adverse
to the perpetuity of the general prospe
rity, may reasonably be expected to oc
cur. So far as these changes depend up
on the currency, their recurrence, to an
extent sufficient to disturb the prosperi
ty of the nation, would be effectually
prevented, if it could be rendered purely
metallic. In that event, we should al
ways retain that proportion of the pre
cious metals, which our exchangeable
commodities bear to those of other na
tions. The currency would seldom be
either redundant or deficient, to an ex
tent that would seriously affect the in
terest of society. But wlien the curren
cy is metallic, and the paper convertible
into specie, phanges to such an extent.it
is believed, will Irequently occur.
The establishment of banks w hich are
restrained from issuing notes of small
denominations, furnishes great facilities
for the transmission of money, and in
creases tiie efficiency of the capital sub
ject to their controul, to the extent of
the credit employed by them. The de
gree of facility afforded by them for the
transportation or transmission of money,
depends upon the extent of country
within which their notes circulate, and
preserve a value equivalent to specie.—
Ordinarily, this extent is determined by
the interior trade of the country: they
will circulate through the, w hole extent
of country,the produce of whicll is car
ried for sale to the place of their eatab
ling to the extent of such addition, the
enjoyments of the community. The a-
mountso added will, to the same extent,
diminish the quantiiy of articles which
would otherwise be imported into the
country for domestic consumption, or Tor
re-exportation.
Oroinaiily, the currency of one coun
try, will not be exported to another, be
cause its value in every country is near
ly the same. It will not, therefore, like
other commodities, command u commer
cial profit upon exportation. It. will be
taken from one country to another, only
when the price of commodities in the
depreciation ensues. But, even in cir-1 part of the receipts
curnsjances in some degree adverse to in Boston and the districts east of that
the operations of the banks, if their dis- town, until about the close oi the year
counts consisted principally of notes j 1816.
founded tpon real transactions, in which | In all great exigencies, which, in the
the idea of renewal was excluded ; and i course ol human events, may be expect
'd' specie brrnsd a considerable proper- ed to arise in every nation, the suspen-
tiou of the circulation, the capacity of ; sion of payment by the banks, w here the
the banks to meet Ihe demands upon j circulation consists principally of bank
them for specie, might have been suffi- | notes,is one of the evils which ought to
cient to sustain the credit of the curren- j be considered as the inevitable con se
cy. If, on the other hand,the debts due
to the banks consisted chiefly of fixed or
permanent loans, generally denominat
ed accommodation paper; if specie had
former is so high as to produce a loss in Been banished from circulation, by the
the latter, equal to the expense of trans
porting specie. It is this condition, an
nexed to eveiyncquision to the currency
of a slate, when it is purely metallic, of
diminishing, to the saw extent, the en
joyments of tha community, which af
fords tne most efficient protection against
its becoming redundant. It is equally
efficient in guarding against a deficiency, I the effort to withdraw them should be
to an extent that can seriously affect the j continued bevrtnd that point, specie
“ r *'•" — ' n -‘ 1L! 11 L paid into the banks by their
issue of dollar notes, the suspension of
payment by the banks could not fail to
be the result of any considerable pres
sure open them for specie. In the for
mer case, us their notes should be willi-
drawn from circulation, they would gra
dually’ be reduced to the demand for
them toi the transmission of money. If
i» the principal emmmia .Urtf *.
interest of the communiiy. • But this
condition is not annexed to (he increase
of the currency, by the issue of bank
notes, even when convertible into specie.
