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CHRONICLE A VD SENTINEL.
AKil S T A .
THURSDAY MOR TING, OCTOBER 1.
FOR PR IDENT,
WILLIAM IIENJ Y HARRISON,
Os C io;
The invincible Hero of 'ippecanoe—the incor
ruptible Statesman—th inflexible Republican—
the patriotic Fanner o< Ohio.
FOR VICE-r ESI DENT,
JOHN T C L Ell ,
Os Virginia;
State Rights Republican of the school of ’93—
one of Virginia’s noblcsi sons, and emphatically
one of America’s most: gacious, virtuous and
patriot statesmen.
FOR ELECTORS OF PRESIDE? ' AND VICE-PRESIDENT,
GEORGE R. GILME t, of Oglethorpe.
DUNCAN L. CLINCi , of Camden.
JOHN W. CA’IPBEI L, of Muscogee.
JOEL CRAWFORD, f Hancock.
CHARLES DOUGHE TY, of Clark.
SEATON GRAN TLA iP, of Baldwin.
ANDREW MILLER, )f Cass.
WILLIAM EZZARD of DeKalb.
C. B. STRONG, of B b.
JOHN WHITEHE At of Burke.
E. WIMBERLY, of ' wiggs.
The Elet ion.
Below we gite the ag regate returns from
fourteen counties, which a ; all we kwe yet re
ceived. If the grin in tho: ) to be heard from is
in proportion to those aire. y received, we have
carried’eur ticket by a majc |ty of 3 to 4000 votes.
That we have succeeded i e have no doubt— and
should we fail, of which w have no fears, we are
confident of success in Not mber, when old Tip
takes the fieid.
The following is the rggr ;ate result in the coun
ties of Richmond, Coiumb Taiiaffeio, G.eene,
Burke, Clarke, Jasper, Moi in, Warren, Hancock,
Wilkes, Baldwin, Butts an Lincoln.
Dawson, 7187 Colquitt, 4256
Habersham, 71-67 Cooper, 4263
Alford, 7126 ; Black, 4227
Msbet, 7170 Campbell, 4184
Warren, 7132 : Hilyer, 4210
king, 7142 Ivvrson, 4194
Gamble, 7140 I Lumpkin, 4176
Meriwether, 7102 ’ Patterson, 4172
Foster, 7134 Pooler, 4176
Merriwether our lowest mdidate, is ahead of
Cooper their highest 2539 rot i —ln the same coun
ties last year Dougherty bea McDonalad 2104.
We have therefore gained 7 j upon the vote of
1839.
We have gamed 11 membiSs of the Legislature
and lost one. E
The following aie the onl? returns received, i n
addition to those published lesierday.
& |C3 C 3 X
-'t et c »
=r % c- g g
?T n U* 5 o 2.
“ 3 f’ 3" O 3
• ; ? pr -f
Habersham,. .464 582 513 343 472 294
Dawson, 464 556 5 >0 337 476 294
Alford 463 582 5 18 337 472 295
Ntsbel, 465 585 SlB 342 474 294
Warren, 465 582 5 :4 334 471 294
King 464 582 2 8 334 472 294
Gamble, 461 582 2 8 337 471 294
Meriwether, ...462 582 2 8 330 469 294
Foster, 462 582 2 0 337 474 295
Black 383 337 3 8 325 259 152
Cooper 381 336 3 6 323 248 152
Colquitt 387 337 3 8 320 262 152
Campbell 380 336 3 3 322 253 146
Hillycr, 378 334 3 6 321 257 149
Iverson, 377 334 3! J 324 255 151
Lumpkin, 379 337 3 3 313 252 150
Pooler, 379 334 3 6 322 254 147
Patterson 379 336 3 6 317 254 150
Lcgislutun .
Baldwin. — Williams. —Me ombs and Ham
mond.
Butts. —Lindsey.—Lawson, Saunders
Burke.— Harris. — Evans, C rswell, Mulkey.
Clarke. — Vincent — Moore, ichardson, Stroud.
Columbia.— Dawson.—Jones Robertson, Burt.
Hancock. — Bonder.—[lhomo Hudson, Hitch
cock.
Jasper.— Glover. — White, P, ston, Robinson.
Morgan— Floyd.—Foster : <artin, Mann.
Richmond.— Miller. —Jt a i, Rhodes, Craw
ford. |
Lincoln. — Moore. — Haguina> l Hardy.
An Honest Editor.—ThephiiladeiphiaSen
tinel, V. li. says it is quite easy to say that Fair
field is elected in Maine, but, s vs the editor, “if
would be lying,” and “election like murder, wil
out,” and adds, “if we have 1 en thrashed in
Maine, the seoner wc know it : « Letter.” The
Sentinel is not in the secrets ©lithe administra
tion, whose maxim it is, not t| admit a defeat
until elections in other stales hale taken placo.
Mr. Editor—l avail myselfß>f the opporluni.
ty afforded me to subserve thecißsc of friendship,
while I invite the attention 1 an exhibition
which will be of unusual intcresfiio all. I allude
to the exhibition at the Mason! Hal! this eve
ning of a memento of the greet Sounder of Geor
gia, Gen. Oglethorpe,—a aame lliich can never
fall insensibly upon the ears of iStrueson of our
soil. Those who arc acquainteiEvith the estima
ble lady, who thuspiesents hersi fto the public,
need no assurance that this eshfiticn will lose
any of its interest by the additit i of the history
promised of this relique of olden femes. A sketch
of the stirring events of 1732 mist be rife with
associations that will appeal stre* gly to the pa
triotic feelings of every Nativ Georgian.
Chatham County Ele lion.
Savannah has redeemed hers« f nobly. We
have never seen so orderly and qt et an election.
