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ther spectacle was it her custom to offer om
single syllable of remark. She left her visita:
to draw his own moral from the scene.
Among the strangers in Paris nt that perm <
were two Englishmen ofgreat, though opposite
talent —both ambitious men—each idolised bx '
his respective party—each the sworn cham- I
pion of a certain set of opimons--both high s.
in the favor of the Sovereign whom they served, r
and aspiring to the highest rewards which
talent and energy could win. They heard -
from fifty fair tongues the fame of Madame du ;
Frambaud; and as a mere whim of the mo t
meet —an impromptu of extravaganza —they
resolved to visit the Mystic in disguise, and test
her pretensions. They were described in the
note of introduction which they presented as
‘two American gentlemen,, whose stay in Paris
must be, under any circumstances short;
whose errand there, was some commercial
speculation; the issue of which might call
them to Philadelphia at a few hours notice.
They entreated, therefore, the faVor of an im
mediate audience.
It was granted at or.ee. She received them
as was her wont, in silence. But upon the
first whqehtered her apartment (the younger
and by far ..he more intellectual looking ot the,
twofshe gazed long and earnestly.
•You are married, and.have two sons and a
daughter, was the off hand declaration with
which .she ttict his bow, the scent's of your
nuptiula, therefore, yon cannot well have for
gottom! That of your demise is the spectacle’
which I presume you wish to have brought
before you.’
‘And you, tic’ gaid.she, turning to his com
panion ‘are married, but childless! Do you
wish to gaze upon the closing scene of vour.
busy life I ‘Perhaps,’ added she with more
of interest and feeling than she generally ex
hibited, ‘you will abandon your intention? Re
consider it.
‘By no means: the ordeal which is gaily
courted bvmy companion, I would also brave.’
‘Have you firmness and resolution ? Have
you nerve to gaze upon a borrowing spectacle?
‘ TPi/Aout it ought Ito have come hither ?'
‘I am answered. Follow me.’
She led the way, as she spoke, out of the
apartment, and the Englishmen followed her.
They crossed a small low passage; passed
through a narrow porta!; and found themselves
in a hall of very considerable extent. It was
paved with black marble, and decorated at each
end with four slender pillars of the same ma
teri.il. . In the centre rosea very large jet
black basen filled with dark water to a consid
erable depth.
A cupolo or lantern admitted a temporary light
from above; and the deep basin was so placed
th it whatever day-light the dome admitted fell
full upon it. But despite the noble proportions
of the hall, and the lightness of the pillars, and
the fairy tracery of the cupolo, there was an.
air of gloom over the whole apartment. It
seemed a fitting scene to communicate things
of approaching sorrow, separation, silence,
death.
« Look on this dark water,’ said their con
ductress it shall speak to you of the future. It.
death be at a distance it will sink some feet in
every second that you gaze upon it. It your
parting hour approaches, it will lise rapidly ;
and if the very last sands in life’s hour-glass
be running, will mount till it be checked only
by the margin. If death shall approach you j
in the guise of violence, the water will instant- ,
ly bn4iKTe~up. If caused by accident, it will
color once, twice, thrice—fast as the
hues of a rainbow melt into each other and
vanish, even while you gaze oa them. I f death
overtake you bv gradual decay, and in the com
mon course of nature, other than a gentle rip
ylo over its suxfiice.no change will the still wa
ter know or tell. You understand me ?’
‘l.do-’
•Full*? Approach then. Gaze steadfastly
on the dark surface, and it shall mirror to thee
fully and faithfully, the future.’
The calmer, and graver, and f adder of the
wo advanced slowly to the margin with a look
'’mingled curiosity and incredulity, which sat
■angely on bis heavy, massive features, In .
instant the water rose at least two feet, .
inged color rapidly and evidently more than ;
e, and then became dark and motionless as ;
re.
h ! not far distant—and by accident ?’ •
e Sibyl made no reply, but merely motion,
mby a gesture to gaze on. He did so ;
,s be looked he beheld a mimic represen. i
1 of a scene of great confusion,
juntless multitudes were assembled—there
running to'and fro—horsemen were rid.
in all directions—‘the spectators were con
ing eagerly with each other; and’ deep
nay sat on many a countenance. This fa
from the surface, and there was presented
■i tn a small room in what appeared to be a
d side inn. Three or more individuals it
itained, to whose persons he was a perfect
anger. But there was one present whose
itures he instantly recognized—one who
as ever dear to him—his wife. Her coun
nance was calm, but there was stamped on it
»ep and indiscnbuble distress. Proped up
■ith pillows in the foreground was a figure
rhich the features told him was himself. The
:ye was wandering and restless. Every fea
ure bore the impress of intense agony, and the
face was overspread with that cold grey tint
which so surely foretells impending dissolu
tion. He looked al it steadily for a few se
conds. -A sort.of mist seemed to come over
his vision. He withdrew his gaze for an in
atant from the fountain, and when he < gain re
sumed his observation, the painful scene had
wholly disappeared- His inquiring look of
astonishment and emotion the Sibyl returned
with indifference. The agitation manifested
in his countenance was strangely contrasted by
the fixed, rigid impression of hers. His ap
peared a painful struggle with conflicting feel
ings; her countenance wore its usual air of
cold arid impassive indifference.
“That I should see her— that should be so
dourly, accurately, and faithfully portrayed, is
most bewildering!”
‘What! it’s past a joke?” said the younger
of the two.advancing gayly towards the foun
tain, ‘The answer of the oracle is not palatea
bl* eh? Take your favorite poet’s advice
henceforth:
-——Quid sit futurum Cra3
Fugc qusercre
But now of me and to me, what says the fu
ture? The water rose a few inches and then
became stationary. On its surface next ap
peared a small chamber insignificant in its di
mensions—scanty in its accommodation—mea
gre in its furniture —and altogether humble in
its comforts aid appointments. Gardens
seemed to stretch around it; andon the man
tie piece he remarked a small bronz clock of
singular shape.
