Georgia Historic Newspapers

    CHRONICLE AND SENTINEL.
AUGUSTA.
THURSDAY MORNING, MAY %S.
• ’ .
Great Freshet.
The rains which have fallen in the c4rly part
of this week up to Wednesday morning, have
produced the greatest rise in the Siyannah,
which has occurred since the celebraleji \ azoo
fresh in 1796, and those of our citizens ho saw
that, saj the body of water is much greater than
at that time. The damage produced oir; planta
tions both above and below this city., will be
immense, and the destruction of prope'/ty incal
culable. The growing crops have i'io doubt
been entirely destroyed.
The damage done in this city cannot; be ascer
tained for some days; the amount of| property
destroyed, is already known to be very Considera
ble. A considerable portion of the upj*»er bridge
has been carried away, and it is supposed that
all the upper wharves have been entirely destroy
ed. Our city is now an island, and the water on
the back commons is from two to six!hundred
yards wide, cutting off all communication with
the adjacent country in every direction, j To give
our readers at a distance some idea of t|ie extent
of the freehet, a six oared boat can pa&« without
difficulty through Broad-street from Rcnnoch’s
old Corner up to the extreme end of thmeity, and
how far beyond we know not; and 'from the
Globe Hotel up Broad-street, is almost a*continu
ous lake of water. ?
In short, there is scarce a street in the city
that the water is not now, (eight o’clock P. M.)
passing through, and the river is stiSl rising at
the rate of four to six inches an hour, and should
it continue to rise in the same ratio for four or
six hours longer, the whole city will b«< inunda
ted. The lower bridge has withstood the force
of the current, and is still standing the time
we write, though serious fears are entertained
for its safety. Many of oor citizens hkve been
driven from their dwellings, and in some of the
houses the water is several feet deep. - •
Great as is the destruction of property in this
city, we apprehend it is much greater in propor
tion, in our neighboring town of Hamburg, and
we have no doubt the distress among tl;:e citizens
is infinitely greater. For from what Iwe could
see of the town from the bridge, w e do! not sup
pose there is two acres of dry land in she place.
The river at dark had risen thirty-five feet
above low water mark. ‘
_ 5
State Rights Meeting. \
Madison, May 21.1 t, 1840.
The State Rights Association of Morgnn county }
having met agreeable to previous notice of their
President; the Chairman having made known to
the meeting that the Secretary, Mr, John Robson ,
was absent,
On motion of Mr. Lancelot Johnson.. F, W. Ar
nold acted as Secretary. :,
The Chairman then announced that t-ha meeting
was organized; also briefly stated tbti object oi
the meeting. *
On motion of Mr. Stewart Floyd, ;
Resolved, That all those who have becom;
members of the Association, that are Opposed l i
thewe-election of Martin Van Buren to: the Presi j
dency of the United States, be entitled! to vote a i
this meeting.
On motion of Mr. Nathaniel Allen, ;
Resolved, That tbe Chairman appoint nine gen <
tleraen as a Committee to report to this meetin ,
the names of four suitable persons to represent th f
county of Morgan in the Convention tb be held a,
Miliedgeville in June next.
The Chair appointed the following turned gee j
tlemen to be that Committee ; •
Nathaniel Allen, Lancelot Johaston,
Reuben Mann, John G. Grattan,
Reuben Massey, John D. McNeal,
Joseph P. Penoik, Miriott W. Warren,
Augustas Aldcn, I
Who retired a few moments, and repdrted the so j
lowing gentlemen as Delegates :
S- .wart Floyd, William M. Fbawner,
Nathaniel Allen, Miriott W. Warren,
Which nomination was confirmed. j
On motion of Mr. Augustus Aldcn, |
Resolved, That it is expedient in the opinion (
this meeting for the State Rights Party of Georg:
to unite in the support of W t illiam Henry Hal
rison for the Presidency, and John Twter for tfc^
Vice Presidency of the United States ; iaud that oi i
Delegates to the June Convention ary hereby ir|
structed to vote for a ticket in favor Jf their elet»
lion.
I
Tbe meeting being addressed in an jit le and ek 4
quent manner by Messrs. Augustus Al!den,Stewaij
Floyd and Adam G. Saffold, the resolution
adopted without a dissenfng voice.
On motion of Mr. A. G. Saffold,
Resolved, That the proceedings of this meetini
be signed by the Chairman and Secretary, and pulj
lished in the Chronicle & Sentinel, sind Souther|
Recorder. \]
On motion of Mr. Stewart Floyd, the meetioi;
then adjourned. WILLIAM S. STOKiS,Pres.
F. W. Arnold, Secretary pro tern;
A Dreadful Picture - The Paris corrcspor t
deni ol the National Intelligencer alludes to a<’
counts from Pondicheny.oftho 22d of January, at 1
from 1 anaon, a French factory about 250 rail< •
along the coast from that city, up to the 7th Del
which contain numerous details of the dreadfi!
hurricane and inundation of the sea on that coas i
mentioned by us a short time since 1 Thev coil ’
cide in slating the force of ihe wind A'> h <ve bee I
such as had never before been witnc-.jifi -here an
the inroad of :be sea ns dreadtul beyi;ad des’eri I 1
lion. Upwards of 10,Odd corpses hat;; been soum 4 I
but many thousand mere had, nodonh, been was!
ed away. So many bodies lying unburied hr.
caused a pestilence, and the condition of the surv :
vors, who had lost must of their property, was e ‘
ceedmgly distressing. The liriiish aoj norities an 1
settlers had shown the greatest kindr?fss ; but tl ; i
factory and the town of Yanaon, whi-:b alone hs • i
lost 1,500 inhabitants, could not recover from sut ' ,
a calamity fora great many years. ,
I
Pardon.— The king of France, wishing to hont-'
the occasion of the marriage of his second son, tl - 1
Due de Nemours, by some signal aettaf clemency, 4
issued a decree on the 27th of Apn,i-, restoring i
lioerty ah who had been condemned; for politic: i
501(1 off * nces previous to lhs Sth ol May, j
J I
V c
“ They all turned Whigs !”—$ Loco Fo. i
Representative in Massachusetts, gavsc as a reasi t
for voting against tlie hoard of Education at t)
last session of the Legislature, w that L soon as tl I
people got learning, they all turned vf’higs.” Tl ; s
same man on the day of his election,* when he r *
turnad home from l fie town meeting, Hold his wi.J '
he was elected to “ legislate to Congrn. s;?.”