It is now 4£ o’clock, P. M.,and i it the first in
stance of riot or fighting or uproaj of any kind,
has occurred. Wc have hardly s.in an intoxica
ted man on the ground. VVecou|uend all men ,
i
of all parties lor this nice regard of law and good
order. We know not whether we are beaten or
not, but the supremacy of the laws has triumphed
and this is a triumph worthy of being recorded.
Whatever may be the result, we are happy to
sav that the proceeding* have all been orderly
hit hei to. The disgraceful seems witnessed at our
last; election have not, we are happy to say, been
repeated.
P. S. 6 O'Clock. The polls have just closed,
ami it gives us pleasure to state that tne same
quiet and good order which has characterized the
election continued up to the last moment. I here
we r e 1186 voles polled—at the M unci pal election
last, month 903. We were then beaten by an
average majority of 82. The votes will be coun
ted Ibis morning, and from the large number poll
ed, we are no doubt beaten by a greater majority
thaa at the last election. —Savanah Republican
of Tuesday.
He ah a Van Bures Abolitionist.—Thom
as Mohr is. a late Van Bureu Senator from Ohio,
I and who is a zealous abolitionist, thus speaks of
General Harrison and Mr. Van Buren as connec
ted with the subject of abolition. It will be ob
served that he says:— ‘‘Gen. Harrison , lam well
convinced, is in feeling and principle, a more
devoted proslavery man, than Mr \an Buren,
who I believe in feeling is anti-slavery.’
“It may be true that Abolitionists were grati
fied with the selection of General Harrison as a
candidate for the Presidency ; if so, it was be
cause Mr. Clay was rejected, not that the lot fell
on General Harrison. lam well satisfied that
neither of those gentlemen ought to be supported
by Abolitionists. Mr. Clay’s famous speech in
Congress on the slave question, has left them
without hope as to him. General Harrison, lam
well convinced, is in feeling and principle, a more
devoted pro-slavery man, than Mr. Van Buren,
who, 1 believe, in feeling is anti-slavery. I ven
ture these opinions now, without giving any rea-
I sons lor them, which I may however do at some
j future day.”
Wiiat do our southern friends think of this?—
If Mr. Van Buren is in feeling an abolitionist
ought they to trust him!—Wilmington Adv.
Trick of the Globe. — A late Globe falls
upon another expedient to disparage Gen. Harri
son’s military character. It quotes from Mr. Mad
ison’s message to Congress, in 1814, a long ex
tract, in which honorable mention is made of
Genera s Brown, Scott, Gaines and Jackson, and
nothing is said of Gen. Harrison—and this, too,
while, as the Globe asserts, Mr. Madison was
summig up the eventsof the war.” The Frede
ricksburg Arena, commenting upon this charac
teristic trick of the government organ, says—
“ The Globe is guilty of falsehood, both positive
and negative. Mr. Madison was summii.g up
the events, not of the war, but campaign of 1814.”
And the Globe, in its quotation from Mr. Madi
son’s message, with a cunning worthy of a quib
bling pettifogger, omitted a paragraph which
would have exposed its contemptible artifice.
That paragraph commences with the words, “In
the events of the present campaign ,” Ac ; and
the omission of Gen. Harrison’s name therefore
is no evidence of disrespect, because he was not
in semco during that campaign. But turn to
Mr. Madison’s Message #f 1813, in which he
announces the deliverance of the Western fron
tier, by Gen. Harrison, “the officer commanding
the Northwestern arn.y,” who “rapidly pursuing
the hostile troops fleeing with their savage asso
ciates forced a general action, which quickly ter
minated in the capture of the British and the dis
| ersion of the savage force. This result (says
Mr. Madison) is signally honorable to Major Gen
eral Harrison, by whose military talents it was
prepared,” <fcc. The Glebe’s trick is always too
shallovr, even for that print. But if ®ur readers
desire further authentic testimony in favor of
Gen. Harrison, we refer them to Gen. Gaines.—
Lynchburg Virginian.
Fr-jm the New York American of the 6th.
3lr. Webster’s Great Speech at New York.
The New York American of Tuesday evening,
says the Merchants’ meeting on Monday, at the
Exchange, surpasses any thing ever before wit
nessed n this community. The shipping in port
were all decorated with their flags for the occasion.
Jonathan Goodhue presided, assisted by twenty
six vice presidents, and four secretaries.
Mr Webster’s speech, continues the New York
American, which we have carefully reported, needs
no commendation from us, though it will furnish
us with topics of fumre reference.
The resolutions were introduced by Moses H.
Grinnell, who, having prefaced them with a few
sti iking and stirring remarks, read them at length;
and forthwith introduced Mr. Webster, who, on
rising, was received with deafening cheers. When
these subsided, Mr. Webster thus spoke —
I am deeply sensible of the honor aud of the re
sponsibilily of this occasion. Honor it is, certain
ly, to be requested to address the merchants of N.
York, a > dy of as much intelligence, capacity and
respectability, as any in the world ; responsible it
is, to address such a holy on subjects whichjnany
of them understand scientifically better than I do,
and with which all of them have more or less
practical acquaintance.
The quest : on of the currency of a country—al
ways important, always somewhat complex—is,
under present circumstances, the great question of
the time?. I do not shrink from expressing my
views on this subject here to-day. lam in public
life, and since, on this question, more than any
other, pol itical results are likely to turn, I have no
hesitation in speaking. The state of the curren
cy is the principal cause why one Administration
is about to go out of power and another to come in,
ahd these circumstances lead me to premise what
1 have to say to-day, by remarking, in the first
place, that 1 propose to speak for nobody but my
self. My general opinions on subjects of currency
are well known, and as it is now highly probable
that those who have been long in opposition to the
Government, will be called upon to propose reme
dies, it is the more incumbent on me to repeat that,
what I say to-day, I say for myself, and for no
one else. Especially in regard to the candidate
whom we ail support for the Presidency, I have no
more authoiity to speak for him, nor other means
of learning his opinions, than you all possess.