‘Charles, as I live?’ he exclaimed, as his
eye rested on the lineaments of a youth, who
was holding the hand of a sick person; in the
full vigor of life, but evidently racked with
bodily agony. ‘The other figure I conceive to
be that, said he, after a short pause, *of Charle’s
dying father. ‘’Tis n painful spectacle,’ he
continued, turning from the fountain, ‘and I
know not what benefit is to be derived from a
lengthened contemplation of it. Come, the
day wears. We will leave this singular and
' certainly puzzling exhibition.’
He took his friend’s arm as he spoke, and
.«* advanced to tender his parting devoirs to the
mvstie. and with' them her fee. The first she
returned coldly—the latter she peremptorily
•■efused, ‘I am already remunerated,'* was her j ;
startling declaration. ‘Sufficient honor for ; t
me if I have administered to the amusement-—t
he passing amusement!'— the bitter emphasis | t
nlaced on this last word conveyed a meaning j .
which those whbm she addressed seemed to i
feel atid shrink from—-‘of two such distin
guished state servants of his Britanic'Majesty t
as Mr. Husk inson and Mr. Canning.,’ .
Again with exquisite mockcrv. she curtvscc <
still deeper and more deferentially than before, I
and ere they could recover from surprise, left t
them.
j ■■■ i ■ ■ 1 r _ i ■ j—— ew—i—<
-
Extract from the Speech of the Hon. Mn. Porter, of
- La., delivered in the Senate of the U. States on the
Expunging Resolutions, March 22, 183(5.
“We saw the old Bank of the U. States
■ which was wisely conducted, which hadjgiveu
os a sound currency, and whose-whole opera
tions had been beneficial to society j we saw.
it, sir. prostrated before public clamor nndpiib
lic prejudice; and that too qt the moment we
were about entering o:i war wtlh one.of the .
most powerful nations on eattth, when itsassis- ■
tance was most importatßifo the -'fiscal opera
tions of the Govermner.t. "VVirknew, sir, that,
all the causes which result were
in -operation again, and jffisl as well. as
•our opponents did, that,FlHh u §yac cpnclusipii,
had been extremely probable. There waA.no
difference in our perception of this matter,
though there was a wide diffeyerxe in our view
of the cousequmf.Ces, \jjp-sjW..ruiri and dis
tress to society in the men.surfi, and we resisted
! it without regard to its cff et qn our own po- |
I puhari'y. They cither did i;oj| see this state j
of things,or if they did see, they disregarded
them. I wish, sir. we had firlsc prophets.
I would with cheerfulness give up the praise
of wisdom and foresight td tivert the swarm
of evils, which this measure of the administra
tion, (putting down the" National Bank,) is a
bout to bring on the country.,
“ We clearly foresaw, sir, what would, take
place, and we as distinctly warned gentlemen
on the other side, of the inevitable derange
ment of the currency, which must follow th.-j
measures they were pursuing. We entreated
them to look back on the events which ensued
on the refusal in 1611 to charter the old Na
tional Bank —to reflect on the destruction of j
credit and prostration of morals which flow
ed from the multiplication of State Banks af
ter that period—to remember how at least one
third of the propei ty of the country had chan
ged hands in a few years, and to think how
many families had been reduced from afihi
encc to poverty by similar measures. We be
seeched them to look at those things, but we.
beseeched them in vain! The. then Secreta
ry of the Treasury, Mr. Taney, told us State
Banks could furnish as good ar belter currency
than the U. States Bank. The President en
d< rsed the statements The Senator from Mis
souri. Col. Benton, talked of his metallic cur
rency, and the golden age which was approach
ing ; and under these errors and misconcep
tions, the work of mischief whs-dene.
“ But now, sir, when all these delusions have
passed, or are rapidly passing away, is it not
meet and proper that we should, from the emi
nence on which we stand, look at the full ex
tent of the evil which is approaching us ? We
■ may.draw from the past and present some sa
lutary lessons for the future. - : .
“ I shall not, sir, fatigue the Senate by going
back to that period of our history at the close
of the revolutionary war,-wherither'e was such
a rapid depreciation. of ttio valtie of the cur
rency, though it furnishes. slJQu'g examples to
illustrate the views I entertain upon this sub
ject. I content myself with recalling the at
tention of the Senate . (<i Jhg circumstances
which preceded, accompanied, -■and followed
the destruction of the first National Bank, and
I am greatly mistaken if the -parallel between
the condition of the country how) with what
it was then, will not be found complete.
“Previousto thq expirtitmu.of the charter
of the first Bank of the U, States, the curren.'
cy of the country was in a vOry- sound state,
aud it continued so up to that period and for a
short time afcr. The however, soon
began to charter instijutiojis of. their own, and
between 1811 to iSGi, a considerable addition |
was made to the circulation. In 1816 it be- |
.came excessive. During this period the conn,
try bore the external marks of prosperity;
trade flourished, land, slaves, houses and lots,
and all other property rose m value. Real es- .
tate, which could be bought in 1810 for $lO
an acre, sold in 1816 for SBO and 100. I re
member the time w ell, sir ; the universal pros
perity of the country was the theme or; ever,
man’s tongue, and specu ation run riot in its
magnificent schemes. But, sir, these things
are subject to laws as certain as any thing else
in this world. There is a point beyond which
you cannot carry them. The bubble when in.
slated too much, bursts. In 1817 and 1818,
the reduction in the circulation commenced.
It was at first slow and gradual, and its effects
scarcely perceptible. Each day, however,
rendered them more apparent, when in 1819.
the circulation being 50 percent, less than that
of 1815, there ensued a pecuniary distress
which has never been exceeded in any coun
try. Every article of commerce, land,skives,
houses, tec. fell as far below their real value
as they had before risen beyond it. The most
enormous sacrifices were made at public and
private sales ; and every one was astonished,
for they could not account fpr such a change
in the general prosperity.
