Newspaper Page Text
Was strictly argumentative —the next declam
atory. Now he stated in winning language
and in energetic manner whatever was in fa
vour of his client —then he inveighed, in the
fiercest strains and in tones which resounded
through the palace in which he spoke, against
that client’s opponent. In such moments there
would have been something absolutely wither
ing to him against whom his denunciations were
directed, in the orator's very countenance, even
had he not utte r cd a word. His dark bristly
hair stood on end or nt least appeared to do so.
Bis brow was knit. There was a piercing
stare and wildness in his eye, and his sallow
Complexion and haggard features altogether
represented an aspect which it was frightful to
behold. The jury on such occasions often for
got the purpose for which they had been call
ed to court: they forgot the case in the advo
cate. He diverted their minds from the s b
ject matter before them to himself. They lost
sight, for a moment, of the merits of the case
they were impanelled to decide, in theirj bound
less admiration of the gigantic talents and bril
liant eloquence of the speaker.
Speech of the lion. 13. Everett, !
Delivered before the Whig Convention of
Windsor count;/, Vermont, May 31, 1837.
The following Resolution being under con
sideration:—
[“ Resolved, That the present financial em
barrassments of the country have been produ
ced by the acts of the Executive against the
declared will of Congress.”]
Mu. President: I avail myselfof the gen
eral invitation of the convention to participate
in its proceedings. 'I will not make ihe com
mon apology of rising unexpectedly, or of be
ing unprepared. A crisis, long foreseen, has,
at length, arrived. The Experiment, in pro
grogress for the last seven years, has come
to its predicted end. It has brought on us a
train of consequences, in magnitude and extent,
never before witnessed in this country. 'l’he
pressure commenced in our cities;—it has
there produced general bankruptcy,—it has
extended to our vilages,—it will reach every
hamlet. It will affect all classes—the Mer
chants—ths Manufacturers—the Mechanics—
the Farmers. Public and private confidence
is shaken. The banks, from Maine to Louisi
ana, have suspended specie payments,—our
only currency is their bills. Io the language
of Mr. Dallas, in 1814 we may say,— "the mo
nied transactions of private life are at a stand,
ihefiscal operations oj the government labor with
extreme inconvenience.” Nay more, the fiscal
operations ot the government, are also at a
stand. Its revenue consists only cf suspended
credits in the deposite banks, and its only cur
rency is its protested drafts. The people will
enquire, “why ail this pressure and embarrass
ment ?” By what agency—bv what Experi
ment have they been produced? Who has as
sumed the responsibility? Who shall be held
responsible? So far from deeming any apolo
gy necessary, I feel that I am performing a
duty, in attempting to aid your enquiries, by
laying before you such facts and view’s as my
situation has enabled me to acquire. In doing
this there will be no occasion for invention or
possibility of deception. The principal facts
were known toyoa at the time. I shall recall
them to your recollection and endeavor so to
arrange and connect them as to exhibit their
true character and effects— and to draw’ such
conclusions, and such only, as I consciencious
ly believe to be just. The subject is extensive
and some portions of it somewhat abstruse;
and my fear is that I may not be able to make
myself perfectly understood, in the short time
I *——r?
The resolution contains a grave charge a
gainst the late and present Executives, and 1
do hope that r o one will vote for its adoption,
who is not fully satisfied that it is well founded,
in its whole extent. The crisis is too tremen
dously alarming for party tactics of any kind.
Let the responsibility rest only on those who i
are justly responsible.
The resolution affirms that the present final)
cial embarrassmen s have been produced by
the acts of the Executive against the declared
will of Congress; and, it might be added,
against the opinion of the best friends of the
administration, —against the warnings of the
ablest statesmen and patriots—and against the
lights of fifty years experience.
We all recollect the state of the currency in
1829 when the late administration came into
power. It then consisted of specie—the Bills
of the local banks, convertible into specie at
the place where issued, and current in the vi
cinity of the banks and generally in the adjoin
ing states, and bills of the Bank of the United
States, convertible into specie "at the place
where issued, and at all other places at not
exceeding a quarter of one percent.—and cur
rent at par throughout the United States. The
amount of the currency was sufficient forth,
transaction of the ordinary business of the
country, and yet not so abundant us to induce
overtrading or wild speculation. The over
issue of bil s by the local banks was restrained
by the Bank of the United States; while the
well conducted banks, that were unexpectedly
pressed were sustained by its aid. For the
good conduct of that Bunk, the public had the
best possible security. It was for its interest
that the credit of the local banks and of its
debtors should be sustained. The prosperity
of the Bank depended on the prosperity of the
country. Domestic exchange, between the
remotest cities of the Union, was reduced to
the half of one percent. The currency, thus
constituted, was exactly suited to the wants
and business of the community. It was more
convenient and “more uniform than specie.”
Travellers [referred the bills of the United'
• States Bank; no matter where payable, they
passed every when- at the par of gold and sil
ver. Persons wishing to carry luge sums to
h r ‘he West, preferred those bills to the specie.
If lhev wished to avoid all risk, they deposited
their money in any branch of the Bank ad,
lor the half of one per cent, it could be placed
to theircredit in any part of the U ited States:
and I appeal to your recollection whether for
years preceding 1829 you ever heard com
’ plaint of any kind whatever against the conduct
of that Institution. It was, 1 believe, univer
sally popular throughout the United States;
and with none was it more [iopularthan with
the friends of the late President, down to the
day ofh’is inauguration. Such was the con
dition, in which the late administration found
the currency, and such it had been since 1817.