I will proceed, thfn, to state some general pro
positions which I believe to be founded in true
principles and sound political economy, suited in
their application to our country. In the first place,
I hold the opinion that a mixed currency of gold
and silver, and of paper redeemable, and steadily
redeemed, in specie on demand, is the most useful
and convenient currency for this or any county,
and this is the currency we have used and em
ployed heretoloie in the United States; the idea
of an exclusive metallic currency, being, in my
judgment, the mere fancy of theorists, or used as
an instrument of popular delusion.
In the next place the management of this mixed
currency 1 as its difficulties, which it requires both
skill and care to avoid or overcome, as has been
seen in the experience of Great Britain, the great
commercial country of the world, as well as in the
United States. There is, doubtless,danger ®f sud
den contractions and expansions, in such a curren
ciirrency. and yet, where it is all metallic, as in
Cuba, or in some European countries, where there
is chiefly a hard money currency, there are fluctua
tions in prices, disasters in trade, and mercantile
failures, perhaps as often and as injurious as in
countries of well regula:ed redeemable paper cur
rent.,
Then, c«ain, I hold that the i egulation of c ur
rency ( wlu ther mixed or metallic )—p. just and safe
supervision over that, whatever it is, that consti
tutes money, the medium of exchange —necessari-
ly appertains to Government; the regulation of
money and what takes the place o r money, being,
in my judgement, an essential prerogative of Gov
ernment. The operations of banking are two-fold,
and every bank and banker among us performs two
offices or functions. It discounts commercial pa
per, (notes;) in other words, lends money ; and in
this business individuals (bankers without acts of
incorporation) may engage and compete with them
and this constitutes simply a bank of discount and
1 deposite. Bt t oik banks aie ;\l. banks of circulation
9
as well as deposite, and issue their notes as part of
that circulation ; and when they discount notes,
they pay the amount in their own tills, and thus,
by tue amount of such discounts, add to the quan
tity of money in circulation ; every such operation
being by so much an inc ease of the whole amount
of the circulating medium. Hence it comes to
pass, in the absence of any Government supervi
sion and control, that the wisdom and discietion
of regulating, at any time, the amount ol money
circulating in the community, is but the aggregate
of the wisdom and discretion of a multitude ol
oanks, all acting without concert, without any su
perior controlling power, and each for its own in
interest. Such a regulator or regulation ol the
currency —such a mode of determining what a
mount of circulation shall be furnished to the coun
try, must necessarily be most uncertain, and can
not bus be mischievous. I look upon it as a duty
of the Government, by the exercise of all its Con
stitutional power, to control the issues of State in
stitutions, and guard against the evils of excess. I
an; of opinion that Government may exeicise such
control and supervision, in order to restrain excess
of issues by the local banks.
We all know that an institution with the Gov
ernment sanction, and issuing a currency, as good
in one part of the country as the other, with a
competent capital, and acting as fiscal agent ol the
Government—we ail know Irom theory, and better
still from experience* that such an institution is
capable of controlling the circulation ol the coun
try, and keeping it within limits. Such an insti
tution acts beneficially, moreover, by creating a
currency that is of general credit every waeie.
What we need, wiiat we must have belore the day s
of prosperity can return, is a currency somehow
derived—somehow sanctioned —that shall have
value on the Mississippi and on the Canada fron
tier —at the North and at the South —in every'
town and hamlet of our country. How is this to
be got ? liefer to the objects for which this con
stitution and Government were formed, and you
will have the answer. How is it that w< see that
local banks, however well their capitals are secur
ed —however well their affairs are administered
how is it, that all attempts hitherto made to give
to the paper of such banks a general national cha
racter and circulation, have failed ? The cause
seems obvious. We have a government that makes
us, and means to make us, one people, as to our
commercial pursuits. In other respects, we are
citizens of twenty'-six different States, Each one
of us knows, and is bound to know, twoGovern
raents. In the State Government, each resident
under it is bound to understand its laws and. insti
tutions. It has banks, he knows the principles on
which they act, the security for their fun-dls, and
their management —and trusts them accordimgir.
But out of the State, beyond the reach of those
who are bound to know all about these institu
tions, they possess no general confidence. So in
the United Stales Government, all are led ta in
quire and know their rights and duties under it,
and institutions springing trom it have confidence
and credit throughout the United States. Eve*y
citizen trusts in acts emanating trom Congress, a#
from a body which he knows, which he has a voice
in constituting and may control at the polls. He
confides, therefore, in the General Government as.
to matters within its contiol, as he does in his State
Government on subjects where it is supreme.—But
the cause is different when a man is called on to
take the noteofa State bank,about which he knows
nothing —net even indeed, whether it is a specie
paying bank or not —nor to what control and regu
lations it is subject.
