Newspaper Page Text
it of sun flowers
i violences that lu» lather iitr-lied from the jnir
with their broad | or , nnd just in time to grasp the robber.—
allow fringes gathered round the 'flic fellow was taken to the police, where he
he husbandman 1 ! sens instantly recognised as Jas. Armstrong,
rued philosophers have stated that the | who had been acquitted of a felony the same
f of familiarity is to deaden our feeling | dav. in the Court of Sessions.
" * 1 ' • [.V. Y. Journal of Cam.
andernnd surprise. From this principle |
that bright eyes look and red lips speak,
but admiration of the goodly flower ul
uti. The taste and fashion of the time
r things dearly bought nnd far bought,
some adventurer furnished with a dozen
6 from some of the stately heads of the
3ns of the garden, provide a name which
lot be spoken—and a price which few
pay, nnd our honest fliends would walk
parlors anil set on carpets and nflect to
1 delicate and gentl manly as favored ex-
’c like the consistent political course ol
cafy friend, who turns Ins face alike to
loolining nnd rising sun : who if he may
sionnlly hill over the fence, does not
here because he cannot stand alone,
lie goodly plant unites ulility with ole
ic. The oil extracted from the seed may
urnt in the lamp of the student—spread
pc plate of the epicure, ir bestowed on
winter's canvass—the flower cups fur-
nn esculent pleasant to the taste, and
:y of delicious flavor—and the stalks nf-
inatcrials for hemp to hang rogues and
nli rses. MV know not hut its cultiva-
for sugar would he as much an improve-
t in New F.nglnnd husbandly , ns the
vth of the beet for that invaluable pur-
:, which has been recommended by the
vs of France. [.Vo/. -J'.gis.
litre w as once to bo a meeting of the Unw
ind the judge was to aw ard a prize to tin
pronounced the most beautiful. Who
I take the prize ? said the Rose, stalking
•ard in all the consciousness of beauty.™
0 shall have the prize ( said Ihe other
ers, advancing, each filled with conscious
c, and imagining it would be herself.—
II take a peep at those beauties, thought
1 lull t, us she lay in her. humble lied, not
timing to attend the meeting---! will see
v ns they pass. But as she inised her
y bend to prep out of her hiding place,
tva observed by the judge, w ho imrnedi-
i pronounced her the most beautiful, bi
le the most modest.
MISCELLANEOUS.
“ I’M SORRY.’’
fall the fulst l.oooils put forth in this ly-
tvorld, mine is inure often told, or with n
c hypocritical intent ihun the two words
10 bend of this article. To pity and to
ro-the sufferings of our fellow creatures
Inys a feeling so generous, so much hki
;rcat author of our being, that almost all
covet the reputation of possessing such
position ; hut us they are in general too
di to exorcise it in reality, they endeavour
punterfuit a similar feeling, though in
■ hearts they are conscious of not having
just claims to the character. When wo
pnre the language of those who nro often
essing their grief at the miscarriage of
rs, with their actual endeavors to tuiti
the sufferings they pretend to deplore,
t once see that they use the phrase, “ I
orry,” either as a matter of course, or in
tope of gaining n credit for sympathy to
11 they are by no means entitled. In
f of this, look at that man who wishes to
Dw a sum of money ; the man to whom
pplies, knowing hint to lie a bail payinnv-
letermines from the first to deny him,
then lie applies tells him lie is very sor-
i cannot accommodate him, nnd as soon
3 is gone congratulates himself on so ea-
isenping from the prospect of loss by put-
his cash in an unsafe place. In this
no man can doubt that instead of feel-
torrow (us Im >..i,l,j he rejoices that ho
duel, or did not, comply with the re
man loses his properly in consequence
eing surety for u friend, who cither
^gli knavery or misfortune fails to per
; his engagements. All the neighbour-
I arc professedly ntrrmily sorry ; w hile
iart they rejoice at the opportunity thus
ed them of placing their own foresight,
ifusing to incur responsibility, in cou-
wUh the pliancy of their weak ncigh-
. It’s all a lie—they nre not sorry, but
the disaster happened.
’hen a person is taken sick, though all
tid prefc-s in be n rry sorry, not out
t ill do any thing for his comfort or re-
Their sorrow ends in words ; and if
i! to afford assistance, they say they are
/ they cannot render it, consistently with
oper attention to their own nffnirs. Their
>w is nothing hut talk, nnd the only
f they arc in truth sorry for is, that their
s required.
' it a young la Ijrlm-c the object of her al
ius, or he otherwise unfortunate, and
will immediately hear all the eircutn-
tes trumpeted forth to the world by those
were either her rivals or her uusnecess-
uitors ; they lo?o no opportunity of
‘ding the report, anil think to hide their
nder the slight veil nnd contemptible
rfugc of saying, I'm sorry.
it is through the world ; professions oT
w in most eases are more words, and
lm thinks they are more will some tune
ncr find himself grievously disappoint-
l.ven tome of those who pretend tube
;d by the principles of religion, show
'.heir words and their practice are two
ii'its w hich can never harmonise : as
Stance, w hen men profess to he sorrv
l,temperance is making such fearful ra-
l among us, while they do not them-
s abstain ftom the use of ardent spirits.