What a contrast does the currency of this day
exhibit!
It is known that the course pursued by the
late President was approved, if not directed, by
his successor. I will not undertake to appor
tion the responsibility between ihem. Before
proceeding to state the acts of the late and pre.
se.it Executives by which the present crisis
has bee i produced, it may be well to advert
briefly to the history of the currency of this
country, for the purpose of seeing what Were
the lights of rxperieuee to dire' l them in their
way.
I see a few present whose recollections will
carry them back to the events of the Revolu
tion, and I rejoice to see them: with most ot
us—they are matters of history ; they howev
er will recollect the effect produced by ths
unrestrained issue of paper money, paper pro
mises founded on public faith done; —thou,
wwe rubied by its dapreciation iu their
htwids—at the close of the war it v as entirely >
down and had ceased to circulate—specie sud
denly became the only circulating medium—
the price of money rose—and the price of la
bor fell, and the cons; quence was the ruin of
debtors. In 1781 the Bar kof North Ameri
ca at Philadelphia was chartered by the Con
tinental Congress. Its capital was only 400,-
000—and its operations were limited to Gov
ernment transactions and to the mercantile bu
siness in its vicinity. It is related, in th ■ re
corded history of that day, that “it had an ex
traordinary effect iu restoring public and pri
vate credit m the county.” The relief, how
ever, was not general. In other parts of the
country (he pressure was extreme, the price
of property continued to fail, while the credi
tor’s note remained the same.
The finances of the country coati u d “so
labor under extreme embarrassment” until 1791,
when the secretary of the Treasury brought
forward the project of a National Bank. The
charter was granted for twenty years with a
capital of ten millions. It will be recollected ■
that a majority of its advocates were Patriots j
of the Revolution and most of them, with Wash
ington at their head, had been members of the
convention, which formed the Federal Consti
tution; and no one can suppose, that the hon
est and able men, who framed that instrument,
did not understand its true intent and meaning
as well as our modern new’ light constitutional
construct io.fists.
The act passed bv a -vote of 39 to 19.—1 t
went into operation and- continued during its I
term. Its beneficial effects upon the curren
cy were immediately felt throughout the whole
cour.tiy, and from the commencement of its
operation until the time its recharler became
doubtful (1809 ’lOl the currency of the coun
try was every thing that could be wished.
Its bills were every where current and in de
mand, in preference to specie. The local banks
were solvent. It is not within my recollection,
as of fret or history, that a single bank failed,
or suspended specie payment prior to 1810.
There was no ■ undue increase of Banks.
When however it was rendered doubtful,
whether its charter would be renewed, th re i
was an immediate increase of banks and some !
failures: I thi.k two or three tailed in that]
year, 'i’he number o state banks, o: the Ist ;
Jan. 1811 had increased to 89. II- re then ■
was the experience of twenty years. Tlie
currency and prosperity ol the country had
been sustained under a national bank: yet in
the opi ion of many the experience did not
prove that it might not be sustained without it.
i’his negative lesson was yet to be learned.
In 1808 the Bank applied for a recharter {
and their memorial vas referred to Mr. Galla- ;
tin (then Secretary of the Treasury under Mr.
Jefferson) to repoit at the next suasion. Mr.
Gallatin on the 2 March 1809, reported, that
the affairs of the bank as a moneyed institution
had been wisely and skillfully managed, and
in favor of the renewal of the charter—for the
safe keeping— the disbursement, —and the col
lection of the revenue;—and he adds .-mother
reason, which is worthy of note, “ That the
' Bank itself would form an additional bond of
common interest and. union among the states.”
He was directly opposed to a reliance on
state Banks.*
Mr. Gallatin made a second report in favor
of the recharter on the 30th Jan. 1811 in
which in relation to employing state banks
he says,‘as it is not perceived, on the other
hand, that a single advantage will accrue to the
people from the change, no reason presents it
self, on the ground of expediency, why an un
tried system should be substituted to one under
which the treasury business has so long been
conducted with perfect security to ihe United
States, and great convenience, not only to th
jjeo. U>. ’hnso «ho liavo hu.l
payments of a public nature to make or re
ceive.”
In 1811 a bill to rccharter the Bank was
rejected in the Semite by the casting vote of
the vice President, and (his institution expired
with its charter on the 4th March, 1811.
i In the course of (he debate, the consequen
ces of not renewing the charter were repeated,
ly predicted. I will read an extract from o*!e
of the speeches only- Mr. Fish of N. Y.’spid:.
“Put down this bank and how are your Fqiejp
ues to b collected? you do what .o
man, in his individual concerns, would
of doing. You discard a faithful, hottest,
punsible agent, whose integrity and fidelity! 1
you have known for twenty years, and you
place, your estate in the ha ds. and at the dis
posal, of twenty or thirty” (now eighty or
ninety) “entire strangers, of whose character
and responsibility you know nothing, nor have
the means of acquiring any knowledge, and
over whose conduct you hare no control. Should
an individual act thus with his property hi
would be deemed to have lost all regard for it,
if uot considered a madman. In resorting to
the State Banks, we are offering the amount
of our revenue as a bounty for intrigues, ca
bals, and factions, through the country. In
almost every state there are a number of banks,
and each wiH endeavor to get the revenue col
lected in that slate, to keep and trade with.”
