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IJ.W.& W. S. jIoNES. y ~ —1 —-- . ''' !
AUGUSTA, GA., TUESDAY MORAT\G RAT -A - ' ™
’ ~' 3 ’ lb4o - VOL. IV. —No. 149.
PUBLISH ED
DAILY, TRI-WEEKLY, AND WEEKLY'
On Broad street.
TERMS !
Qiily paper. Ten Dollars per annum iq advance.
cctkly paper, atsixdoiiais in aQvanpe,or seven
at the end of the year. *
Weekly paper. Three Dollars in advance, or Four at
the end of the year. |
Addn'** of MoJ. .lohu Ctinjipbell,
Late Treasurer op U.
To the peap'e of his native Count,,, on it he Finan
cial and other measures of the present. Adminis
tration. ; i
Fellow-Citizens : In presuming to offer my
views to you on the great subjects of public con
ccrn which agitates our country at this time, I
hope no apology is necessary. 1 enjoy this right
ia common with you all, and the free excrciscTof
j t jn a most critical period of our political affairs
1 consider not only a privilege secured ! to us by our
free instiirutions, but at this tunc an intper<.tice
duly on the part of every man who feels an inter
com the welfare of his country. U ever there
was a period in the history of this Government,
when a lice and dispassionate discussion anion r
the people, of public measures, was rendered ne
cessary, surely it is the present ond. Other con
siderations, fellow-citizens, would perhaps furnish
me some claims to your kind indulgence in pre
suming to address you up m your piijilic affairs.
This is my native land. —Every hill, -.aid valley,
and stream, that 1 see, reminds mo of the days of
early life, of many old friends who are now no
more. More than 20 years’ absence iiiothe public
service, except occasional visits to mv- friends, lias
obliterated, in some degree, my reflection of
names. Many whom I left here tjoh-s when a
youth myself, 1 find in the active vigor of man
hood ; and can only recognize them hy tracing in
their features the likeness of their fathers. Many
of them were comrades of mine “ ir; -those days
tint tried men’s souls.” The attachment wc feel
to the land of our birth and the county of our an
cestors, is a natural one. Ihe wild‘savage who
roams the wilderness, lingers with fond remem
brance over the graves ot his departed relatives
and friends, from which it is difficult, :1s wo have
seen, to exterminate them with bayonets and
bloodhounds !
Here, in this country, repose the hones of my
parents and of tlicir parents, and of jtT my near
relatives who have descended to the tomb. I
should he worse than the savage himself if I did
not feel a deep interest in its and hap
piness. j
The Irish Exile, who had been h tjiished from
his native country by the strong hand of pow
er, for his honest opinions about the affairs of his
Government, bewails his sad condition a foreign
land, in the language of hopeless despair. In the
pathetic strain of a British Bard, we hear h s ex
clamation :
“The wild dear and wolf to a covert can flee.
But I have no refuge from famine cr danger,
A hom'* and a country remain not for me.”
Wretched indeed was the conditjor* -of hum'a
life, that could have extorted from the heart-brok
en Irishman such an exclamation. And happy are
those, fellow-citizens, who have still a country to
love and homes to bless them. The man who loves
such a country and can look upon the scenes now
passing in the I nited States, with nlti unconcern
and without some melancholv ton ! pipings about
the fate ot these Republican Institutions, the price
of the blood of the Revolution, in my poor judg
ment, has read the history of mankind to little ad
vantage, and is illy qualified to ju |gje of future
events by the history of the past. ;
What is the alarming situation of toe people of
the United States, even at this moment ?: In a period
of profound pea' e with the whole civilized world,
when we see not a speck of foreign war upon the
political horizon, wc have a recommendation from
the President of the U. S., that the militia of
t is country shall be organized into a regular
standing army of 100,000 men—and that another
100,000 are to be held in readiness to ace as a re
serve to take the places of the first number, when
called upon at certain periods.
For what purpose is this army wjuited ? Is it
intended for an armed band to sniTOujr.l the Presi
dent, to do his bidding, to a I as hislppdy-guard ,
and ‘ to be doubly armed with the haypnet and bal
lot,’ to be used against the lives •m -cOr country
men, or at the elections, as the ease :|nr|y require ?
They arc to be militia, anil of course Mill have the
right of suffrage. They are to ho Nft in art ice
service, and of course will be under the immediate
orders of the President. Put I must beg of you
to observe the mode in which this army is to be
raised. A proposition to raise a standing army in
this country, of 100,000 men, i startling enough
to any freeman. Put the mode in which this one
to be raised, has no parallel in the Hi-lory of this
country. The President says, •he cai'not too high
ly recommend the plan of the Seoretby of War.’
And the Secretary says, ‘ It is propsedjk-divide the
United States into eight military I>l si nets, ami to
organize the militia in each District, feu as to have
a body of 12,T00 men in each Discijict in active
teroice; and, another of equal nuoi-vr, as a re
serve. This would give an armed mu ilia force of
0 men, so drilled and si itioue 1 ;as to be rea
dy to take their places in the ranks iin defence of
their country,” Nc. I
This armed band of militia v6u wi-1 observe i?
lie orgnnired into active service. They arc not
to bo enlisted. They arc not to eomcj or stay as
they may choose, t hey are "to be organized into
r.ctn-.- service'' —■of course they are tojlk forced in
to the ranks as regular soldiers. They must be
placed under the rules ami articles cji war —they
arc >o belt pt in active service —t ujy arc to be
regulars to all intents and purposes !!; There nev
er has been such a proposition as this! njiade to the
American people, since the commcncpn-ient of our
struggle for Independence. \V hen wtj were infant
1 es and involved, in war, with tip most pow
erful nation on earth, we never had as| high-handed
>measure proposed to the American people!?!