S ; i
Speech of Mr. Aisbet,
OF GEORGIA,
On the Treasury Note Bill.
House or RephesrktjlTivm, March 24, 1840,
The House being in Committee of the Whole
on the state of the Union on the bill authorizing
a further issue of Treasury notes, Mr. Niseet
spoke as follows :
Mr. Chairman : I am fortunate in this, that I
have no past deeds to be raW?d up in judgment
against me as a member of Congress. I have
been here but a little while. My name has not
been upon your journals until this session, I am
“ not us homo,” a new man in the councils of the
nation. There are no inconsistent votes to be
aroused from their slumber, and arrayed for my
condemnation. lam not to be caught, as many
are, upon the yeas and nays of former times,
And for the same reason, with other reasons, 1
have no one to catch—no one to impale—no po
litical tergiversations to expo'-e. i congratulate
myself that I am under no necessity of self-de
fence, and feel neither the obligation nor the de
sire to assail others. I shall not, therefore, in
the- o most unprofitable, tedious talks so common
to Ibis House, occupy the time of the commiUcs.
The debate on the bill now under discussion
has been exceedingly discursive, embracin; al
most every topic connected with the fiacaci al
wants of the country, and the administration of the
General Government. The bank, the sub-treas
ury, the distresses of the country, the state of the
Treasuiy, the errors and the follies and virtues ol
Mr. Van Buren, have afforded themes of vast en
largement and great eloquence for honorable gen
tlemen. It is the custom of the age, and of Cia
country particularly, to discuss upon every ques
tion every thing; to run the round enLilrf of all the
subjects about which the People do or may be
presumed to feel any interest. And that subject,
too, which is most likely to be slighted by the
orator, is the subject which ' before him for dis
cussion. Ido not claim exemption for myself in
this particular. I. like others, have been given
to wandering and tedious prolixity. So far as
concerns mys.lf, I shall speedily amend, if possi
ble; and, so far as it concerns others, I am well
convinced that, in the custom referred to, ere is
neither utility nor good taste, and ■ at it is more
honored in the breach than in the observance.
In relation to a national bank, I will only re
mark that I have always believed it to be uncon
stitutional in any and alii.,? foims. So believing,
it is neither necessary nor expedient to inquire
into its utility, its blessings, or its curses, This
objection to it stands at the threshold, and,
amounting to a prohibition of a power to charier
a bank to Congress, is a conclusive answer to all
arguments drawn from the expediency of such
an institution. I hold that such a power cannot
be claimed for Congress but by a latitudinarv
rule ofconstruing the Constitution ; such a rule
as was of old established by the greatest bank
champion known to our annals. I mean, sir,
Alexander Hamilton. This rule, in the opera
tion of our system, will clothe Congress with al
most any power which the varying exigencies of
the future may seem to make either necessary or
desirable. The reversed rule, I am daily more
convinced, can alone maintain the just righ. of
the Stat 3, and restrain the ever-so ard advance
of Federal encroachment.*
I admit, Mr. Chairman, the truthfulness of die
picture of distress which C.ze country now exhib-
Hu, drawn with such graphic accuracy by my
friend, tbe eloquent member from South Car .>
ua, (Mr. Thompson.) I’■ '.ow that all orders of
men and all species of industry are laboring un
der a pecuniary pre ure of unexampled severity;
and no part of the Union feels it more rrnsibly
than that from which you and I came. Desola
tion sbl upon the face of this great Union, para
lyzing its energies and smothering i ) resources.
To inquire into the causes of all this would re
quire such time as this committee would not
grant. These causes are manifold, and, among
them, it has been stacd, are the issues by ihe
Government of Treasury notes. So far tbe
debt incurred by the Government by these issues
is conrcrned, I admit, to at extent, the Govern
ment has increased its liabilities, but not i'.e
taxes or e liabilities of the People. For, all
these issues, past and prospective, have been, and
will be, but anticipations of riae revenue of the
Government, accruing in the ordinary way and
from he or aary sources; tor they have been,
and those to to issued by this bill are to be, re
deemed at short d specifi - J periods from the
resources of the Treasury. Asa proof of this, of
all the previous issu ,- ' ; of Tre jury noies there
remains out now and re .eft.liable G.dy a little
more than two millions of dcllars. I like to view
things s ; ngly. Let others connect t is 1-111 as
they may with other things, I am unable to s.c
it it any nc-e. sa.y connexion with the pc-t or
present distress of the country. It is not, as I
suppose, designed to afford r hes to the count y,
much less to oppress its It is a measure of
porary relief to the Government from a pecuniar >'
pr< ure, f ora which it be relieved or sub
mit to dishonor before the world. I submitthen,
c:;*, if it :s a l_ir course of argument to involve
tfc:s measure in the labyrinth of disordered cu--
rency, exchange ?, private and public suflring.
li would seem more statesmanlike to meet it up
on ils independent merits.
It was argued the other day by my fiend and
colleague ( Mr. King) that ’ a bill is part and par
cel of the Sub-Treasury s. home, and, Icing op»
poied to that, he thereby fortified his oppo ition
to both measures. I listened with delight to {' at
gentleman’s speech, and it gave to it that respect
which his own excellent mind and character and
long personal friendship tor him demand of me.