“Sir, they are all accounted for by these na
ked facts: in 1813, the; circulation of the
country was 70 millions of dollars; in 1815,
one hundred and ten h\ 1819 forty -
five millions. Sir, it was ’not property that had
risen in 1815—it Wag money jljnt had depre
ciated; and it was the'grertto’ 1 value of it, pro.
duced by its scarcity in RBIO 1 , that made that
property fall in price. ■’ " "
“I have taken these facts, sty, from the re
port of the then Secretary of the Treasury,
' Mr. Crawford, aud they may. be relied on.
There can be no mistake in the deduction I
■ make from them.
’ “It would seem, sir, as if all experience
was lost on us. We again see the same ex
traordinary rise in the price of every thing
which is an object of sale. Every one, as
■ heretofore, is expatiating on the universal pros
i perity, and there arc no bounds to the imagina-
■ tion in which men indulge in these matters.
■ But, sir, our situation is just the same as it
• was <n the other times I have been speaking of.
i “In 1830, our circulation was 61 millions
i of dollars. In January, 1835, or rather June,
1834, it was one hundred and three millions of
' dollars. In 1836 it cannot be less than 120
millions, an increase of sixty millions of dollars
i in six years! I give the facts from the offi-
■ cial returns made by the S icretary of the Trea
i sury. They come, sir, it is true, no lower
down than 1835. But if we take the average
' increase for two or three years before that
i time, and reflect on the enormous rise of pro
perty since, (a sure indication of an unhealthy
circulation,) we must be satisfied that there has
> been more than 17 millions added to the cir
culation within the last 16 months, and that 120
I millions is below rather than above the real
estimate. •
1 “You see, sir, therefore, at a,glance, the
s causes of the present state of (fiii'igs; .and
J who cannot sir-.see at a glaiiie how.it is
t to end ? I f the evil could be chotfkcd now,
and the reduction be stow and gradual, we might
esdape the coMsr</t/cz:ces which time has it.cri
teddy in store, far us. But, sir, far from cxpcc
ting this, I look to an increase of the disease.
It appears to me inevitable. A universal mad
ness has taken possession of the pub'ic mind.
Within the last four mouths 1 have heard of
augmentations el’ Banking Capita., proposed
or passed, to the amount' of fifty millions es
dollars, and more I am told are projecting ; so
that we may expect to see this system contin
uing until it breaks and foils Irom its own
weigut and magnitude. In the present state
of things, the - States are all interested to .in
crease the circulation of their own barks, and
prevent that of their neighbors. Indeed we
already see symptoms of a war of legislation,
(the result of jealousy) by which they are at
tempting to restrain ths t.cjcs of the banks in
other States from passing within ther limits.
“This deplorable state of things must yet
get worse ; and well nright the Senator from
Missouri depict it in the colors he did a few
years ago. He could not overcharge tlaspic
’hire—a picture, sir, rendered more painful to 1
contemplate by the recollection of our condi
tion before the war was waged oh the Bank
-of the United States. For sixteen years it
regulated the currency of the country with a
[ wisdom and success of which there is no pa
rallel. We threw it away, and we see what
We’ have got in its' plaice.' Sir, all the projects |
pf • regulating and cheeki g the excess of!
Bark emissions l<y law, refusing to receive rd •
your Treasury theip-roUs of a less sum than I
S2O, will have no more effect, than would have
a bucket of earth thrown into the Mississippi
to stop its ipigbtv current. Aud as to push
| inggold and silver into circulation, w hen you
have 550 bunks interested it! g-’.tlien.' g •! all
u >, and supplying its place with their own
notes, that is equally impracticable; cheap \
and J vzr currency never can exist together;
the former always destroys the hitter. Hav
ing i:o power by the Constitution to interfere
directly with the State legislation in this mat
ter. I see this country ih distined to go th rough
the same scenes of agitation and suffering
which it did previous to the operation of the late
Bank of the U. States. After the evils have
■ come to a height when they can be no longer en
dured, we shall have another National Bank,
and not until then. But 1 submit it it would
not have been as well to have prevented this
state ol things two years ago? I enquire
what good has been, or can be attained by put
ting the people through this fearful trial ? Five
or six years hence will be the time to get an
answer to those questions.”
Extracts from Speeches, of the Hon, A. S. Clayton of
Georgia Delivered in the House of Representatives.
March 11,' 1831.
O n the Remool of the D :poshes.
“ The act was and is condemned by the
friendsand foes of its author. His best ad
visers pronounced it wrong. The former and
present Secretaries of State, of War, and, at
one time', of the Navy, if reports be true, de
precated the measure ; and, sir, his best friend,
and most decided enemy of the Bank, the firm
and honest Duane, said it was “unwise, un
just, arbitrary, aud vindictive.”
Never did five words comprehend more truth
in relation to the effect of a measure. It was
unwise, as relates to the interest of the country;
it was unjust, as relates to the Bank ; it was
unnecessary, as relates to the moneyed opera
tions of the Government; it was arbitrary,
with reference to the exercise of official powers
and it was vindictive to those who manage the
concerns of the institution.
It was, moreover, unnecessary, in reference
to the prevention of a future'renewal of the
utlunur. 'l'hrr Prviyixß Lr» office,
if he lives, till the 4th of March, 1837 ; and. it
he dies, his place will be filled with a milder,
because a more cunning hostility to the Bank.
He had veteed the lute charter, and, as he
boasts, it was confirmed by the people. It
could-not possibly pass him and his successor
in the residue of its existence. Why, then,
strike at a prostrated enemy, which, if not dead,
was in the last agonies, that inevitably tended
to that fate? Why ftm the ot exciting
public sympathy, by the exercise of eruelaud !
unusual persecution towards an enemy that all |
must confess has done some good. There .
was every thing to lose, and nothing to gain. !