Bounaparte, when engaged in war wifi all Europe
—when he was sweeping over and desolating the
w orM in the tempest of his wrath, nc-vyr proposed
irnore desjiotic measure to the people of France,
to raise soldiers. It is his conscript'system, it I
Understand it .plainly and directly. Now, fellow
citizens, I appeal to your candor —is ;t not time to
L'-use in our career of party spirit, aijd to look se
riously at the situation of our country ? Are you
n out to permit party-names and party-spirit to se
fecyou to sanction such a measure as this? Are
you willing to stand by and see theybdng farmers
af id mechanics of your country dragged oil in this
s tvle m a period of profound peace to ;clas a body -
P* ; i d to the President —to bo placed under the
r °tnmand of his petty tyrants to do his bidding—
to be used as instruments to spill the ;biood of their
countrymen, who mav become a lit ,Ip refractory
Lnder the iron Despotism that is nova in preparation
f or them
, 1 appeal to your love of country—to tile love you
i iar your own children, and your oven biothcrs.
A» J p« jnoi to sanction ?ueh aj. litary Des
potism as this ' lam sure vou arc net —1 will not
memory of vou fathers by p-it sinning for
1 foment that vou will give your sanction to any
Slf li measure! • * i
p f ut. fellow-citizens, this recommendation of the
; i i s no t the only‘sign of the times’ of
1 rous situation of tins count j at thepre
ent —Look at the hall of four National
’■
1 he hall of our National Legislating the scene of
''oi anarchy, disorder and c (-illusion, ior montns
r its commencement! The work, of iegisla
r°n going on with one sovereign Sf.atc expelled
,i, n . The St te f V irgff a unrepn -
J»tedinthe Senate of the U. S. for?? months, as
‘ r ‘ Constitution demands ! A ferocious spirit ot
i ty [.inscription pervadingth.o br< a-* I .-of our tul
* '■ ' fa nds>h and demoniac in itsff ijaractor, a?
f ‘ r lighted the flames of civil war ip the ancient
Fhe whole country, fi n oao extremit}
t! " offui. ...)vul, d witli til. Ui sH-dv ntial citc
overy thing. - with
lomsMion 0 " w d due . ct,n ? ol,r National and State
concerns rv n See * intf>rfcrin * with our State
stables a Z t° Wn the a PP J intment of Con
te ° f nci^hbors cannot take place
I'tit a plan to construct a road that this
it“clf tlon f Z So '" e *•!>• « other, thrust
'IP t '“O r > m>cccJin - " meets us at cvcrv
weeA":.
mrument to carry into effect the public will as ex-
lcg ‘ slativc Apartment of the Co-
SC U1 tV.i 1 1 OW ias 11 ha ppe n ed that we have
dill" and , P bllC nt pertinaciously recommen
dmg and using all his influence and patronage to
tv G,l , |/f T f CasUr Vm°K gh Con k'ross, in relation to
t i collection and disbursement of the public rev
enue, winch has been four times rejected bv the
Representatives of the people ? and should finally
d ss“n°’t ta r ,S ‘r? of b «th branches of
in its l.nvor. ! J
i he cause of all these things must be manifest
to every can.lid and dhpas
sionate man, who is disposed to seek and acknow
eage the trutn. It is because the Presidential Of
lice is the great fountain of patronage and power
under this great Mammoth Federal Government of
ours It is because it is the groat Gulf that is
swallowing up all the other Departments of the
mi eminent. It is th.e great source of danger to
tue liberties of this country, and if it cannot be di
minished, must inevitably make this Republic a
gahing, and intolerable despotism. We commenced
our career as a nation with 3,000,000 of inhabit
ants, we now number 16,000,000. In the days of
our infancy; the power and patronage to be exer
cised by the President, alarmed the prophetic mind
ox i atrick Henry. He warned his countrymen a
gainst it. h had she said,) an awful squinting.
It squinted towards monarchy. If it alarmed him
when we had but 3,000,000 of inhabitants, what
ought wc to think of it now, when wc number
lb,(.00,000, and when wc see how it is notoriously
wielded and used for party purposes ? The whole
hundred thousand executive officers distributed all
over the Continent, are now regarded under the
tidi at const] action of the Constitution, not as offi
cers of the law, with certain legal duties pointed
out to them by the legislature, the faithful per
formance of which is all that is required by the
Government, but they are regarded as the mere
hirclingstof the President, to bo made and unmade
as it may suit his whims and pleasuie. Is this
the Government our fathers fought for f Is it a
Republic?
It it was not for the averwhelming patronage of
the President, as the great dispenser of office in
tills country, why sli mid there be such uncommon
excitement produced all over the Union by his
election ? 1 hey will salute him Monarch in the
language of Mr. Henry, if it cannot be chocked.
The machinery of our Government is now so well
understood, that 1 do not regard the office of Presi
dent by any means, as one of great difficulty to
discharge. There are 500 men in the United
States, yes 5000 well read gentlemen in the laws
an, l constitutions of this country, and in its civil
and political history, any one of whom would be
qualified, so far as capability is necessary, to dis
charge the office of President of the United States,
faithfully and satisfactorily, if in all his acts he
would look alone to the welfare of his country,
and confine himself rigidly within his constitution
al sphere of action.
The office, I admit, is a most elevated and dis
tinguished one, containing powers of vast impor
tance, and should bo the reward to statesmen and
patriots of distinguished abilities and public servi
ces ; but the excitement it produces throughout tiic
United States is the result of its overwhelming in
fluence and patronage.
1 was educated a Republican in earl} - life, and
adopted the commentary of Mr. Madison in 179 S
and ’99, as the proper construction of the powers of
the Federal Constitution. Subsequent experience
and reflection whilst in the service of the General
Government, has only tended to confirm me more
thoroughly in the soundness and truth of that com
mentary. 1 will not follow men who depart from
the principles it contains. Jealousy of Executive
power is the first lesson taught a true Republican.