If I thought with him, I would be happy to vote
with him; and that his convictions are satisfacto
ry to him, and wholly sincere, there can Le no
doubt. But is this bill part of the sub-Treasury
scheme ? Is it an adjunct to it 1 And it is ; .ue
that this Government really designs to collect
the revenues of the country in specie, and hoard
ing that (in prospective amount absolu.riy incal
culable) to issue paper—in discharge of its own
liabilities 1 Is it true that the Russian system of
finance is here to be adopted 1 Will the Govern
ment establish a hank upon the specie revenue
as a basis; filling out all the channels, and absorb
ing in her Sub-Treasury vaults the specie of the
four quarters of the world I —The proposition is
a strong one, alarming even to fancy ; such a one
as this Government cannot venture upon without
involving us at once in revolution. My colleague
fears such things are contemplated, and will be
the necessary result of the sub-Treasury bill and
its kindred and auxiliary measure, the bill I am
now discussing. Perhaps I should rather say,
he fears that in time to come, such may be the re
sult of that system, if persevered in, which is now
beginning, it may be so. His forebodings may
be released ; his prophecies may be fulfilled. One
thing Ido verily believe, and it is this; that,
should this Administration or any other come in
to this Hail and ask for Treasury notes, with a
redundant Treasury of specie, or of any other
available funds, such request would be the signal
of its overthrow. And I would be among the
first of those who would like to bo in at the death.
This bill, in its terms, in its origin, and the man
ner of its execution, has, to my mind, no connex
ion with the sub-Treasury bill. That has not yet
come before us. This is now upon its passage,
i hat provides for the collection, and disburse
ment, and custody of the public revenue, and
prescribes the kind of money in which it shall be
paid. This bill, not trenching upon, or being
connected with, those objects, only authorizes, by
issue of Treasury notes, the loan of five millions
of dollars. When that bill is before us, then it
will be fair to consider whether the constant is
sue of Government credits be part of the scheme.
If it be, then I shall be with my honorable friend
in opposition to it.
But now, instead of a full Treasury as a basis
for credits, I find it empty. Its utter vacuity is
the very cause, frofv, and bead of this offending
bill —no more. Viewing, therefore, the question
i. as the facts present it, I cannot give such weight
to the member’s argument as to justify my voting
T with him.
p Mr. Chairman, in advocating the issue of
Treasury notes, I am not to be considered as the
j apologist or supporter of the Administration. I
t am neither the one nor the other. Nor do I ap
pear on this occasion its assailant. I leave these
t tasks to those, of which theie are not a few, who
have for tl em a special vocation. The errors of
e those who administer the Government ought to be
exposed, and a corrupt Administration ought to
be unseated; so it is but right that they should
* have defence. Os this sort of warfare there is
; quite enough in this Hall. Ido not complain of
j this; but I do desire not to be understood as
supporting or opposing a measure because pro
posed by one or the other of the great parties.
I was elected by apolitical party in opposition
to (he Administration. lam myself in the oppo
' sition. The obligations I owe to my constituents
' as well as my own convictions of duty to the
( country, place me in the opposition. There I ex
* pact to remain. But sir, the opposition of the
State Rights parly of Georgia, and of myself, by
j them elected, is not capricious, but founded on
e principle; and whenever the measures of the
Administration are in accordance with those prin
ciples by which that great and honest parly re
golata their political conduct, the opposition
ceases. Is this, sir, a suffi.’icnt definition of a
position? It i« certainly explicit. To use the
g quaint language of a Southern editor, is this
“the indefinite definition of iRe jutLjags and
e boundings of one’s political nothing”—that is,
g ones position ? These definitions are often ne
cessary in this day; fora political position is an
” exceedingly variable t!.‘ng. Politicians do not
often stand long enough in the same place to cre
ate a position. They (positions) are intangible,
optical illusions, which cheat the sight. They
remind me of an angle of the river Potomac,
’ called Point-no-point, which seems *to be but
I vanishes, as you approach it, existing only in the
illusion created by light and shade.
g The name of Mr. Crawford has been quoted
{ against t&s bill. This lo a name, sir, which I
delight to honor. I revere the memory of that
great man—great in mind and in
integrity. “ Magnam vircl venerabile nomen.”
’ I thank the gentleman from South Carolina (Mr.
' Thompson) for the deserved tribute which he
was picas.d to bestow upon Mr. Crawford. It is
’ even true, as he said, that, talre him all in all, he
I l:as had no superior since Washington died. He
was a just exponent of State rights principles to
t steady, practical, and sound. His policy wa s—
hold the Government rt ictly to its coacturtxl
powers, whilst he flittered not away the doctrines
he professed by unmeaning abstraction and me
taphysical refinements, calculated only to bring
’ them into contempt B.:d ridico’e. But the au
thority of Mr. Crawford is only la \he expediency
j- of this mode of raiding money. He did not raise
r toil any constitutional objection. And this is
o. jection upon which resistance to it is now
predicated. He believed the power liable to abu ~c,
i being easy of exerefre, seductive, and therefore
most likely to bo resorted to. But when the
9 circumstances of the and country
are such os we know do t v,f exist, it is by no
| means certain that M.. Crawford himself, if liv
r ng, would not yield o the guarded and moderate
use of the power. Tne cor s‘futional power in
his day, as I believo was tj'.'z questioned. This
is an objection of recent origin, and started first
’ I I believe, by the gentleman from South Carolina,
(Mr. Thompson,) at the extra session of 1837.
For myself, I would certainly exercise the power
most sparingly, and only in cases of pressing, nay,
’ controlless necessity. Os thisr*ecessity Congrc* - *
’ must judge. It is no part of my duty on the
y : present occasion to prove thst this power may
’ i not be abused. I kne wit mayi But 'having
' satisfied mycalf that there is no valid conslittrtfr n
' al objection, it behooves meanly to establish • ,
[ position, and that the pr?'-- rt exigency
Ac use of the power. If, in same coming
| it should be why, let the blame of fc.-rt
I abuse rest upon those who pc, 'ttate it.