Therefore it is, if yon take, at this day, a note of
one of your own specie-paying Banks well admin
istered, and of unquestionable credit, and put upon
it 40 good endorseis —a note from this great city,
admitted to be at the head of American commerce
and offer it on some distant frontier, that —such is
the kabit of looking to some national impress, on
what is intended for money —it will not be receiv
ed. What stronger proof can be given of this than
in the actual state of things ? Your banks pay
specie—those of Pennsylvania and further south, do
not* The United States bank ol'Pennsylvania does
not. So that the paper of these banks is here in
your stieet at a discount of 4 per cent. Yet, if,
you go to Alabama or Mississippi with a New York
note and a United States Bank i ote, the latter will
be preferred—because, although not redeemable in
specie, an odor of nationality'hangs round it still,
and clings, to it,although wholly disconnected from
the nation. A currency must have some national
impress, in order to obtain general circulation, and,
in my opinion, by the adoption of some general sys
tem united with our local institutions, a currency’
might oe issued, hotter than has ever existed else
where. Our State banks—those of New England,,
which I know most about, certainly are belter
adapted to the purposes of banks than the joint
stock banks of England —and we aie competent, if
we will go to the work wi*h sound judgment and
honesty of purpose, to constitute an institution of
some sort, I say not what, capable of exercising,
more certainly’, beneficial action on the currency,,
than the Bank of England.
I do not mean to say there is only one mode, or
only two modes, of accomplishing this object. I
do not say that a bank is the only mode: but I do
say that it is indispensable that the currency, or a
portion of it, be nationalized ; and this I hold to be
essential to render it proper for the great business
of exchange and circulation.
Bull shall be asked,peihaps,what is to restrain
a national institution from creating excess ?—who
shall guard the guardians ? —who keep watch over
the sentinels ? The last twenty years have been
fruitful in rich results of experience both here and
in England. The world has learned much from
them. There are modes, in my opinion, of re
straining a national currency, however issued,
from running to excess. The first of them is ea
tire publicity as to the amount. This is more im
poitant than may at first seem. There should be
daily or weekly statements of tiie issues, so that
when prices rise or fall, the merchant may at once,
by referring to the statements, peiceive whether it
is the natural result of supply and demand, or the
! consequence of conti action or expansion of thecir
j eolation. Such publicity is beneficial in a thou
: sand ways, as it subjects the institution to the
supervision and control of public opinion, which
thus acts upon the nower that in turn is to act
upon ail the rest. If this Government shall ever
be brought to consider the adoption of such an in
stitution again it should be rather as a bank of is
sues than of discount and money-making, and to
the end that its managers should have no tempta
tion of interest to issue to excess, all the earnings
over a stipulated amount should be paid into the
public Treasury.
It has seemed to me that the Bank of England
adopts in difficult circumstances, an erroneous rule
of judging of its position. It looks mainly to its
discount line, which, as a mere lender of money',
is well enough ; but in issuing a currency ; it is a
false mode of judging. The true object of inquiry
and solicitude, should be what propurtion the out
standing paper bears to the in-lying specie. The
bank maybe peifectly solvent —nay, rich —fro a
its large amount of bills receivable, of which pay
ment is anticipated ; but this does nut prove that
the bullion in the vaults is in a just proportion with,
the issues afloat. There arc undoubtedly' difficul
ties in tne way of absolutely limiting these is
sues, yet something may be done, for it is one of
the advantages of a large institution in credit, and.
wiiose piayer is not likely to be suddenly returned
upon it from momentary causes, that in times of
embarrassment, it can, by libeial issues, materially
aid the community —yet some limit, some general
range within which the institution should be con
fined, seems indispensable. I have not said, and
do not m„an to «ay, that one or other of these modes
of accomplishing the object in view is indispensa
ble —but nevertheless, 1 recall to you that Presi
dent Jackson, in his Mes : age in 1832, did say, if he
had been applied to, he could have furnished the
plan of a bank that would be free from all the
constiiuliona! objec ions urged against tire Bank of
the United Stales ; and, therefore, I say it is prac
ticable, it we of this generation are competent to
accomplish what Gen. Jackson said he « ould do, to
devise a bank that shall be free from Constitution
al objections.
Having thus stated what I understand to be the
principles established by the Constitution, and sanc
tioned by experience, all we can say now is, that
if this Adminstration will not adopt some one of
these measures—will do nothing to establish a cur
rency, or give the impiess of the United Stales to
a paper circulation—no uniformly valuable curren
cy can be obtained. Mr. Van Buren declares Con
gress has no power in the premises, and he refuses
to recommend any measures having such tendency,
because the Constitution gives him no power. It
is difficult not to express astonishment at what
seems the presumption ol such a declarat.on. From
the very foundation and cradle of the Kepublic,
those who named the Constiution, those who re
commended it to the pcopTe, and those who were
early called to administer its functions, for forty
years adopted a system, which has been since
steadily'followed up—sanctioned by the Supreme
Court —approved by the People— and now, at this
time of day, a gentleman stands up, and disiegard
ing all the national, legislative, judicial and popu
lar sanctions, says, I am wiser than all these, and I
say there is n* such power in Congress. He says
the Peop’e have decided against it. When did
they decide ? He says Gen. Jackson uecided against
it, and went into re-election on that ground, and
being re-elected, that the people sanctioned his de
cision.
But Gen. Jackson himself, said, that although
against the Bank of the United States, he could de
vise a Bank of the United States that would not
be objectionable ; and it would be quite as sound
argument to say the people re-elected Gen. Jack
son, because he was in favor of a Bank of the
United States, as because he was against the Bank
of the United States. But, in truth, Gen. Jackson
was re-elected, not because of his opposition to the
Bamc, but notwithstanding that opposition ; he had
built up a partv which lus strong arm caused to
bow down, and he might have destroyed many
more things as useful as the Bank, and still have
been re-elected.
But Mr. Van Buren thinks he was elected be
cause of his opposition to the Bank. I enter not
into the causes of his election, though 1 am inclined
to the belief that if any one ever came in under
power of a Will and Testament, this gentle nan
did so. But it is pretended that it would be a
fair inference, from the re-electian or Gen. Jackson
or the election of Mr. Van Buren, that the nation
decided against the practice of V\ ashington and
Madison, and the experience of half a century, if
authority can determine, we have that ot both
these great names —but you can get none of those
who sustain the new doctrine to answer t* the au
thorities furnished from the message of President
Madison—though you should quote them from sun
rise to sunset in the longest day- of the year. I
have, in my place in the Senate, referred to and
quoted passages from these messages,—but answer
there was none.