If you follow me with calm and dispassionate
minds, for surely I have no wish to wound the
pride of opinion, or to excite any thing like an an
gry discussi n, 1 think 1 can demonstrate to your
entire satisfaction,that all the leading measures of
this Administration tend most fearfully to concen
trate power in the hands of the President—to
change the whole form ard principles of our Go
vernment, and instead of a Republic, to make it a
mast frightful Despotism. lam clearly of opinion
that the measures which have been recommended,
have gone far beyond any measures of the most
high-toned Federal Administration we have ever
had, in their reach after Executive power. lam
also clearly of the opinion, and I think I can de
monstrate it to your entire satisfaction, that the
financial measures he has recommended, will en
tirely fail in bringing to the people the benefits they
have promised.
What are these measures that have been recom
mended ?
1. The Sub-Treasury system, or what is called
par exec!lance, The Independent Treasury
2. The President's recommendation, that the
Secretary of the Treasury should bo authorized to
use the Hanks or not, at his discretion.
3. That he should he authorized to issue Treas
ury Notes at his discretion.
I. His recommendation of a Bankrupt law to
be passed by Congress, ti be applied especially to
the Hanks of the States, by the Federal authority.
These financial measures together with other re
commendations in his Messages, it will be my pur
pose to examine, and if I can secure your patient
a t i tioii and sha’l be so fortunate as to make my
self understood, I think I can satisfy all unpreju
diced nunds that they form a train of measures,
which, if ca rio i into effect, will be destructive to
the principles of the Government, and to the pros
perity and happiness of the people. Let us ex
amine firs?, bis *
SUB-TREASURY SYSTEM.
What is this system* fellow-citizens, of which
we have heard so much ? Let us understand the
meaning of terms oefore we proceed to arguments.
The lea ling features of the system, can be ex
plained in a sentence:
A system requiring the public dues from the
people*, to be collected in gold or silver, to be kept
j v individuals appointed by the President, and re
ni ivable at his pleasure, and to be paid out by
them when directed to the officers of the Govern
ment, and other public creditors. This sentence
embraces all the leading principles of the Sub-
Treasury. .
This is the system you arc told that will give
you a better currency than you have at present.
That will give you a specie calculation or a octter
paper circulation tha- you have at present. T his
is the system you are told will benefit the laboring
classes'of society, and increase the general pros
perity of the country. This is the system you
are told that will cure in this country the evils of
the banking system—that will check its excesses
and stop improvident speculation. This is the sys
tem in a word, which is to be the “ king cure-all”
for all our evils which have resulted from a disor
dered currency. . , .
The svsfem which simply requires the people to
pay all their taxes in specie !—Well now feilow
citizens, we poor ordinary mortals who are not
mUed with those sublime powers of the human
mind, which enabled the authors of this
to see in it what is not to he seen by plain men of
common sense, ought to haw imparted to us the
light of knowledge which they possess *na ver>
clear and distinct manner, to have enabled us (
see bow such a system could produce ■«« re>Uit> ; •:
1 have read their disquisitions over and over -
over again. 1 have studied them with all t. _ in
tensity of which I am capable, to see if 1 c r o ll i
even a glimpse into this great discovery of moncru
ti ne.. It is, my fellow-citizens, still alt dn A ne
i.
1 m y*tery to me. Still I would be dUno S . • tn
, tn«. e upon faith the discovery of -rov ' ‘
; i l "Ot ft'low them in ,he I
I Ajivcntn’rT 1 ' 1 ' “ mad< '’ ■> "vidoncc rou J :
ft,." ■ Ito ri D senses by an experiment t: at t’uir
theories were correct. e,r
even n fe | are a pro ' ,t manv tl,in -' s in this world that
even ordinary men know to be hue, who cannot
follow the train of reasoning bv which the i ,
has been discovered. For instance, I would bc
wouM^n 6 hmown learned Astronomer who
. would tell me that he had made his calculations
, and a year hence there would he an eclipse of the
And why would I believe him ? Because he
had repeatedly to’d me of bis calculations before
and I had wailed for the coming of the day, t Te
hour, and the minute, and saw exhibited to m v as
! tonr ' he< l an d delighted vision upon the great iurni-
I 1 Nr P lanator .V system, the obscuration he
had fore old . And a though I co.ild not mount as
it were with the astronomer into the heavenly
work! and survey with the mind’s eve the rovolu
tions ul the planet ~ or enter into his calcu ations •
by which he could foretcT when one of them in its
revolutions, in a distant year, would obstruct tram 1
us toe rays of the groat fountain of lijht, yet occu '
lar demonstration had satisfied me of the truth of
the Astronomer’s calculations without even the
shadow of doubt of this sublime triumph of sci
ence.
Who of us, for instance, could have followed
Fulton in his theories and course of reasoning bv
which he made his discoveries in the poweis o*f
steam, which is covering the land and the waters
with sp'cndid castles, that literally fly through ihe
air, and is producing such a wonderful revolution
in the whole commercial world.—Castles that bid
defiance to t<ic winds, and the waves and the
siorms, and waft usin a few days, over the seas ?
An 1 y. t who doubts the truth of Fulton’s Mechan
ical theories or reasoning? No cne : and why?
Because we have the evidence < f our own eyes to
convince us of the discoveries of the great phi'oso
pher.
Among all the subjects that have ever puzzled
the brains of wise men; there is perhaps, not one
that is more intricate, and difficult to understand,
in the opinion of the most profound statesmen who
have ever lived, than this very su -ject of curren
cy, on which I am now presuming to address you.