—“New companies will be formed and new
applications will be made to divide the busi
ness and share the profits (spoils). Congress
can neither prevent a spirit of trade nor sub
due the passion for speculation. For, while
we are debating the expediency of destroying
this Bank, in order to free the country from
the mischiefs of an extended bi nk credit, we
find new banks springing up in every direc.
tion.”—“l consider them as evidence of the
destroying spirit of speculation which threatens
to stand upon the ruins of the United States
Bank tiff the cun tryshal be overwhelmed with
new emissions of pap r from these new ma. u
factories.” —“But it. other serious evil is to be
• encountered it putting down, this bank.—You
deprive the country at o. ce of a circulating
medium. Si ver a d gold cannot be had.
And what paper bu. that of .‘he U it. d Stat- s
Bank will puss in every part ot th. U- ion?
None, you can ontudi tn twenty four hours
the credit of a.) oth rba ki the country.”
And hi-asks emphatically “and will n t the 1 ,
people inquire, why all this pressure and embar- |
rassment? They certainly will. And will
they be satisfied with the answer that the bank
was unconstitutional, and could uot therefore !
be continued ? No, they will not believe it, |
they will justly reply, that this state ot things
ought to have bee.i foreseen and provided for
by tlieii rulers, as it might have been.”
So much for the predictions — ow for the
fulfillment. What was the state ot the cur
rency from 1811 to 1815—17. I
1 Jan. 1811, No of B’ks 89 cir’n 45, mil.
1 Jan. 1815, do 298, do 68 do,
1 Jan. 1817, do 275, do 110 flo.
The banks south of New England suspended
specie payment in 1814—and resumed it in
1817. From 1811 to 1817, the ii crease ’of
* “ The numerous Banks now established under the
authority of the several stales, might, it is true a flora con
siderable assistance to government in its fiscal orpera
tions. There is none however which could effect the
transmission of public monies with the same facility,
and to the same extent as (he Bank of the Unnea States j
is enabled to do through its several branches- Ihe su
perior capital of that institution offers also a greater secu
rity against any possible losses and greater resources in
relation to loans. Nor is it eligible that the gem ral gov
ernment should in respect to its own operations be en
tirely dependant on institutions over which it has no
control whatsoever. A national bank, deriving its
charier from the National Legislature, will at all limes
and under every emergency feel stronger inuuecmcnts,
both trom interest and a sense of duty to afloril ‘O inc (
Union every assistance within its power. Galla in s >
Report of ibOV.
I bank circulation was, 65,000,000. Bank bills
at Baltimore were received, at par for du'ies,
when at a discount of 22 per cent; while New
England paid the duties m specie.—'l’he gov
ernment lost on this score over five millions —
in bills of broken banks upwards of a million
and a quarter—on premiums on loans more
than six and a half millions and in extra inter
est on treasury notes about three quarters of a
million, besides an- immense loss on the dis
bursements of 210 millions, between 1812 and
1817, beyond the ordii arv expenses of Gov
ernment. from the general depreciation of the
currency.* There was then, as now, over
trading and speculation. But what gave rise
to them?—'lhe overissues of bank paper.
And what could have, and theretofore had,
checked them? —A national Bank.
In the fall of 1814 the merchants of New
York petitioned for a National Bank. They
have done the same, without distinction of
party, in 1837. They had then become satis
fied, that a sound currency could not be main
| tained without one. They haiHiad, twenty
j years of plenty, and five years of famine.
Mr. Dallas (Secretary of the Treasury un
der Mr. Madison) in his report of 1814. thus
describes the pressure —its causes—and points
out the remedy; “The oondition of the circu
lating medium presents another source ol mis- 1
chief and embarrassment, 'i he recent expor
tations of specie have considerably diminished
the fund of gold and silver c< iu ; and another
co siderable portion of that fund has been
drawn, bv the timid and the wary, from the use
olTlie community, into the pri' ate coffers ot
individuals. On the other hand, the multipli
cation of banks in the .several States, has so
increased the quantity of paper currency, that
it would be difficult to calculate its amount,
and still more difficult to ascertait its value, I
with reference to the capita! on which it has
bee;, issued. But the benefit of even this pa- j
p r currency, is, iu a great measure lost, as
the suspension of payments in specie, at most
ofthe ba; ks, has suddenly broken the chain
of accomrnodatio that previously extended
! the credit and the circulation ofthe notes which
! were emitted in one State, into eveiy State
; in the Uyion.’ — '■'■The monied transactions oj .
[ private life are at a. stand, and .the fiscal oper
ations of the Government labor with extreme
[inconvenience. It is impossible that such a
state of things should be log endured; but,
let it be tairly added, that, with legislative aid,
it is not necessary that the endurance should
be long.”— "The establishment of a Nat ional
Institution, operating upon credit, combined
with capital, and regulated by prudence and
I good faith, “IS, AI’TF.K ALL, THE ONLY EFFICIENT
; REMEDvybr the disordered condition of the
currency.”
I will here ask your attention to Mr. Madi
son’s opinion in 1815,—Mr. Madison, who,
when the charter of the Bank of 1891 was
granted, doubted its constitutionality and had
voted against it on that ground, being satisfied
by the experience of years that the only effi
cient remedy for the deranged state of the
currency was a National Bank, yielded his
former opinions : 1 w ill not say prejudices,
for few men had less. In- January 1815 a
Bill passed both Houses for chartering a
National Bank, It was vetoe dby Mr. Madi
son, not on the grounds of its being unconstitu
tional but on objections to its particular pro
visions. In regard to its constitutionality he
considered “the question of the constitutional
autnority of Congress to establish an incorpo- ,
rated Bank as precluded in his judgment by '
repeated r. cognitions, under varied circum- ;
stances ofthe validity of such an institution in ■
the acts ofthe legislative executive and judi
cial branches of the Government, accompa- !
nied by indication in different modes of a con - i
curreiice in the general will of the nation j
Nor did Mr. Madison’s opinions rest here: ;
In his message of Dec. 1815 he expressly |
recommended the establishment ot a National |
Bank. On the 10th of April 1816, the act
establishing the third National Bank was ap- ■
proved bv Mr. Madison. Such was the course
of Mr. Madison. No’ man adh red more |
conscientiously, or more firmly to opinions
w hich he believed to be right, or yielded more
willingly to the voice of truth ai d experience:
—and such w ill be the course ofevery Patriot.