William stolen Ail.
PRESENCE OF MINI),
lido a lad, seven years of age, was in
n Friday evening, in a house hi the up-
urt of the city, he was o-lonished to per
il strange man enter the room, nnd af-
ving cautiously looked round and sur-
. it, approach the bed. The hoy closed
tes as the stranger came nearer, and on
Tiling at the lied assumed the appear-
of slumber. For some moments the
’ hovered around the lied, auJ mad,'
’various artifices to discover whi ther the
e w as in reality a sleep. Having satisfi-
nself of the apparent fact, lie left the side
bed, and when the little trembler len
to take a peep at the i illmn, he found
, jolly removing from a bureau si vi ral
a of wearing apparel, with which lie
lie hud only got dowu a do-
TEM DERANGE.
A gentleman in New Haven Co. Conn,
has recently ordered a fine apple orchard to
be cut down—“ because the apples may he
ground into cider, the cider may In: distilled
into spiritous liquor, anil liquor if drunken
will make a man drunk. A good reason in
sooth ! It is like the girl who while bilking
in an oven stopped and hurst into tears;
being asked the reason she answered, “1 was
thinking that if I shuultl get mmried, anil
should have a pretty Imby, and the baby
should get into a chair, andjliould chnili into
the oven, and get burned to death, what
should I do! oh! oh!” [live. Journal.
Pedestrians—keep to the right /—Two or
three years ago, a man was coming down
Broadway and another was going up. They
met, am! hotli moved to the tight to turn out--
a bnnip followed of course, and nothing gain
ed by it. They then both moved to the left
---another hump, and a simultaneous groan.—
Each wus anxious to pass, neither stood still
and both were bothered. After repeated at
tempts they turned and run, one doubling the
corner of Leonard and the other of Franklin,
so round into Church-street, when to their
uitor horror they humped together again.—
They sat down oil a stoop in despair, bewail
ed their lamentable condition, and made a
solemn compact that one should go south-east
nnd the other north-east, so that they might
never again come lu contact in this world.
But thej met in the antipodes—neither Imdyet
learned how to turn out, ami they blew out
each other's brains by wny of settling the ques
tion.
Take warning, yo aw It ward pedestrians,
and.w hen you meet, turn out to the right.
[ N. Y. Cuur. dj' Etiq.
Prom the United States Telegraph.
Hydrophobia. --We are indepted to a
highly valued medical friend, for the follow
ing iuteii sting communication. The im
portance of the subject on which it treats,
will, no doubt, olmtnin for it an extensive
circulation. The writer is n mail of science
and worthy of every confidence.
Gen. Green : At the present moment, our
fellow citizens are considerably excited by
the fear of mad dogs, by whom at least two
children in this city have, within a fciv days,
been bitten. The horrible nature of the dis
ease consequent to the bite, n disease so ut
terly beyond the reach of medical aid, ren
ders it the imperious duty of every one, to
communicate to the public, any thing he
may know tending to mitigate or prevent the
awful issue.
By the late foreign medical Journals, we
learn that M. Coster, a Flench surgeon of
great eminence, has devoted his attention to
the subject of animal poisons. He has dis
covered thut chlorine has the wonderful power
of decomposing and destroying the poison of
several of the most deadly.
The saliva of the mail dog has the pro
perly, when inserted under the skin, of com
municating hydrophobia to animals, ami to
man. M. (Zoster has been able by the use
of chlorine to decompose this deadly poison
and render it hnruilcss, preventing the up-
proncli of hydrophobia, iu animals bitten by
dogs decidedly rabid. There can he no
doubt of the accuracy of the experiments on
which this statement is predicted.
From this the most important practical re
sults follow.
Make a strong wash by dissolving two ta
ble spoonfuls of the chloruct of Lunc, in a
half a pint of water and instantly and repeat
edly bathe the part bitten. The poison w ill
in this wny he discomposed. It has proved
■succesiful when applied within six hours lif
ter the animal has been bitten,
I wish these facts generally known, ns they
may he of service to our fellow citizens at
large.
Trom the Dnston Courier.
COMPARATIVE I’llRENOLOGY-Dr.
Spurzheiin lias ran ally delivered, in Liver
pool, a Couiso oflertures on Phrenology, in one
of which ho attempted to show that the disposi
tions of the lower animals might he discovered
from the form of the brain, lie showed an nn-
tique hast ofu gladiator; the forehead, or in tel
Icetiin] region, was very small, lint the breadth
behind the ears wus enormous; ho then com
pared.tills gladiator with the head of Cicero,
whose mental talent was very great, hut whose
head ivns very narrow ill the region of courage
—which justified the general belief that Cice
ro wns not remarkable for personal bravery.—
Or. Spurzlieim remarked, iu order to show the
prnriicnl use of phrenology ns to the knowledge
of the tempers of animals, (Inn iluiso who want
eil courageous animals, should learn to discover
their tempers hy their heads. Compare the
head of a brave hull-dog with that of a grey
hound ; thn grey.hound lias less brain beliind tin-
ear. Again, as to horses; some-horses nre shy,
others courageous : this does not depend on the
blood. If you wish to be certain as to tilt) temper
of the horse, do not look merely at his body, bis
legs, his hlligs, iyc, hut look also at his bruin ; if
you want a bold horse, let him he broad behind
the ear.
l’RESBYTERI A N CHURCH.