; In relation, then, to the expediency of the use
j of the power ndv , I remark that all parties admit
that the Treasury needs money, and must have it
’ at once, or be dishonored. It is also conceded
that thesa notes will c.t once subserve the purpooo
of relief; that funds, through their agency, can
be had, without delay, and with certainty, or
th.: t ey will .hemselves subserve the uses of
' ( money, being made receivable in Government
dues. By a few days’ delay, we are told, and no
one has questioned the statement, that the Treas
' ury will be exhausted, and I e Government and
the nation will be dishonored. I cannot see the
na bnal credit prostrat";!, or in danger of it, with
’ out coming to the rescue. The distress of the
country has fallen also upon the Government.—
It is upon the verge of bankruptcy. It has even
been staled in debate, with what tru a I do not
’ know, that the bilfr of the Department are even
now under protest. Now, sir the Government is
the eaentaiive of the honor of sixteen mil
liOns of people, and of the dignity of twenty-six
sovereign States. It is no small matter to have
I this dignity impaired.
I will not stop to inquire what improvidence,
what want of forecast, what false theory, or error
of practice, has brought all this about. The m
r . _, though, sir, ought at a suitable time, and I
’ trust will be made. I will not slay to ask the
' reason of this state of things, but, with filial alac
rity, hasten to the relief of the great head of the
’ States. I therefore concluded that cause enough
now exists even r the me of a power which is li
able to abuee. The only o’jection which I have
to my colleague’s (Mr. King) amendment is, that
t!:e relief it will afl’ord cannot be so immediate, or
so certain, and that a loan upon his plan would
' be for a longer time than I should like to see the
credit of the Government extended. I must con
fess, too, Mr. Chairman, that, having satisfied my
p self l’.at the Government can borrow money
through the agency of such notes as this bill pre
poscs to issue, constitutionally, I am willing to
assert for the Government that power. Because,
sir, believing as I do, that it has no power to in
’ corporate a bank, and seeing no prospect, even i.‘
’ it were desirable, so to amend the Constitution as
to confer it, I know of no means left the Govern
' ment in times of war, to raise money, but through
this very agency. I have looked into this ques
tion, sir, with more interest than that which
j grows out of the present. The destinies of the
future are involved in it.
1 j I would greatly prefer, instead of voting supplies
in this or any other form, to retrench and cut down
J the expenditures with the receip s of revenueaccru
i ing from the ordinary sources, and w ill go wnh any
pany in arresting those enormous appropriations
I which require high duties, and those high tariff's
which in turn justify large appropriations. Tariffs
and expenditures reproduce each other. High tar
iff’s and vast disbursements constitute the leadin
policy of many of those gentlemen who have sued f
troublesome qualms about the cor tilutionaliiy o
this bill. Some effoi’ 7 at retrenchment have beei
; made during this sosion, but so . able and ill d
reeled as to amount to nothing C lleraen hav •
reduetd the salary of one officer five hundred doi
lars; a reduction against which I vo ad, because
believed that fiir salaries make good officers.
The game was not worth the chase. This wa
running dow n harts whm lions and ligers were i
the jungle If gentlemen will refuse appropriation i
for the Cumberland road, for harbors, nveis, an
; canals, I will gladly go wnh them. But the necas
I sity and principle of retrenchment do not irquif ;
! the rejection of this bill, for this reason, that ih
money now sought lo be raised is to discharge rj
isiing obligations, from which there is no escape
Retrc nehment must be prospective
I understood the gentleman from New* York, (M>
Vanderpoei,) whoodvocaled this bill, to deny th. t
it was a Joan, and lo deny that it cieated a debi.
Not only did he deny that t hese notes, when issuer’ |
would create a debt, but rebuked my colleague for’
is he charged by hi* amendment, creating a nation
al debt. This is strange diwngenuousness, or a
want of correct * understanding of the subject. My
colleague's proposition is for a direct fran, this also
is a loan, and if not a loan, th '/ l* I believe
wholly nncons dution '. Both r r e debts. The
moment these no£«i are issued, the obiigalon .o
redeem t hem is perfect; and is not that debt? It
matters not how they are redeemable, whether in
specieorby receipt into the Treasury rs money;
they still the evident oof indebtedness. It seems
tome that when that g.-nilera in denied that he
issue ofTm sury noT 3 was a loan, lie abanda 'la I
the only ground upon which it r ' lbe j rtified.
And now, sir, having removed from around this
bill the rubbish which alnu hid it from view, and
brought it out to fair inspect’on, I wii! addft s my
selfto the inquiry into ttacons! itutioir
inquiry the gunks I propel* to mys‘ !f are the c S*
nons of Stue nghji polincs I belong la l iac
school. I hold totho e principle? which are repu
diated by the greater port of America politicians ;
which ai j not tinders *o 1 by some, and aresrrt&ri d
at by many—principles which have I; n brought
into disrepute more by 1 1 c incoCuistent practice of
the c who profc s them than by any qlh i cau a-
At the basis of that system of pol fe- • is the truth
so plainly expre in the Commotion, viz. “The
powers not clelpj-lad lb© UniisS fcs2’3Bby I-0
ConsStujon, nor prohibited by it lo the State , an
rv er vart to the bi&j rc er lo the Pc j
ple.”
The United Stairs can exerc r. sno j owers that are
are r>ot delegated. All olh i-D pOWC% un'ess pro
hibited to the Siaic-s, bclo a them rcjpectively,
or to the People. When for a power, (here
fore, it : > indispensable find the express grunt.