After ten or twelve \ cr.rs of my life, of intense
reflection upon it (it coming directly in the way of
my official duties) I should be very loth to attempt
any- theories or experiments upon it, as I am satis
fied, there is no subject on which theories are more
liable to deceive us. I was therefore for letting the
country alone when we were getting on very well,
and for taking care how we made experiments up
on to delicate and difficult a subject And, when
we had got into some difficulties, (the necessary
attendant of great and extensive commercial rela
tions,) I thought we ought to take care more than
ever, how we made experiment-,or we would make
bid worse. The ol 1 system which had brought us
up, in fifty years, from three millions of inhabitants
to sixteen —from thirteen States to twenty -six—
fiom a feeble nation to one of the most powerful
in the world —which had produced a spectacle of
general prosperity and happiness that belonged to
no other nation on tlie face of the globe, 1 thought,
must uC a pretty good system, and that we would 1
be guilty of great ingratitude to an all-wise dispo- j
rcr of human events, if wo wero not satisfied and !
thankful for our happy condition.
But, the reign of experiments commenced, nn 1
evciy where, for years past, 1 meet with profound
philosophers upon political economy, and all ready
to make experiments. Well n>w my faith should
1 c given to them, as it has to Sir Isaac Newton and
all other great philosophers, if their experiments
had given me occular demonstration that their the
ories were correct. But what am Ito think of them,
when they have failed in every instance. And
what will be your astonishment fellow-citizens,
when 1 tell you that this last discovery in Finance
has been actually tried (its principles I moan) by
the regulations of the Treasury Dcputment fur
the last throe years, and has most signally failed,
as you will see, to bring with it one single benefit
it promised to the people I!
When the Banks stopped specie payments in
1537, the Secretary of the Treasury, in a circular
letter directed to all the Receivers and Collectors
ill the United States to receive nothing but specie
or the notes of specie paying Banks in payment of
the public dues, he directed the Receivers and Col
lectors to hold on to the money they received, to
await the drafts of the Treasury. That there was
to be an entire “ separation between Bank and
State,” lo use the unmeaning slang of the day. In
other words, that tuese individuals appointed by
the President and holding their offices at his pleas
ure, should be keepers of the money as well a*
Receivers and Collectors of it. That they should act
the part in every particular that thc-e Sub-Treasu
rers are required to act, under the Sub-Treas
ury system proposed by the President. So far,
then, as the principle is concerned, it is the very
same thing. 1 defy Mr. President or his Air. Sec
retary of the Treasury to show the slightest differ
ence in principle between the two systems, so ftr
as they- arc to affect the currency of the country—
between the system of the President proposed to
Congress by- his ’Message, and that which was
adopted in May, 1537, under theciicular letter of
the Secretary of the Treasury.
They both require the revenue to he collected in
specie. They both require it to be kept by in
dividuals. They both require a total separation of
the Treasury from the Banks. They are both par
excellence Independent Treasuries.
Where are the promised blessings ? Where is
the specie cir ulation ? How much better is labor
rewarded than it was before the reign of experi
ments common cd ? How many banks have heen
put down ? How many bankruptcies prevented ?
How many banks have been prevented fivm sus
pending specie payments ? In what way has it
been of any conceivable benefit to the currency or
commerce of the country, or to ‘he prospeiity of
I any class of so iety but the office-holders and i (her
\ creditors of the Government ? None whatever. —
More Banks have been chait-red since 1b37 than
at any other period of the Government —in the
midst of the Sub-Treasury, suspension of specie
pay ments, and a louder clamour than was ever
heard before since the foundation of the Govern
ment against the Hanking System !! ! So fir then
as the people arc to be benefitted, the syst?m lias
entirely failed, instcai of having occular demon
stration of its success by time and experience, we
see its failure unquestionably proved by that very
j test of truth. <ur wise Philosophers in Political
Economy have not then the sanction to their theo
ries and schemes which crowned the mental toil
of Sir Isaac Newton and Dr. Franklin. Cn the
contrary, the experiments have all failed.
Why then has this measure been most obstinate
ly recommended four times to the American people
bv one of their public servants, after they have
given most decisive evidence of their op; osition to
iA ? Why is it thus crammed down their throats,
I willingly or unwillingly, when they have repeat
i edly refused to swallow it? Was the Preri lent 1
’ elected to control the public will ? Is it reput I Dan
I in him, a mere agent of their will to attempt thus
t 0 defeat it ? Was he elected to be the master of
i the people, instead of their servant ? Is he the
only man in the nation who understands political
economy ? Has he a rigiit to presume, that the
Representatives of the people knew nothing of
their duties, when they have refused four times to
carry into effect his proposed experiment upon the
currency > Has he the right to lectuie them, again
and again, upon a measure they had so oft n re
jected?
The measure then has been pnved, by experi
ence, to be useless to the people, however cr.etn :ai
it may be to the officers of the Government, i! it
has done no good, shall I be asked, what haim nos
it done ? Look at the situation cf the countiy at
this time, and need any man ask what harm it has
done ?
But, if the course taken by the Government, in
relation to its financial all.ii s.had nothing at all to
do in bringing upon the country its present ( n. ar
rassments. 1 should be opposed ti the S d—T ea- ry
u -on the ground that it increases the ex; :uve
power, “already 100 great for a Repu lie." It
ravts to the President a new swann of ex- entire
sn\ CC^ lj ° Ut ° ur su^s t a ncc—to b»> apnoint d
under b s'infl 0 h> ’ him ’ * h °'° f COUree ’ m ;st
J ir i V t in flaence and rtan 1 ready to do bis I id
in the e l tbol,oWerof lhe President, and
P’C mHI ,g K mmishes thc libert y Os the peo-
P Rut Ln 1 ° bject,on cnou S h me.
interests." v' r,,lz< *ns let us proceed to take other
ink ha-? been vhV'i° SJ, ‘j° ct . on which s i much
1 will rn h-rili ’, nd SQ many veches made.
t », at it is . tin? proportion to vou:
Incut to nut .W u ° f tho i;cneral Govern
mciu io put down the Mate Banks, or to check Hu
ti,an
If the Govcrf ! b ' J t :ep ° per * thc
'ie snecTe rTi7*°?* ISS H CS P a P® r l 'P°“ the credit of
Sub-TreasuryT t lrou;:h the operation of thc
lishirent is , . . 11 ldpa °f s, ’ch an cstab
fi’ mls of th P ° S,t,Vcly disclaimed by the
" "icasu.e. They admit H would
™ 1 Government an intolerable Despotism
f r I MOd C J^ m 0 ! believed, ami 1 think
Kssrss?; 1 '!"' 1 "'?