Such was Mr. Madison. All, who have out
“jjved the party excitement of the day, have ;
> fivefrto do him justice.
■’ The B ink of 1816 was a republican mea-I
sure The bill to charter the Bank of 1791
was passed when there was a majority of
federalists i;> both Houses of Congress, and
approved by Washington. That of 1816 w’as
passed when there was a majority of republi
cans in both Houses and approved by Madison.
Both parties had now sanctioned the expedi
ency and the constiti’tionality of a National
Bank. They had been approved by Washing
ton and Madison. Mr. Dallas’ opinion was
verified. The Bank of 1816, proved to be the
effic>e t remedy. It went into operation on
the 23d Feb. 1817 :—and on that day every
solvent local Bank resumed specie payments:
and so continued during the term of the U. S.
Bank. In August 1829, the Secretary of the
Treasury, under President Jackson, said it had j
been all that the Government could desire. I
It had collected and disbursed for the Gov
ernment about 400.000,000, without expense,
and without the loss of a cent:—and yet in
1829 we were told that the constitutionality
ofthe National Bank was well questioned.
Thus at the time of the conception ofthe
fatal experiment, the administration had before |
* The loss by biffs of
broken banks was 1,390,707,00 ]
In 1813,14, 15 and
16—the nominal a-
mounf of loans was 54,580,728,87
For this the GoV
frimnt received
onlv 48,001,329.82
Loss in pre Illi
ums o i loans 6,819,329,82
Duri g the same
I period (he Goveru
jm< nt funded at 7
| per cent, payable m
i 1825, Treasury
I drafts, tothe am’tof 8,479,595
i Loss of 1 per cent
per annum for 10 years 847,959,50
The amount of duties
during (he time the
Banks suspended specie
payment was about
i ($48,000,000. Three
I lb- irths of which or 36,-
000,000 it is estimated
accrued south of New
England, and were paid
in bank bills, at a dis.
count of from 6 to 22
per cent averaging 11
per cent. Loss from
this sum 5,040,000,00
Total 14,127,906,32
| There is no data to dis.
| criminate between the
effect of the deptecia
ti o ofthe currency, and
the rise of price from
otb r causes. The cred
it of the government,
measured by the premi
ums o; ;oa >s,during tour
I vi nes was about 14 pct
I cent below pur.
JI o u t fe 1111 U ♦
■ it the results of fifty years experience.
had the opinions and the warnings of the most
i enlightened Patriots of the country. Under
j such circumstances, those, u ho have taken the
; n spo: sibility, shoo'd be held responsible.
I have been, perhaps, tediously minute in
placing facts before you, but when it is recol
lected that every pretence is adopted to shift
off the responsibility so fearlessly assumed —
nothii g should be left in doubt. •
We are now prepared to examine the Exe
cutive Experiment, and the ineans’by which
it has been brought to its destructive termina
tion. Notwithstanding all the professions,
that brought the late administration into pow
er, it was no sooner lodged within the walls
of the palace, than the principle was adopted
m its extreme extent, that the spoils belong to
the victors, '['he money power was not the
least important. That connected with the
patronage of appointments would establish a
political powei and a political succession too
strong for tin; ballet box. It became, there
fore, an object of the first importance, to se
cuie the control ofthe United States Bank for
political purposes. The Bank had never min
gled its concerns with the politics ofthe coun
i try ; —its stockholders and directors were
I composed of men of both parties. However
■ doubtful, or delicate the attenq.t, it was made
) w ith a directness that seemed not to anticipate
| the possibility of a rejection. 'l’he Bink v;
I dependant on the executive for the renewal
■of its charter—and this it was calculated
; would secure its subservience to the Execu
j live will.
i 'I he movement, to effect this, was made
I through the agency ofthe present governor of
i N. IL. under the patronage of the present
j Secretary of the Treasury. In June 1829,
! within the first tour months of the administra-
■ tion, a memorial was procured from its friends
I iti the legislature of New Hampshire, solicit
ing the Secretary ofthe Treasury to effect the
removal of the President of the New Hamp
shire Branch, who was obnoxious as an op
ponent, and to procure in his place the ap
pointment of oie of its friends. A correspon
dence ens led between the Secretary and the
; President ofthe Bank. It resulted in the utter
refusal of the Bark to connect itself with any
political parly. —On the failure ofthe attempt,
the Secretary covered his retreat by a clumsy
disclaimer of all desire of a political connexion
between the Executive and the Bank.
Thus foiled in this attempt —the leading ob
ject was not abandoned—lt was then deter
mined that what would not bend should
break. That the Bank should be destroyed—
and a Treasury Bank established in its place:
—and it is possible that this has been the ul
terior object to the present time—a hope mav
; yet remain for its establishment.
To prostrate an institution so deeply con
nected with the commercial relations of’the
country—so universally popular among all
classes—required a cautious, measured attack.