Extract from a smuniary view of the Statistical
Reports ot the General Assembly nf the Pres
byterian Church in the United States, for the
year 1821).
The General Assembly of the Presbyterian
Church in the United States, has under its care
.VintIten Synods; .Viiuty two l’rishy'eiieS :
Idl'd ordained Ministers, nmi 205 Licentiates;
making 1 .”08 Preachers nl'ihe Gospel ; 105 ran
didntes for the sacred office ; 2070 ehutchns, or
congregations, tinder the spiritual government
ot so many Sessions ; and one hundred unit six
ty two thousand tight hundred and sixtein enu-
mvmcants. During the last year, T) net ecu
Thousand Tight Hundred and Forty six Cum
municauts ivtre added to our churches on ex
animation nnd the profession oftheir faith : and
di55 were added by certificate from foreign
Churches, or weio translated from one Preshi -
terinii Church to another. «The whole number
ofi-omiiiuiih-ants thus added, nmuuutsto 1800J;
• nil the actual increase of communicants, since
last year, after deducting fur deaths, removals
amt suspensions, has been ltijOS The addi
tions of 1S29 have exceeded iliose of 1828, bv
IlMlil: and tin actual increase of the year ending
April 1st. 189!), lias exceeded that of the pre
ceding year, by the number of 51-5 communi
rants. Oar increase of ordained Minister* lust
year, was IDS, hut as 20 Ministers deceased,
and several removed to sister Churches, we
may c-msuler the addition o r Ministers as having
bcin bit). Of oor .Ministers, 40 are Presidents
or Professors in Colleges or Theological Scini-
lo heathen. Our increase of Licentiates has
been 1), and of Candidates there lias been a
decrease of -17- In our last statistical year, there
were baptized witliin our churches, 111)82 adults,
nnd 12171 infants ; making n total of 10152
baptisms ; which exceeded those of 1828, by
1974. The sums reported as having been col
lected to defray the travelling expenses of the
Commissioners to tbo Inst General Assembly,
amount to $344207. The Commissioners and
delegates who actually attended, were 170;
and the distance which they travelled, III pas
sing to anil from Philadelphia, a little exceeded
75,000 miles.
The foods reported by our Presbyteries, ns
having been collected during the Inst year for
sundry charitable purposes, are the following,
viz. For Foreign and Domestic Missions thirty
l ine thousand one hundred and eighty dollars,
Jifty three cents ; for the support of several Theo
logical Seminaries ten thousand and fifty-four
dollars and Jifty cents ; and for the education of
peer and pious youths ; twenty thousand three
hundred and ninety dollars, and fifty four cents.
These two last sums maybe said to Ire for edu
cational purposes, nnd amount to -824,415 00.
The total of collections is .'871! 098 20 cents.
FINANCIAL..
A substitute for Coffee hns recently been in-,,
traduced, to some extent, in France, nnd is sold j i
in Paris. As the Froncli are proverbially fond
of coffee, nnd good judges of its quality, tin-j
ndoption of any thing in its place affords I
ground to presume that it must be good. The I
new article is a kind of pen, called in tluueoon-
try Lutier a quid re angles, whn-li does not run
into branches like many of its species, nnd pre
sents a leaf like that of clover, and a blossom
with an agreeable smell, resembling in nppeur-
unce the violet. The pod is four square, nnd
grows to a considerable size on good land.—
When ripe,the plant Is pulled up by the roots,
arid dried 111 tbo sun, being kept carefully
from dampness ; nnd then the grains or pease
being kept in n very dry place, or putjiii a stove,
are laid nsido for use. When two years old,
and burnt and made like cofloe, (except that
more must he allowed for a cup,) it was said In
be little, if at all, inferior.
er> l "_) ; f l V ! ‘‘" ful 'f ot his fears, j,i„i- narics ; 2 are Chaplains in the Navy of the
jtnlu, t'C.k ard screamed with such United States ; ami 15 ere engaged In'missions
From the Augusta Chronicle.
Houtii C.inoi.iNi, Edgefield District.
I.V EQUITY.