The notes, by which the currency issud-
suddcnly augmented, do not, in any de
gree, diminish tiie enjoyments of the
community. No equivalent is, by such
issue, transferred to another community’,
as is invariably done, when an acqui
sition is made in metallic currency^—
Whenever the currency can be augmen
ted, exempt from such transfer, it must
be subject to some degree of fluctuation
in quantity. Every addition made (o
the currency by the issue of bank notes,
changes the relation which previously
existed .between the amount of the cur
rency, and the amount of the commodi
ties which are to be exchanged through
its agencr.—Their issue depends not
upon receiving, in exchange, articles of
equal value ; but, upon a pledge of the
credit of one or more individuals, to the
amount of such issue. No evil can re
sult to the community from the advance
of the capital of a banl r in exchange for,
the credit of individuals. In that case,
no addition is made to the mount ol the
currency previously in circulation. It is
perfectly immaterial to society, whether
this capital be lent by individuals or
corporations. The relations between
the currency and the exchangeable com
modities of the state is not disturbed.—
But, when their credit is greatly exten
ded, the currency is expanded, and that
relation is deranged. An expansion of
the currency, through the agency of
banks, will generally occur only in peri
ods of prosperity. During such periods,
enterprise will be fostered, industry sti
mulated, and the comfort and happiness
of the people advanced w ithout the fac
titious uid of an expansive currency.—
But there can be no doubt but a sudden
increase of the currency during periods
of prosperity, through the agency of bank
issues, gives additional force and activi
ty to the national enterprise. Such an
increase will be followed by a general
rise in the value of all articles, expecial-
iishment. If they are established only I ly of those w hich cannot be exported.—
■Will show tfitiv sill- tin been bw«1ly loundcrcrt, one
In r liiml l-.ei Ims»small knot on i:,o;i tln-out-
srl; of ihe ancle joint. Tiie shove rewm'ii will he
r-ven to anv person who will r.ptirehtnil the >yid
unre Hud deliver her to me in Eaton ton, or (jive
•lab information u to enable me lo e .i her ttraiii.
Edwin Chambers.
April 4 ■ 3 iv
NOTICE.
FjJHE undersigned respectl'idly inform Die pul*-
l lie tlmt they have purchased from Messes.
Crenshaw an I IIarrow, their entire Stock of
Kami*, aud will continue the business in the
H :u»e i.itrly occupied by th-in under the firm of
BRADFORD, RETUURN Si DANELLY.
Th-y now operand will conslauBy keep for sale
o. the t>“st terms, a srreat variety of ENGLISH,
French, gf.rma.n, hast-INDIA & do-
VVIS i'IC GOODS. The former customers of
. - llrnt-e, our friends and the public grneral-
;, .n. 'its.red to jive us their custom.
THOMAS M. BRADFORD#
BURTON HF.l’Bl'dN,
WM. J. DANELLY.
S' 'Hjihj’vihe, January 27: tT
nation, their notes will circulate through
the whole extent of its territory, and af
ford the greatest possible facility for the
transmission of money. If they are es
tablished in several of the commercial
cities, their circulation will be circum-
d be m
debtors, in preference to bank notes ;
and the just proportion between the pa
per circulati n, and the specie in their
vaults, would be promptly restored. In
the latter case, as the debts due to the
banks would not, according to the un
derstanding of the parties, become due
at short intervals, the only mode of meet
ing the incrcasingdcmands upon them for
specie, would be to require of the whole
zpfl s of debtors toe payment nf a lised
proportion of the sums due by them. As
the circumstances which would require
this measure, on the part of the banks,
would generally affect the community in
the same degree, the capacity of their
debtors to meet this demand w ould gen
erally be found to be in an inverse ratio
to the demand. The demand itself be
ing inconsistent with the impression un
der which the debt was contracted,
would be resisted in every case where
the interest of the debtor would be sub
served by delay. As specie formed but
an inconsiderable part of the currency,
the reduction of the paper circulation
would have to be carried to a greater ex
tent than in the former case. A just pro
portion between the paper circulation,
and the specie necessary to support it,
could be obtained only by the positive
reduction of the former, as it would be
impracticable to increase the latter,
while the demand continued.—Under
such circumstances, the suspension of
payment would be the probable result
Nuch, in fact, were tie circumstances
under which the suspension in 1814 oc
curred.
The injudicious multiplication ofbanks
where capital in that form, to some ex
tent, inignt have been useful ; the esta
blishment of them where they could on
ly be injurious ; the permission to issue
(foliar notes, by which 8|>ecie was ban
ished from circulation ; aud the demand
for specie for exportation, which existed
during the years I8l3and 1814,imposed
upon the banks iri the middle, southern,
.and western states, the necessity of sus
pending payment. A longer effort to
discharge their notes in specie would
quence of their establishment. Even in
from the inevitable effects of their cvti*
indiscretion. If, in affording a shield to
the debtor, against the legal demand of
bis creditor, tne nxe shall be applied to
the root of the evil, by the annihilation
of banks where they ought never to have
existed, the inference, however doubtf l
in point of policy or principle, may, even
tually, be productive of more good limn
evil.