—ln the first message in Dec. 1829 the at
tack was made. In this the President said,
that “the coiistitu.ionality and the expediency
of the law creating the Bank were well ques
tioned bv a large portion of the people.—And
that it must be admitted by all that it had.fail
ed in the great end of establishing a uniform
and sound currency.” He then submitted to
Congress w hether a National Bank, founded
on the ci edit of the Government, and its re
venues, might not be substituted iu its place.—
, He gave no intimation of a hard money curren
cy- .
; What must have been the surprise-—the as
| toiiishmeut ofthe good people of Pennsylvania?
} This was the first lisp, that the President was
1 hostile to their favorite Bank. Had that hos
j tility been even suspected, he would not have
i obtained the vote of that state. A National
I Bank had been in operation for thirty four
(years —recognised by every department es
i the government and by every State in the
I Union, and its constitutionality affirmed by the
i supreme court ofthe United States, —and yet
I in 1829 the President said its constitutionality
( was well questioned.
The President's Message of 1829 was re
ferred to the committee of Ways and Means
in the House and to the committee of Finance
in the Senate : both, composed of majorities
of the friends of the administration, Both com
( mittees reported.—The Report in the house
I was presented by Mr. Me. Duffie, then an
j ardent supporter efthe president,—who, what
ever may be said of some of his opinions,
yields to no man in integrity of purpose. A
less conscientious politician could have made
a less direct re >ort. —For one, I confess I was,
at the time, surprised at the open, manly and I
direct couise exhibited in that report. In re- 1
lation to the question of constitutionality, Mr. J
“McDuffie says, “If the concurrence of all the >
“departments ofthe government, at different ’
“periods ofour hisJbry, under every adminis
“tration, and during the ascendancy of both
“the great political parties, into which the coun
“trv was divided soon after the adoption of the
“present constitution, s\\all be regarded as hav
"ing the authority Inscribed to such sanctions
"by the common consent of all well regulated
! "communities, the constitutional power ofcou-
I “g re ss to incorporate a bank may be assumed
“as a postulate no longer open to controversy.”
In reply to the extraordinary assumption of
the message that all must admit that the Bunk
had failed to establish an uniform and sound
currency, the report is still more pointed.
“From this opinion” the committee say “they
! are constrained to express their respectful
' but decided dissent.” That in respect to
j equalizing the currency “it has been produc
i five of results more salutary than were anti
cipated by the most sanguine advocate of the
tjolicy ofestablishing the Bank, it has actually
furnished a. circulating medium more uniform
than specie.” ‘For purposes of the revenue,
it gives to the national currency that perfect
uniformity that ideal peifection, to which a
currency of gold and silver, iu so extensive a
country could have no pretension.”—“when
it is, moreover, considered that the bank per
forins, with the most scrupulous punctuality,
the stipulations to transfer the funds of the
government to any part where they may be
wanted, free of expense, it must be apparent
that the committee are correct to the very let
ter in stating that the bank has furnished, both
to the government and to the People, a cur
renev of absolute uniform value iu all places,
j for ail the purposes of paying the public con
| tributious and disbursing the public revenue.;
I And when it is iccollected that the government
I annually collects and disburses more than
j twenty three millions of dollars, those who
are at all familiar with the subject will at
once perceive that bills which are of abso
lute uniform value for this last operation,
must be very nearly so for all the purposes
of general commerce. Upon the whole, then,
it may be confidently asserted, that no country
io the vvorld, has a circulating medium of
o-reater uniformity than the United States.”
(To be Continued.')
From the New York Evening Star, June 23.
Gov. SSamiHois’s Bjettfr.
i We have just received the following letter
from our old friend Peter Scriber, relative to
Gw. Hamilton’s lettet, which is on the first
page, with a request that we would, after pe
rusing it. send it to its direction through the
surest channel. In these “specie postage”
; ti ties we take the liberty es placing it in our
i columns, a channel both sure und cccnomical- ■
'■ I We commend it to our readers generally, and
I hope our old friend “ Peter,” will nib his pen
• i and let us hear from him oftener:—
: | TVest Chester County, State of Nev; York, )
I ' 23d June, 1837. $
To Governor Hamilton, of South Carolina;
Dear Sir.—l have read with great interest
your intelligent letter to Mr. Biddle, published
in the “Charleston Mercury,” and admire the
spirit and tone of it. The evils under which
we suffer at present are not likely to be re-
I moved unless those who represent ths people,
jas well as those who from various circum-
I stances control their confidence in other posi
, tions, met the subject in a spirit jf good feel
ing, such as you propose a.td so ably tnani
, fest.
1, for “one of the people,” approve most
heartily of your views w ith some trifling ex
ceptions, w hich I take the liberty to detail to
, you, premising, however, that I hove only just
finished reading your letter, and have not as
yet exchanged a word or thought with any
individual regarding i\ The whole subject of
banks and banking, and currency, has occupied
a considerable share of my time since it has
. assumed the shape ;of “ government action.”
. Before that period, the whole matter seemed
i to accord so closely to the genius of our laws,
, j that, like them, it was scarcely f< 1 , save in
‘ its be; ign influence ; and I hold those laws to
j be best, and. that government best, which oper
i ates so silently and equally and justly that no
I one feels called on to complain at them, or to
resist th; m. But "letting well alone” seems
to have been a forgotten maxim : our good
] “people,” like Israel of old, “wax’d fat and
kick’d,’" and here we are all in a snarl. I
rejoice that I recognize in you a spirit that I
love to cherish myself. I deem it altogether
, the wisest course to get the ship off the lee
shore, and in deep water, before we waste time
in thrashing the pilot who ran her into danger
—that can be done “ at a more convenient
!season.”