S’cnat not withstanding. But ‘let uT'mk'c
tuc.a at their word, that there is to be no Govern
ment paper to go into circulation, to substitute t ,e
paper of Iho Hanks. Then, 1 Mv , the r
convenience ol liank paper, hi thc ordinary Iran.-
actmns of commerce and of trade, to specie, will
eternally keep it the circulating medium of this
countiy, as long as our free institutions exist, in
si-ite u any thing the General Government can do;
and that the specie collected by thc Sub-Trca-ui v
p'' 1 n *. tea d of flowing into the circulation and
becoming the ord,nary currency of the people, will
flow ducell} into the Banks from tho Sub-Treas
ui}. ihe convenience of paper over specie, for
ordinary transactions, will always produce this re-
These Sub-Treasuries arc to be established over
Lie Union at different points. At every one of
loose points, there is a Bank in good credit* Now
suppose a Government creditor starts from Wash
ington with thc Treasurer’s draft in his pocket
upon the Sub-Treasury in New York for SIO,OOO.
He has business on to the North, and intends to
rcluin to trie v\ est. He presents his dratt to tho
ub- ITcasurer in New York, and the specie is
count 'd out to him. The Banks in New York all
pay specie. What will he do with the specie lie
iccoucs in payment for his draft from the Sub-
I reasurer ? Will he cart it about with him through
tic city and tocn to the Western country ? The
amount deposited in a bank in New York and piss
cu to his credit, will be of more value to him in the
extern country than the specie. His own drafts
upon the New York bank when he has made his
dcposite, will be at a premium in thc West. Hut
it the amount is not passed to his credit in the
bank at New York, he will take with him the
notes ot the Bank in lieu of the specie.
1 he notes will be worth more in Hie West than
specie, if the Bank pays specie. Let us bring the
smject homo lo us here in Abingdon ; suppose we
have a L ink and a Sub-Treasury in Abingion.—
Suppose one of you, a Government creditor, with
an order or a dratt upon thc Sub-Treasury here for
$5,000. You present your draft and the silver is
counted out to you. You are about to purchase up
hogs or cattle in Tennessee. The Bank here pays
specie and is in good credit —the notes of course at
par. Ihe paper of Banks in good credit that pay
specie, will always he as good as specie every
where, and will buy any thing that the specie can.
1 he farmers an Tennessee will of course receive
thc paper of the Bank here in payment for their
hogs and cattie, as soon as they would Lie specie.
What would you do in that ca?e with yourss; 00 in
specie which you had received from the Sub-Treas
urer in payment of your Government draft ? Would
you put it in a trunk, tie it on behind the stage, from
which it is liable to be robbed, and go off to Ten
nessee in pursuit of your cattle and hogs, and put
it in circulation by paying it out to tlie farmers ?
Why would you do so ? If the Bank pays specie,
the farmers would take their notes as’ soon as
specie. Uon would then take your specie from
thc Sub-Treasury deposit in the Bank and take in
exchange the notes of thc Bank, and with thc notes
in your pocket-book or belted around your body,
you would dash off on horse-back in perfect safety
in pursuit of your business, and when you pur
chased a steer or a hog, you would pay out the
Bank notes. The farmers would take them be
cause the merchants would take them —because
every body would take them —because he could
buy any thing or pay any debt with them lie could
with the specie. Then why should he be lugging
after him the specie ? This branch of the subject
could be illustrated in a great variety of ways, to
show that Banks and bank paper will continue to
be used in this country from the great convenience
and facilities they afford, until they are substituted
by a Government paper system in some form or
other.
It is admitted that a Government paper system
would be attended with more danger to thc liber
ties of this country, and to the prosperity and hap
piness of the people than any other paper system that
co :U be established. Our old Continental money
thc Assignants of fiance—the hopeless condition
of Despotism in Russia at this time, where a Go
vernment paper system prevails, and where thc
great Autocrat could by a dash of his pen bankrupt
the whole empire, furnish abundant lessons to us
cn this branch of this subject. We will then have
Banks and Bank paper in this country, as long as
our Slate Government exists, and untii there is an
entire revolution in our political system, and the
whole machinery of our Government is torn to
pieces. And it is, fellow-citizens, just as idle and
as futile to talk about putting down thc paper sys
tem in this country, a? tongas our fre:- Institutions
exist, because it is attended with some evils, [and I
admit that it is,) as to talk now about prohibiting
thc use of steam in propelling vessels on thc water,
and railroad ca;s on the land, because thc most
melancholy disasters are thc f oquent consequence
of tiffs great invention in modern machinery. It
ran not be done until Lie Governments of all Lie
Sovereign Stcdc- of this Union are tom up by the
roots. How can it be done ? Thc General Go
vernment has no power over the State Govern
ments, in preventing them from chartering Hanks.