The Dunk of the State j
of Georgia, | M Chambers,
vs. , .Yachtrry, July I8f/i,
Henry Shultz, and I 1829.
ollu-rs. J
On application by petition of Henry Suit/, one
of the parties in this suit, for the removal of the
Rank of the Stale nf Georgia from the re
ceivership of the tolls for emssinjf the Augus
ta Bridge over the Savannah River, from the
Carolina to the Georgia side of the said River,
and on proof that notice of this application had
been served,on the snid Rank ; and after hear
ing the proofs and allegations in support there
of. and in objection thereto, 11 is ordered and
Decreed. That the order of the 18th July, 1828
appointing James Sliaw, receiver of the said
tolls, and the subsequent order appointing the
Rank ol the Slate of Georgia, receiver thereof,
bn nnd the same nro hereby rescinded. And it
is further Ordered, that the snid Rank do forth
with amount for nnd pay over to the Commis
sioner in Equity of Edgefield District, the tolls,
which they shall have received up to the day
which they deliver up possession of the Caroli
na end of the snid Bridge, ns hereinafter direct
ed, and from mid after that day the snid Rank
shall cense to collect tolls for crossing the snid
Bridge from the Carolina to the Georgia side of
the Savannah River,—and it is further Order
cd, that on service of a certified copy of this
order on the Rank of the Slate of Georgia, by
tlie delivery thereof to the Cashier nr 1'resident
of the said Bnnlt, it shnl lie the duty of
the snid Rank immediately to deliver (lie pos
session of the South Carolina end of the snid
Bridge to such person ns shall be appointed by
the Commsssinnor in Equity for Edgefield
District aforesaid, to receive the said posses
sinn.
.hid it is further Ordered and Decreed. That
the Commissioner in Equity for Edgefield Dis-
tric, do appoint a proper person to take posses
sion of the Carolina end of the said Bridge, nnd
to collect and receive nil tolls which may be
legally demanded and receivable at the Caroli
na end of tin-snid Bridge, for crossing from the
Carolina to the Georgia side of the snid River,
nnd the snid Commissioner have full power to
remove nny collector bo may appoint and ano
llior to bn substituted in his place. And from
every collector so hy him appointed, ho shall
take bond with good security for tbo faithful
discharge of his duty, and for the payment over
to the snid Commissioner, half yearly or of-
tencr if required liy him, of all monies eollocted
fur toll, nforesniil, deducting sucli wages for
collecting ns by contract iu writing between
him nnd the Commissioner, shall have been
stipulated. The collector appointed shall keep
and when required, exhibit to tbo Commission
er nforesniil, a daily account of all bis colic
lions, specifying tbo amount received by each
species of travelling.
.‘hid it is further Ordered, That the Commis
sioner in Equity aforesaid, do nominate nnd up
point three proper persons to examine nnd re
port, whnt repairs nre necessary to lie mndo
to the Bridge, nnd what work is necessary lo he
done in filling the gull) that endangers the
Eastern abutment of the Bridge, and ivlieth
it is proper to repair the causeway leading
from the Bridge to upper Hamburg ; nnd il
proper, what repairs arc necessary. Thai
upon such a report being received and npprov
cd, the Commissioner ho authorised to i-mpoiv
- the said persons, nr a majority of them, to
make com,-1n fur thesaid work, and that
the sail! ho paid Tor u!H of recoin’d
And it is further Ordered. 1 nO th© C ollUins
sionor in Equity l»o authorised, when he »‘5 n J
llmJ it practicable t‘> invent the net proceeds of
the tolls in his hands, of which ho may hereof
tor receive, in South Carolina rive per cent
Stock, or toApposite the same in any secure
Hunk that will allow live percent annual inter
est thereon— and that for his compensation
therein, he ho allowed ten per cent on the divid
ends or interest arising ft om such investment
or deposites.
IIKNUY \V. DESAUSSrilE.
18ih July, 1S&).
The above is the result of a ten years
unequal war, between the Hunk of the Stale nf
Genigin and myself, i hat Hank was posses
sod, ou their side, w ith the power of imuiey,
with the power of men, and with the power of
public opinion. 1 had oil my side, hut a hare
one, w hicli was justice. I acknowledge their
teti years success it) keeping that justice ob-
scoio—yet, il would pro' ail in the end, which
is a fair demonstration that Truth and Justice
wilt remain, when nil the power of man and
money must vanish. 1 am well aware that my
contest with that Hunk was considered even
absurd Ivy many, l may add by a host,— yet
all that ! did not regard ; lining well satisfied
that my conduct was founded on justice, nnd it
life and health was permitted, that Justice
would bear me out in I lie end, regardless of
money and men. That Hank seems now wil
ling to close this contest, so am I, and very
heartily so; hut that close can l>e made on fair
and honorable terms only. And that day will
l»e when the Supremo deprives me of my be
ing, or tSio Hank gives me that which belongs
to me.
IIENItV SHULTZ.
Hamburg, «Jlst July, ItWH.
From the Free Trade. Advocate.
ON THE I’ltINCIPLES OF BANKING.
When a community is in the full enjoyment
of health, few persons nre to he found willing
to listen to the warnings of the cautious ; and
it is not until the destroying epidemic appears,
and when relief would come almost too late,
that the public mind is in a state capable of re
ceiving the truths, a previous acquaintance with
which might have saved them from disease.—
What is true of physicial evils, is equally true
of moral evils, and as we consider the present a
favorable moment for attracting the attention of
our fellow citizens to the existing state of the
currency, the true causes of which are impor
tant to be known, we embrace the occasion for
advancing a few ideas on the subject, in addi
tion to those which have already appeared in
several of our city papers. In the able article
on the subject, published in the National Ga
zette of April 10, the operation of over hanking
in producing over trading, nnd consequently
commercial embnrrasmcntH, is analytically, Iu
cidlv, and sitisfaeto;ily explained.* ^doed
this matter is now so well understood^ that
one scarcely doubt that the excessive
importations of British goods which are now
selling at a loss of *20 to o() per cent, to the great
in jury of our importers and our manufacturer?,
have been in n great degree ow ing to the unnat
urally high prices, and to the speculating spir
al resulting from a deprecated currency. But
here all inquiry seems fo stop. .Mercantile dis
tress is seen to he an effect, and the effect of an
immediate cause, hut no one has undertaken
to point out a preventive against the recurrence
of that cause.