The general system of credit, which
countiics where paper dors not form the has been introduced through the agency
principal part of the circulation, such an
event will sometimes happen. In the
year 1797, when the restriction was im
posed upon the Bank of England, the a-
verage of its circulation for several suc
cessive years, was about 10,000,0001.
sterling, whilst the metallic currency
was estimated at 300,000,0001. Yet, in
that country, whose trade in time of war,
through the protection of its fleets, was
rather expanded than contracted.it was
found necessary to authorise the bank to
suspend payment: which suspension, af
ter a lapse of twenty-three years, still
continues. When the existence of banks
depends upon the authority which regu
lates the currency, it may be practicable
to impose salutary checks, against ex
cessive issues of paper during suspen
sion; and, in some degree, to guard a-
gainst an excessive deprivation of the
currency. But, where these institutions
arc created by an authority, having no
power to regulate the currency, and, cs-
(K-ciaily, where they are created bv a
great variety of authorities Independent
of each other, and practically incapable
6f acting in concert, it is manifest that
no sticli checks or restraints can be im
posed. It isimpossibletoimagincacur
rency more vicious than that which de
pends upon the will of nearly four hun
dred banks, entirely independent of
each other,when released from all restraint
against excessive issues. By the term
currency, the issue of paper by govern
ment, as a financial resource, is exclud
ed. Even such an issue, in a state where
the reign of law is firmly establish
ed, and public opinion controuls the pub
lic councils, would be preferalde to a
currency similar to that whidflr existed,
iri some parts of the United States, dur
ing the general suspension, and which
now exists in some of the states. This
truth has been practically demonstrated,
by the redemption of the whole of the
treasury notes, issued during the war,
within the short space of about two
years after the peace ( whilst a large a-
mount of bank notes issued, during the
suspension, are yet unredeemed and
greatly depreciated.
There can be no doubt, that a metal
lic currency, connected with a papgr
circulation, convertible into specie, and
not exceeding the demand for the facile
transmission of money, is the most con
venient that can be devised. When the
paper circulation exceeds that demand,
the metallic currency to the amount of
the excess will be exported, and a liabi
lity to sudden fluctuations to the same
extent wiil be produced.
If banks were established only in the
principal commercial cities of each state;
if they were restrained from the issue
of notes of small denominations; if they
should reuin an absolute controul over
one half of their capital, and the whole
of the credit which they employ, by dis
counting to that amount nothing but
the price of lands, houses, and public not only have been ineffectual, but would
stock, will be augmented in a greater de- j certainly have postponed, to a more re-
gree than if no such increase had taken , mote period, the resumption of specie
place. | payments. The evils which have resul-
If these prices could be maintained ;if ted to the community from that suspen-
they could even be protected against j sion have certainly been great: but, it ^
__ sudden reduction, they would be cause ! may well be doubted, whether others of; transaction paper, payable at short nates;
scribed by the sections of country, the j of gratulation, rather than of complaint. [ equal magnitude would not have been j the credit and stability of the banks
inhabitants of which trade to those ci-1 But, the expansion of the currency, by the ’ suffered, if that event had not occurred. I would, at least, be unquestionable.—
ties. The facility for transmitting mo-' issue of paper, in a pei iod of prosperity, | The extent to which the currency must i Their notes could always be redeemed
ney, will be diminished by their estab-1 will inevitably be succeeded by its con-1 have been reduced, in order to have a-; in specie on demand.The remaining part
lisa ment. But if banks should be cstab-1 traction inperiodsofadversity.Theextent voided the suspension, could not have of their capital might be advanced upon
lished in all the interior towns, this fa-1 to which the currency maybe contracted, failed, at any period, to produce great j long credits to manufacturers, and even
cilitY would be impaired to a still great- i through the agency of banks, depends embarrassment and distress to the coin-, to agriculturists, without the danger of