It would scarcely be n sary for ne to say that
all power ‘ necessary and pro( er” lo carry into ef
fect a delegated power is with that power al o giv
en. It is not enough for him who c’ i: the pow
er to show that it is not tssfabfod; for, by the
clause which I have quoted, cf .delegated power,
except such rr is prohibit i. lo the ot
or the Paople. Now, theaeare powers which bo- f
long neither to the S-ta „ nor to the Governm' it,
and they are such OB are not delega . i to the
and are prohibited to the former. 'I hey lie in
ance, dormant, in the sovereign raa-s the P
the Bla : i respectively. Araoi g liirre is the povv-l
er to “emit bffa of credit.” 1 ass me, at on :u, op, I
rather, ooncede, that Con Tecs has no power toera’i
bills of credit. 1 comenu that the power to issue
Tfcrtury no .ts embiaeed in the delegated power
“io borrow money on the credit of the United
States.” To establish this p jsiiion, it will be ne
cessary so show that the nates propp'd to be issu
ed are not b 'Us qfcrcC.il ; it they arc not, t!»3 <h y
989 but the evidence 3 of a debt, and the o t on 1
a I "n.
My colleague, (Mr. Kinr,) and alt who have fol
lowed him, have caught; >c ■ ';b!ish the unco ti'
tionality ofTreasury notes, nr*on the authority ol tlka
Madison pat err, recently puolished, and he has in
voked to his aid the name of that truly great C*-3
virtuous man, (Mr. Madison,) Mr. Chairman no i
ihority was ncc’ssary lo prove . t _ h
not the j >wer to “emit bills of ®Bdit,” becac >
such a power: not among thatr , dele 'at'd.
And 1 shall show, I Iru .l t!rti tie iWnllßon * apen
prove nothing more tkan 1 t l * “ . ..dt bilfr
on the credit of the U- J £ * wss in the Con
vention which adopcdODFcdefa’ Con ' .ulion. pro
posed and l jeclcd. >Scc Cd volume Madison pa
ll-rs, page 11M3. Tin girt Icmen some of them,
contended that ihis authority not only denies to Con
gress the power to enrt b ''h of crt\ : % but also tlie
power to use i s creed by issuing and sai h
notes as those in ihe \Jl\k in other
words, that Congrc. s cannot upon borrow
money.
j Now, sir, I think it zz that the Convcn
tionintamlad no such thfr:g. What was the p wer
?!-ught to be conlisfrcj by thc~e who weie for this
amendment, and lo he denied by those who wcas S
against it ? It was obviously a pow rto make j
circulate paper money, :nd that, and that only, \
meant by ** bills of credit.” The evil dr; .ded
a continuous power of issuing bills upon c? V
of the Unitea Stoics, with a view to circo .. .
and to «svver the purj rs of curr tcy. r l*ir?
proven by the lar uage and argumen:, r.. by > |
members of the Convention at I lie lime. Mr. JVlri- ‘
ison, who seams at first, to have I; a di.sincl? >
stfiheout said - Will it not h-' sufficient . > pro '
making them (bills) a ten ’cr. ? ” —lc king p' _ ytJ
ta a money-creating power
Mr. Mason said, “ Though he had a mortal T.Ji
lted to paper maney, yet be could not lorc. co ‘ all
emergencies, he was. unwi ,v to tie the baud of
the Cagislature.” Mr. Gorham said, “ The pow
er, as far as it will be cc try or safe is involved
in that of boirowing.” Mr. Gorham voted for sirik
, ing out, and I tas authority is directly in support of the
I position which I a same, to wit, that the power i
• issuing notes is involved in that of borrowing. Gou
-1 verneur Morris remarked, “ Sinking out the
w ords will still leave room for notes ot a responsi
; ble minister, which will dordllhe good without
• mischief. The moneyed interest will oppose the
plan of Government, if f jper emis ions be not pr-»-
mbited. The authority of this eminent financier
proves two thfr s, viz; that etnissiens, was
the evil guarded again>t; and that if the words
“ and emit ,” &c. were stricken out* sqll there
was room for the notes of the money officer of the
Government. Mr. Mercer “ was a friend to paper
money ; he was consequently opposed to a prohibi
tion of it altogetlie.Mr. fillswonh “thought this
a favorable opportunity to shut and bar the door
against pafer tnon-a." Mr. Randolph, notwith
standing his an 'pmliy to per money , c uld not
agr ; eto s’-ike our, <fee. Thus you see Mr. Chair
man, that the members of the Convention under
stood “ bills of credit” to mean paper money, and
that power denied was a power to emit papsi money.
There is a note to the Madison papers made, as
stated by the member from New York, (Mr Vander
poei,) by the gentleman who superintended their
publicalion.il, m the authority of a manuscript of
Mr. Vadison himself, these words, viz • “ This vole
in the affirmative of Virginia was oce sioned by !
the acquiesenee of Mr Madison, who became sat
isfied mat striking out the words would not disa
ble the Government from the u«e of public, notes, as
far as ihey could ke safe and proper, and w r ould
only cut off the pretext for a proper currency , and
particularly for making the bills a tender oil her for
public or private debts.” I claim therefore, the
name of iMr. Madiion as authority for all I have
yet assumed in this argument, and will only add
that Treasury notes during the last war, under h r
administration, wereissu d to a large amount, with
out being by him,so far as I know or believe, ques
tioned.
It is assumed, however, that these note s are hills
of credit, or pap-r money in that sense in which
those who Iramod the Constitution under those
terms. If this assumption be correct, then the ar
gument is at an end ; for in that event, I am very
clear there is no pow v in Congress to pass this law
If it be correct, the argument also Icrmi .ia ca : for,
in that event, there retrains, as 1 have shown, no
fur.her objection to the exercise of the p wver. This,
therefore, is Ihe only issue remaining for elucida
tion. The phf?;;e “ bills cf crtJil” admits of a va
riety of meanings. It Vi 3 a meaning peculiar to
commercial men, and may signify aJi negotiable
paj ?r payable at a future day. So ii may mean, in
one sc;:3o, any evidence of a debt due by the Go
vernment and redeemable r a future day ; but, Qs
used in (heConstitution, it has a monetary mean- j
ing different from both th e. It is obviously de
signed to express moneas uscJ generally, and in
tended for circulation in paper form.
