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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.