er degree. In that event, their notes upon the use which they may have made ( munity. But, in a time of war, when beingunderthenecessityofcallihgup-
would circulate within very narrow lim- ot their credit. The excess of their dis- the country was invaded: when tbejonsuchdebtorstocontributetotheirre-
its • but, witliin those limits, the notes of counts beyond their capital actually public safety required that the energies j lief, if emergencies should occur. Such
the’banks in the commercial cities, would ; paid, determines the amount of the of the nation should be fully developed, debtors are, in fax t, unable to nieetsml-
m» longer form part of the circulation.— credit which they have employed. Thus, j a sudden and extensive reduction of the den exigencies, and ought nevsr to
Should thev, liy accident, be carried i in 181.3, the capital in the banks of the currency, by any cause w hatever, would cept of advances from banks, but upon
within it the' first individual having re-1 U. States has been estimated at S65,- have been fatal. Under such ciroum- long credits, for which timely provision
tnHtautc^tOKJsikv^tiJitiUMvhospJiiUuls 000,060, and their discounts atglir,- atanccs, the demand for currency wouljl may be inadsj*. The. latter class, of ali
of banks, brought home to every man’s
door, Ims produced a factitinus stale of
things, extremely adverse to the sober,
frugal, & industrious habits which ouuM
to be cherished in a republic. In tha
place of these virtues, extravagance, i-
dleness, and the spirit of gambling ad
venture have been engendered and fos
tered by our institutions. So fit as these
evils have been produced by the estab
lishment of banks, where they ure not
required ; by the omission to impose
upon them wholesome restraints; and
by the ignorance or misconduct of those*
who have been entrusted with their di
rection, they are believed to be bejond
tne controul of the Federal government,
Since the resumption of specie payments,
measures have DPen adopted in some of
the states to enforce their routiriuaricec
in others the evil has been left lo the cor
rection of public opinion, There is, how
ever, some reason to apprehend, that the
authority of law may be interposed iu
support of the circulation «f notes, not
convertible into specie.
But the federal government has, by its
measures, in some degree, contributed lo
to the spirit of speculation and of adven
turous enterprise, which,at this moment,
so strongly characterise the citizens or
this republic. The system of credit,
which, in the infancy of our commerce,
was indispensable to its prosperity, if
not to its existence, has been extended
at a period when the dictates of sound
discretion seemed to require that it:
should be shortened. The credit given
upon the sale of the national domain has
diffused this spirit of speculation and of
inordinate enterprise among the great
mass of our citizens. The public lands
are purchased, and splendid towns eric-
tcdu|Min them with bank credits. Every
thing is artificial. The rich inhabitant
of the commercial cities, and the tenant
of the forests, differ only in the object of
their pursuit. Whether commerce,
splendid mansions,.or public lands, be
the object of desire, the means by which
the gratification is to be secured, are-
bank credits.
This state of things is no lesson-
friendly to the duration of <»ur republi
can institutions, than it is adverse to the
developement of our national energies.,
when great emergencies shall arise : fm.
upon 6uch occasions, the attention of the.
citizen will be directed to the preserva
tion of his proparty from the grasp ol his.
creditors, instead of being devoted to the
defence of his country. Instead of being
able to pay with promptitude the cotia
tributions necessary to the preservatu.ii
of the state, lie will be induced to claim
the interference, of the government t
f irotcct him against the effects of his fol-
y and extravagance.
This ought not to be the condition oF
a republic, when menaced by foreign
force, or domestic commotion. Such, it
is apprehended, will be the condition of
the United States, if the course which l.a*
been pursued since the commencement
of the late war has lieen abandoned.-—
Since that period, it is believed,the nunw
ber of banks in the United States haa
been more than doubled. They hav»»
been established in the little inland
towns and villages, and have brought
distress and ruin upon thb inhabitant.^
When the cause and the extent of the c*
vli is known, no doubt ia entertained
that the appropriate remedies w ill be ajv-
plied by those, who, in our complex fm ir.
of government, ace invested with’lie
ces.vary authority.
(T* 4: fr.“'.urd-l f