1 take it for £ anted that the power, which we
admit is not given the government ,j emit bills of
credit is the same with that in those words prohibit
ed to the States. Now, as lo what is a bill of credit
when issued by a State, we have the opinion of the
Supreme Court in the caaa of Cmiget al. vs. the
Slate of Missouri Tiie Court in this c ore, holds
the following language;
“ The word emit is never employed in describing
those contracts by which a &ure binds itself lo
pay money at a fulure day f >r services actually re
ceived, or for money loaned for present use • nor
are instruments executed for such purpo e, in com
mon language, denominated bil’s of credit, lo
emit bills of credit conveys to the mind th? idea, of
issuing paper intended t) circulate through '.he com
munity for its os dinary tpurposes as rmm»y .” See
4 Beler’s Report, 431.
Now, sir, let us see whit are the Treasury notes
to bo issued by this bill—what are their distingush
ed c haracteristics, and determine whether according
to the opinion of the Supreme Court, they are or
not “ bills of credit.” Let us see whether “ they
are paper intended to circulate through thecernmu
miy for its ordinary purposes as money.” And let
us see, also, whether they are or not the mere evi
dences of debt —i .struments executed as evidence oj
a rontrac. as money loaned for present use. The
bill before ihe committee revives the act of 1837,
and to that we refer for the t hamcler of the no es.
Now, sir; I contend that they arc not intended to
circulate as money, first, because they are not, as
hills are, redeemable on demand, nor can they cir
culate beyond a limited period ol time ; and an in
Definite period of circulation is one of the distin
guished features of mone/ ; that ■, it mav,and it is
generally desired i hat it shall circulate for an un
limited period. Now, these no es are redeemable
at. a time fixed in itie act by virtue oi winch they
are issued. It is provided in ihe second section of
the act of 1837 that the said Treasury notes au
thons’J to be issued by the first section of this act
shall be and redeemed by the Uni.ed
states at th? Treasury thereof after the expiration
ol one year from the date of said notes, icspeciively.
It vvm urged by thecollorgue that the amount rc
roainining at the fid of one year, the lime at which
Ihe pre enl bill expires by its own limitatk.m, would
remain out, Mid go UsSiT into the circulation. The
answer is this, tha if they are not presented for
redaraption, upon notice from the Secretary of the
Twenty to that effect they no longer bear interest,
and would, therefore, be subjected to at least a de
pßacial ion to the amount of interest they bear. —
This would doubtless tend them home for redemp
tion, and would operate at a preventative to liu-if
circulation.
Secondly. Because they bear interest. Interest
is not a characteristic feature of bills designed to
circalr. o. Bills of credit or paper money are in
tended to rr; lize for the State or company issuing
them a profit by reason of the fact that they do not
be nn "OS , whilst th 3 who use them, ihe com
muni /at large, nay in erf t for that use. But this
hill charges the government wiih interest upon the
no she may : .tie, thn- pl y ing her in the position
of a borrower at an established i?le of in real. Is
not this, Mr. Chairman, the truth of the case ? Is
not the Gover ment a borrower by placing her
in ihe market to bo vend j for their nrincipal
with interest ? Is this anything moie man bor
rowing money by the use of her credit, and are
il: . billsany thing more than the written under
tak’' j of the Government to refund at a lime certain
the money rre rd by their i r-trumentaliry ?
Say that thoi notes are p lid out in discharge of
existing still it doc* not vary the case,
for, in that event, it is but an extension of the credit
of the Government for a b-.iefit already realised,
or money heretofore receiv'd. The process pro
posed in the bill ij ! ogous to tfiat known to
* every shop-keeper, by which money is bonow d
I from banks or capitalists up m accommodation pa-
I j r. It is not less a loan because the note which
| at3S£33 i:;e obligation of the borrower to pay may
i be r got table ; nor i-• it the le.s a loan because it
' re.’.lize; the receipt of no new fund, but continues
t the use ofa fund already received. Are such note*,
[ when issu' d by individuals, money in any fair sense
of that word ? If they are no:, then are not the?e
notes money ?
The fact that these notes do bear interest not on
ly proves that they are noi designed to circulate,
but also restrains their circulation, for the reason
t’vat, if they bear an infere t equal to the value of
money, tb'y will betaken and held by bonks or
capiat -, ujvmi permanent investment. To make
them hear h vond all question, I propose,
Mr. Chairman, before I take my i,eat, to offer an
amendment, byway of proviso, t>« the last section
ofthe bill which is in thtee words:
“ Provided , That the notes proposed to be issued
by virtue of this bill shall bear interest of not less
than two, i.or more than six per cent, per annum,
at the discretion of the S» cretary of the Treasury,
with the approbation ofthe Prc idem.”
[Mr. E vans, of Maine, he-e remarked that such
proviso would be unnecessary, as the notes were
made to bear interest already by the act ]
It is true, Mr- Chairman, that by the act they
must bear someml'-rest, but it may be barely nomi
nal—l he act providing that they shall be. •• interest
not exceeding 6 per cent, at ihe ci.crelion of the
Secretary of the Treasury. Now ray deaire is oy
this amendment to icyjtrethera to bear as much as
2 psr cent interest.
Again, sir, they a e not hills of credit, or money,
because they are not ptyable to brace, and nego
tiable by delivery; and this is one of ihe attributes,
if 1 may so sneak, of all paper designed tocircula e
as money. Un ihe contrary, their negotiability is
restrained to some extent at let’st by their being
| transferable by a*s'gnm: I endorsed upon them, in
/ section sth ol the act of 1837 it is entitled—
I That the said Treasury notes shall be transfera
ble by delivery, and assignments endorsed thereon,
by the person to whose order tlie same shall, on the
fa< 3 thereof, have made payable.’’