The Bank was gone, and that was all that its
opposers wanted. Did it not occur to the
President, aud does it not occur to every one,
what a dangerous experiment results from this
measure? If it does not succeed as contem
plated ; if, somewhere in the chain of reason
ing, an error has been committed ; if, in the
long and complicated consequences expected I
to follow an action which pervades the most
ramified interests of society, a false conclusion
has been drawn, conducting the whole process
to an entirely different result, a result fatally
injurious to the fortunate destinies of the coun
try —who does not see that all will be laid to
the necessity of a bank ; and, as on a former
occasion, public opinion, directed by the best of
all science—suffering experience, will again
demand and have a bank?
Actions are not without their motives: we
must look for the motive of every measure.—
Seeing, then, the course of the administration
was wholly unnecessary, as related to the fu
ture renewal of the charter, and that, indeed, it
. might produco an opposite effect, a question
naturally presents itself, what could be the ob
ject? The subject hud been laid before Con
gress, and refused ; it had been laid before the
cabinet, aud rejected ; the best and wisest coun
sels of the country had advised against it ; the
good sense of the v hole community revolted
at the idea. Why, then, should a favorite and
highly honorable officer be expelled from his
post to achieve this singular project? It is
something else than the mere prevention of a
charter. Mr. Speaker, history is full of the
melancholy truth, that rulers, and sometimes
good ones, are controlled by an artful.and sin.
ister influence, of which they themselves are
unconscious ; and, thus operated upon, deeds
have been done at which ihtir own good judg
menl has been made to shudder, and, after suf
fering «11 the consequences of deceitf.il coun
sels, their characters have been delivered over
to the faithful page of history, there to receive
their merited obloquy. hat a reflection to
one whose high character and lofty fame now
hangs upon the issue of a most doubtful expe
riment ! 'J he stake is great, and the game, as
it draws to a close, is fearfully critical. If
rumor speaks the truth, just such an influence
has produced the present agony ofthe country.
1 here are around the administration two ma
lign influences, operating for the accomplish-
■ meat of a joint, but ultimately a single purpose
—avarice and ambition. The first seeks its
' gratification in the attainment of stocks, lands,
and low office; the latter, in 'he highest office
of the Government; but this last isthe special
instrument by which the ft rmer is to be con
tinued ; and hence, to this end every power is
concentered. Enough is to be seen to show
that tlie Bank stands in the way of a scheme to
organize a moneyed regency throughout the
country, the most irresistible agent, successful
-1 ly tried elsewhere,* to effect the purpose refer
red to; and, consequently, it must be immedi
' ately destroyed; it will not do to wait for its
natural death ; the golden harvest will have
passed ; and, though the Government may lose
seven millions of stock ; though it may lose a
1 part, or perhaps the whole of its revenue |
I , - - 5. .
, * New York.
J? out& er tt 511 It i
ihough it may lose all its facilities for carry
ing on the fiscal operations of the Treasury ;
though the whole country may bleed at every
pore —yet these are nothing compared with the
selfish objects of heartless politicians. This,
th.'ti, it> my humble opinion,accounts for a rnea.
sure which Mr. Duane declared, and truly,
too, was totally “unnecessary.”
On the “Bill to regulate the public Dcpositcs"
by placing them in State Banks.
“I come now to the last thing proposed, an
inquiry into the expediency of the law ; and
I lay down this proposition, and boldly affirm
that it cannot be contradicted, that, whatever
reasoning is used against the expediency of
the United States Bank, it .will apply with equal
force to State Batiks. I challenge the most
acute ingenuity, and defy the vigor
discriminating intellect, to frame an argument
against a federal Bank, upon the ground of
expediency, that will not immediately exert a
like authority over State institutions.;
“I presume it is well recollected, for the
fact is dignified with a place in the annual
Message, besides its repetition in numerous oth
er State papers, that the jiriacipal charges
against the United States Bank are, 1. Too
much power. 2. Interfering with elections.
3. Buys up the Press ; ,at;d 4. Corrupts the i
public morals. Does a'.y one repit inber any |
other objections besides these, or such as would
naturally classify themselves with these? If
not, let us now examme. how it is possible for
State Banks to escape from the operation of
these objections?. VVhat.is meant by too n ucli
power? or what is this power? Is it not
MONEY? Is not this the great instrument
by which Banks operated ? by w hich they
exercise their immense control over the wants
and W Mies of society ? Ly which they regulate
the value of every thing? and. operating upon
the varied interests of men withan influence
as fixed as destiny, and as certain as death,
they have a most tremendous POW ER. But
is the power confined alone to the United
States Bank? Is money less powerful in a
Slate Bank than in a Federal Bank? Is it
managed differently? by People of a different
character? for different objects? Are five
►hundred State Banks, united in a political
league, less able or less inclined to the exer- j
cise of power, tlr.in one bunk and its twenty- j
four branches? No; just as true as
fact which the dying father exhibited to his
children, when he wished to impress them
w ith the virtue of harmony, that one rod was
more easily broken than a bundle closely
united, so is the truth of the proposition, that
there is more power in 500 than in2s Banks?
“The interfering with elections, the buying
up the Press, aud the corrupting of the public
morals, are merely the effects of the great
money-power we have just been considering;
and I put it to the candor of gentlemen to say
whether they are not as likely to follow' from
the influence of money in one condition as
another, especially if it is used in precisely
similar situations, employed by similar intelli
gence, and for exactly similar objects ? By
the bill on your table, the Government can,
and, such is its love of patronage and power,
it never rejects an opportunity to increase its
dominion, it will draw into its service five
hundred State Banks. Now let the imagina
tion range for a moment over the wide-spread
field of this active, restless, grasping power;
see it managed, politically, by one ambitious
mind ; view its diversified operations, first up
on the People, then through them upon State
Legislatures, then through these upon Con
gress, and through this last upon the legislation
of the country ; see its effects upon the officers
of the Government; upon speculations in the
tn fine, running its fibres into every soil it can
possibly penetrate, and then say is there no
dread of connecting this vast power with the
Executive branch"of Government? I confess
it presents fearful forebodings to my iinagm
ation. * * *
“The substitution of State Banks to perform
the business of the Federal Bank, is a clear
admission that we cannot do without banks j;
and it hereilftef the eSperiftieut should fail,
it rvill drive us back to the old institution, and
then there will be a complete triumph over
the Constitution, The friends of that instru
ment will have lost all they have gained by the
present overthrow of the bank. It will be
perpetuated upon us forever, and the Consti
tution will remain a living, crippled memento
of the instability of all human institutions.