When the Bank was killed, or permitted to ex
pire without hope of resuscitation, the Adminis
tration virtually subjected the whole business of
the country to the rack. Its commerce, shipping,
fisheries, manulactuiing and mechanic arts; were
all put to the stretch and torture of experiment;
they practiced on it —tried curious and ingenious
devises, —as if such inteiests, instead of being
faithfully cherished and guarded, were only to be
used as objects of speculative investigation. But
Gen. Jackson said he could make a better curren
cy by aid of the Btate Banks. Bome ol us there
were who maintained that this was not possible,
that these institutions were not adapted to nation
al purposes, and that, however well managed and
however multiplied, they would be, after ail, only
small aims, and not artillery. In 1837 the system
exploded. The Administration did not expect it,
and aid not then look io a Sub-Treasuiy any more
than they now look to an eclipse —though of a
political eclipse, they have probably some misgiv
ings. They had confidence in the Deposite Bank
scheme — ut the explosion came. What then ?
Within a few days,neai this spot, the ablest de
fender and champion of the party, Mr. Wright,
asked what could you expect Mr. Van Buren to
do ? —He could not go back to the United Btates
Bank, w hich he had rejected, nor to the Deposite
Banks he had recommended, and which had tailed.
What then could he do, but recommend the Sub-
Treasury ? The dilemma c uld not be escaped by
departingfrom the settled and successful policy- of
40 years. He took back quick enough the opin
ions he had expressed about the desposite bank
system as good, but he took not back lus opinions
respecting the Bank of the United States ; and
therefore the Snb-Treas ry was resorted to —a
measure that avowedly withdraws the protection
of Government from the Currency of the country.
Moreover, in the first Sub-Treasury bill theie was
no specie clause inserted, but finding that it was
likely to fail for want of voles and it appealing
that several gentlemen who had been vchemently
oppo<ed to Gen. Jackson, with Mr. Calhoun at their
head, would not support it unless the specie clause
w-as introduced, —it was introduced, and in this
form the bill was canied and then was rai-ed the
shout ol hard money, hard money ; and thus again
was the Administration driven into a measure it
never contemplated. Thus they went on plung
ing from one disgiaceful and disastrous experiment
into another—the country a ways the victim.
It is proper enough, and no great confidence of
self-complacency, to say, that some of us never
Jet a month pass by witnout reiterating that the De
posite Bank system must fail; and how were we
answered ? We wete held up as the enemies of
these banks, as auli-Statc rights, and as aiming at
a great Federal Institution, to ride over and con
trol the State Insitutions. What happened ? The
system exploded —and then these same parties
turned round and reviled what they had supported
denounced these Stat • banks as odious monopolies
leagued with the opposition, and not much netler
than British Whigs, and how ; and when we, who
thought the bankssufficient for the purposes for
which they were chartered, but not adequate to na
tional functions.—endeavored to shield their rights
and see justice done them, we were told we were
leagued with these State banks, and stimulated by-
British goid disliibutiiig through worthless cotpo
rations. Now, I ask, what confidence, as merchants
can you place, in this Administration ? Do you
see anything they w ill or can do to restete the
country- to its prosperity ! (No, No, from all quar
ters.) That answer coincides with my- opinion,
for I believe they have di-qualified themselves by
turning their backs upon their duty.
It appears to me has trea
ted the Slates in the maa^Pt their affairs
muth as it has
duced them into and then
turned round and for it. Commencing
with the Message ol the President to the last ses
sion, through the Tieasury Report, Mr. Benton’s
resolutions, and Mr. Grundy ’s Report, and the ad
ministration press, there seems a sys emraatic ef
fort to injure the character and credit of Stales
that have undertaken large internal improvements.
They are represented as much injured, burdened
with useless railroads and canals, and as having in
curred debts, by the issue of bonds, which it would
be difficulUto extinguish.
Let us see under what circumstances these debts
were contracted. A ftw facts, dates, and figures
may be important in tills inquiry. And first, I
here to day in your presence charge upon the ad
ministration of the General Government the great
expansion of paper money, and its sudden con -
traction, both so fearfully deran.-ing the affairs of
the country. 1 preceed to prove this. Togo Lack
no further than 1832, when the Veto setted the
point that the United States Bank would net be
re-ehartered, we will take the years by series of
tens and fives, and trace the creation of banks.—
During the 10 years from IS2O to IS3O, only 22
new banks were chartered in the United States,
with an aggregate capital of tight mil ions. Dor
ihg these ten years, the Bank of the I niled Slates
was in operation, and no one doubted tiiat it would
be re-chartered. In the ten years from 1630 to
IS4O, not less than 348 banks were chartered,
against 22 in the preceding ten yeais, and they
added 268 millions to the previously existing bank
ing capita], instead of 22 millions as the preceding
ten years. This remarkable expansion of bank
ing capital was during the charming and successful
reign of the Experiment. But it was not only
by the means of banking capital that expansion
was encouraged, for after the extraordinary pro
ceeding of removing the it was made
the duty of ail deposite banks to lend money free
ly to th.- merchants. Secretary Taney in Septem
ber, 1834 told the banks it was their duty to dis
count frt ely, and that the money of the govern
ment should be applied to mercantile uses. Solar
was this pushed, that a cashier in the street said
“ he hardly knew what to do. for he was ordered by
government to lend more money than he knew how
to gel security for.” It was then from ihe multi
plication of banks, ami of discounts by order of the
Treasury, than the expansion ensued. It may be
said there were expansions and contractions under
the United Stales Bank. No one denies it; the
administration of that bank was not always perfect;
but take the half century during which we had a
National Bank, and it was more free from fluctua
tions than any peiiod since. The gentleman whom
I have already quoted (Mr. Senator Wright) said
in his speech hete, he could not go back to the
first United S f ate? Bank. Why not ? He finds two
or three instances under the several banks in which
evil occurred, but he does not attempt to disprave
that during., the existence of the were
more free Irom fluctuations titan since.