The holders cl these hills, under my construction
of th s clause, derive no title, but by an as •’gnment
thereon from all who have been prior holders, and
thus certainly their tirculatirg quality is limned, if
not wholly restrained. 1 am aware that others
place a different eonslruction upon this section,
claiming that unter it they can be endorsed in
blank by ihepaytf, and will, of course, circulate
afterwards by delvery. But such Ido not hold to
he the fair constriction.*
These notes at? not made a tender —could not be
made a tender. There is no obligation s'atu:o.-y or
otherwise upon any Government creditor to receive
j them. They arefrceivable in payment of dues to
ihe Government, >ui does that make them money 1
What is that hut iicuxtinguishment of ihe debts of
lhe Government ly off-setting d,bts due to it ?So
far as they aredeiigned to circulate at all, that cir
dilation is belwi n the Government itself, its debt
ors, and creditor* Their circulation is incidental
only. They are lot based upon the mere faith of
the Government, because the act itself sets apart
the unapprcpnaid funds which may be in tue Trea
sury at ihe lime q' their maturity for th.dr redemp
tion.
All these thinj show that they are not money
designed to circilaie. Well, sir, what arc they ?
hi the language 01 ho couit before quoted, they are
“contracts by waich a State binds itself to pay
money at alutunday lor money loaned for present
use ”
By the letter ol the Constitution, Congress has
power to boirov money—upon this delegation I
rest the mallet. And how, sir, borrow money ?
Why, in the language of the Constitution, “ upun
the credit ol theflJniit'd Stales.” It is wholly in
comprehensible t> me how money can be borrowed,
without the use i'crrdii. li is also wholly unintel
ligible how credi can be used without some scribe
or instrument, a»the evidence oi ttie contract of
borrowing. JN<Jv, if the objection be good lo Trea-
I sury notes, it sefas to me it is equally good against
State stock, orGovernment scrip, or any thing
which is the evilence ol a loan, and that it does, .11
fact, make the pover to borrow money wholly nu
gatory.
* Note.—Mr, Habersham subsequently offered
an amendment,squiring that the notes be negotia
ble by special (jdorseineut only, and subject to the
same rules and residetious as inland bills ol ex
change, withuii’ liability to endorsers.
Fronthe Louisville Journal.
Valuable Jccession to the Whig ranks.
Mr. B. F. Bvton, Jong known as the editor of
| the Pulaski, 'JRnn., Republican, one ofthe very
I ablest V. B. pfblicalions in Tennessee, has turn
j ed Whig, ab&doned that paper, established a
new one unde the name of the Whig Courier,
and is now doig battle for the constitution with
j ail the hearty eod will ofa man just freed from
the cumbrou* s tack less of political vassalage.
We make thomnexed extract from the first No.
of his Couriei:
Our Ch*j ge. — Having discontinued our
connection vth the “Pulaski and
assumed the ilitorial duties of the Whig Courii r,
a proper respet lor the opinions of the public re
quire a discliure of the reasons which have im
pelled us to te change.
For sever| years past, we have been a warm
political fried of Mr. Van Buren and an ardent
cupporter ofiis administration. These feelings
and conduct were caused by a belief in the cor
rectness of fife principles, and the happy tenden
cy of the mesures of his administration. It is
true, we saf the portentous clouds of embanass
ment and tltress lowering over (he land and the
blasted hojl of a people once rioting in all the
luxuries ofa dependent prosperity. It is true,
we had wicked the paralyzing shock which
credit, the lain spring of our national prosperity,
had sustaitd, and the consequent loss of confi
dence be Die n man and man, in all the opera
tions of d®y business—but we ascribed them to
other cates than a maladministration of the
General (Jvernment; and closed our ea r s to eve
ry thing tiling into question the correctness and
salutary ifiuence of Mr. Van Buren’s policy.
We everurred against contrary convictions that
were fastfircing them-elves upon us, and brought
to our aiJbvery weapon we could use, both of
reason at sophistry, to resist the impressions
which «ly observation and undisputed facts
were coanually making of the incorrectness of
the polis and course of the administration. But
the time has come when theory must yield to
facts, Id experience and sophistry to reason ;
and whi we can no longer close our eyes to the
too fat j connection between the policy of the
pre>enljklministration; and the p. ostrate condi
tion ofjhdustry and trade ! And having never
in our Wes cloaked our sentiments and feelings,
or consented to ait the part of a hvnoc
now is freely disclose our honest
the general correctness of the Whig par Uon? ltl
It is the fault of the present adminS’
much to disregard the light of experienc l °°
be led astray by the ignis-fatuus of e X r!p 10
It is the chimerical policy of this anti-re-?? 1 ’
administration, which has clouded ih e * U& ICan
of the country; if we desire a return
rays, we must go back to that old and ifi ? eiUal
tern under which it beamed upon us.