If over banking he an evil, that evil ought to
he eradicated. As far, however, as it results
from a multiplicity of hanks, the task is not of
easy accomplishment. When a whole commu
nity in seized with a mania, it is fruitless to at
tempt to change the public current. Experi
ence has demonstrated, that the present gene
ration will not profit hy thn sufferings of the
past, for we have seen new charters granted to
hanks, at a moment when the recollection of
the awful ralamititi**s produced hy their mism i-
ungemerit was fiesh in the memories of all
who voted for them. This being the case, and
the fate of thn country having been placed hy
our law makers at the disposition of monied
corporations, nothing remains for the people
hut to exert their endeavours iu mitigating the
evil, and in rendering it as light as it can be
made lo fall. In making these remarks, we
disclaim all hostile feelings against any of the
individuals who are concerned in the manage
ment of the hanks, or who derive their means
of support from them. They hold their employ
ments in the legitimate exercise of an honora
ble calling, and nre not responsible for the nets
of the legislature. They are not, however, on
this account, entitled to nny exemption from
the obligation of listening to the truth, when
respectfully offered to their consideration ; and
us wc consider them responsible to the public
for the faithful, honest, and intelligent discharge
of their duties, wc hold them hound to abstain
from every net which can militate against the
general welfare of society. If the profits of
hanking nre diminished iu the ratio that new
hanks are created, let no forced attempts lie
made at the public expense, to secure profits,
which, in the nature of things, can never he ob
tained. Thai stockholder must indeed he re
gardless of the interests nf his fellow citizens,
w ho, for the snko of increasing a momentary
dividend, that the price of his stock might rise,
uud become saleable for more than it is worth,
should urge upon n hank the expedient of inun
dating the land with paper.
The chief origin of the mania for banks, is
to he found in the confused ideas entertained
hy the mass of the people, in regard to their
utility. To point out the real extent of this
utility, is the main design of this essay. We
think wc con present the subject in such a point
of view ns will satisfy even the stockholders of
banks, that their own true and permanent inter
ests nre to he promoted hy a strict adherence
to the legitimate operations of banking, nnd
that every departure from these, sooner or la
ter brings with it a loss quite equal to all that
may be gained by an undue expansion of the
system. In doing this, however, we must beg
the indulgence nf the render, whilst we cull his
attention to some elementary principles, which
nre requisite to a full understanding of w hat
wo purpose to say.
Of hanks there are three distinct descriptions,
w holly different from each other iu their con
stitution, their operations, and their influence
upon the public prosperity, viz : banks of deposit
— banks of discount—and banks of circulation.—
In the numerous hanks which exist throughout
the United States, all the operations of these
three distinct institutions are combined ; nnd it
is owing to this combination, hy which dissiin
lnr things nre confusedly mixed together, that
the general impression has been favourable to
the existence of banks Banks of deposit afford
n secure place for tho safe keeping of coin nnd
bullion—grant facilities for mercantile pay
meats by transfers on their books, hy which the
labour of counting large sums of coin is saved,
and furnish a sound circulating medium of pa
per, issued as the absolute representative of coin
deposited iu their vaults. Banks of discount
are those associations of individual capitalists
which are instituted for the purpose of loaning
money; nnd ns the amount of their loans is li
mited to their actual capitals, they make no ad
dition to tIio circulating medium, and conse
quently produce by their operation?, no effect
upon the currency, different from that which
would result from the loaning of the same mon
ey, by the same individual capitalists. Banks
of circulation, are those institutions established
expressly for tho lending of credit, w hich is
performed hy cxclinugingtheir promissory notes
lor u,C "romirwy notes of individuals, char
ging the latter a i-t^mln p*r ccntnge per annum,
for the advantages they arc c.’pnosed to g
would be the course ol tilings in a country pos
sessing a metalic currency, on the first intro
dilution of such hanks ; And in doing this, we
shall be obliged to extend ourselv»*s rather
more widely than may per bays be agreeable to
the render, in order to explain the principles
upon which such a currency rests.
All the gold and silver com and bullion in
the commercial world, is in the constant course
of distribution amongst the various trading na
tions iu the proportions called for respectively
hy the extent of their wealth —their commerce
—& the state of confidence between individuals.