£ When Mr. Jefferson came into office, he
and his friends had said so much against the
Navy, as a useless drain upon the Treasury,
that he was obliged to cut it dowi , but substi
tuted in its place the gun-boat system, which
plainly implied we could not do without a Na
vy. Well, the gun-boat system failed, and the
naw was restored. What was the conse
quence ? There is nothing in the whole histo
ry ot that statesman that so signally derides,
and therefore constantly reproaches, his ad
ministration, as this unfortunate gun-boat sys
tem. Other great men ought to beware how
they experiment it too for.
Mr. Biddle’s Letter.
Philadelphia, May 13tb, 1837.
My Dear Sir:—A’ou are good enough to ex
press a wish to know my views of the present
state of things, and I hasten to give them with
out reserve.
You may perhaps remember that in my letter
to you of the 12th of November last, I stated
what seemed the real causes of the embarrass
ments then existing, and the appropriate re
medies for them, adding fliat by their adoption
“confidence would be restored in twenty-four
hours, and repose at least in as many days.”
Six months further experience has only con
firmed my opinion. I believe now, r as I believed
then, that the events of this week might have
been readily prevented —aud that the unhappy
perseverance in the measures then deprecated,
had reduced the country to its present condition.
But I have no leisure now todiseuss the subjset,
and no disposition to indulge in unavailing re
grets. It will be more profitable to look dis
tinctly at the present position of the banks and
the country, and to suggest their respective un
ties to themselves, and to each other.
All the deposite Banks of the Government of
the United States in the city of New York sus
pended specie pay incuts this week—the deposite
banks elsewhere have followed their example,
which was of course adopted by the State banks
not connected with the Government. I say of
course, because it is certain that when the
Government banks must cease, and for this
clear reason: The great creditor in the United
States is the Government. It receives for du
ties the notes .of the various banks, which are
placed for collection in the certain Government
banks, and are paid to those Government banks
in specie, if requested.
Now if those Government banks, the depos
itories of the public revenue, will not pay specie
for the very warrants drawn upon th. m by the
Treasury—the Government ofthe United States
Irom that moment ceases to pay specie to the
citizens ofthe United States. As moreover the
Government receive for duties only specie and
the notes of specie paying banks, the instant its
own deposit banks cease to pay specie, the
Government must refuse to receive the notes
of its own deposit banks and can receive no
notes except those of banks not deposit banks.
On the one hand then the Government is bound
to pay its debts in specie, and it has no means
of procuring specie except from the banks not
connected with the Treasury, so that these
banks find all their notes collected and paid into
the Treasury for duties, converted immediately
into specie, for the use ofthe Government—while
the deposite banks will not pay their debts to the
other banks in specie nor pay the Treasury
warrants in specie.
Take for instance this example. The cailmant
under the French indemnity had certain’monies
due to him in France. The Government im
ported it in gold for him—and when the day
ofdistribution arrived, he obtained an order for
his portion. But instead of receiving his own
share of his own proper identical gold, lie lias
received neither gold nor silver, but the notes
of the deposit Banks—which very notes the
I Government itself would refuse, to receive iron,
the very climant for any debt which he might
owe to the Government. So long, there fore, as
the Government and the Government banks
will not pay specie to other banks,, it would be
rashness in those banks, to pay specie to them
and as they cannot make a discrimination in
those whom they will pay, the only alternative
is lo concur with the Government Banks in the
general suspension. Our Philadelphia Banks
saw this. Theyth .ught.it useless to carry on
so unequal an intercourse, in which (hey were
to pay to New York, while New York refused tj
pay to Pennsylvania, for, if the Pennsylvania
Banks paid while those ot New Yotk did not,
the whole revenue would have been turned
into Pennsylvania notes and specie deman
ded.
In the midst of these disorders, the Bank of
is.e United States occupies a peculiar position,
and has specal duties. Had it consulted merely
its own strength it would have continued its
payments without reserve. But,
Ist. Like all other Pennsylvania Banks, it
owed a duty to the citizens ot our own State ;
nnd it was not disposed to stand aloof from a
general movement ofthe other State institutions,
which, however much it might regret, it could
not censure.
2d. It was not inclined, moreover, to dis
credit, by a refusal to receive it the paper of the
other State'Banks which had ceased-to pay
specie, still less to force its Pennsylvania debtors
to pay their debts in specie when other citizens,
in other States were allowed to pay in a less
costly medium; thus breaking down, for the.
benefit of ether States, the merchants and man
ufacturers and mechanics of Pennsylvania
3d. While the vaults of all the other banks
were closed the Government ofthe U- States
would have no resource to procure specie, but
the Bank of the United States, which ought not
to assume the risk of being the only source of
supply for bullion to the Government and the
land offices as well as for exportation.
4th. The Deposite Banks of the Government
would not pay their debts to the Batik of the
United Slates. Why then should the Bank of
the United States pay to these institutions on
| account of the. G-jv-criiment specie for their
1 RCtes, when these very Banks would not pay
their own debts? There would have been an
equal want of reciprocity and of justice in such
a proceeding.
Sth. There was another reason against it,
final and decisive. From the moment that the
Deposite Banks of New York failed to comply
with their engagements, it was manifest that
all the other Deposite Banks must do the same,
that there must be a universal suspesion thro'
the country, and that the Treasury itselfi in the
midst of its nominal abundance, must be prac
tically bankrupt.