Since we abandoned the policy of a U V ,
Bank ; the pecuirary condition of our •
has been continually becoming more and°
deranged until the very worst enemy of 0 m ° re
try’s interest ought to be satisfied, and the^ 01111 '
sity of a return to it, obvious to all. \v, neces *
du without it. cann *t
We avail ourselves of the present occas’
say, that believing the best interests of to
try require a change of the principles and
of the administration of the General Gov
and that it cannot be successfully eflectedw^h 6 ' 11
a change of men, we shall advocate the re 1
and pretensions of the distinguished Hp-q 3
Statesman of Ohio, William Henry Harris
the next Presidency, and the talented discinl '
the school of Jefferson, John Tyler, 0 f y- „f.
for the next Presidency. B. F. BURT(j"\ *
Another flake up.—The Wisconsin folk •
we may judge from the following from theC
respondence of the N. Y. Star, are about to K
a “ boundary affair” with Illinois. n * Te
I he Wisconsin Territory ate determined to
sert their right to the tract of country now f*
ded in Illinois, North of an First and West f
drawn from the most southerly bend or eit
of Lake Michigan, due West to Mississippi ti?*
including the whole valley of Rock River in IH ’
nois, to within about tea miles of its mouth t
you will refer to the ordinances of Vi r£r ; n ': ,
May, 1787, ceding the Nofth Western Terris
ry to ihe s ates, you will see, at a glance t f
grounds on which this claim rests. And tha* l
the articles of that ordiance (which is even oar/
mount to the constitution, and are declared iV.
forever unalterable) that Illinois has no *
the country north of that line, her boundaries be!
ing specially defined. That she can;iot, with the
least shadow of right, assert her c’aim lo it. with,
out the consent of the people of this district"
which they never can obtain.
From the Baltimore Patriot.
Fund for the Widow and Children or
Thos. H. Laughlin.— lhe follow it g letter fro®
J. V . L. McMahon, Ksq. the President of the Na
tional Convention, corrects an error which wjj
becoming entensively circulated : n regard to the
amount already contributed lor the benefit of the
widow and children of Thomas 11. Laughlin and
we trust will hare the effect of stimulating the
committees charged with the collections, and others
who may be disposed to contribute, to active ex
ertions in this cause of benevolence :
To the Editor of the Baltimore Patriot :
Baltimore, May IS, 1840.
Dear Sir—My attention has recently been di
rected to statements in several foreign newspapers,
calculated to produce erroneous impressions as 10
the amount of the contributions foi the relief of
the family of the late Thomas H. Laughlin, re
ceived by me under the resolution of the .National
Convention.
It was, and is my purpose to publish (when the
collections are completed.) a detailed account of
the contribution, specifying each receipt, and the
person, persons, or delegation on whose behalf the
same was received. But it has occurred to me,
that my silence, under the statements referred 10,
might be considered as giving credence to them,
and might, in some measure, defeat the objects of
that resolution, by producing the impression that
the amount already received was sufficient to ac
complish those objects.
I mu=t therefore anticipate that statement,hi
informing the members of the Convention, thatrk
conti ibulions from all quarters for the relief oi
that unfortrnate family', which I have received,
amount in the whole only lo the sum of £2,40i
and cents ; of which sum SIOOO was received
from the State of Massachusetts, and nearly
from the Slate of Virginia. It may be properalsc
to aH, that this statement does not include th*
contributions from the citizens of Baltimore. 0;
their Delegates to the Convention, which arenjw
being made, but of which no return has yet bees
received.
’1 he editors of the newspapers of this city,and
of those throughout the United States, fiiendly to
the objects of t v e above-mentioned resolution,will
be pleased to publish this statement.
JOHN V. L. McMAHO.V.
Tobacco.—A report was made to the conven
tion of tobacco planters, held recently at Wash
ington, which gives some important statistical,
facts in relation to this branch of business—
The average value of tobacco exported to Eu
rope from October, 1835, to
was $7,267,704, or about one leiHh in value of
the whole export of our domestic produce w
Europe, On about lt)0,000 hogsheadsWAmeri
can tobacco, which cost in the
about seven millions of dollars, Europe levies 1
revenue of thirty millions. The annual average
consumption of our tobacco in Great Britain ii
estimated at 18,000 hogsheads, which renders
gross revenue of $17,275,700. The duty imre
posed is three shillings, equal to cents
pound, or over 800 per cent. The convention«r
complain of the heavy burdens imposed on to
bacco imported into foreign countries from thf
United States, and have appointed a commits*
to memorialize Congress on the subject.
Affecting Anecdote.—An affecting spec
tacle of insanity, followed by a melancholy re
suit, was witnessed a few days ago at the la rJ ‘
t : c hospital at Summer. A lady and a 2ent>
man went to visit the establishment, accomf 1 '
nied by their child, a little girl of five or &
years old. As they passed one of the cells, thf
wretched inmate, an interesting young worn* 1
of twenty-five, who had irrecoverable lost r.c
reason, through the deseition of a seducer. Ml
- death of her illegitimate offspring, sudden
made a spring at the little girl, who had approv
ed within her reach. In .he height of her tbs
rium, the poor creature fancied the stranger;
child her own lost darling, and devouring it* ll "
kisses, bore it in triumph lo the further end
her cell. Entreaties and menaces having P r0 '‘"
equally ineffectual to induce her to restore tn
child to its terrified mother, the director oi
establishment was sent for, and at Ids sugg* slll
the manic was allowed to retain peaceable p
session of her prize, under the impression I
exhausted with her own frantic violence, |
weald fill a-leep, when the child might be b *
ated from her grasp without the diffculty
employment of ha r sh measures. The calcu‘
was not erroneous; in a few minutes th fi
sufferer’s eyes closed in slumber, and one 01
keepers, watching the opportunity,
child from her a ms, and restored it to it*
then The shriek of delight uttered
ter, on recovering her treasure, wakened the P
maniac, who perceiving the child gone,
howled with despair, and in a paroxysm ot
governable frenzy fell to the ground —to
more. Death had released her from her 511
ing.— Galignani.
The Columbia river.—A writer in the
don Times insists that, as this rivcg w a » _
covered and colonized hy £Jreat Britain, th e
tensions of the United States to it are P rc i;°*‘
ous; but quoting the North American K e:1 * J|
authority for the fact that the L : pited s ’ tatC
to assert their right to the Oregon tern .
says . # , • , -II arnpc 1 -'
“ Lord Palmerston, it is rumoured, win
the difficulties of the North-Eastern Boling
with British gold. How will be settle lb => r
ty little quarrel with the far West?