A rich nation will require more gold and silver
than a poor one ;—a nation carrying on much
trade, more then one which carries on little; -
and a nation wherein commercial credit is li
mited, more than one in which confidence is
tive employment, a capital capable of bringing
back a profit to the country, or in other words,
has substituted an expensive instrument of
commerce, by one costing very little. And yet
by this operation, so long as the issues of the
bank and the exportation of coin are equal, no
deprication of the currency takes place, because
tlie total quantitj/ of coin and paper united, is on
ly equal to the quantity of coin that would have
circulated, had there been no bank. From this
position, two conclusions nre self evident.—
First, that circulating hanks nre only beneficial
to the public, when they occasion the exporta
tion of coin,—and secondly, that paper is only
beneficial, when its quantity does not exceed
the quantity of coin, which has been removed
from the currency hy exportation.
It wns un allusion to this immutable law of
extensive. What proportions to tho numerical political cconiny, that the writer on “ the cur-
^JHUlUiAN County, Georgia.—Chandler
A. Johnston of Cwpi. Lumpkin's tlist. G. M. tolls before
Samuel U. Torbei, Ksq. one red brindled l ow nnd Calf, 12yenr>
old. marked w ith a smooth crop in the rieht ear, ami n hall'under
crop in the lelt ear; appraise,!by Je*»ell O’Neal and Hubbard
Shaw to 6 dollar*. '"** *
UHgtis’.l
liy donling in the market, with the creJi* of the
hanks instead of their own.
From the roregi)i|)f> definition it will readily
he seen, ,lint ihe operation ul' banks of deposit
and hunks of discount nre of positive advantage
to a nation. The one protects gold amt silver
front the danger of hriug plundered, tho other
keeps it inconstant activity, hy lending tonne
borrower as fast as it is paid hy another But
it will as readily he seen, that suedi institutions
do nm hold out sufficient temptations for their
frequent establishment. To maintain a bank of
deposit, a fund must he provided by government
or individuals to defray its expenses, inasmuch
as no number of persons would assume, with
out compensation, the responsibility of taking
care of other people’s money, and of keeping
their cash accounts ; ami iu regard to a hank of
discount, it would scarcely he w orth while for a
company to become incorporated, and pay the
rent of a bunking house and tho salaries of a
number ofagents, to do that which the individ
uals themselves could do, hy the employment
of brokers, at a much less expense. Dunks of
circulation have therefore been resorted to, us
presenting tho only prospects of emolument,
nnd us the credit requisite to give confidence
to their paper could not w ell lie established
w ithout having for its basis a capital of coin,
more or less extensive, they have embraced the
fttneiions ofbanka of'discount. To secure the
popular favour too, as well as to derive a profit
from the lending ofthe money of others depos
(ltd with them for safe keeping, they have also
taken upon themselves, without charge to the
public, the duties of banks of deposit.
But bunks of circulation are themselves, when
properly conducted, and when their operations
are confined to the legitimate objects of hanking,
capable of conferring benefits on a nation. \Ye
will illustrate this position by showing wkr.
population of curb country, these quantifies
would respectively hear, it is neither possible
nor material to ascertain. It is sufficient to
know, that such ns they arc, these proportions,
when attained, constitute what may be called,
the general level of currencies, nnd it is to litis
level, ns to a species nf standard, that reference
is made, when we say, that money like water
will find its level. It’is true, that owing to the
constant production of the mines, which may
at times occasion unequal ilisti ibulions, as well
as to a urent variety of other circumstances
which ilistuih the currencies of particular coun
tries, this general level may never he a perfect
one. It is sufficiently so, however, for nil pur
poses of reasoning upon it, & perhaps as] much
so as fully warrants the figure, by which n
fluid like property is ascribed to the precious
metals. The surface of the oceun is Hover free
from undulation, and the daily operation ofthe
titles is constantly intereforing with the level
of streams. Moral causes which influence the
movement of waters, operate upon gold and
silver in driving them from otto place to ano
ther, but it is easily lo lie seen, that wero the ex
tent of wealth, commercial transactions ami
confidence, in difterent countriesto remain the
same for a long periotl together, gold and silver
would assume such a uniformity of exchange
able value in each, as to arrive at a perfect
state of quiescence, indeed, as il is, gold and
silver aro of nil commodities the least likely) to
lie exported from any country, except from those
where they nre produced,ami of consequence
form a part of the produce of the laud and la
hour of the people, or from those which desire
to purchase foreign productions, which are not
procurable with any other commodity that the
exporting country possess. We may therefore
conclude, that a level docs not exist, or at lenst
tltnt there is a common centre, towards w hich
the currencies of all countries have n perpetual
tendency, nnd from which they do not greatly
tlepnrt.