But in the midst of this expansion just exp’ain
ed, came the specie circular, which with other
measures of Government, produced a violent re
action in the country. Now, to recur to what I
was speaking of, under what circumstances, and at
whose recommendation, did the States commit the
impruderce of getting into debt. You hear now of
T .‘0 millions of State debt. When contracted and
by whom induced. Look at the facts. From 1820
to ’25 the State debts were about 13 millions —from
’26 to ’3O, about 13 millions more. From’3o to
’35, 40 millions was added. But the expansion of
the'state banks, and the accumulation of capital
placed in their hands, developed their consequences
freelv, in ’34 to 35, as already slated, 40 millions
was added to the debt of the states from ’35 to ’4O,
100 millions ! more were added. So that this vast
amount of debts were contracted when currency
was redundant, here at home, and the deposile
banks were lashed on to lend to all who would
borrow.
Tnc whole people were excited by this extra
ordinary redundancy, brought alout the action of
Government, to all soils of speculations, and the
contracting of those debts, for which Stales are now
reviled by the party in power, from the head of the
government down to its lowest agents. One halt
of the whole amount of those debts was created
from 1535 to 183G—ICO millions in the midst of
the glow andflow of the Experiment; in two yeais
100 millions of debt was thus contracted ! The cre
ation of State debt kept pace with bank expansion,
and bank expansion with the creation of banks
and the creation of new banks with government
experiments with the most extraordinary delusions
that ever misled a nation. \\ bile cn the topic, I
must say something ol one analogous to it. One
of the charges of the day, wholly false and unfound
ed, is, that the opponents es the present Adminis
tration have come out or desired to come out, for
the assumption of these State deAs by the Genei
al Government. 1 his charge began in the Senate
' of the United States last year. Let us look at this.
1 have said that government encouraged the States
to incur debts and issue bonds, by making money
so abundant. But they em ouraged this in another
mode. It was a favorite project, after the remov
al of the deposited, with certain persons in and
about the Government, to invest any surplus or un
used revenue of the United States in these veiy
State bojids. Ido not mean to say this is assump
tion, but to prove that the General Administration
stimulated States to Usue bonds, and endeavor to
give them all the credit they could.
In 1536, we took up, in tiie Senate, the bill for
distributing the Surplus Revenue. This was not
the measure of the administration, but rather en
ded against its wishes. As early as May 1536,
Mr. \V right, then as now, the ablest and mast ef
fective leader of the administration in that body,
proposed as an amendment, that the Siuplus then
in the Treasury be invested in State Bunds, and
that whenever any sum accumulated beyond the
immediate wants of the Treasury, it be in like man
ner invested. Again when the law regulating the
deposite banks was pas ed, and the famous 13th
section, which provided for the distiibuiion of the
surplus, was added to that bill, the sama distin
guished gentleman moved to strike out that section,
and to insert in lieu thereof a provision that the
whole forty millions should be invested in State
bonds ! And when the first Sub-Treasury bill was
introduced, it, too had a provision for investing
any surplus in the Treasury in such bonds. There
aie other funds under the control of the General
Government which aie thus invested: the Smith
sonian legacy, some half a million is about all but
a small sum invested in State bonds ; and large
sums reserved to provide for stipulated Indiau an
nuities, rave been invested in the same way.
Hence, it will be seen, that an administration
itself, whenever it could make an interest by it—
an interest, I mean, with the people—was fore
most in encouraging and fostering Slate bonds ;
and Mr. Wiight said there was no fear that these
securities would be scarce, for States had so many
motives for public improvements, and otherwise
0 coaUactdebts, that they woulTpioduce bonds as
fast as we wanted them. Now I repeat that while
I do not charge this as practi al assumption, 1 do
maintain that it was holding up these securities to
Europe and the woild as worthy of all credit. And
what a pretty piece of business it would nave been
if Mr. Wright’s proposition to invest 40 millions
in State bonds had succeeded ! If Mr. Woodbury,
conscientious and scrupulous as he is known to be,
(general laughter) had been charged with thus in
vesting this sum, what do you think would have
been the rule of selection ? If Massachusetts—l
had almost said Maine, but that :s setiled —of
Pennsylvania, the States that have, and these that
have not voted, had bonds to offer, would it not
have been a beautiful business to do, on the eve of
an election, to buy such bonds ?
But I revert to the charge that we desire or aim
at an assumption, and pronounce it to be without a
particle of foundation. I do not know the man i:i
Congress that entertains the belief that the consti
tution permits the payment of the debts of State
by the United States, without a consideration any
more than the debts of individuals. Such an as
sumption as Mr. Benton resolves against, and Mr.