In such a state cf things the first considera
tion is to escape from it—how to provide at the
earhest practicable moment to change a condi
tion which should not be tolerated beyond the
necessity which commanded it. The old asso
ciations, the extensive connections, the estab
lished credit, the large capital ofthe Bank of the
United States, render it the natural rallying
point ofthe countryjfor the resumption of specie
payments. It seemed wiser therefore not to
waste its strength in a struggle which might
be doubtful, while the Executive persevered in
its present policy, but to husband all it resour
ces so as to profit by the first favorable moment
to lake the lead in the early resumption of spec.e
payments. Accordingly the Bank of the United
States assumes the position. From this mo
ment its efforts will be to keep itself strong, and
make itself stronger —always prepared, and
alway anxious to assist in recalling the currency
and exchange of the country to the point from
which they have fallen. It will co-operate
n. »Fzi;«i p orxrl r»o Inll cj Ixr (vAUqrnHipnt
with the Government Banks, and with any.
other influences which can aid in that object.
In the mean time, two great duties devolve on
the Banks and the country.
The first regards foreign nations, the second
our own. We owe a debt to foreigners, by no
Ricans largv for our resources, but displ'opor
tioned to our present means of payment. We
must take care that this late measure shall net
seem to be an effort to avoid the payment of
our honest debts to them. We have worn, and
eaten an drunk the produce of their industry,
too much of all perhaps butthat is our fault, not
theirs. We may take less, hereafter but the
Cpuntry is dishonored unless we discharge that
debt to the uttermost farthing.
The second duty is to ourselves. W> should
bear constantly in mind that the step which has
been taken is excusable only on the ground ol
anover ruling necessity. We must not make
the remedy itself a disease. It must not be tlie
pretext of extravagant loans or issues. These
are already sufficiently inflated, and if we have
voluntarily removed the most familiar and estab
lished check upon all issues, their immediately
convertibility into coin—it is our duty to sub
stitute some effectual restraints which may en
able us to restore the currency without delay or
difficulty to a safe and wholesome condition.
The result of the whole is, that a great disaster
has befallen the country. Its existence thus
far is only a misfortune, —its continuance will
be a reproach, from which all true men must
rally to save her. We must try to render it
as short as possible, waiting patiently a/id
calmly for the action of the Governent, and in
the mean time diminishing its dangers by great
prudence and forbearance, For myself, you
know how zealously I have labored to avert this
misfortune.—With not less anxiety I shall now
strive to repair it.
With great respect and regard, yours,
N. BIDDLE.
Hon. J. Q. Adams, Quincy, Mass.
From the Augusta Chronicle and Sentinel.
Truth and Eloquence.— You will oblige a
subscriber by publishing the extrac ts which I
send von; and at the same time'you will be
doing justice to your readers, in laying before
them, in the eloquent language of one of the
most disinterested and sagacious statesmen of
the present dav, a plain view of the causes
which have brought about the present direful
state of affairs.
A gentleman, distinguished for his scienti
fic and literary attainments, and by general
consent one of the best critics in the United
States—-one whose young blood was warmed
by the exciting eloquence of Burke and Fox,
has pronounced the speech from which I have
borrowed superior, to any thing ever spoken
by either of those distinguished British ora
tors.
Most of the predictions made in this speech
are now being realized.
“Who is it that has kindled up that confla
gration which is now sweeping over the land
like a prairie fire ofthe West, beating destruc
tion in its bosom, laying a scene of desolation
in its rear, and scattering consternation in eve
ry direction?” I fatiy are at a loss for an an
swer, let them read the following ext riels from
the speech of Gen. McDuffie, relative to the
public deposites:
“Inthe present calamitous condition of the
country, we have a melancholy exemplifica
tion to prove how small a sharc’of human wis
dom is requisite to produce the greatest con
ceivable extent of human misery. The mean
est pigmy, armed with a sceptre, can destroy,
in a single dav. the great fabric of a tuition’s
prosperity, which all the intellectual giants ot
the land cannot rebuild in a long and laborious
course of years. I will not tell the People to
look for salvation to those who have involved
them in this calamity. No, sir, this storm has
been produced by a species of necromancy,
which is endowed only with the faculty of
mischief, and which, having raised the ele
ments, has no power of exorcism to lay them.
The Prospero, whose fatal wand has conjured
up these ek ts ents into this wild a-M fearful*
and disasln « com: notion, has no power
to call up th' i'minis: ering spiritsiX <h e stormy
deep Io rest ine the sinking- foifines of a whole
People, ra: lly an! wicket/ exposed to the
rocks, ui. wares, aiid'floicksands of this
most desp eiate and ivick“ experiment.
“Thee xierienoe o/Ute last few years has
entirely < ikinged ipX iews as to destiny
ofthe ho nnn raX. youthful visions ot
the perfe, ibifiX mankind have vanished
before the realities of the times. They
are gone foi'i ver * nm IIOW constrained to be
lieve that w’h a l* l h e -‘ghts of reason and ex
perience mA l l le political improvements ofour
counlrveoi oll are S, *H tl* o idolatrous and pre-
victims of imposture—Before that God
ui whom I t n» responsible for what I say here,
I do believe tbo annals of human idolatry and
delusion cannot furnish an example of a more
i.nprudeiA audacious, and monstrous impos
ture, tl An that which this Administration is
attempt rg, t nd, I fear, with too much success,
to palm upon the People of the United States,
tinder th; flimsy and delusive guise of return
ing to the primitive simplicity of a hard rao
noy Go'. crmneiit. Nothing that I have read,
amongst all the superstitions of the word, tran
scends its monstrous abdacity.