I I dont agree with you that the constitution
I requires any alteration to effect the object you
j desire—for if any power is required to this j
.: end, that instrument contains it as fully as ;
I could be desired. The power to coin money
| and fix the value thereof, is clearly in the
' hands of Congress, as much so as the power to
1 “ regulate foreign commerce and commerce
between the states,” and then to cover all con
tingences, the constitution goes on to say that
“ Congress shall have power to pass all snch
I laws as may be deemed requisite to carry
. these powers into effect.” 'i’he constitution ;
does not say for instance that a foreign ship :
shall not convey goods coastwise, when at first I
sight it would seem this would be a natural I
j right with nations i i amity with us; but our ;
1 laws of Congress render this illegal, under the
, construction of that clause which gives Con
gress the power “ to pass all laws necessary”
to carry “the foregoing” into effect. Many
incidental powers are thus exercised which
are riot expressed in the constitution, but re
cognized as legal because necessary.
But regarding the money affairs ofthe coun- I
’ try, because the constitution recognizes no i
| other money but gold and silver, it is contend- I
i ed by some that Congress can in no shape re- ’
I cognize any other, though it is as clear as the I
! sun that recredit system bears as directly on I
| coin, as a regulator thereof, as the coasting I
I trade bears on foreign commerce, only more j
i intensely. By your credit system you can I
I bring gold and silver from China, «r send it j
J there or elsewhere. The value of coin is not
in your mint, as is clearly proved : the great
engine of credit bears upon it—your industry
developed by a sound credit system, controls
the chauels of coin. Destroy credit and you
! cripple industry, and then away goes your coin-
I the possession of which is only the evidence of
I y our success in industry over others who may
have held it. The constitution then, I contend,
gives the power fully and clearly to Congress,
and the Congress alone, to manage the coin of
he country; and if it should prove, “in the
course of human events,” that rail roads and
steam boats alone can keep com in the county,
and operate effectively on its value, and that
common waggon roads, and canvass depreci
ates or drives it out as fast as coined, Congress
and Congress alone has the right to abolish :
waggons and sails, if it so deems. Congress j
being "thepeople,” acting under written laws
of their own creation, and if it dont suit them,
every two years furnishes the remedy. Little
harm can come provided a majority of the
people, and not one man’s will, construe the
constitution as they and not he understand it. •
I approve of your plan ot taking advantage (
I ofthe present organized Bank of thirty five
I millions to carry out the system of bringing !
\ back the country to a sound currency, and
i would suggest, as a practicable improvement
I on your plan, to authorise an increase of its
capital, say fifteen millions of dollars, making
its capital 50 millotus, and directing this in
crease to be subscribed for, payable one half in .
coin, the cost of which would about place new j
subscribers on a par with old ones, and furnish )
a machine directly. In the spiiit of good
feeling and compromise let the State Banks,
or States (now that they have a share ofthe
public surplus) subscribe to this 15 millions !
' pro-rata ; but 1 would suffer no State or Gen
eral Government to mix in the direction, for
no State or General Government can send or
appoint a Director worth ti fig for sound Bank
management —they will only send politicians— j
the very worst of all Bank directors, like a ;
rotten egg in a budding, dozens of sound eggs ;
cannot obviate it. The Banks to be allowed I
to establish branches as of old, will give the :
people of sound character in every State, a
fair and full representation m its manage- !
meut.
The States, rs such, have no more right to
; Bank “emit bills of credit” among the people
I of these United States than the Emperor of
I China. His right in fact is only indirectly
! inhibited—their right is directly so—but they
have assumed and practised upon it. and I for
one am willing to wink at it.— 1 hey can do.
as they have done, much and serious injury, ;
but with a good regulator created or recogni- |
zed bv Congress, the power to injure will be ;
circumscribed if not entirely neutralized.
Congress must do one of two things—either j
give us a regulation ofthe credit system, which .
system is a part and parcel and an indispensi- .
blc portion of our prosperity, or introduce at
once a system of coinage to represent values. (
for if we are to come to coin exclusively, I |
doubt much the ability of machinery to coin a .
piece of metal small enough, be it ot gold or j
silver or copper, that will correspond with the
relative value of a Inal of bread.
In Naples, one of mv sons now travelling,
writes me and says, “ I have seen a Laz iroiti
buy his breakfast with a copper coin and take
change. Italy is a hard currency country, .
no one trusts there to u paper currency, they |
are all Bm.tomaits.—lf they are born’rich they j
generally die so, unless by bad luck at the •
“Redotto” they lose much. If they arc born
poor thus they live and die—there is no fluclu
i atiou whatever in this respect, and so will it be
here, destroy credit or abandon the well tried |
principle by which the ctedit system was re- i
guluted, and we shall all, like the inhabitants I
of other countries which have not civilization (
or intelligence to sustain confidence, we like i
(hem, with casts and distinctions ns marked as
theirs, as we are born, so in the same condition i
shall we die. This may suit the new light I
•democracy, but it don’t and will not suit the '
old fashioned democratic notions of your old
friend and fellow citizen,
PETER SCRIBER.
P. S. In mentioning Mr. Benton’s name
in the foregoing, I do not intend to speak dis
paragingly of him ; all countries have their
humbugs, and we have our full share, some lit
tle ones like Amos Kendall, Isaac Hill, “Offi
cial Editor” Blair, &c. &c. but they are all
small fry compared to that big “cat fish” of the
Missouri; when a man sets out to humbug a
whole people I like to see him do his work ef
fectually. The word humbug means (politi
cally) to get some “taking notion” that sounds
well in theory but is totally impracticable.