Grundy reports against, in an inteiminable string
of commonplaces, was never heard of in Congiess ;
and this brings me to another point. You have all
doubtless heard that a systematic plan of opera
tions was set on foot, I was to lake a
part, to biing about assumption for the
benefit of English capitalists,’land that I went to
England in pursuance of such plan, to get up an
interest there to bear upon Congress. 1 will tell
you all I know- about this. 1 left here in May,
1839, and at that time I had never seen nor heard
the suggestion of such a scheme. That was, as
you all remember, a period of deep gloom and des
pondency for American commerce, and it was nat
ural 1 should be spoken to and inquired of by those
who were interested in American credit and Ame
rican securities, as to the ultimate value thereof;
but I assure you, upon my honor, that no English
or Europe.m holder of State debts ever suggested
to me, or in my hearing, the remotest allusion to
the assumption or guarantee by the United States
of these State debts. Once only was it mentioned
to me, and then by an American ; and 1 replied to
him at once that such a seneme was un • onslitu
tional,and could not be accomplished without a
change in that instrument. On the contrary, the
inquiry was always as to the right of the States
individually to create debt, and their probable abi
lity to redeem it. It was, as I have said before, a
gloomy period for American affairs in E igland,
and much of the gratification of my visit was im
paired by the common feeling of despondency,
whii li I could not but share with ray country men.
But the Slates nnd bonds in the market, and weie
anxious to se 1, ami concerning them 1 was con
stantly interrogated. My own State, Massachu
setts, had some bonds there ; and the inquiry as to
all was, as to the safety of the principal, and the
probability of punctual payment of the interest
1 told them, in regard do ail the Stats, they might
rely on their public faith, and on their ability to
keep that faith ; and it occurred to no one, so far
as 1 know, to suggest, that the United States should
guarantee these debts.
A capitalist, desirous of investing in American
bonds, and thus obtaining a higher interest than ihe
stocks of his own country afforded, consulted me
about the safety of the Massachusetts bonds.—
What did Ido ? I gave him a report made in the
Legislature of Massachusetts, showing the result
of the annual produce of the labor and industry
ot that State,'and told him to take it home and
study it. He came back tne next day, said he was
satisfied, and asked me where he could invest
L‘l0,000»in Massachusetts bonds. I named to
him the agent, and he did make the investment.—
So again of New-York bonds, concerning which
>t happened to me to be consulted. I took from
my trunk the admirable and convincing report of
the resources of your State, made by your towns
man, Samuel B. Buggies, and gave it to my visi
tor, and with like effect; and so of all the States,
as lar as my knowledge went of their ability, and
w jth entire confidence in their good faith, 1 spoke
without hesitation—and in no instance was any
reliance invited oi placed on any tiling other than
the separate and distinct resources of the Stales
issuing the bonds. What then ? There are in ev
ery capital in Europe some persons—a small but
active clique—that hate America and Americans
and desire to do them injury always. They have
presses at their command, whose daily vocation it
is to represent the credit of the States of this Union
as unlit to I e trusted. There is no mode of miti
gating the ferocity of these assailants, and the
more they are put in the wrong, the more tenacious
are they of error. This press was, t regret to say
furnished with new means of carrying on its war
fare by publications emanating from this city and
sent abroad in great numbeis, to prove that the
States could cot lawfully contract debts or issue
bonds, and tint the foreign holders of State debts
had no security whatever-an I newspapers of the
widest ciiculatioa in the world icpeatcd these fab
rications. In this state of things, a banker’s house
in Lonuon, holding a large amount of Massachu
setts bonds, and those of other States, applied i«
me as a professional man, to know whether the
States could contract debts. I answered yes—that
the Mates were as sovereign in this matter as any
sovereign Mate of Europe. That correspondent e
was published, but it is one you cannot get inser
ted in an administration paper—and yet, in sj ite
of this correspondence, it is maintain i .. f
those with whom I act, are activi that f , i*' I
in bringing about an assumption of t? Syst W H
tho United States. 01 tlie k debts b I
But it seems Messrs. Barings hav* , • I
cular, in which they point to an assumr aci f- B
circular I never saw nor heard of ti'i Thj I
the United States last December - anrt?K retßr " k I
hrst herd of Mr. Benton’s ‘* n ’ to M I
ton. I wish to repeat, that every ■" t
where in any way State debts became t k tUl ' C * *1
of conversation, no English or Europe* 6 I
bond holder ever suggested to me I ! binke fo>
mg, or caused to be suggested, aav’iii.l h ea■!
lion; and the first 1 heard of it Wa ? ° as,l % ;
already said, from an American citizen 1 hav e
to whom I made the reply already menu Londo o I
Conclusion To-Morrow. * ° oe< *' ’ I
COMME
augusta market?
Wednesday Evening, Qctob *
Since receipt of Liverpool Cotton accou *‘‘
Steam Ship Great Western, cur market P * r
quite languid, with a tendency downwa-j"' ****“
circumstance, together with the gr«n • I
of the General Election of the State v Xcitern *at
, . c Caused *
general suspcn-ion m all business transact!
The new crop thus far is rather indifferent T"
hope the late and present good weather
prove the quality of the growing crop,
sales of new' cotton this week were chief!
the quality fully fair. In old cotton
that we hear; receipts unusally small forth
son of thejyear. * sea *
Freights —To Savannah,sl » bale- mn ,
ton, by rail road, 25c # 100 lbs fur square r A
p- 100 lbs for round bales. H )*na3oc |
Exchange —On New York, at sight far 9
cent for current funds; Charleston at’ —fliW I
cent; Savannah 2* p- cent; Philadelphia Q. I
cent; Lexington, Ky. ® cent; J
Savannah Banks, \ $ [I
Columbus Insurance Bank 2 (a) - l( ,prt (s m '
Commercial Bank, Macon, 2 (a) - «
Mechanics’, “ (Augusta,) 3$ ®- * „
Agency Brunswick,“ 3i®- .< „
Planters’and Mechanics’Bank,
Columbus, .5 „ I
Central Bank, ]o®_ « (i ntl |
Mtlledgeville Bank, 10®- «« Cl
Ocmulgee Bank, 10 ®_ « „
Monroe Rail Road Bank. ®_ « „
Hawkinsvilie Bank, ’ 10®- « „
Chattahoochie R. R.& B’k C0..5 ® _ « „
Darien Bank, 25®- « «
Bank of Rome, 40 ® - « «
Merchants’ and Planters’Bank,
St. Josephs, Florida 5 ®_ «
Union Bank, “.. . 50 ®- v «
Southern Trust Co. “ 30®- “ «
All other Banks now doing business, at par
Specie Paying Banks.— Mechanics’ Bank,W
ranee Bank ot Columbus, Commercial Hanx of Ms.
con, and Brunswick Agency in! T city.