Now we will suppose that in a given country
enjoying a metolio medium, tho quantity of
coin requisite to circulate its products and for
eign commodities, and to maintain its currency
upon a level with ihe currencies of other eotin-
tries, is ten millions nf dollars. A hank of dis
count nnd circulation is introduced witli n cap
ital ol one million of dollars taken from the ten
millions in circulation. If the w hole of this
million be paid into the hank at once, the first
effect will he a scarcity of money, because there
will then he for n time, only nine millions in the
hands of the public, instead often. This sear
city of money will raise tlie standard ofthe cur
rency above the general level. Gobi nntl silver
will rise in value as exchangeable for all oilier
commodities and properly. In other words,
all other commodities and property will full in
relation to gold and silver, retaining however
the same exchangeable value as regards each
oilier. A barrel of flour, for. example, can Ite
exchanged for ns much coflec its before the fill
in price, because coflec will have fallen in price
in the same proportion ; but neither of them
can 1)0 exchanged for as much gold nnd silver
ns before, because there are only nine purcha
sets in the market, where before there were ten,
or, what is the same thing, the former ptircha
sers would only he possessed of nine tenths of
the means Which they formerly possessed. To
what extent n diminution of ten per cent of the
currency, would lower prices, wo shall not slop
here to inquire, inasmuch as that would de
pend upon tlie extent to which other cirrum
stances might operate. Alt additional ton per
cent might bo withdrawn from circulation by
failure in confidence owing to tlie embarrass
ments produced, innsinch ns lenders would be
come more timid, and thus would the pressure
be increased nnd prices he made to fall to a
greater extent than whnt would lie occasioned
hy the mere locking up of the hank capital. If
this state ol things were to continue nny great
length of time, it is very evident how the evil
would ho remedied. Domestic productions
from their fall in the price would becotno profit-'
uble objects for exportation, nml as the low
price offorcign commodities would hold out no
inducements for their importation, gold anti
silver would he brought back in payment
until the currency should he restored to its pro
per level.
In showing the nature of this operation, we
nre far from supposing that any number of in
telligent individuals would commonce the ope
rations of our supposed bunk, iu the way stated.
They would no doubt see the propriety of col
looting the capital of tlie bank by instalments,
and of loaning nut the amount nf those instal
ments us fast ns received, in order to avoid the
loss of interest, as well us to avoid the evil of an
artificial scarcity of money. But whether the
payments he made in one way or the other, it
is very manifest, that as far as loans to tlie
amount of one million of dollars nre made by
the hank, the operation is that ofu bank of ilis
count, for it has only loaned the amount of its
capita'. It may indeed have issued notes, or
given credits on its hunks, instead of paying
out tho identical gold and silver received from
the stockholders ; hut such notes amt credits
would, ill such case, he mere certificates that
corresponding amounts of gold and silver w ere
in the vaults ofthe hnnk, belonging to the hol-
j ilers of sue!; notes or credits. From this view
ofthe sttlije.:’. how c’iWu*!« to be seen that whnt
the hank has performed, 13 u.ithing more titan
whnt the individuals who own the capital 01"
the hank, could themselves have performed,
more cheaply, more safely, anil perhaps more
advantageously to the public, seeing that loans
In unskilful ami imprudent borrowers lead to
a diminution of the wealth of the country, whe
ther it lie hy injudicious voyages, or hy any
species of enterprise which converts produc
tive capital into property which is not pro
ductive? Bnnks it is thought cannot, in the
nature of things, exercise tito same discre
tion in tho choice of its borrowers, us individ
ual capitalists do.
Tlie circulating principle is now put into op
eration ; and tlie bank loans what it calls ano
ther million of dollars, but which is, in fact, no-
nothing but its credit m the form ol bank notes
or credits on its books, equivalent in the public
estimation to gold and silver. By this transac
tion, tho level of the currency is disturbed.—
There aro eleven millions of dollars in circula
tion instead of ten. The currency is deprecia
ted below the general level. Prices of com
modities rise, and because money has been ren
dered comparatively cheaper, that part of it,
which alone is current in foreign countries is,
sent abroad to lie exchanged for sotno of the
foreign articles, which, hy thn rise of prices
have been rendered profitable articles for im
portation. This exportation of gold uud silver,
wo will suppose, to keep on pari passu with
the increased issues ofthe hnnk ; nnd provided
the extent to which it is carried, is not so great
as to drive out of the country too great a pot-
lion ofthe ntetulir. currency, by which Ihe comer
tibility of the paper into coin might be endanger
ed, its operation is decidedly HPnelicial tu'the
t'fttisu. It has disengaged from an tinproJuc-
rency,” remarked, “This advantage has hy its
side a great dnnger,” but Ito did not assert,
what he might have done with great truth, that
this danger urises chiefly from the want of
knowledge on tho port of mntiy of those who
have tin! management of banks, of the true
principles of currency, without which i: is im
possible that the hanking system cun ever bo
other than n scourge to the nation. Some of
these persons will tell you, that tho extent to
which a hank may Ibou, without danger of re
action depends entirely upon the extent of its
capital, ami reason thus—tT a bank with ten
millions capital, cun loun with safety fifteen
millions, which is fifty percent, increase, one
with thirty five millions capital, can loan lo the
extent of fifty two millions nnd a half. Others
fancy, that llte power of expansion in n bank,
bears a certain proportion to the amount of its
average deposits. However this may hold good
as regards any individual institution more fa
voured than its neighbours, yet as a general
ride, it is absurd, ns is mnnilesl from this con
sideration, that tho aggregate of deposits in all
the hanks of a etly, increases with every new
issue of bulk notes, and if that inciuuse wero
to be the guide for further issues, there would
he no limits to batik loans.' Some, too, have
nn idea that it depends upon the quantity of
coin there may he iu the vaults of tho hanks,
and that if this he very considerable, there is
hardly any hounds to their expansibility. Nei
ther of those theories however is sound. ’I lie
real truth is, that tlie channels of circulation
will only hold without depreciation, a certain
quantity of paper in addition to the quantity of
coin, which must needs exist, ns the basis of
the mixed currency. All attempts to increase
that quantity permanently beyond the quantity
requisite to preserve all equivalency with tho
general level, must iu the nature ofthings bo
futile. If the channels are made to overflow,
depreciation of tlie whole mass, ami tt conse
quent exportation of conf, must inevittih y fol
low, as effects from a cause, and all redundant
issues ol notes will return upon the banks tor
payment, with the same unerring certainty, us
the iuhled stone nf Sysiphus rolled buck upon
tho wretched slrtiggler.