“It u an eventful crisis in our history, and
it remi ir.s to be decided whether the People
can be'made the dupesof this monstrous scheme
of am’lition, covered over by the pretence of
going back to a silver currency. Str, it is not
the firs time in the history at' human idolatry
when the horrid foaßtres of a foul and unnatur
al mon -ter has been concealed from the eyes of
his deluded followers by a silver >eil. You
have m doubt read; sir, the instructive illustra
tion ol the weakness of human delusion, and
the boldness of human imposture, the Veiled
Prophet of Klmrassan. Deprived of Nature’s
fair proportions, the bold irnpoetor covered his
deformity with a silver veil, and hoisted a broad
wliiti: flag, upon which was inscribed, in words
of si’mshi»e. ‘freedom to the world.’ Holding
out the alluring promise that, he would set free.
‘Ti iis fettered world from every bond and stain,
An 1 bring its primal glories back again,’
he drew millions of devoted followers to his
banter. And, after he had prevailed upon
them to sacrifice their souls and bodies to his
unhc ly rites, he raised the veil; and, instead of
disclosing the promised vision of heavenly
lighhCNhibited his foul lineaments ‘in grinning
mockery exclaiming to his wretched victims,
‘There, ye wise saints, behold your light, your star,
Ye win'd be dupes and victims, and ye are.’
May the honest devotees of a hard money cur
rency tako warning from the example of these
voluntary victims of a daring imposture, and
avoid their fate! They here behold their fate
accurately prefigured, if they do net rise up
and resist the scheme of imposture which I
have attempted to expose.
“It is eat yto read the future history of the
country, if l he schemes of the reigning dinas
ty arc not defeated by the people. Anarchy
is the highway to despotic power, whether it
be a banking or political despotism. When
the Bank of trie United States shall be destroy,
cd. the currency will be thrown into such de
rang( ment anc’ confusion that the country will
be prepared 1.1 submit to any National Bank
rather than enilUre the prevailing evils. Then
the Administration will come forward in that
‘spirit of iinpiovcinent’ of which the President
speaks, with their jgrand scheme of a ‘political
bank, founded on tl.e checks aud balances of
this Government.’ l
“I fear, Mr. Speaker, that the lessons of
experience are lost upon nations. No People
have been more severely schooled by this
teacher than the People ofthe United States
fleet upon our prqsent*conditmn and prospects
without recuruing to the fall of the Italian,
who, possessing a strong and robust constitu
tion, sacrificed it to the tampering of experi
mental quackery. His epitaph was brief, and
contained an instructive lesson: ‘I was well;
I would be better; lam here.’ May it never
be the painful office ofthe historian to inscribe
ihe same warning epitaph on the mighty ruin
of our national prosperity?
“I fear, sir, that we have not sufficiently re
alized the importance of a sound and stable
currency. All our civil institutions combined
are not more important than this, as a guaran
ty for the secure enjoytnent of the rights of
property. In vain do we boast of our laws
and the incorruptible purity of our judges, as
means of protecting properly, if you take away
the very substratum upon which the whole
superstructure must rest
Character of Gen- .lacksoil.
By one his Friends.
Os the paper from which the following pithy
extracts are made the Editor of the Star thus
speaks.
A penny paper called the Ledger, printed at
Philadelphia, and conducted with marked abd- <
ity and violently opposed to all Banks, has
nevertheless some remarks which may be well
to extract for their truth as well as their falla
cy, as throwing some light on the causes of
our difficulties. Os General Jackson the wri
ter speaks as follows:
“General Jackson disappointed the hopes
and expectations formed by the most judicious
friends, of his qualifications for the presidency.
With sterling honesty and inflexible patriotism,
lie proved himself unfit for that station. Ar
dent and constant iu his friendships, he thought
that to be his friend was merit enough; nar
row and sectional in his partialities, he thought
it difficult to find a friend, excepting in Ten
nessee ; and despotic by temper and habit, he
required of his frietW the most uncompromi
sing devotion. Hts< faults were those of a
great mind long trained in a narrow path.
He had an able head, chained down by long
habit to narrow thinking; and a warm and
generous heart surrounded and obstructed by
prejudices. With this ' peculiar character,
he did what no President should do; he min
gled his private feelings with his administra
tion of his office, and unintentionally forgot
his country, while glorying in his fidelity to
his friends. .
In reference to the banking system the
Editor says:
“The great error of.Geti. Jackson was in
making the overthrow ot the national banka
primary consideration. He was right in en
dcavoritig to vicious, fraudulent,
plundering bim* k rm, and to remove the
national bank, A 4d dlicient portion of it.
But he began hiW • ot reform at the wrong
end. His partist£gjgmpuld have begun with
the State banks. * * * *
But instead of this course, so obvious to
sound financiers, and so practicable by honest
politicians, he began his opposition to a rotten
system by an attack on the national bank, and
thus destroyed the only engine that prevented
the system from running riot in plundering.
In doing this, he totally forgot what every pol
itician should remember, the lessons of expe
rience. When the first national bank was
abolished in 1811, the number of ba: ks in the
whole Union was only 89 ; but in 1815, when
the second national bank was chartered, this
number had increased to 208 ; an addition of
119!!! The capital of the first was only ten
millions ; but the removal of this amount led
to an addition, by the State Legislatures, in the
brief period of 4 years, of 119 banks, or nearly
30 aiiaually. But as the new national bank
was not in successful ope ration until 1820, or
at let.st so far as to furnish any check up°
State banking, the number of State banks wn 9
increased, in 1820 to 308, or 219 in nine year s»
being more than 24 annually.
The gambling, speculation, demoralization
and bankruptcy which accompanied thisenor*
mous increase, are familiar to ail who then
were old enough to know any thing ofbanktng.
In overlooking this, Gen. Jackson forgot a.
fundamental principle of statesmanship, a relt-«
ance upon the lessons of experience. 1 hat
like causes will produce like effects in like
conditions of society, isa political axiom which
no gieat Statesmen ever forget, but which was
forgotten or disregarded by Gen. Jackson.