Tlra only way in which she can exercise any con
trol is, as has been said, by establishing a paper
svstem of some kind, of her own, and substi.uting
the paper of State Banks, by the paper of the Gen
eral Government Now I call upan any statesman
in the United States, ti say if be will dare ta pro
pose in so many words, to the Amen an nation, a
paper system for Lie people of this country, foun
ded upon the credit of the Government ? No man
in the United States, in his senses, will dare ta
make such a proposition. How then are the State
Banks to be put down ? Paper, conve.tiblc into
specie, will be used from its convenience, and wi 1
continue to be the circulating medium of the peo
ple of this country, in spite of all thc evil? that
may attend it —in spite of every thing that may
be said against it Sti[»p"Sß Virginia shoul 1 put
down all her Banks, would she thereby destroy
the paper system in Virginia? Why, thc whole
State would tic flooded with the paper cf other
States. —ls you had no Virginia Bank notes, you
would have Pennsylvania and Maryland Bank
notes. A drover comes through our country, an !
wishes to purchase cattle for instance. Could he
not buy them with thc notes of Baltimore or P.‘ i.n
delphia ? Certainly he could. Ihe mer haul?
here would prefer them to specie, from their con
venience. He can jump into the stage withsl n .-
000 belted around his body, and without the slight
est danger, trouble, or ri?k, he can fly off to N< w
’V ork. and purchase his good?. \\ hat woul 1 he
do with a SK>O,(KH) in specie ; It would take hi
a month to wagon it to New 5 ork, and when he
got it there, he could do nothing with it, that be
could not do with the notes. But suppose some
deluded enthusia?ts about this specie circulation
shou’d refuse to take any thing but spicie for their
surplus produce or property, whatever it may to.
What then ? Would their refural prevent others
from taking notes ?—Certainly it would not. And
they would have the proud satisfaction ot Ending I
that, instead of pu'ting specie intu circulatn-n ..
their refusal lo lake notes, t-.ey hat only de; rive 1
themselves of tho opportunity <d ?Mbng iiu.it |
pioperty ! saw (hi- matter lull/ illustrated in j
I Washington City, when thc Bank? suspended spe- 1
, *ie payment! in 1>37. By wav of carrying out
| tiff? specie currency system, Lie Secretary i t tiic .
Fleisure, a* the commencement of the ext i ?cs-
Mun, when t o ( ongres? w is convene 1 to pas? up- |
on the ait? of the Executive, issued a most extra- 1
ordinary circular U tter, in which, he made known !
to that body, that they should bo paid in sue ic.— *
:be Banks had suspended, and th * people were 1
ro ff vUT'I to use paper in their ordinary transac- t
t on?, as the specie could not be obtained. In this I
I f r,Sl ' our flairs, (brought on to mv certain I
j knowledge, in a great degree, by the conduct of
j t ic Government, in the manner in which the de- i
; po?ite law was executed, and the revenue from
| lands was col ected under the Specie Gin ular,) the !
| Secretary of the Treasury proclaimed that the of- 1
: heers of the Government should have the peculiar
1 ivor extended to them, of having their piv d.s
bursed to them in specie, whilst thc people were
] Miugg ing along with a disordered currency, and !
| compeßed from necessity, to receive in payment
I tor their surplus produce, depreciated paper, and
j ass sorts of shin plasters.
i \\ hen thc members of ('digress were receivin'*'
! fro;n lho Sergeant at Arms, I ags of gold and silver !
for their pay, the people at the market were com
peiied to receive all sorts of shin-plasters pis they
{ wore called,) for every thing they >old, ot not sett
; any thing. Fhcy were compelled lo sell to gel
; the means of purchasing tho necessaries of hfe,
| and compelled to take depreciated paper.
Specie was at a premium, and of course it would
not circulate. The members of C ongress sold their
j specie, and received for it Bank notes, and w ith
j 1 10 notes they paid the people tho debts they owed
j them. Paper was the universal circulating medi
j urn during the suspension of 1537 among the
; people, and tor tho very icason that it was
j worth less than specie. No man would pay a debt
in specie when ho could pay it in Bank notes. No
man would buy any thing with Specie when he
could buy it with Bank notes. No man will re
troubled with carrying specie about him, when he
could pay his bills in Hank notes.
\\ e have seen then, the operation of this Sub
-1 roasury System, which promises aspccie circula
tion to the people, by collec t ng up their taxes in
specie nnd paying it out to the officers of the Gov
ernment when thc Banks pay specie. We have
seen that instead of the specie flowing into circu
lation from thc vaults of Lie Sub-Trea-ury, it
flows directly in‘o the vaults cf the Banks, and thc
paper is taken as a matter of convenience.
How will it be when the Banks suspend specie
payments ? The people ought to look with in
tense interest to this branch of the subject, for their
rulers arc about to rivet upon their iiecks a ma
chine that will grind them into dust and ashes,
What will be their condition under thc operations
of this Sub-Treasury machine, recommended to
thorn by tlicir President four times after it had
been as often rejected by the Representatives,
when the Banks liay*c suspended specie payment ?
Will the Government officer or creditor, who re
ceives specie from the Sub-Treasurer, put it in
circulation t We have just seen what he will do
with it. He will sell it, pocket the premium, and
p>y his debts in Bank notes. U lie specie will im
mediately disappear fiom circulation. Well now,
fellow-citizens, your taxes are to be paid. Thc
friends of this measure ha/c avowed that they
mean to carry it out in the States as well as Lie
General Government. Your taxes must then be
! paid in specie lo go off to the Sub-Trca?ury vault
l in Richmond. The Sheriff.conics round and de
, mands them. You have not the sjiecic by you.
! You cant borrow it from your neighbors, faxes
must be paid —Sheriff cant wait—what is to be
. I done ’. ’. ! 1 speak to the ma?s of the people of this
1 ! country who are not wealthy. What would be
i I your situation, fellow-citizens, under Lie tender
i mercies of the Sub-Treasury Law ? Your pr -p
--| city would have logo and be sacrificed for half its
value! Thc last Cow would have to be taken in
many cases, and even the bed upon which your
little children re|>o?o, to obtain the specie to satis
fy the selfish and unfeeling heart, and craving ap
petite of Mr. Sub-Treasury.