Now, some humbugs, like the "deposite remo
ved,” "the cordon of State Banks,” "the Safety
Fund,” ''the speeie circular,” &c. &c. are
mt, so far dangerous, as in attempting to
p notice on them they blow up-, but Mr. Ben
ton’s humbug is infinitely safer, because it can
in no shape go into practice; it may simply
serve to push him into power, and there stop,
just as a man would say “elect me to office and
ye shall all have wings and live on air, and
grow fat and live for ever,” and when in office
lie can simply say “veil fellow citizens our
cause is glorious, it must succeed by our con
tinued efforts to put down all opposition to it.”
P. S.
From the Chronicle & Sentinel, July 7.
We generally find that (he best way to con
vict our adversaries of their inconsistences
and want of political principle, is to give their
< onfessions in their own language. I’he Con
stitutionalist of this morning, in excusing its
party for the defeat of I gersoll in Philadel
phta, says:—
“ But unfortunately for the Whigs of Phila
delphia, this victory is no victory at all; for
the triumph is really on the side of the demo
crats, who, with a candidate who had the odi
ous name of tory attached to him, came with
in 231 votes of electing him. * * *
The charge could not be denied, because his
own name was attached to the acknowledg
■ merit, that, in the revolutionary contest for in
< dependence, he would have been a tory. We
inust confess tiiat such an acknowledgment
should consign any citizen to obscurity, who
appeals to the favors of the American people.
And we have not a single doubt, that Mr. Ing
ersoll lost bis election by this avowal, though
made in 1807.”
Now put this and that together, and what
do they make ? It is an unblushing boast that
( the Van Buren party—the good democrats of
the land—came within 231 votes of electing
I a man who publicly ivows that his heart was
: with the tories of the revolution, and that his
; hand would have taken their part, had he been
old enough to have engaged in the struggle!
The Constitutionalist claims ii as a triumph,
that its party could almost elect a man whose
toryism, it subsequently confesses, for the pur
pose of excusing its defeat, should consign him
to obscurity ! “Oh shame where is thy blush!”
Political hypocrisy, thou masked demon, thus
( we tare off the veil and expose thy hideous
face to the public gaze !
I But Ingersoll lost not one vote of his party,
’ by his toryism, and was not, as the Constitu
, tionalist asserts, defeated on that account,
j Last year Harper the Van Buren candidate
I w’as elected over Naylor the present success
j fol candidate, by a majority of 93 votes, and
! by reference to a comparison of Harper’s poll
i then and Ingersoll’s now, it will be seen that
the latter obtained more votes than the former,
proving clearly that bis toryism if it had any
effect at all, rather increased the enthusiasm
of his partv in his behalf.
1537. 1836.
Ingersoll Harper
Northern Liberties 1853 1771
Spring Garden 1064 1011
Union Liberties mtj. 108 78 maj.
Kensington 1328 1095.
The above is taken from a table in the Globe
of last Friday evening, showing that at every
voting ground heard from in the District, In
gersoll received the full strength of his party,
and that his being a tory made no difference
with them at all. Mr. Guieu must hunt up a
better excuse than that—a man mustbesome
i thing worse than a tory to choak the good
’ democrats of the 3rd District.
jForcisn Uietos.
From the N. O. Picayune, July 5.
TEXAS.
- Yesterday we received the 4th number of
; a new paper commenced at Nacogdoches, call- |
cd the “Texas Chronicle.” From the Chron- |
ide we learn that peace has been restored to
the frontiers, and that the volunteers who
promptly stept forward to its defence against
the depredations of the Indians, have all re
turned to their homes. The companies that
j went out in pursuit ofthe Indians ascertained,
I that three companies of Indians, consisting of
about one hundred and fifty each had come
down some time previous, to our frontier ; one
company down the Navasoto, one down the
Brasos, and the other down the Trinity.—lt
has evidently been these parties that have com
mitti d the recent depredations ; they report
that tlie main body of the Indians are above
the Cross Timbers.
The Chronicle is rank for the invasion of
Mexico.—The following is a paragraph from
! that paper of the 20th ult.
We have long since been perfectly satisfied
: that our only chance for peace with Mexico,
' was to carry the w'ar into her own territory;
I we are now more strongly persuaded of this
fact than ever. It is our best policy to do so
as soon as we can properly get up an expedi
tion ot this sort; and as soon as we take the
bold and laudable stand; that Mexico shall
acknowledge our independence, or that she
shall pay the forfeit of her ignorant stubborn
ness. We shall neither be wanting in money
nor men to carry the war vigorously beyond
the Rio Grande.
From the Mobile Chronicle, July 6.
Tampico, 21st June, 1537.
The following has been handed me by the
i Governor of this place, a few printed copies of
| which I send to you by the schr Water Witch,
i “COLONEL LOUIS GONZAGA VIEYRA,
Governor of the Department of Mexico.
1 From the Department of State for exterior
: relations, the following decree has been com
municated to me,
The President of the Mexican Republic to
its inhabitants- Know ye that the General
Congress has decreed as follows:
Art. 1. The Govermneut is hereby authori
zed to compromise the claims which the Gov
i eminent ofthe United States has instituted, or
I may hereafter institute, and those in which
! they cannot agree,' may be submitted to the
decision of a friendly power, the United Slates
of America agreeing thereto,
Art. 2d. The Government is further hereby
authorised that in case the United States of j
America should refuse or uot give in a stated
time, satisfaction which on our part we have
a right to demand according to the treaty, or
in case the open aggressions should continue
which have been commenced to close our
ports to tlio commerce of said nation, to pro
hibit the introduction and the use of its .Man
ufactures to point out a period to consume or
1 export those already in the country and to
adopt all the necessary means to effect said
measures and the safety of the Republic.