If this he tho case, how clear is it to bo per
ceived, that the profit to ho derived from sun
plying die paper currency of a country, is a li
mited amount, and tit at if it ho divided among
a great number of banks, and distributed over
the surface of many large capital-', its propor-
tionale. rate, must ot necessity tie v tv small.--
To make this matter however more pl-tin, for
we consider n correct view of this branch nf
ottr subject as llie key to the whole science of bank
ing, we will illustrate it, hy a reference to tho
case of the country, which we have above sup
posed to require a circulating itcdium often
millions of dullurs. Without | mending to
determine the precise extent to which its coin
might he safely substituted hy paper, we will
admit, for the sake of argument, that one-half
of the former shall be exported, and that, con
sequently, the currency consists of dec millions
of coin, anil five millions of paper. Under this
state ofthings, the hank would he drawing in
terest on a sum five times ns large as its capi
tal, allowing that it retained a million in its
vaults in coin, to meot occasional demands. The
profits of its business would therefore he very
great on account of the small capital of which it
was thn income, and the consequence would no
doubt he, as soon ns tho sncrect was discover
ed, that additional hanks would he projected.—
None of the projectors, however, of these banks
would believe tiiat the profits made hy the ori
ginal hank, were the result of a monopoly,
nnd tlint they would not liuve been any greater,
in absolute amount, if its capital had "been ten
millions instead of one, but under delusive no
tions that the same per rentage of profit would
attach to a largo capital as to a small one, they
would probably introduce a new bank, with a
capital we will suppose of two millions. Now
to make n proportionate profit equal to that en
joyed hy tlie original hank, paper to the amount
ol ten millions must be issued. Rut tbo chan
nels of circulation are already filled, and tlioro
is no room for more paper. Issues lioweve aro
commenced, and tlie currency becomes de
preciated below the general level. Brices of
all commodities rise. Domestic products be
come too dear for exportation. Foreign mer
chandize by its high price holds out induce
ments for importations. Bills of exehnnge rise,
because the demand for them to pay for foreign
commodities increases faster titan the supply,
am! as soon as their price in the market exceeds
the amount of the expense and risk of transmit
ting gold and siver abroad, n portion ofthe re
maining five millions of coin will he exported.
Then is the new hank for tho first time remind
ed of its imprudence. Its notes return upon it
for payment, and its neighbour too, which has
also fivo millions of paper in Circulation, fools
the effects of this reaction, and both tire obliged
to retrace their steps, iu order to avoid a stop
page of payment. The consequences arc a
general scarcity of money, mid commercial
embarrassments. If the remedy he applied in
time, ruin to the banks may he avoided, hut if
it has been left toodate, the contraction will bo
followed hy.the failure of thoseborrowers who
were led into overtrading, by the facilities af
forded hy this system of ovorbanking, and tho
losses resulting therefrom to tho banks will
ulo5! probably he equal to the total amount
gained Ijy tlieir extraordinary tiivi.io.i.1"
here we will tukc occasion to observe, that by
issues of paper, we do not mean merely the bank
notes which are in the pockets of the people,
hut also the amount standing to the credit of
depositors, over and above the amount of coin in
the vaults of the banks, for tho right 10 draw
out hank notes at pleasure hy the depositors, is
as much a part of tho circulating medium, and
produces the same efforts upon the currency, as
the bank notes themselves.
But it may he asked, how are tlie hanks to
ascertain tho precise limits beyond which
they cannot proceed without depreciating the
currency, amt of course injuring the public »
We answer,jSrsf, hy carefully avoiding to throw
obstructions in tho way ofu free exportation of
coin ; nnd secondly, by confining themselves to
the legitimate objects for which banks were in
stituted. It they perform these duties to tho
public, and if the public does not suffer itself to
lie debarred of the rights which it possesses, of
demanding tho fulfilment of their contracts,
through a false &. mistaken tielicucy, or through
the fear of offending hanks or hank debtors, we
shall never hear of a genera] scarcity of money,
or of n general distress. The overtrading of
the banks of any particular place, would be pre
vented by the demands made upon them by
those of another place. If the currency of a
particular city, Philadelphia, for example, bo
depreciated by over issues, whilst that of New
A ork is not so, the effect is immediately shown
hy a rise in the price of stocks and bills of ex
change at the former city, of which the conse
quence is. that quantities of these aro scut to
Philadelphia for sale, and hy tlint means tho
batik* ofthat city urc brought iqto dcb'3 j