I appeal to you, and ask you if this is any “fan
cy sketch ?” —if it would not be the sad reality in
| many cases in this country, if tiiat Sub Treasury
i System is carried out to the extent, that our rulers
■ say they intend to carry it ?
But say the advo ates of Lie Sub-Treasury, thc
| Banks have been gui ty of all sorts of exces-es—
■ they have brought all the embam-srnent? upon
| the country—have stimulated speculation—have
given an artilii ial value to every thing—have [oro
duced extravagance and folly in the country, and
have done a thousand wrong things. Admit it all.
And ivhdi then A Will the Sub-Treasury heal
the wounds they have inflicted upon the country ?
Tire Government, by its Banks and experiments,
have got every thing into most glorious confusion,
and saddled upon the people, a depreciated curren
cy, and then strut off and say to tho people, take
care of yourselves the best way you can. Wc
shall have nothing more to do with this paper busi
ness —we have everlastingly fixed it upon you, as
loT,g as your State Governments exist —vve sunen
der you to your fate, and byway of consolation to
tou in the midst of your distresses, wc mean to
mock you, and to taunt you by a selfish and hard
hearted machine called a Bub-Treasury, with
which wc intend to screw out of you all the little
specie you have, for our eepecial benefit. Wc will
take thc specie and you may take the paper, or if
you choose, you take thc paper and vte will take
thc specie.
The generosity of this proposition is illustrated I
in an old story, I once heard, of an Indian and a
white man, who had hunted together in co-part
nership. The white man took upon himself the
jvhole management of the hunt, and gave the di- I
rcclions to every movement. Toward! evening,
it was found “ that the game would illy requite
the hunters’ toil.” Thc achievements ol the day,
consisting only of a Crow and a T urkey.
The white man attempted by stratagem, to rrm- ]
e.ly in some degree, his failure—the result of his \
own blunders and ignorance, by cheating thc Indi- i
an out of his just rights, by presenting a selfi-h j
and hypocritical proposit on to him, in Lie follow- i
ing terms: ‘}ou may take the Crow and I’ll lake
Lie Turkey—or I’ll take the Turkey and you may
tike the Crow.’ To which the wild man of the
woods, with a counte .ancc of ineffable son and
contempt, rc?pon led ; you mean rogue, white man, '
you haint said Tacky to meonce. —And, such should
be our response to our rulers. They have not giv
jcn us specie once. Let Liem take neighbor’s fare,
i What is good enough for the people, is good e
' nough for the Government Let them participate
j in the evils of banking, as they have been Ihe an- ,
1 thors of it —let them take half the Crow, a? well
'as ha’f the Turkey. When there are great diffi
i cullies to get specie—more especially, when the
Banks suspend specie payments, let the officers of
the Government parti- ipato with the people in the
: hard times. It will give them a fellow feeling for
the people. Nothing awakens the heart more to
i the sufferings of our fcffow beings, than cornpan
| ionship in distress.
1 have always admired thc conduct o our hardy
■ ancestors, here in Ea~t Tenncs-cc, durinz the early
| part of our histon—in those iron times of revolu
tionary valor and sterling patriotism, when an at
' tempt was mode, as ?ome of you rnav r collect, to
: establi-h a new State, to be called -he State of
■ Franklin. They had no Banks and very little spe
! cie, and as a substisute for a circulating medium,
| such as we enjoy, they u?ed the skins of various
animals, su-’li as tire «;eer, the tackaon, the offer,
thc beaver, muskrat and mink. Well, fellow citi
zens, the people finding that they could get along
: with this kind of < irculatmg medium, which the/
: paid in exchange for the necessaries of life ; and
| thinking that, what was go-xl enough for them,
was gCK*d enough for thc officeis of Lie Govern
ment, petitioned Lie Legislature on the subje L
1 In thc language of a distinguished Senator, “ they
i had no maratime possessions; but in forming their
[ Government, they followed the common forms in
constituting high officers; and, their Governor was
I not only fa t. General and f omman 'er in 1 hies,
i hot Admiral al?o, so that thc Navy might hav? a
I Commander, when 1 r. - . !te a Navy.
J Weil, thc Lrgr-hf-;- tke z into ro* iht», „ ■
t th* condition M ?h‘ p« •[!* —of H: gi* *t dtffi ul'v j
thov had in gt tting specie, passed a law providing
so; the payment of i ' officers of Government, in
skins ; and here is a copy of the law.
“ *’e it enacted by the General Asscmb’y of the
State of Franklin, &c., that the salaries of the
ciyi! officers of this Common wraith shall be as
follows, viz ;
1° h s FxceHcncy the Governor, <'apt. General,
Commander in Chief anti \dmiral in and o\er said
St i*e, per annum, one thousand deer skins.
Mi-; llonor, the Chief Justice, five hundivd deer
skins.
1 he Attorney General, .<OO deer skins.
Secretary to his Kxcellcncy the Governor, 600
rack»»on skins.
Treasurer of the Slate, 160 otter skins.
l.ach cou; ty C lork, 30(1 beaver skins.
t lerk of the House of Commons, 200 rackoon
sk ins.
Members cf Assembly, per diem, 3 rackoon
skins.
Justice’s foe, lor signing a warrant, one muskrat
skin.
I’o the Constable, for serving a warrant, one
mink skin.” •
Here is an example, set by our revolutionary sires,
wor'liy of imitation. When the hard necessities
of the people compelled them to make skins acireu
lating medium, they m ke ihcir officers of Govern -
nu nt take neighb v’s f ire, upon the priucip e, that
what was good enough for the people, was good
enough for them—and so I say. If the pe ph* are
compelled to take depreciated pa|«er for their sur
plus p operty. which they sell, I would make the
creditors of the Government lake it for their pay.