■ MICHAEL VALENTIN, President.
Tirso Viojo, Representative and Sec’y.
Rafael Montalvo, Rep. and Sec’y.
Therefore, I command the same to be print
ed, published, promulgated and duly complied
I with.
Government Palace at Mexico, 20th May,
. 1837.
ANASTASIO BUSTAMENTE.
To Don Louis Gonzaga, Cuevas.
i Which Icommunicate to your Excellency
for vour information and guidance.
To His Excellency the Government of the
Department of Mexico.
And for the information of all I command
the same to be published as a law in this Me
tropolis, and in all the cities, towns, and vila
gesof this Department, and to be circulated to
all whom it may concern.
Given at Mexico, this 26th day of Mav, 1837
LOUIS GONZAGA VIEYRA.
Sict. Gabriel Sagaseta, Secretary.
Notwithstanding the above decree issued bv
■ the Government, it is tny opinion that all the
difficulties existing between the two nations
will be amicably settled.
To Mr. Kidd, Merchant’s Exchange, N.
Orleans.
P. S. The Conducta with specie has not
arrived from the interior but is expected soon.
I believe all is tranquil throughout the republic.
—lt is believed here that Commodore Dallas
has passed this place on his way to Vera Cruz.
Athens, Ga. Saturday, July 15, 1837.
FOR GOVERNOR.
SHBKHnnBnsnEgHHaHHnBIMBHB
It has never fallen to our lot to announce in
the compass of a single column, bereavements
so painful as those which it now becomes our
melancholy duty to record.
Two “great” men “have fallen in Israel.”
Nathaniel Macon, of North Carolina, and
David Blackshear, of Georgia.
They were both, men of the revolution, and
true to the principles ofliberty.
They were both Democrats, as Thomas Jef
ferson was a Democrat.—They were both de
voted to the Constitution of their country, as
written and expounded by the immortal Madi.
son ; and both, lived and died in the faith they
professed.
Honest in public and private—firm and un
compromising in support of their principles—
they were men “without fear and without re
proach.”
May their bright example be a lesson to those
behind them. May the rising generation emu
| late their virtues and their piinciples—and
may this truth sink deep into their hearts, that
whomsoever shall walk in their lootsteps, will
as surely ariive at honor and distinction.
—Standard of Union.
One more Revolutionary soldier gone. Col.
John Hampton, late of Jackson county, Geor
gia, and tor the last 2 or 3 years a citizen of
j Cherokee county, Alabama,, died on the 16th
j of June, of the Yellow Jaimders, (so called)
i under which disease he laboured for some 4
’■ or 5 weeks.
lufartnnali' Casualty
We regret to learn by letters received in ibis
place yesterday fiom Clarksville, that the
Rev’d. Hugh A. Hawthorn was drowned a
! few days since, at the Falls ofthe while
; bathing in the Basin between the falls. All
j efforts to rescue the body on the succeeding
day proved fruitless—be had no doubt been
carried by the force of the current down the
immense precipices into the Chasm below’.-
I Mr. H. was a highly respectable and intelli
gent Clergyman of the Presbyterian order.
; We have received the proceedings of the
j Celebration of the 4th inst. at Narcoochce,
j Habersham co., but too lute tor this day’s pa
I per. The great interest which we feel in lay*
j ing before our readers the most important in.
telligence connected with the currency and
the commercial interests, w ill necessarily ex.
elude the oration delivered on the occasion.
Van Burcnism.
We invite the attention of our readers to the
following extractof a letter from C. J. Inger
soll, of Philadelphia, the late candidate of the
party for Congress. In such a case as this,
we deem comment unnecessary. It is, how
ever. conclusive evidence of the character of
the party in power. Determined to sustain
themselves in the offices of the country, at all
and every hazard, no regard whatever is paid
to the character of the individual to be pro
moted. The only question to be answered is—
“ Does he belong to the party ?” This, we ad.
mit, is strong language, and a most desperate
state of things; but facts bear us out in the
assertion.
In addition to the case of Mr. Ingersoll,
that of Reuben M. Whitney is one directly iu
point. Reuben, after having deserted us in tho
late War, went into Canada and officiated as
British Commissary, after taking the oath of
allegiance to His Britanic Majesty;—yet this
man with this load of traitorism upon his
shoulders, was appointed to an important of
fice within ihe gift of the late administration,
and the party have been ever ready to sustain
him.
But need we go from home to obtain proof
of the strongest character to sustain us in this
assertion ? Certainly not. The acts of the
party at present in power in Georgia, present
abundant evidence of the utter recklessness of
tho Van Burenitcs, and their determination to
sustain the members of the party without re
gard to private worth or mcral character.
Suck a state of ihings needs reform, and w o
put the question to every honest, patriotic Geor.
gian, to which we shall expect an answer on
the first Monday in October next. Can veu
reconcile it to your feelings, to support a par.
ty who have sought to place in the Congress of
the United States, a man who has openly de.
elated that if he had been capable during the
Revolution, he would have been a TORY ?
A party the very head of which has protected
w’ith his influence Reuben M. Whitm v, who
was a TRAITOR to his country in the Into
War—A party which has through its officers