MARINE INTELLIGENCE.
Charleston, Oct. 7
„ Arrived yesterday —Line ship Lafayette. Ellery, 1
New York ; C L brig Dimon, Sherwood, N. York; I
schr Tom Wood, Sy mends, Baltimore.
Went to sea yesterday —Line ship Calhoun, Sin- |
. ckiir, New York; C L brig Perry, Hamiltor New
York.
i
Savannah, Get 6.
Cleared —brig Winkinco, Howland, Baltimore.
Arrived —Steamboat Lamar, Crcker, Augusta.
Departed —Steamboat Lamar, Croker, Augusta,
(fj* Dr KENNON has removed to the new
house opposite Benjamin Pyne. oct 3-3tw
(j3* Miss MARY A. NEVINS has taken a room
in the house owned by Mrs. Barrett, on the North
side of Broad street, where she will give LKSSONS
ON THE PIANO at sls per month, including 06
lessons, or separate lessons at 50 cents each.
oct 3 ts
■ ——— j
03* The exercise of Mrs. BOWEN’S SCHOOL |
will be resumed oh Tuesday the Cth October, the \
middle tenement of the Bridge Bank, where as
usual will be taught all the blanches of a thorough
and refined education with French,Music &.c
sept. 21 \v3t
03’ Miss TRAIN will tesiTme her School at
S immerville on the first Monday in November.
Board can be obtained on the Hill,
aug 12 ts
QfT Mrs. CHAPMAN will resume her School
in Augusta on the Ist Monday in October.
sept 23 ’ d&trwlw
03“ E. F. EVE, has moved to Green streetjud
below Mclntosh street. oct 2 3t
(3 Dr. ('. B. DILL offers his prof.-ssioml ser
vices to the citizens of Augusta and its vicinity.—
He will be found at the Drug Stoic of J. L. Houston,
sept 8 1m
q 3 The Subscriber has taken an office in airs.
Camfield’s buildings on Jacksi>n-stre€t,ncxtuoorto
the one foimetly occupied by Judge Longstreet,
where his p;okss;onal services can be at all limes,
commanded He intends to re-commence, on the
first Monday in November, the LAW BCHOOL,
which he formerly conducted, on the same plan,
and the same leims, as before.
oct 2 dlwwlm WM, T. GOULD.
C3 L'r. GARDNER , tinmcrly resident surgeon
n the New i oik Hospital, and physician at Belle
vue Hospital, New York, tenders to the public kis
professional services.
Ortice in Washington street, between Broad ard
Ellis streets Residence, United iMatcs Hotel,
ap 2
03 EXCHANGE ON NEW YORK—At sight,
and at one to twenty' days sight. For sale ov
■tov 23 GARDELLE &; RHI.VL^
03 AUGUSTA BENEVOLEN7 SOCIETY-
For the benefit of the sick poor of Augusta. The
committee for the present mouth are as follows:
Division No. I.—p. If, Mantz, Nathaniel Green,
Miss Margaret Smith, Miss Mary \\ ightrean.
Division Ao. 2. —W. F. PembeitorqJ.M-Neivby,
Mrs. 11. F. Roberson, Miss A. C. Righton.
Division No. 3. —John Cashin, James Panton
Mrs. Treraiey, Mrs. E. Camfield.
sept 7 J. W. WIGHTMAN, Sec’y
AUGUSTUS HUES,
A TTORNEY A T LA IV,
sept o-ly Madison, Morgan county,
JOHN R. STANFORD,
ATTORNEY AT LAW,
j.vl7] ClarkesviHe,r.a.
{fy NOTICE. —The Rail Road Passenger Tram
between Charleston and Hamburg, will leave 3*
follows:
UPWARD.
Not to leave Charleston before 7 00 an
“ Summerville, “ - -S 30
“ “ Georges - *' - 10 0
“ “ Branch vivle, “ - 11 00
‘ “ Blackviile, - “ - iOO v. »i.
“ “ Aiken, - - “ - 300
Arrive at Hamburg not before - 4 o*o
DOWNWARD.
Not to leave Hamburg before 6 00 a. R
“ Aiken, - “ - 730
“ Blackviile, “ - ■ 915
“ Midway, “ --10 30
“ Branchvill “ - - 11 00
“ “ Georges’, “ - -1140 m.
“ “ Summerville,“ - -1 15p. M.
Arrive at Charleston not before 215
Distance —13d miles. Fare Through —$10 00.
Speed not over 20 miles an hour. To remain -
minutes each, for breakfast and dinner, and no>
longer than 5 minutes for wood and water at an)
station.
To stop for passengers, when a white flog xi
hoisted, at either of the above stations; and also 0
Sincalhs, Woodstock, Inabinel’s, 41 mile T. 0.,
Rives’, Grahams, Willeston, Windsor, Johnsons'
and Marsh’s T, O.
Passengers no will breakfast at Woodstock and
dine at Blackviile; aoum, will Dreatuasl at Aik« D
and dine n Charles-tOK. may 4