1 hope, fellow citizens, I have made mysell un
derstood. 1 care nothing about phraseology, if i
can be intelligible. This is the substance of my
argument: Chat litis Sub-Treasury System,
which requires the j>ooplo to pay up all their pub
lic dues in specie, can be oCno benefit to the mass
of the people. That so far as the Genera! Govern
ment is concerned, it has been tried by a regula
tion of the Treasury Department,after the Hanks
suspended s\>ecic payments in 1b37 ; and that time
anil experience, the b> st test of knowledge, has
proved, it can bring no good to the people. That,
the great mass of the people will be compelled,
from the value of our political system, and from
habit, to use bank paper or Government paper,
from its convenience andgreat facilities.
That a Government paper system would be at
tended with infinite morejmischief, than the Bank
ing System. That ii the Banks were all to be put
down, the paper system would rise up immediate
ly in some other form. That as the people are
compelled from the necessity of the case, to take
paper in their ordinary transactions, and for every
thing they sell, the Government ought not to re
quire of them, payment of specie in its collection
of the public dues.
That the revenue flows out of the Treasury in
discharge of the public debts, as fast as it flows in
payment of the public dues, and instead of flowing
into the circulation from Hie Sub-Treasurers, it
will flow directly into the Banks, if at par, or into
the hands of brokers if above par, and that the
t aper wi 1 Lc used in lieu of it in consequence of
its superior convenience.
That the paper w ill be the circulating medium,
whether it is ot par or below par. Whether the
Hanks suspend, or are making specie payments.
That if tlie paper is at par or equivalent to
specie, it will always be preferred, to it, bc
emse it is more convenient If it is below par,
then the specie collected by tiie Government,
and paid out to its officers, w ill be sold for a pre
mium and not go into the circulation, as we have
seen illustrated at the seat of Government, when
the Hanks suspended spec'll' payments in IMV7.
That the people of this country, at a distance from
Banks, at a time of great pressure in the money
market, will find great difficulty in obtaining spe
cie to pay their public dues, and that their property
must be sacrificed as a necessary consequence, if
specie is demanded for taxes, and that the public
money would be rendered more unsafe in the hands
of individuals app lint d by the President, and re
movable at his pleasure, than in the hands of good
sound Banks that hne no legs and cant run off.
That nothing of any consequence have ever been
lost by the Banks, except during Mr. Crawford’s
Administration of the Treasury Department, who
transfeired the public money into Hanks, not far
safe keeping, but to prevent them from -breaking.
That although the banks have suspended specie
payments in late years, in which were. de| osited
the public money, they have not proved insolvent,
and have paid, or will be able to pay, every cent
they owe the Government That the mere cir
cunnst’.nce of the Banks suspending specie pay
ments. ii no more evidence ol' their insolvency
than the refusal of an individual to pay a debt on
the day it was due, w as evidence of his banki u) t
cy. That the State Governments have sustained
their Banks in their suspensions, shewing that
they thought under the circumstances, it was best
for the community, that they should have done so.
That if these Banks that have suspended are to
be regarded as insolvent, and called “Bankrupt
Bank,” how does it happen that there notes buy
every tiling now they did before they suspended*
'J hat all tins clamour against the paper system, is
useless to say the least of it, and the statesman
wbo supposes be can benefit the |K>ople by it, and
give them a specie circulation only affords evidence
that he intends to deceive them, or that he is unfit
from his ignorance to be intrusted with Hie public
confidence. That the subject of currency is a very
difficult and intricate one, and ought to be left
alone when in a tolerable good state. That exper
iments ought not tu be made iq>on it without the
experimenters had given some evidence they wer«
masters of tb-jir subject, and that mote mischief
bad been done to it by ‘ financial quacks" and pre
tenders, Ilian all the other classes of society put
togelto t.
Here arc &> Governments, all sovereign and in
dependent of each other, and completely sovereign
in relation to the subject of banning. If we wnc
even to suppose what never will happen, and what
never cm happen as long as they exist as indepen
dent Governments, that two-thirds of Hie States
of this Union would put down their Banks, the
remaining third would furni-h a paper system for
the whole Union. Pennsylvania and New York
can do it. And yet we are told by a dis
tinguished Senator of the United Spates, the confi
dential friend and organ of the President, on the
subject of the currency, that the Gencial Govern
ment can elfect what Bonaparte performed in Hi •
French Nation. That Hie General Government lias
the same power over the currency of the :IH States,
that a military despot, holding in nit own hand- Hie
reins of power and giving direction to every thing
as it suited bis sovereign will and pleasure, had
over the destinies of France! Here arc his own
words: •• i’he great Emperor of France rnisti! the
currency of France from all paper to all specie in
six year*.” He cont nues, “ Tnc gigantic wars—
Hie National defences—Hie almost fabulous expen
ses of Hie imperial rourt bail carried the annua na
tional expenses to HJU mi-lions, and the whole was
paid in gold and si ver, 10 millions of people used
nothing but gold and silver. And cannot we in
crease in three or four years our specie from 90
millions to an amount sufficient to pay all lire ex
penses of all wars, and ftirni-ha common currency
of spt" ie to the people*” And he responds him
self by saying “surely ire can Here is an idea
of the powcisof the General Government over 20
sovereign Sta’es in relation to a subject ove; which
they have unlimited control. How is the General
Government «o prevent tin- v tat<-< from ch rte.ing
Hanks* How is the General Government to pre
vent the people of the tStaH-s from issuing Bank
paper* How is it to prevent them from availing
themselves of its conveniences and facilities* 1
shmi'd like to see the clause of the constitution of
the United States which gives to that Government
any -u h power! And yet we are told that it can
do what Bonaparte did in France, in rclalion to
the currency!
This siren voice which sings an annual song t>
ns of Hie coming of the golden age, we hue heard
lur the last 10 sears. Those who can beguiled by
H, have lived in this world to litt e purpose, awl
know 1 ttle of the bus ness habits of the people oi
Hi - r uintrv. or ul the fiinciples el out lie* m-ti
tutions.