That like causes have produced like effect*
in our banking system, is a historical fact, and
which has been proclaimed to thousands
through their ruin. Gen. Jackson’s war against
the National Bank beiran in December, 1829.
At this time the number of State Banks was
308, and their aggregate capital 145 millions.
In December, 1836, the number had increased
to 677, and their aggregate capital to 330 1-4
millions!! Thus from the time when it Was
believed that the National Bank would be
abolished, to the commencement of the
present year, a period of 8 years, the num
ber of Banks was increased by 369, and
their aggregate capital by 185 1-4 millions!!”
jporciflu llcUjg.
Latest From Mexico.— Wc are informed by
Capt. Baker, of the schr. Mechanic, which
sailed from Matamoras on the 16th instant,
that when he left that place the current report
was, that all the American vessels, with their
crews and passengers, that had been previous
ly captured and imprisoned, were liberated by
order of Gen. Bustamcnte, who had promptly
arrested the Commodore of the Mexican fleet,
and confined him at Vera Cruz, on a charge
of capturing these vessels contrary to law and
orders. We also hear through the same chan
nel, that General Santa Anna was believed t«
be still living on his plantation. We are much
pleased thus to find that the story of his being
taken to Mexico for execution, at least want*
confirmation: and are still more rejoiced at
finding that all chances of a rupture between
Mexico and the United States are done away
with by this timely show of voluntary repar
ation for the insult offered to our flag.— N. O.
True American of '2Bth ult.
From the N. O. True American, May 31,
LATER FROM TEXAS.
By the politeness of a friend we have been
favored exclusively, with a copy of the Tele
graph, nubiished at Houston, the 17th Mny,
It come by the William and Francis from Gal
veston island, and contains the latest news
from the seat of government in Texas. Presi
dent Houston, on the 16th June, suspended by
proclamation the opening of the land offices
which, by the law of 22d Dec. were to be
opened on the Ist June. Santa Anna’s pro.
clamalion fills nearly all the “extra,” and con
tains a very precise detail of his actions and
moiives—his tears and feelings while prisoner
in the hands of the Texians. He is high in
eulogy of Houston. The Telegraph of the
16th says:—“The express mail from Jlexico*
to Matamoras was captured by our enterpris
ing fellow citizen, J. Powell near Montcrry,
and brought into this city. It represents the
army both in Mexico and Matamoras as being
m a deplorable condition. The town of
Houston is springing up as if its builders had
possession of Aladdin’s lamp.
From the New Orlon ns Balletin, May 29 1 .
The following authentic account of the tak
ing of the Textan armed vessel Independence,
by the officer in command at the time of her
capture, and addressed to the Secretary of the
Navy, will be read with interest, for the graohic
account which it gives of the action between
her and her capters, the Libertador and the
Vincedor del Alamo, who finally compelled her
to strike her colours after a tunning fight of
four hours and thirty minutes. In a fight of
such a length, it appears to have been a most
bloodless contest, Captain Wheelright being
the only man wounded aboard the Independ
ence, whilst in the same thu Mexicans had but
two killed. Wc confess wc are not much sur
prised at the smallness of the loss aboard the
former, she being a clipper, and consequently
presenting little or no surface for shot mark to
the unerring, but how on the other hand her
marksmen contrived, during such a protracted
cannonade, to keep banging away at two lusty
brigs, one of them mounting sixteen eighteens,
with so little damage done, docs appear singu
lar enough—the best solution of the matter is,
that there must have been considerable blind
gunning in the affair on both sides. The fol
lowing paragraph will be read with no small
pleasure by all friends of the younc Republic,
as it shows that the war of independence will
in future be carried on in a tone befitting civi
lized nations.
“ The kind attention and courtesy we have
received from Commodore Lopez. Captain
Davis and officers have been truly great, for
which we tender our sincerest thanks. The
“notorious” Thompson also, it appears, be
haved handsomely.”
Brazos St. Jago, April 21, 1537.
To the Hon. S. Rhoades Fisher, Sec. Navy.
Sir; —l have the honor hereby lo transmit
you an account ofthe late engagement between
our government vessel Independence, and two
of the Enemy’s brigs of war, one the Liberta
dor, of 16 eighteen pounders, 140 men ;
the other the Vincedor del Alamo, mounting
6 twelves and a long eighteen amidships, with
l()0 men. Captain Wheelwright having du
ring the action received a very dangerous
wound, the duty of sending this melancholy
communication has devolved upon me,to wit:—
On the morning of the 19ih. in latitude 29 00
N. Longitude 95 20 W. at 5 h. 30 A. M. we
discovered two sail to windward ; immediately
beat to quarters ; upon making us out they bore
down for us with all sail set, signalized and
sp< ke to each other at 7 h. 30, the Vincedor
del Alamo bore away getting in our wake to
rake us, the Libertador keeping well on our
weather quarter, wo immediately hoisted our
colors al the peak ; the enemy in a few min
utes hoisting iheirs; the Libertador on our
weather quarter edging down for us all the
time, till within 1 mile, gave us a broadside,
without wounding our men or doing other dam
age, the fire was instantly returned from our
weather battery, consisting of 3 sixes, and the
pivot a long nine, the wind blowing fresh, and
from our extreme lowness, our Ice guns were
continually under water, and even the weather
ones occasionally dipped their muzzles quite
under.
The firing on both sides was kept up for
nearlyjtwo hours. The raking shots from the
Vincedor in our wake, nearly all passing over
heads, as yet sustaining but trifling injury.
At 9 h. 30, the Libertador on our weather
quarter bore away aud ran down till within twu
cables lengths of us, lufl'cd up and gave a whole
broadside of round shot grape and cannister,
which all this the "V incedor in our wake con
tinned her raking fire.
Notwithstanding this we continued on our
course for Velasco, maintaining a hot action
tor lull 15 minutes, with some effect upon our
sails and rigging. The Libertador now hauled
her Xvtnd, widening her distance, appaiq.ntly